Business Headlines
Stocks slump as Big Tech sinks and a strong May jobs report boosts odds for higher interest rates
NEW YORK (AP) = The U.S. stock market had its worst day since October Friday as a sell-off in big technology companies weighed down the broader market and a strong jobs report boosted expectations that the Federal Reserve will be forced to hike interest rates at some point this year. The S&P 500 sank 2.6%, its biggest one-day drop since October 10, when the Trump administration threatened to impose a 100% tariff on imported goods from China. The losses helped push the benchmark index to its first losing week in the last 10. The Dow Jones Industrial Average fell 1.4%, while the Nasdaq composite slumped 4.2%. Tech stocks dragged the broader market lower as companies that had powered the S&P ... Read More
Employers added 172,000 jobs last month as US job market shows resilience despite Iran war
WASHINGTON (AP) — The American job market continues to show surprising strength, shrugging off the high costs of the Iran war. Employers added 172,000 jobs in May – roughly double what forecasters had expected – and the unemployment rate remained at a low 4.3%. The Labor Department reported Friday that job growth was down slightly last month from a revised 179,000 in April. The unemployment rate stayed at a low 4.3% Hiring has bounced back this year from a miserable 2025, showing resilience in the face of economic uncertainty and painfully high energy prices caused by the Iran war. The job gains last month were broad-based. Local governments added 55,000 workers, restaurants and bars 48,000, healthcare companies 35,000. In another ... Read More
Hiring blows past expectations, accelerating in May despite Iran war
e HR recruitment manager holding resume in hands while having an interview in a modern office. (Xavier Lorenzo/Getty Images)(NEW YORK) -- Hiring blew past expectations in May, registering at a blockbuster clip despite a continued rise in inflation set off by the Iran War.The U.S. added 172,000 jobs in May, according to the report, which marked an acceleration from 115,000 jobs added in April. The reading for April exceeded economists' expectations. The reading amounted to a slight downshift from March, when the U.S. economy gained 185,000 jobs.Still, the job gains in May indicated a robust expansion of the labor market, defying concern about a potential economic downturn. Hiring has proven unexpectedly resilient in recent months, despite a rise in costs ... Read More
Asian shares drop, with South Korea’s Kospi down more than 5%
[caption id="attachment_1502002" align="alignnone" width="1024"] A currency trader reacts near a screen showing the Korea Composite Stock Price Index (KOSPI), right, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Wednesday, April 29, 2026. (AP Photo/Ahn Young-joon)[/caption]HONG KONG (AP) — Shares have fallen in Asia, with South Korea’s benchmark dropping more than 5%, after sharp declines for some big artificial intelligence-related stocks in the U.S. U.S. futures also retreated. On Wall Street on Thursday, computer chipmaker Broadcom’s shares sank 12.6% when it gave a forecast that fell short of investors’ expectations, raising concerns over the wider AI and technology sector. U.S. memory chip ... Read More
The Dow leaps to a record as oil prices ease and US stocks outside of AI rally
NEW YORK (AP) — Wall Street rallied Thursday after falling oil prices and yields in the bond market eased the pressure on U.S. stocks. Banks, small companies and other stocks that had earlier been left behind by the euphoria around artificial-intelligence technology led the way. The S&P 500 rose 0.4% for its 10th gain in the last 11 days, a day after dropping from its all-time high. The Dow Jones Industrial Average soared 874 points, or 1.7%, to a record, and the Nasdaq composite slipped 0.1%. Stocks got a lift from a 2.8% drop for the price of Brent crude oil to $95.03 per barrel. That gave back a chunk of its rise from this week caused by the latest ... Read More
The Dow jumps 800 points as oil prices ease, but slumping AI stocks keep Wall Street in check
NEW YORK (AP) — Most U.S. stocks are rising Thursday as oil prices ease, but slumps for influential artificial-intelligence winners are keeping Wall Street in check. The S&P 500 added 0.2% a day after dropping from its all-time high and coming just short of its longest winning streak in three decades. The Dow Jones Industrial Average was up 841 points, or 1.7%, as of 11:15 a.m. Eastern time, and the Nasdaq composite was 0.2% lower. A clear majority of stocks on Wall Street climbed, including 7 out of every 10 in the S&P 500. They got a boost from a 2.7% drop for the price of Brent crude oil to $95.21 per barrel. That gave back a chunk of its ... Read More
Oil prices rise, but not by enough to drag Wall Street far off its records
