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The Supreme Court ruled that financial burden cannot deny fair compensation for land acquisition, upholding the principle that fiscal implications don't override landowners' entitlements. However, the court limited this liberal compensation regime to claims pending since March 28, 2008, preventing delayed appeals for enhanced payouts. View More

Congress and the White House are working to reach a funding deal before Congress leaves for a scheduled two-week recess on Friday. View More

watch nowVIDEO3:1203:12Trump deploys ICE agents to airportsPolitics Republicans on Wednesday balked at a Democratic counteroffer to reopen the Department of Homeland Security, as lawmakers and the White House scramble to strike a deal before a scheduled two-week recess begins on Friday ahead of a busy U.S. travel week for spring breaks and the Easter holiday.Senate Majority Leader John Thune, R-S.D., told reporters on Wednesday there was "no point" in Republicans issuing another response to Democrats' counter and said the Senate would vote later that day on the GOP proposal unveiled earlier this week."It's not even close to being real," Thune said of the counteroffer. "They know better. They're asking for things that have already been turned down. So it just seems like they're going in circles, spinning, spinning."The White House criticized Democrats for their role in the negotiations."It's laughable that Democrats are now demanding more reforms to an agency they still refuse to fund," a White House official via email on Wednesday, speaking on condition of anonymity. "This latest stunt from the Democrats proves they are not interested in a serious conversation and they don't care they their shutdown is hurting Americans."The back-and-forth between Republicans and Democrats means a potential deal before the weekend is far from certain. Optimism at the start of the week began to evaporate by Wednesday, with airport security lines long and lawmakers seemingly at an impasse.Senate Minority Leader Chuck Schumer, D-N.Y., said Wednesday morning from the Senate floor that Democrats were looking for a solution. He called a recent offer from Republicans "bad faith" and announced a counter."Our offer is a reasonable, good faith proposal that contains some of the very same asks Democrats have been talking about now for months," Schumer said. Schumer did not list out the specific points of his proposal, but Democrats have for months sought changes to the immigration enforcement practices of Immigration and Customs Enforcement. Those changes include a requirement for judicial warrants for federal agents to enter private property and banning the use of masks. Read more CNBC politics coveragePakistan offers to facilitate U.S.-Iran war talks as Trump, Tehran give mixed signalsDCCC launches geotargeted digital ad campaign hitting GOP for gas pricesSenate confirms Markwayne Mullin as next DHS secretary "We have now given Republicans our response, and it's a serious offer. And time is of the essence I'd say to my Republican colleagues," Schumer said. "The Easter holiday is coming, families are going on spring break. TSA lines are literally stretching out the door of airports."The counter comes after Senate Republicans and the White House unveiled a proposal earlier this week to fund much of the agency while withholding money for Immigration and Customs Enforcement's enforcement and removal operations.Democrats bristled at the proposal because it did not include any of the ICE changes they have demanded. Sen. Angus King, I-Maine, a moderate who caucuses with Democrats and who has voted with Republicans on government funding, said he was still a "no" on Wednesday. King called the GOP proposal "illusory," because it would still fund ICE's Homeland Security Investigations division, which he said is engaged in enforcement and removal operations.Republicans, in response, said Democrats have moved the goal posts.Sen. John Hoeven, R-N.D., said Democrats should "quit moving around" on DHS funding. And Thune from the Senate floor on Wednesday touted the existing GOP proposal, which in addition to the first round of DHS funding would include a Republican-led attempt at a second legislative package to make up ICE funds and pass the SAVE America Act, the Trump-based voter-ID."Democrats have repeatedly said that they want to pay TSA, Coast Guard, FEMA and employees who defend America from cyber attacks," Thune said. "This bill would do it. I hope Democrats will work with us to finalize an agreement and reopen the Department of Homeland Security this week."DHS has been shut down since February. Transportation Security Administration agents have missed pay checks and are skipping work, causing massive lines at airports throughout the country. Trump this week began deploying ICE agents to airports to assist TSA agents.Democrats refused to fund the agency after federal agents killed to U.S. citizens during an immigration surge in Minneapolis in January. They have repeatedly forced votes to fund all of DHS except for ICE, which Republicans have opposed.Sen. James Lankford, R-Okla., said frustration was building on Wednesday."We literally offered what they asked for three days ago and then suddenly it's like, oh no, now we got new stuff. This has been the story of the entire time," Lankford said. "This has been the constant journey — one more thing, one more thing, one more thing."Asked if he thought the Senate would leave for recess, Lankford said: "No."— Emily Wilkins contributed to this story. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

