CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines. On today's show, CNBC's Julia Boorstin breaks down the Senate subcommittee hearing that grilled Facebook over its strategy for teen users. Plus, lawmakers approve a measure to avoid a government shutdown at midnight.
U.S. lawmakers from opposite sides of the aisle agree on virtually nothing these days. The exception is when the topic is Facebook.
Republicans and Democrats grilled Antigone Davis, Facebook's global head of safety, on Thursday, in a hearing before the Senate Commerce subcommittee on consumer protection. Antigone, who testified by video, was called to answer questions about Instagram's impact on the mental health of teens and Facebook's efforts to build more products targeting children.
The hearing, titled "Protecting Kids Online: Facebook, Instagram, and Mental Health Harms," follows a series of Wall Street Journal reports earlier this month that were based on internal studies conducted by Facebook researchers. Those stories revealed that Facebook is aware of the harmful effects of Instagram on the mental health of young users. In particular, Facebook's own studies showed that 13% of British users and 6% of American users traced their desire to commit suicide back to Instagram.
Congress was poised to prevent a government shutdown Thursday with hours to go before a midnight deadline.
The Senate and House both passed a short-term appropriations bill that would keep the government running through Dec. 3. The U.S. will avoid a lapse in funding once President Joe Biden signs it into law.
The Senate approved the legislation in a 65-35 vote. All 50 Democrats backed it and 15 Republicans joined them.
The House passed the bill by a 254-175 margin as every Democratic representative and 34 Republicans supported it.
Bed Bath & Beyond shares tanked 22% Thursday as the company said it saw a steep drop-off in shopper traffic in August, dealing a blow to its fiscal second-quarter results.
The big-box retailer is also dealing with industrywide supply chain complications, which Chief Executive Mark Tritton said have been "pervasive." He said the company's costs escalated over the summer months, especially toward the end of its second quarter in August, eating into sales and profits.
Bed Bath & Beyond slashed its revenue and earnings outlook for the year, and its third-quarter guidance looks underwhelming.
The sell-off of the retailer's stock was robust. More shares changed hands Thursday than what is typical in an average day of trading for Bed Bath & Beyond.