NEW YORK (AP) — Oil prices are rising Monday following the latest fighting to threaten the U.S.-Iran ceasefire, but Wall Street isn’t very worried, and U.S. stocks are hanging near their records. The S&P 500 was virtually unchanged from its all-time high set on Friday. The Dow Jones Industrial Average was down 102 points, or 0.2%, as of 10:15 a.m. Eastern time, and the Nasdaq composite was flat. Both are also coming off records. Some of the sharpest losses hit companies with big fuel bills hurt by the rise in oil prices. United Airlines lost 2.9%, and cruise-operator Carnival fell 2.7% after the price for a barrel of Brent crude oil climbed 6.7% to $97.22. That clawed back a chunk ... Read More
Wall Street pushes to more records as profits keep piling up for US companies
NEW YORK (AP) — The U.S. stock market is pushing to more records Thursday as companies like Dollar Tree, Snowflake and Hormel Foods keep piling up profits. That’s even as oil prices continue to swing and more data shows pressure building on the economy because of the war with Iran. The S&P 500 added 0.4% to its all-time high set the day before after drifting between small gains and losses earlier in the morning. The Dow Jones Industrial Average was down 9 points, or less than 0.1%, as of 11:15 a.m. Eastern time, and the Nasdaq composite was 0.5% higher after both indexes also set records the day before. Even with worries about expensive oil and high inflation, the U.S. ... Read More
US stocks inch to more records after oil prices drop
NEW YORK (AP) — U.S. stocks inched to more records Wednesday after oil prices fell and eased the pressure on households and businesses worldwide. The S&P 500 edged up by less than 0.1% and added to its all-time high set the day before. The Dow Jones Industrial Average climbed 182 points, or 0.4%, and the Nasdaq composite gained 0.1% as both indexes also set records. Stocks of companies with big fuel bills helped lead the way on hopes that lower oil prices will remove a big drag on their profits. Norwegian Cruise Line Holdings climbed 6.1%, and United Airlines rallied 6.3%. Delta Air Lines rose 3% and set an all-time high. The price for a barrel of Brent crude oil ... Read More
Another surge for Micron, Wall Street’s latest $1 trillion company, sends US stocks to records
NEW YORK (AP) — The U.S. stock market rose to records Tuesday as it caught up with climbs for others around the world from the day before, when President Donald Trump said negotiations were “proceeding nicely” with Iran on ending their war. The S&P 500 climbed 0.6% after trading resumed following Monday’s holiday and set an all-time high. The Nasdaq composite rallied 1.2% to set its own record, while the Dow Jones Industrial Average dipped 118 points, or 0.2%, from its all-time high. Stock markets in much of the rest of the world pulled back from their gains the day before, as fighting continued in the region and the U.S. military said it carried out “self-defense” strikes in southern Iran, ... Read More
What rising bond yields mean for mortgages and credit card rates
Houses with a 'For Sale' sign in a small new neighborhood in Gunnison, Colorado 6/18/20 (Nathan Bilow/Getty Images)(NEW YORK) -- U.S. Treasury yields soared in recent days as the Iran war stoked inflation fears, threatening to drive up borrowing costs for everything from mortgages to credit cards to auto loans.The yields on 30-year bonds – the amount paid to a bondholder annually – touched their highest point since 2007. Ten-year Treasury yields peaked at about 4.69% on Tuesday, marking a roughly three-quarter percentage point jump from the start of the war on Feb. 28.The yield on 10-year Treasuries retreated on Wednesday, registering at 4.58%. Still, yields exceed the level reached during a bond selloff in the aftermath of President Donald ... Read More
The market powerful enough to sway stocks and Trump is rumbling again
NEW YORK (AP) — The bond market is usually a quiet corner of Wall Street, one where moves get measured in hundredths of a percentage point. But the warning signals it sends can be powerful enough to drag stock markets up and down and in the past have even convinced President Donald Trump and other world leaders to back off some of their most extreme actions. It’s making noise again. Bond markets around the world have seen yields climb to heights not reached in years and, in some cases, decades. Atop the litany of reasons for that is oil prices and whether they will stay high because of the war with Iran. Worries about big and growing debts for the ... Read More
Court dismisses Elon Musk’s case against Sam Altman and OpenAI
OpenAI CEO Sam Altman arrives to court at the Ronald V. Dellums Federal Building on May 12, 2026 in Oakland, California. (Photo by Benjamin Fanjoy/Getty Images)(NEW YORK) -- A jury on Monday found that Elon Musk waited too long to bring claims accusing OpenAI, under Sam Altman’s leadership, of abandoning its public-benefit mission as it moved toward a for-profit structure.The nine-person advisory jury determined that the claims against OpenAI and Altman were barred due to the statute of limitations. Judge Yvonne Gonzalez Rogers accepted the determination and dismissed the claims.The three-week trial at a federal courthouse in Oakland, California, featured testimony from Musk and Altman, as well as Microsoft CEO Satya Nadella.When Musk sued OpenAI and Altman two years ago, ... Read More