A combination of higher mortgage rates and economic uncertainty are reversing what was expected to be a recovery year in the housing market. View More

Homes in San Francisco, California, US, on Monday, March 23, 2026. David Paul Morris | Bloomberg | Getty Images The immediate impact of the war with Iran on the U.S. housing market has been a sharp rise in mortgage rates. One day before the strikes began, the average rate on the 30-year fixed loan was 5.99%, according to Mortgage News Daily. It is now hovering around 6.5%.Higher rates have curtailed what was expected to be an improvement in affordability. Not only were mortgage rates falling before the war, but home price gains were shrinking and the supply of houses for sale was rising. All of those favored buyers, who had been up against a tight and pricey market. As interest rates rose last week, applications for a mortgage to buy a home dropped 5% from the previous week, according to the Mortgage Bankers Association. But it's not just mortgage rates. Zillow had forecast a 4.3% gain in sales of existing homes this year, compared with last year."While that of course would not be a strong market, it would represent a market that had turned a corner, with 2026 acting as a 'reset' year," wrote Mischa Fisher, Zillow's chief economist, in a report Tuesday. "However, new uncertainty has emerged via energy prices and inflation concerns, adding fresh complexity to our outlook."Fisher used the increase in mortgage rates, due to increased concerns over inflation and the "potential for a slight uptick in the unemployment rate given reduced consumer spending power resulting from higher prices." Get Property Play directly to your inboxCNBC's Property Play with Diana Olick covers new and evolving opportunities for the real estate investor, delivered weekly to your inbox.Subscribe here to get access today. Modeling those, he forecast that if the current scenario only lasted through the end of April, home sales would still rise 3.48% this year compared with last year. If it ended July 1, sales that gain would drop to 2.33%. If it ended Sept. 1, the gain would be 1.21%. Finally, if mortgage rates stayed 50 basis points higher than their original path and unemployment also rose by 20 bps for the rest of 2026, Fisher forecasts a decline of 0.73%. The effects, however, are already hitting the new construction market. After reporting disappointing quarterly earnings Tuesday, KB Home lowered its full-year forecast."Consumers have been faced with a variety of challenges over the past two years, and the conflict in the Middle East that began at the end of February has added another layer of uncertainty," said KB Home Chairman Jeff Mezger on a call with analysts. "Against this backdrop, and taking into consideration that our net orders in the first quarter were below the level we needed to hold our prior full-year delivery guidance, we are lowering our range for the year."Builders now have a very high supply of homes for sale, and inventory on the existing side is rising as well, albeit more in the South and West than in the Northeast and Midwest. Even before the war began, buyers were canceling contracts at the highest rate since 2017, according to a count by Redfin. Roughly 1 in 7 homes, or 13.7% of homes that went under contract in February, were canceled, up from 12.8% a year earlier. Buyers are suddenly holding the upper hand, with more than 600,000 more sellers than buyers in the market, according to Redfin. That is a near-record gap, although it varies widely market to market. "As the housing market approaches the 'best time to sell' season, it sits in a precarious position, caught between long-term improvements and sudden short-term instability," wrote Jake Krimmel, senior economist at Realtor.com in a weekly report. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

For years, single men who were first-time homebuyers had higher annual income than their female counterparts, according to the National Association of Realtors. View More

