Stocks fall as Wall Street eyes downside to strong jobs data
NEW YORK (AP) — Stocks tumble on Wall Street on Friday as markets eye the drop in the still-strong U.S. jobs market. The S&P 500 was down 1.5% in afternoon trading and bond prices were also down. A report showing stronger-than-expected hiring last month is good news for the economy amid concerns about a possible recession. But many investors saw…
Stocks fall as Wall Street eyes downside to strong jobs data
NEW YORK (AP) — Stocks tumble on Wall Street on Friday as markets eye the drop in the still-strong U.S. jobs market. The S&P 500 was down 1.5% in afternoon trading and bond prices were also down. A report showing stronger-than-expected hiring last month is good news for the economy amid concerns about a possible recession. But many investors have seen it keep the Federal Reserve on a path of aggressive interest rate hikes. The jobs report offered some potentially encouraging signs of inflationary pressures going forward, which could lead to more swings in markets through Friday.
The United States added 390,000 jobs in May as hiring remained robust
WASHINGTON (AP) — U.S. employers added 390,000 jobs in May, extending a strong hiring streak that has supported an economy under pressure from high inflation and rising interest rates. Last month’s gain reflects a resilient labor market that has so far ignored fears that the economy will weaken in the coming months as the Federal Reserve steadily raises interest rates to fight inflation . The jobless rate remained at 3.6% in May, just above a half-century low. Job growth in May was strong enough to keep the Fed on track to continue what will likely be the fastest streak of rate hikes in over 30 years.
WALMART FULFILLMENT CENTERS
Walmart adds 4 distribution centers, more than 4,000 jobs
UNDATED (AP) – Walmart is adding four new fulfillment centers to its existing capacity, a move that will create more than 4,000 jobs and make overnight or next-day shipping available to more Americans. Walmart said Friday that the next-generation fulfillment centers will be built over the next three years. The four fulfillment centers will be able to provide 75% of the US population with one- or two-day shipping on millions of items, including Marketplace items shipped through Walmart fulfillment services.
Report: Musk Seeks to Cut 10% of Tesla Workforce
UNDATED (AP) – Tesla shares fell more than 7% on Friday on a report that CEO Elon Musk plans to lay off 10% of the company’s workers, along with new questions from U.S. regulators over complaints vehicles braking for no reason. Reuters reports that in an email to Tesla executives titled ‘Suspend all hiring globally’, Musk wrote that he had a ‘super bad feeling’ about the economy and that the company needed to cut its workforce. In a May filing with the Securities and Exchange Commission, Tesla said it had 100,121 employees worldwide, including its subsidiaries. Tesla shares have lost nearly a third of their value since early April, shortly after Musk first publicly floated the idea of buying Twitter.
US has over 750 Teslas braking complaints for no reason
DETROIT (AP) — More than 750 Tesla owners have complained to U.S. safety authorities that cars running on the company’s partially automated driving systems suddenly stopped on the roads for no apparent reason. The National Highway Traffic Safety Administration revealed the number in an information request letter to Tesla that was posted Friday on the agency’s website. The 14-page letter dated May 4 asks the automaker for all consumer and field reports of false braking, as well as reports of accidents, injuries and fatalities.
American Airlines gives more optimistic outlook for summer revenue
FORT WORTH, Texas (AP) — American Airlines joins rivals in predicting a revenue boom this summer as people crowd onto planes after a two-year pandemic. American said Friday that second-quarter revenue would rise 11% to 13% from the same quarter in 2019. That’s even rosier than American’s previous forecast. Delta, Southwest, JetBlue and others also recently raised their revenue forecasts as the number of people traveling in the United States approaches pre-pandemic levels. At the same time, airlines are offering fewer flights than in 2019, helping them to significantly increase average fares.
Marriott suspends all activities in Russia
UNDATED (AP) – Marriott International announces it will suspend all operations in Russia amid the ongoing invasion of Ukraine. The hotel operator, which has operated in Russia for 25 years, said on Friday it had decided recently announced US, UK and European restrictions would make it impossible for the company to continue to manage or franchise hotels in the Russian market. . Other companies that have decided to exit the Russian market include McDonald’s and Starbucks.
Landmark bill to limit cryptomining passes New York Legislature
ALBANY, NY (AP) — The New York Legislature has approved a landmark environmental measure designed to curb the spread of cryptocurrency mining operations that burn fossil fuels. The Senate approved the bill early Friday. It now goes to Democratic Governor Kathy Hochul for consideration. Proponents praise it as the first bill of its kind. It would establish a two-year moratorium on new and renewed air permits for fossil-fuel power plants used for so-called proof-of-work cryptomining. Proof of work is the blockchain-based algorithm that some cryptocurrencies use. Environmentalists say cryptomining operations that burn natural gas threaten the state’s ability to meet climate goals. Cryptocurrency proponents say the measure would hamper economic development.
Company offers Taser-armed drones to stop school shootings
UNDATED (AP) – Taser developer Axon said this week it was working to build drones armed with electric stun weapons that could fly into schools and “help prevent the next Uvalde, Sandy Hook or Columbine”. But his own group of tech advisers quickly dismissed the idea as a dangerous fantasy. The publicly traded company, which sells Tasers and police body cameras, last year pitched the idea for a new police drone product to its Artificial Intelligence Ethics Committee, a group of experts. respected experts in technology, policing and privacy. Some of them expressed reservations. But they didn’t expect Axon to announce Thursday that it wants to send these taser-equipped drones into classrooms.
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