Starbucks to lay off 300 US corporate workers and close regional offices
SEATTLE (AP) - Starbucks said Friday it’s laying off 300 corporate employees and closing some U.S. offices as part of its ongoing turnaround. No coffeehouse employees are affected, the company said. The cuts will impact employees in support functions like marketing, human resources and supply chain management. No international employees are affected for now, but Starbucks said it is also reviewing its corporate structure outside the U.S. Starbucks said it’s also closing underused offices in Atlanta, Dallas, Chicago and other cities. The Seattle-based company recently announced that it’s opening a corporate office in Nashville, Tennessee, that will employ up to 2,000 people within five years. Starbucks expects to the moves to result in $400 million in restructuring charges, including $120 ... Read More
Takeaways from Fed Chair Jerome Powell’s tenure as he steps down
U.S. Federal Reserve Chair Jerome Powell attends a press conference in Washington, D.C., the United States, April 29, 2026. (Photo by Li Rui/Xinhua via Getty Images)(NEW YORK) -- A global pandemic that put millions of Americans out of work within days. The highest inflation in four decades. An unprecedented federal criminal investigation.Fed Chair Jerome Powell faced a succession of crises over his 8-year tenure atop the central bank, which ends on Friday. Powell’s decisions along the way held stakes as concrete as the budgets of everyday Americans and as heady as the political independence of a pillar institution.President Donald Trump’s Fed Chair nominee Kevin Warsh is set to take the helm, inheriting a resilient economy by some measures, though one ... Read More
Jobs report showed hiring slowed, but exceeded expectations
Job interview (filadendron/Getty)(NEW YORK) -- Hiring slowed in April as a rise in fuel prices hammered shoppers weeks into the war with Iran, U.S. government data on Friday showed.The U.S. added 115,000 jobs in April, according to the report, which marked a cooldown from 178,000 jobs added in March. The reading for April exceeded economists' expectations.The unemployment rate held steady at 4.3% in April, the Bureau of Labor Statistics (BLS) said. Unemployment remains low by historical standards.The U.S. Bureau of Labor Statistics (BLS) collected the previous month's survey data through the second week of March, before the full effects of the oil shock set off by the war.As in previous months, the health care industry stood out as a top ... Read More
Apple’s $250 million class-action settlement paves way for payouts to iPhone owners
Signage at an Apple Store in San Francisco (David Paul Morris/Bloomberg via Getty Images)(NEW YORK) -- Apple has agreed to settle a class-action lawsuit for $250 million after the tech giant was accused of marketing Apple Intelligence technologies that "did not exist" yet, according to a Tuesday court filing.The settlement paves the way for payouts of up to $95 for iPhone users who purchased eligible devices between June 10, 2024, and March 29, 2025.Plaintiffs in the suit asked a judge on Tuesday to approve the settlement, which they described as "within the range of what is fair, reasonable, and adequate," according to the filing.The settlement will provide class members up to $95 per device, "depending on claim volume and other ... Read More
Is California at risk of a gasoline shortage amid the Iran war? Experts explain
Customers pump gas into their car at a 76 station, May 4, 2026 in Los Angeles (Justin Sullivan/Getty Images)(NEW YORK) -- Sky-high gasoline prices are hammering drivers across the United States as the Iran war chokes off global oil supply. California, however, may be feeling the sting more than anywhere else.The average price of a gallon of gasoline in California clocks in at $6.13, standing 36% higher than the national average, AAA data showed. Some elected officials in the state have warned of a potential oil and gas shortage that could push prices up even further.Siva Gunda, the vice chairman of the California Energy Commission, on Tuesday said at a hearing of the state assembly that California retains enough gasoline ... Read More
How a weaker dollar is quietly making life more expensive
NEW YORK (AP) — A hidden force is quietly pushing up costs for everything from your summer vacation to your weekly grocery bills: a weaker U.S. dollar. The dollar has fallen about 10% against other major currencies since President Donald Trump returned to the White House, a pullback potentially playing a role in Americans’ concerns about affordability. “It’s kind of a hidden tax,” says economist Thomas Savidge of the conservative-leaning American Institute for Economic Research. “What your dollar is going to be able to buy is going to shrink.” A look at where the dollar stands and what it means for you: Historic dollar decline The U.S. Dollar Index, which measures the greenback against other major currencies, logged its steepest ... Read More