Toucanstudios | E+ | Getty Images Single women have long outpaced single men as homebuyers — and they may be pulling ahead financially as well.Among first-time buyers, single women have a median income of $73,000 compared with $66,400 for single men, according to the National Association of Realtors' 2025 Profile of Home Buyers and Sellers, which analyzed transactions made between July 2024 and June 2025. The prior year's report recorded median income of $73,100 for women and $87,500 for men, which continued a long-term trend of male buyers outearning their female counterparts.While it's uncertain whether the flip is the start of a new trend, this is the first time the organization has found that the income disparity favors women, said Jessica Lautz, deputy chief economist and vice president of research for NAR. More from Women and Wealth:More women pursue skilled trades — here's what some said about their experienceOlder women may inherit most of $54 trillion in spousal 'great wealth transfer'Couples often miss this 'overlooked tax break' for retirement savers: CFPWomen and the K-shaped economy: Lower pay, affordability issues reduce spendingPoor coordination can cost couples an average $14,000 in retirement wealth93% of women are stressed about money. Building a cash reserve can helpHow to prepare for the ‘survivor’s penalty’ before a spouse passes The shift comes as single women account for 25% of first-time homebuyers, compared with 10% for single men. In 1985, those figures were 11% and 9%, respectively, according to the research. Among all homebuyers, 21% are single women and 9% are single men."I think [single women] understand how homeownership is a wealth-building tool. They make sacrifices," Lautz said. Women still lag behind men when it comes to pay Nevertheless, men still out-earn women overall, according to the Pew Research Center. In 2024, women earned an average of 85% of what men earned, according to the organization. In 2003, that figure was 81%, and in 1982, it was 65%.Before that, women generally struggled to get a mortgage. While the 1968 Fair Housing Act addressed housing discrimination, it wasn't until the Equal Credit Opportunity Act of 1974 that women could reliably qualify for mortgages on their own.Since then, the share of homeowners they represent has grown. In 2022, single women owned 58% of the nearly 35.2 million homes owned by unmarried Americans, compared with 42% for single men, according to the Pew Research Center. Single women who are first-time homebuyers have a median age of 44, while for single men, it's 39, the NAR research shows. For repeat buyers, the age difference is small: age 63 for women, age 64 for men."What I see is women are not waiting to either get married or find a life partner before moving forward and accomplishing their financial goals," said certified financial planner Nicole Romito, a partner at Private Vista in Chicago who specializes in single women going through life transitions, including divorce or the death of a spouse or partner."Homeownership is generally the top goal — or if not, one of the top three goals — that [clients] want to try to work toward or maintain when we look at their overall financial plan," Romito said. Saving for a down payment can mean making sacrifices Owning a home has become a more elusive goal in recent years for many Americans as higher mortgage rates, rising prices and a limited supply of homes for sale have pushed monthly payments out of reach for many buyers.For single buyers, relying on one income to qualify for a mortgage can make clearing those hurdles even harder, especially because home values have risen much faster than household incomes. From 2000 to 2024, median per-capita income grew by around 155%, while median home prices increased by about 207%, according to a recent study from the Federal Reserve Bank of St. Louis. The median price of an existing home of any type in February was $398,000, according to NAR. Saving for a down payment and closing costs — amounts paid when you finalize your purchase, such as title insurance or property taxes — can be a heavy lift."It's difficult to save for a down payment while paying rent," Lautz said.That's when the sacrifices come in, Lautz said. Among single women buyers, 41% said they made financial sacrifices to save enough to buy a house, compared with 31% of men. That includes cutting back on things like non-essential goods, entertainment and clothes, canceling vacation plans and taking on a second job, she said. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Hiring and retaining top talent is becoming more critical as Microsoft seeks to develop top-class artificial intelligence models and products. View More

In this articleMSFTFollow your favorite stocksCREATE FREE ACCOUNT The Microsoft corporate logo is illuminated at the Fira Gran Via booth during the Mobile World Congress in Barcelona, Spain, on March 5, 2026. Joan Cros | Nurphoto | Getty Images Microsoft chief diversity officer Lindsay-Rae McIntyre is the latest executive to leave the software company as it enacts human resources changes to capitalize on growing artificial intelligence demand.McIntyre will leave at the end of March to become a chief people officer at another organization next month, Amy Coleman, Microsoft's executive vice president and chief people officer, told employees in a memo published by Business Insider on Wednesday. A Microsoft spokesperson confirmed the legitimacy of the memo to CNBC.The company is going through an "AI-powered transformation," wrote Coleman, who took on her role last year. Microsoft did not immediately have a comment on what the AI transformation entails for its HR group.Several executives have left Microsoft in recent months, including gaming leader Phil Spencer and productivity software head Rajesh Jha. Security executive Charlie Bell became an individual contributor in February.Software stocks have come under pressure as concerns mount about competition from products assembled with generative AI models. Microsoft shares are down 23% so far in 2026. The company has been allocating more capital to data center infrastructure, including Nvidia graphics chips that can run AI models, and focusing more on constructing top-tier AI models. The company is working to show a return on the investment. Read more CNBC tech newsNew Mexico seeking changes to Meta's platform after jury finds company liableHugo Barra's return to Meta 5 years after exit underscores Zuckerberg's AI urgencyOpenAI shutters short-form video app Sora as company reels in costsJudge presses DOD on why Anthropic was blacklisted: 'That seems a pretty low bar' In January, CEO Satya Nadella touted 15 million seats for its Microsoft 365 Copilot add-on for commercial productivity software subscriptions, representing 3% of the base of total Microsoft 365 commercial seats.At the same time, hiring top talent and building tools that satisfy employees is becoming more important."As technology and the way we work at Microsoft continue to evolve, we are transforming our people function so Microsoft remains a place where our employees can do their best work," a spokesperson said in an email to CNBC. "The organizational updates we are making today align closely to our business priorities, and help us work more closely across teams, move faster, and simplify how we operate in support of our employees and customers."Microsoft's engineering HR teams will come together under corporate vice president Mel Simpson, Coleman wrote."Talent strategy is competitive strategy and our ability to win depends on whether we can hire the very best talent at a moment when competition is intense and accelerating," she wrote. Microsoft is close to hiring someone to run talent acquisition and report directly to her, according to the memo.As McIntyre departs, Microsoft will still have Diana Navas-Rosette working as its general manager of culture and inclusion. Navas-Rosette will report to Leslie Lawson Sims, who will lead a new people and culture team containing two existing groups, Coleman said.Microsoft's people analytics team will become part of the company's employee experience unit under Corporate Vice President Nathalie D'Hers, Coleman wrote. Hers' group "have driven clarity, speed, and alignment while enabling our function to lead the next phase of AI-powered transformation across the company," Coleman wrote.WATCH: Bank of America's Tal Liani talks reinstating Microsoft as a 'buy' watch nowVIDEO4:0604:06Bank of America's Tal Liani talks reinstating Microsoft as a 'buy'Closing Bell: Overtime Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

