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Category Archives: Business News

Wall Street is split as Tesla and tech drop while most other US stocks climb

Wall Street is split as Tesla and tech drop while most other US stocks climb

By STAN CHOE AP Business Writer

NEW YORK (AP) — A mixed day of trading left the U.S. stock market split on Tuesday as Wall Street’s momentum slowed after setting record highs in each of the last two days.

The S&P 500 dipped 0.1% for its first loss in four days. The Dow Jones Industrial Average rose 400 points, or 0.9%, and the Nasdaq composite fell 0.8%.

Tesla tugged on the market as the relationship between its CEO, Elon Musk, and President Donald Trump soured even further. Once allies, the two have clashed recently, and Trump suggested there’s potentially “BIG MONEY TO BE SAVED” by scrutinizing subsidies, contracts or other government spending going to Musk’s companies.

Tesla fell 5.3% and was one of the heaviest weights on the S&P 500. It has lost just over a quarter of its value so far this year, 25.5%, in large part because of Musk’s and Trump’s feud.

Drops for several darlings of the artificial-intelligence frenzy also weighed on the market. Nvidia’s decline of 3% was the heaviest weight on the S&P 500.

But more stocks within the index rose than fell, led by several casino companies. They rallied following a report showing better-than-expected growth in overall gaming revenue in Macao, China’s casino hub. Las Vegas Sands gained 8.9%, Wynn Resorts climbed 8.8% and MGM Resorts International rose 7.3%.

Automakers outside of Tesla were also strong, with General Motors up 5.7% and Ford Motor up 4.6%.

All told, the S&P 500 slipped 6.94 points to 6,198.01. The Dow Jones Industrial Average rose 400.17 to 44,494.94, and the Nasdaq composite fell 166.84 to 20,202.89.

The overall U.S. stock market has made a stunning recovery from its springtime sell-off of roughly 20%. But challenges still lie ahead for Wall Street, with one of the largest being the continued threat of Trump’s tariffs.

Many of Trump’s stiff proposed taxes on imports are currently on pause, and they’re scheduled to kick into effect in about a week. Depending on how big they are, they could hurt the economy and worsen inflation.

Washington is also making progress on proposed cuts to tax rates and other measures that could send the U.S. government’s debt spiraling higher, which could raise inflation. That in turn could mean higher interest rates, which would hurt prices for bonds, stocks and other investments.

Despite such challenges, strategists at Barclays say they see signals of euphoria among some investors. The strategists say a measure that tries to show how much “excess optimism” is in the market is not far from the peaks seen during the “meme stock” craze that sent GameStop to market-bending heights or to the dot-com bubble at the turn of the millennium.

Other signals include demand for what are known as “blank-check companies,” which are essentially piles of cash that hunt for privately held companies to buy. When too much optimism is in the market, it can inflate stock prices to too-high levels in what’s called a “bubble.”

Of course, “market bubbles are infamously difficult to predict and can endure far longer than anticipated before correcting,” according to the Barclays strategists led by Stefano Pascale and Anshul Gupta.

In the bond market, Treasury yields swiveled following some mixed reports on the U.S. economy.

One said U.S. employers were advertising more job openings at the end of May than the month before and than economists expected. That could be an encouraging signal for a job market that had been appearing to settle into a low-hire, low-fire state.

Separate reports on U.S. manufacturing were more mixed. One from the Institute for Supply Management said U.S. manufacturing activity shrank again in June, though not by as much as the month before.

“Customers do not want to make commitments in the wake of massive tariff uncertainty,” one survey respondent in the fabricated metal products industry said.

A separate report from S&P Global suggested manufacturing production returned to growth in June after three months of declines.

The yield on the 10-year Treasury held at 4.24%, where it was late Monday, after bouncing from a modest loss to a modest gain earlier in the day.

The two-year Treasury yield, which more closely tracks expectations for what the Federal Reserve will do with its main interest rate, rose more sharply to 3.77% from 3.72%. Better-than-expected data on the economy could push the Fed to stay on pause with interest rates, after it halted its cuts to rates at the start of this year.

Fed Chair Jerome Powell said again on Tuesday that he wants to wait for more evidence about how Trump’s tariffs will affect the economy and inflation before resuming cuts to interest rates. That’s despite Trump’s angry insistences lately that Powell and the Fed act more quickly to give the economy a boost through lower rates.

In stock markets abroad, indexes were mixed in Europe and Asia.

Japan’s Nikkei 225 fell 1.2%, and South Korea’s Kospi rose 0.6% for two of the larger moves.

___

AP Writers Teresa Cerojano and Matt Ott contributed.

Jabil plans to create nearly 1,200 jobs in North Carolina with manufacturing investment

Jabil plans to create nearly 1,200 jobs in North Carolina with manufacturing investment

SALISBURY, N.C. (AP) — The electronics company Jabil plans to create nearly 1,200 jobs in central North Carolina by building a new manufacturing plant. The company is investing $500 million toward a facility to support cloud computing and artificial intelligence data centers. Officials announced Monday that the facility will be in Rowan County, northeast of Charlotte. The project includes a $264 million capital investment and 1,181 jobs by the end of 2030. North Carolina competed with Florida for the project and offered over $21 million in incentives. Jabil already operates three facilities in the state, employing about 1,000 workers.… Continue Reading

