Stock Market News: Nasdaq, S&P at yearly highs, Virgin Galactic, Oracle’s Ellison gets richer

U.S. stocks slipped Friday but registered solid weekly gains with all three of the major benchmarks rising following the Federal Reserve’s pause on interest rates and AI developments that drove big tech sending shares of Microsoft and Apple to all-time highs, as Nvidia’s market cap topped $1 trillion.  

Weekly Gains

Nasdaq Composite: +3.3%

S&P 500: +2.6%

Dow Jones Industrial Average: +1.3%

MARKETS

UPS Teamsters vote to strike

UPS' 350,000 Teamster member employees have voted to authorize a strike beginning August 1 unless the package delivery giant meets their demands amid ongoing contract negotiations.

UPS, which is the largest employer of Teamster workers, is at odds with the union over the new contract, authorizing a strike. Whether that actually happens remains to be seen.

ECONOMY

Bud Light maker CEO tells customers, 'We hear you,' but doesn't apologize as sales tank

The CEO of Bud Light’s maker has released a message telling its “valued customers" that “we hear you" as sales of the beer are declining.

Anheuser-Busch, parent of embattled Bud Light, is speaking out about the controversy over its transgender promotion with activist Dylan Mulvaney which has hit the stock since late March.