As sports gambling becomes more popular and less restricted, consumer credit health is suffering, according to a new report by the New York Fed. View More

Aziaha James #10 of the NC State Wolfpack moves her team on the board to the Sweet Sixteen round following their win against the Michigan State Spartans during the Second Round of the 2025 NCAA Women's Basketball Tournament held at Reynolds Coliseum on March 24, 2025 in Raleigh, North Carolina. Lance King | NCAA Photos | Getty Images As March Madness nears its peak, sports betting is gaining momentum as well — but new research shows the toll it takes on many households' financial stability.Sports fans will bet about $3.3 billion through legal means on this year's NCAA men's and women's basketball tournaments alone, according to an estimate from the American Gaming Association — a 54% jump over the past three years.However, as more states have legalized mobile sports betting, leading to broader participation, consumer credit health has suffered, a new report by the Federal Reserve Bank of New York found. Read more CNBC personal finance coverageSingle women see homeownership as 'a wealth-building tool,' economist saysAmid March Madness, NY Fed highlights sports betting toll on credit healthSocial Security benefits can top $100,000 a year for some couplesIran war may further 'chill' an already frozen job market, economist saysMore than 7 million student loan borrowers are in a defunct payment planLawmakers warn of price gouging amid Iran war — experts point to supply shocksDonating from your IRA has tax advantages. A bipartisan bill may expand optionsBlackRock CEO Fink: Trump accounts may be 'significant' wealth-building toolThe uneven cost of tariffs: Why some households will pay more than othersWhen it comes to private credit, 'some caution is reasonable,' advisor says'War tax resistance' gains attention amid Iran conflict, but IRS penalties applyAverage IRS tax refund is up 10.8%, new filing data showsYour tax refund could be smaller than expected this season. Here's whyWhat may happen to Social Security benefits in six years if Congress doesn't actCNBC's Financial Advisor 100: Best financial advisors, top firms ranked In its report, the New York Fed warned of a "noticeable deterioration in repayment performance" in certain parts of the country with legalized sports betting, as well as "spillover effects" to nearby areas where it's still not legal."Following the legalization of sports betting in a state, credit delinquencies increase, driven by those under 40 years old," the report said. More than 30 states have legalized mobile sports betting since the Supreme Court struck down the federal ban in 2018, resulting in more than half a trillion dollars in wagers, according to the New York Fed.Another 2026 paper, from researchers at UCLA Anderson School of Management, Harvard University and University of Southern California's Marshall School of Business, found that the odds of bankruptcy filing in states with legal betting increased by as much as 25% to 30%. "Most Americans have precious little margin for error when it comes to their finances, and while sports gambling can help in that area when you win, the truth is that it is far more likely to end up hurting more than it helps in the long run," said Matt Schulz, chief credit analyst at LendingTree. The AGA did not immediately respond to a request for comment. Credit scores show increasing strain The NY Fed findings aren't the only sign of deteriorating consumer credit health. The national average credit score continues to trend lower, according to a separate report this week from FICO, developer of one of the scores most widely used by lenders.The average score is now 714, down two points in the last year, driven by the resumption of student loan delinquency reporting and an increase in mortgage delinquencies, according to the report.FICO scores range between 300 and 850. A good score generally is above 670, a very good score is over 740 and anything above 800 is considered exceptional. watch nowVIDEO0:2400:24What's a credit score?Your Money While the so-called K-shaped economy has caused financial strain for some borrowers, others have strengthened their financial standing, FICO also found. Now, more consumers score in the highest and lowest score ranges."We're simultaneously seeing a record share of consumers demonstrating strong, consistent credit behaviors," Ethan Dornhelm, head of scores analytics at FICO, said in a statement. A VantageScore report showed a similar dynamic. The average VantageScore credit score was 701 in February, essentially unchanged from a year earlier. However, some borrowers are gradually moving into lower credit tiers as financial pressures mount, VantageScore research found, while the most creditworthy borrowers are reducing their credit utilization rate, a key component of higher credit scores."Overall consumer credit health remains relatively resilient, as improvements in the credit health of top-tier consumers outweigh the deterioration among lower-tier consumers," the report said. watch nowVIDEO5:0205:02VantageScore CEO: Divergence in consumers’ credit risk not revealed in average credit scoreNews Videos "The advice, of course, is to live within your means," said Ted Rossman, senior industry analyst at Bankrate. "It's okay to spend money on the occasional indulgence" — even sports betting, he said, "you just need to budget for it."Subscribe to CNBC on YouTube. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