US stocks add a bit more to their all-time high

US stocks add a bit more to their all-time high

NEW YORK (AP) — The U.S. stock market added to its record as Wall Street closed out a second straight winning month. The S&P 500 rose 0.5% Monday in its first trading after completing a stunning rebound from its springtime sell-off of roughly 20%. The Dow Jones Industrial Average added 0.6%, and the Nasdaq composite gained 0.5%. Oracle helped lead the way after saying it’s off to a strong start in its fiscal year. Banks were also solid in their first trading after the Federal Reserve said they’re financially strong enough to survive a downturn in the economy. Treasury yields eased in the bond market.… Continue Reading

US stocks climb to the brink of a record

US stocks climb to the brink of a record

NEW YORK (AP) — U.S. stocks are climbing toward the brink of another record. The S&P 500 rose 0.5% Thursday and is just 0.3% below its all-time high, which was set in February. The Dow Jones Industrial Average added 264 points, and the Nasdaq composite gained 0.5%. McCormick helped lead the market after the seller of cooking spices delivered a better-than-expected profit report. Treasury yields eased a bit in the bond market following a couple of better-than-expected reports on the U.S. economy, including on jobless claims and orders for long-lasting manufactured goods. Stock indexes were mixed across much of Europe and Asia.… Continue Reading

College graduates face toughest job market in more than a decade as hiring slows

College graduates face toughest job market in more than a decade as hiring slows

WASHINGTON (AP) — Young people graduating from college this spring and summer are facing one of the toughest job markets in more than a decade. The unemployment rate for degree holders ages 22 to 27 has reached its highest level in a dozen years, excluding the coronavirus pandemic. Joblessness among that group is higher than the overall unemployment rate, and the gap is larger than it’s been in more than three decades. That worries many economists as well as officials at the Federal Reserve because it could be an early sign of trouble for the economy. It suggests businesses are holding off on hiring new workers because of rampant uncertainty stemming from the Trump administration’s tariff increases… Continue Reading

US stocks hang near their record as Wall Street takes a breath following two big days

US stocks hang near their record as Wall Street takes a breath following two big days

NEW YORK (AP) — U.S. stocks hung near their all-time high as financial markets caught a breath following two big days bolstered by hopes that the Israel-Iran war will not disrupt the global flow of crude oil. The S&P 500 barely budged on Wednesday and is sitting just 0.8% below its all-time high. The Dow Jones Industrial Average dipped 0.2%, and the Nasdaq composite rose 0.3%. Oil prices stabilized after plunging by roughly $10 per barrel in the prior two days. Stock indexes fell modestly in Europe after rising in Asia, and Treasury yields held relatively steady in the bond market.… Continue Reading

Stocks rally and oil tumbles as Wall Street hopes for a limited retaliation after US strikes on Iran

Stocks rally and oil tumbles as Wall Street hopes for a limited retaliation after US strikes on Iran

NEW YORK (AP) — Oil prices are flip-flopping, and the U.S. stock market is drifting higher following the United States’ bunker-busting entry into Israel’s war with Iran. Oil jumped as much as 4% shortly after trading began on Sunday night, but it quickly pared all of the gain by Monday morning. The S&P 500 rose 0.4%, the Dow Jones Industrial Average added 156 points and the Nasdaq composite rose 0.3%. Markets calmed amid hopes that Iran will not retaliate in a way that disrupts the global flow of crude, which would hurt economies worldwide but also its own. Treasury yields eased in the bond market.… Continue Reading

Stocks slump and oil prices jump as Trump urges Iran’s unconditional surrender

Stocks slump and oil prices jump as Trump urges Iran’s unconditional surrender

NEW YORK (AP) — U.S. stocks slumped under the weight of a jump for the price of oil. The S&P 500 fell 0.8% Tuesday following signals that Israel’s conflict with Iran may be worsening and that one of the U.S. economy’s main engines is weakening. That nearly erased the S&P 500’s gain for the week. The Dow Jones Industrial Average dropped 0.7%, and the Nasdaq composite sank 0.9%. Treasury yields also fell following a weaker-than-expected report on sales at U.S. retailers. Crude oil prices rose more than 4% on worries about potential damage to the flow of oil because of fighting between Israel and Iran.… Continue Reading

Wall Street recovers from Friday’s shock as US stocks rise and oil prices ease

Wall Street recovers from Friday’s shock as US stocks rise and oil prices ease

NEW YORK (AP) — Calm returned to Wall Street, and U.S. stocks rallied, while oil prices gave back some of their initial spurts following Israel’s attack on Iranian nuclear and military targets at the end of last week. The S&P 500 climbed 0.9% Monday to recover most of its drop from Friday. The Dow Jones Industrial Average added 0.8%, and the Nasdaq composite rose 1.5%. They joined a worldwide rise for stock prices. The price for a barrel of benchmark U.S. oil fell by 1.7%, while the price of gold eased. Treasury yields rose ahead of a meeting by the Federal Reserve this week.… Continue Reading

JetZero plans to build $4.7B plant in North Carolina, aims to create 14,500 jobs

JetZero plans to build $4.7B plant in North Carolina, aims to create 14,500 jobs

GREENSBORO, N.C. (AP) — A California-based company plans to build its first manufacturing plant for a next-generation passenger jet in central North Carolina. If successful, the project announced Thursday by JetZero and elected officials would create more than 14,500 jobs in a decade. Gov. Josh Stein called it the largest job commitment in North Carolina history. JetZero is developing a fixed-wing aircraft that would change the shape of passenger jetliners in the sky. The company would build the plant at Piedmont Triad International Airport in Greensboro. JetZero already has conditional jet purchase agreements with some airlines. The announcement comes with lots of economic incentives that would extend into the 2060s.… Continue Reading

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