As the boutique fitness sector starts to buckle, Barry’s Bootcamp on Monday announced new investment from Princeton Equity Group. “The reason why this [boutique fitness] works for Barry’s is that our positioning in the marketplace is premium,” said Joey Gonzalez, Barry’s co-CEO, in an interview with CNBC. “We always want to minimize risks to any sort of brand dilution, and we only ever want to elevate the Barry’s experience.” Gonzalez said this funding round will be focused on investing in client experience and brand positioning in a highly saturated industry. Barry’s offers high-intensity running, lifting and training classes in its trademark red-lit rooms.
The post-Election Day rally in stock prices is fading amid forecasts that the Federal Reserve will not lower interest rates as much as expected. Prior to the opening bell Monday, the tech-heavy Nasdaq was down as much as 1%, while the broader S&P 500 was off 0.65% and the Dow Jones Industrial Average was poised to open 0.10% lower. Officially, S&P 500 futures opened below their levels on Nov. 6, 2024, the day after the election, for the first time. President-elect Donald Trump had hoped his winning a second term would set off a new cycle of business optimism and continue the record-high stock prices seen under the Biden administration.
President Joe Biden announced Monday that his administration had approved federal student loan relief for more than 150,000 borrowers, bringing the number whose student debt has been canceled during his administration to over 5 million, he said in a White House release. Although Biden lost the legal battle to deliver on his campaign promise to implement a broad federal student loan forgiveness program, he said Monday that his administration has still "forgiven more student loan debt than any other administration in history."
The Consumer Financial Protection Bureau announced Tuesday that it was suing Capital One for misleading consumers about their savings account interest rates and “cheating” them out of more than $2 billion in interest. The agency said in a statement Capital One deceived holders of its “360 Savings” account by conflating it with its newer and higher-yield savings account option, the “360 Performance Savings” account. The bank allegedly failed to notify 360 Savings account holders of the newer option and marketed the two products similarly to lead customers to believe they were the same.
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