European stocks advanced Wednesday as the U.S. showed more signs it was trying to de-escalate the war with Iran. View More

In this articleCBK-DEFME-DEEBK-DE.STOXXBWY-GBFollow your favorite stocksCREATE FREE ACCOUNT U.S. President Donald Trump speaks to reporters before boarding Air Force One at Palm Beach International Airport on March 23, 2026 in West Palm Beach, Florida.Roberto Schmidt | Getty Images LONDON — European stocks ended Wednesday in positive territory as the U.S. reiterated efforts to de-escalate the war with Iran and Tehran said it may allow "non-hostile" vessels through the Straight of Hormuz. The pan-European Stoxx 600 closed the session almost 1.3% higher, with all major regional bourses in the green. Housebuilders led the recovery, with shares in U.K. property developer Crest Nicholson finishing up 10.2% after posting an improved open market sales rate in the 10-week period to March 20.Its results boosted sentiment across the sector, helping rival Bellway recover from some of its heavy losses earlier in the week. Bellway shares had closed down 17.5% on Tuesday after the homebuilder warned of "volatility" in the mortgage market caused by inflationary cost pressure, but finished Wednesday's trading up about 6%.Meanwhile, the U.K. inflation rate stood firm at 3% in February, according to the latest figures from the Office for National Statistics, which marked the last reading before the start of the Iran war.Core inflation, which excludes energy, food, alcohol, and tobacco, stood at 3.2% in February, up from 3.1% in January and landing in line with economists' expectations.Global markets are being buoyed by comments from U.S. President Donald Trump suggesting talks to end hostilities with Iran are ongoing. Tehran, however, continues to deny any direct negotiations are taking place.Speaking at the Oval Office on Tuesday, Trump said the U.S. and Iran are "in negotiations right now", adding he had stepped back from threats to target Iranian energy infrastructure "based on the fact we're negotiating.""They're talking to us, and they're talking sense," Trump said when asked to further explain his pivot.Later on Tuesday, The New York Times reported that the U.S. has sent Iran a 15-point plan to end the war, citing two unnamed officials. Gold prices climbed on Wednesday, but oil prices dropped following the report.An Iranian military spokesperson commented early Wednesday that the U.S. was essentially negotiating with itself, according to comments to the Islamic Republic News Agency (IRNA) reported by Reuters.However, Iran's UN Mission said in a post on X that 'non-hostile vessels, including those belonging to or associated with other states' may obtain 'safe passage' through the Strait of Hormuz via coordination with Tehran. Read moreU.S. sent Iran 15-point plan to end war, report says; Trump says 'in negotiations right now'Gold jumps over 2% as oil slump eases inflation fears amid Trump Iran talks Asia-Pacific markets finished in positive territory overnight. U.S. stocks were trading higher by 1:06 p.m. ET Wednesday, with the Dow Jones Industrial Average last seen rising more than 320 points, or 0.7%. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Kirk and Jacob McKinney found entrepreneurial inspiration at a local dump, launching junk removal and reselling business Junk Teens while still in high school. View More

