Category Archives: Business News

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

Wall Street’s rally stalls as US stocks dip for their 1st loss in 4 days

Wall Street’s rally stalls as US stocks dip for their 1st loss in 4 days

NEW YORK (AP) — Wall Street’s rally stalled after stocks climbed back within 2% of their all-time high. The S&P 500 slipped 0.3% Wednesday for its first drop in four days. The Dow Jones Industrial Average ended little changed, and the Nasdaq composite lost 0.5%. The action was stronger in the bond market, where Treasury yields eased after a report showed inflation ticked up by less last month than economists expected. That raised expectations for the Federal Reserve to cut interest rates later this year. Markets didn’t react much to the conclusion of two days of trade talks between the U.S. and China.… Continue Reading

US stocks drift higher as trade talks start with China in hopes of avoiding a recession

US stocks drift higher as trade talks start with China in hopes of avoiding a recession

NEW YORK (AP) — U.S. stocks are drifting higher as the world’s two largest economies begin talks on trade that could help avoid a recession. The S&P 500 rose 0.3% Monday. The Dow Jones Industrial Average rose 58 points, and the Nasdaq composite gained 0.5%. Markets are waiting to hear what comes of trade talks between the United States and China taking place in London. Treasury yields eased in the bond market after a survey suggested consumers’ expectations for coming inflation eased a bit. Chinese stocks rose, while indexes were mixed amid mostly modest movements across the rest of Asia and Europe.… Continue Reading

Apple unveils software redesign while reeling from AI missteps, tech upheaval and Trump’s trade war

Apple unveils software redesign while reeling from AI missteps, tech upheaval and Trump’s trade war

CUPERTINO, Calif. (AP) — After stumbling out of the starting gate in Big Tech’s pivotal race to capitalize on artificial intelligence, Apple tried to regain its footing Monday during a developers conference that focused mostly on incremental advances and cosmetic changes in its technology. The presummer rite was more subdued than the feverish anticipation that surrounded the event in 2023 when Apple unveiled a mixed-reality headset and last year when the company hyped AI features that didn’t pan out as envisioned. Although Apple announced helpful AI tools and a redesign of its iPhone software in a decade, the company is still facing about its ability to innovate and ability to navigate a gauntlet of other challenges.… Continue Reading

Walmart’s army of bakery decorators take the cake when it comes to hourly store pay

Walmart’s army of bakery decorators take the cake when it comes to hourly store pay

NEW YORK (AP) — The school graduation season is the busiest time of year for the Walmart workers who hand-decorate cakes per customers’ orders. The cakes and optional fillings come pre-baked and frozen from suppliers, but the nation’s largest retailer holds a big slice of the American custom cake market. The company says one out of four cakes sold in the U.S. comes from Walmart, and that its workers will collectively decorate more than 1 million cakes during May and June. The discount retail chain’s 6,200-strong army of icing artisans are Walmart’s highest paid hourly workers, excluding store managers. Detractors on social media have accused the decorators of stealing ideas and undercutting professional cake artists with inexpensive products.… Continue Reading

Hiring in the US slows, yet employers added a solid 139,000 jobs in May

Hiring in the US slows, yet employers added a solid 139,000 jobs in May

WASHINGTON (AP) — U.S. employers slowed hiring last month, but still added a solid 139,000 jobs amid uncertainty over Trump’s trade wars. The Department of Labor said Friday that hiring fell from a revised 147,000 in April. The unemployment rate stayed at 4.2%. Trump’s aggressive and unpredictable policies – especially his sweeping taxes on imports – have muddied the outlook for the economy and the job market and raised fears that the American economy could be headed toward recession. But so far the damage hasn’t shown up clearly in government economic data.… Continue Reading

US job openings rose in April, signaling resilience in the American labor market

US job openings rose in April, signaling resilience in the American labor market

WASHINGTON (AP) — U.S. job openings rose unexpectedly in April, showing that the labor market remains resilient in the face of uncertainty arising from President Donald Trump’s trade wars. The Labor Department reported Tuesday that employers posted 7.4 million job vacancies in April, up from 7.2 million in March. Economists had expected opening to drift down to 7.1 million. But the number of Americans quitting their job — a sign of confidence in their prospects — fell, and layoffs ticked higher. Openings remain high by historical standards but have dropped sharply since peaking at 12.1 million in March 2022 when the economy was still roaring back COVID-19 lockdowns.… Continue Reading

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