Trump family’s crypto firm sues investor Justin Sun, escalating feud
Eric Trump, executive vice president of Trump Organization Inc., left, and Donald Trump Jr., executive vice president of development and acquisitions for Trump Organization Inc., outside of the Nasdaq MarketSite in New York, US, on Wednesday, Aug. 13, 2025. (Adam Gray/Bloomberg via Getty Images)(NEW YORK) -- The Trump family's flagship cryptocurrency venture filed a defamation suit on Monday against Chinese crypto mogul Justin Sun, escalating an ongoing legal and social media feud with one of the company's most notable investors. Sun sued the Trump-backed firm World Liberty Financial last month, accusing its officers of improperly freezing his investment in the firm's digital tokens.World Liberty Financial denied those claims publicly and on Monday accused Sun, in a lawsuit filed in Florida state court, of embarking ... Read More
Airlines reduce, cap fares for Spirit travelers looking to rebook canceled flights
A Spirit Airlines aircraft prepares to depart from the Austin-Bergstrom International Airport on November 13, 2024 in Austin, Texas. (Photo by Brandon Bell/Getty Images)(NEW YORK) -- The Department of Transportation said on Saturday the majority of airlines will be capping tickets prices for Spirit Airlines travelers who need to rebook their canceled flights.Some carriers have even reduced fares on high volume routes where Spirit used to operate.Spirit began winding down operations early Saturday morning after talks between the airline and the federal government over a $500 million rescue deal stalled.Spirit said that travelers who booked their tickets with a credit or debit card will be automatically refunded.United, Delta, JetBlue and Southwest said they are capping ticket prices specifically for Spirit ... Read More
Spirit Airlines deal announcement expected today, Trump says
Workers at Spirit Airlines wait for passengers to arrive for their flights at O'Hare Airport on March 10, 2026 in Chicago, Illinois. (Scott Olson/Getty Images)(WASHINGTON) -- President Donald Trump said an announcement was expected Friday on Spirit Airlines, amid a report that the airline was preparing to cease operations after a $500 million rescue deal fell apart.The Wall Street Journal first reported that the airline is preparing to shut down operations.When asked if the administration had decided against bailing out Spirit Airlines, Trump told reporters on Friday, "I guess we're looking at it. If we could do it, we do it, but only if it's a good deal.""No institution's been able to do it," he continued. "I said 'I'd like to save the jobs,' ... Read More
US economy grows at solid pace to start 2026
People walk along Broadway with shopping bags in Manhattan on February 27, 2026 in New York City. (Spencer Platt/Getty Images)(NEW YORK) -- The United States economy grew at a solid pace over the first three months of 2026, rebounding from sluggish performance at the end of last year, a government report on Thursday showed.The economy grew at an annualized rate of 2% in the first quarter, marking an acceleration from 0.5% growth recorded in the previous quarter. The performance came in slightly below economists' expectations.The fresh data covers a period mostly before the outset of the Iran war on Feb. 28, which sent gasoline prices surging and prompted warnings of a possible recession.The jump in economic output over the first ... Read More
Fed chair nominee Kevin Warsh advances to Senate confirmation vote
Kevin Warsh, President Donald Trump's nominee for Chair of the Federal Reserve, testifies during his Senate Committee on Banking, Housing, and Urban Affairs confirmation hearing, April 21, 2026 in Washington. (Andrew Harnik/Getty Images)(WASHINGTON) -- A Senate committee on Wednesday voted to advance Fed chair nominee Kevin Warsh, clearing a key hurdle in his path to replace Fed Chair Jerome Powell before his term ends next month. Warsh's nomination will move to a confirmation vote on the floor of the upper chamber.The Senate Banking Committee voted 13-11 to approve the nomination on a party-line vote, with Republicans supporting the nomination and Democrats opposing it.The vote comes days after the Department of Justice moved to drop its criminal probe into Powell. Before ... Read More
US stocks fall on a shaky Wall Street as Brent oil briefly barrels above $107
NEW YORK (AP) — U.S. stocks pulled back from their record heights on a shaky Wall Street Thursday following mixed profit reports from Tesla and other big companies. Oil prices, meanwhile, jumped on worries about what will happen next in the war with Iran. The S&P 500 fell 0.4% and halted a weekslong rally that had erased all its losses because of the war and then carried it to all-time highs. The Dow Jones Industrial Average dipped 179 points, or 0.4%, while the Nasdaq composite dropped 0.9% from its own record. Tesla helped drag the market lower after sinking 3.6% even though it reported better results for the latest quarter than analysts expected. Investors focused instead on a big jump ... Read More
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