It started with a bike ride to the local dump, where then-teenaged Kirk McKinney stumbled on a pair of "really nice speakers" that still worked.The speakers became prized possessions and the inspiration for Junk Teens, a Norwood, Massachusetts-based junk removal and reselling business that McKinney launched with younger brother Jacob McKinney in February 2021. The brothers are now ages 22 and 20, respectively — and their business brought in $3.04 million in 2025 revenue, including more than $686,000 in net profit, according to documents reviewed by CNBC Make It.After finding the speakers, "I was hooked. I just kept going back to the dump ... and, eventually, my bedroom looked like a mini hoarder's house," says Kirk McKinney, the company's CEO. He sold abandoned items he found on Facebook Marketplace as a side hustle, and hanging out at the dump, he met people willing to pay local teenagers to remove more unwanted junk from their homes, he says.He knew he'd need help, so he quit a grocery store job and enlisted his brother, who was a high school freshman at the time, he says. They bought a used 2006 Ford F-150 pickup truck with $4,000 of their own money to haul junk, Kirk McKinney says. Two bored teens in the middle of a pandemic looking to make extra cash, they also picked up odd jobs like landscaping and moving gigs."We didn't really know that we wanted to start this business," says Jacob McKinney. Junk removal and reselling simply became the most fun and profitable part of their work, and customers showed more interest in Junk Teens "when they knew that we were repurposing" their items, says Kirk McKinney.DON'T MISS: The leadership skills that can help you stand out at workToday, Junk Teens employs 10 full-time and roughly 10 to 15 part-time employees, all of whom are high school, college or gap-year students. The company's fleet of five dump trucks — the brothers plan to add two more later in 2026 — now has two locations in eastern Massachusetts that collectively cover Boston and the Cape Cod area, the brothers say.Junk Teens completed over 5,500 jobs in 2025, mostly residential and commercial junk removal, the brothers say. The company charges between $300 and $600 per job, on average, depending on the size and nature of the service.Both McKinneys now study entrepreneurship at nearby Babson College while running the business, and each paid themselves salaries in the low-to-mid six figures in 2025. They used part of that money to pay some of their college tuition, with the rest covered by their parents, who run a local tree service business, say the brothers."The money is great, [but] that's not what the whole point of this is," says Kirk McKinney. "We want to build futures for our friends, and we want to do what we love — and not have to work at a job that we hate." Learning the ins and outs of junk removal "One thing that we were very fortunate for is growing up in a family business background," says Kirk McKinney. Early on, their parents offered business ownership advice on topics like administration and bookkeeping: "We grew up watching our parents do all of that stuff for their business, and we would ask them questions in the beginning."The brothers sought further advice online, literally searching "how to start a junk removal business" on YouTube — learning how to set up the legal structure of the business and put aside money to pay taxes, Kirk McKinney says. They recruited friends and classmates to help with the manual labor, and used local word of mouth and their social media savvy to build a customer base.Now, the McKinneys post their own instructional videos on YouTube to show their tens of thousands of followers how they negotiate pricing and the best ways to dispose, flip or donate different types of items. Junk Teens has more than 400,000 followers combined across Instagram and TikTok, too. Their first year in business nearly cleared six figures in profit, so the brothers bought their first dump truck, says Kirk McKinney. They parked it, along with their pickup, in their parents' driveway, where they also piled used items like electronics, appliances, furniture and bicycles under a tarp."Our parents were not happy with that," he says. The business started renting warehouse space instead in March 2023, paying $1,450 per month. Getting 'crafty' to balance school and a growing business Early on, when the brothers were both in high school, they often only worked a job or two per week — finding time after school or during weekends, Jacob McKinney says. As the business grew, they hired friends to share the workload, cut out hobbies like playing video games and got "really crafty" with their scheduling, he says.During his senior year of high school, he negotiated a block of midday free time with his guidance counselor because local dumps only operated during school hours, he says. The brothers sometimes parked their dump truck in the school parking lot and begged forgiveness from teachers if they were late to class, says Kirk McKinney.The business topped $1.2 million in revenue in 2024, which was Jacob McKinney's final year of high school. "[Being] a seven-figure business-owner in high school ... felt pretty crazy," he says.Today, the brothers focus mostly on administrative and strategic work, and haven't gone "into the field" in nearly two years, says Jacob McKinney. In 2025, they professionalized Junk Teens' processes with marketing software and leadership promotions, and opened their second location in the Cape Cod area. The moves helped Junk Teens more than double its annual revenue that year, and almost double its annual profit, the McKinneys say.College remains "really difficult, especially when owning a business," says Kirk McKinney. He's considered dropping out three separate times to run Junk Teens full-time, he says. Instead, he stayed — partially for his parents' sake, and partially because "college has taught me things that business never will," like social and communication skills, he says. "And life isn't all about making money and having a successful business."The McKinneys will have more time for Junk Teens after they've both graduated, but their jobs may not get much easier. What began as a hyper-local service relying on friends and neighbors now competes with larger businesses that serve suburbs and big cities. National competitors include Waste Management, Inc., the $90 billion waste services behemoth, and 1-800-GOT-JUNK, which touts six franchises across Massachusetts and more than 140 across the U.S. in total, according to the company's website. College Hunks Hauling Junk, which similarly employs young employees, has over 200 franchise locations nationwide.For its part, Junk Teens projects $5 million in annual revenue by the end of 2026, the brothers say. Their expansion plan involves covering the rest of Massachusetts before eventually opening more locations across the East Coast, says Kirk McKinney. The brothers say they're open to potentially franchising the business, bringing on outside investors or even selling the business down the road — though that's not in their immediate plans, says Kirk McKinney."I have a really strong feeling that after college, things are going to take off more than they ever have," he says.Want to lead with confidence and bring out the best in your team? Take CNBC's new online course, How To Be A Standout Leader. Expert instructors share practical strategies to help you build trust, communicate clearly and motivate other people to do their best work. Sign up now and use coupon code EARLYBIRD for an introductory discount of 25% off the regular course price of $127 (plus tax). Offer valid March 16 through March 30, 2026. Terms apply. 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Citrini Research said persistently high energy prices risk weighing on consumers and corporate earnings, creating a tough backdrop for equities. View More

A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., March 23, 2026. Brendan McDermid | Reuters Citrini Research, the firm that rattled markets earlier this year with a provocative bearish call on artificial intelligence, is out with another warning — this time arguing an oil-driven slowdown could send equities lower.Founder James van Geelen said persistently high energy prices risk weighing on consumers and corporate earnings, creating a backdrop where stocks struggle even as the Federal Reserve eventually pivots toward rate cuts."If the war doesn't end, equities will go lower," van Geelen wrote in a Substack post early Wednesday, pointing to geopolitical tensions as a key driver of sustained oil strength.Stocks recouped some of the losses Wednesday following reports that the U.S. has given Iran a plan to bring the conflict to an end, sending crude prices tumbling. However, the two countries appear to be very far apart, with Tehran turning down the U.S.'s ceasefire offer and demanding sovereignty over the Strait of Hormuz.The latest call builds on Citrini's growing reputation for contrarian macro views. In February, the firm published a widely circulated note arguing that the AI boom itself could ultimately hurt the economy, pushing unemployment as high as 10% if white-collar jobs are replaced by machines. Slowdown ahead?The core of Citrini's current thesis is that elevated oil prices act as a tax on growth, eroding purchasing power and tightening financial conditions without the Fed needing to take further action. With policy rates already near neutral, van Geelen argued that simply holding rates steady would be restrictive enough as the energy shock filters through the economy."We live in a different world now, rates are close to neutral," he wrote. "If oil stays high, it would be restrictive enough simply to leave them where they are while oil prices filter through the rest of the economy and cause a slowdown."That dynamic leaves equities particularly vulnerable, he said. Even in a scenario where geopolitical tensions ease quickly, Citrini sees limited upside for stocks. Consumers would still emerge "slightly weaker" after absorbing higher fuel costs, dampening the strength of any rebound, he said.The firm's view also challenges a common bullish narrative that rate cuts would provide a backstop for equities. Instead, van Geelen suggests any eventual easing would likely come in response to deteriorating growth, a backdrop historically associated with further equity declines rather than sustained rallies."The Fed knows that raising rates isn't going to magically make more oil supply," he wrote, arguing policymakers are more likely to "look through" the shock before ultimately cutting rates as conditions worsen. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.