Stocks slide, job growth solid, Elon Musk’s Tesla warning: LIVE UPDATES
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U.S. stocks fell across the board with the Nasdaq Composite pacing the declines finishing 2.4% lower, the S&P 500 shed 1.6% and the Dow Jones Industrial Average over 1% or 349 points. The 10-Year Treasury yield rose to 2.955% as investors anticipate more rate hikes. In commodities, oil added over 3% for the week settling at $118.87 per barrel.
The Department of Defense is seeking to expand the U.S. strategic minerals stockpile. Fox News' national security correspondent Jennifer Griffin with more.
Starbucks has re-opened 600 stores in Shanghai the company confirmed to FOX Business.
"Starbucks reopened the Starbucks Reserve Roastery Shanghai today In just the third day of Shanghai’s reopening, we have already reopened nearly 600 of our 940 stores. Our 10,000 partners are eager to be serving customers, reconnecting with their local communities, and contributing to the city’s gradual return to normalcy. We will continue to reopen the rest of our store portfolio."
Investor advisory firm Glass Lewis is reccomending that shareholders vote for Frontier's $2.8 billion offer over JetBlue's offer valued around $3 billion.
“We are pleased that Glass Lewis supports our Board’s unanimous recommendation to vote FOR the merger with Frontier,” said Ted Christie, President and CEO of Spirit. “In its favorable recommendation, Glass Lewis acknowledges the value of the stock consideration in our Frontier merger agreement, which enables Spirit stockholders to participate in the upside of the combined company, as well as post-pandemic recovery in the airline industry. Glass Lewis shares our Board’s view that the Frontier transaction has an easier path to close and provides third party validation that JetBlue may have ulterior motives behind its offer" the company disclosed.
I/O Fund tech analyst Beth Kindig says supply chains have been the 'primary story' of the tech industry, and expects them to ease 'soon.'
American Airlines joined Delta in lifting its revenue outlook as demand returns from the pandemic.
"The Company expects an increase in second quarter revenue versus prior guidance, driven by continued strength in the demand and pricing environment. Based on its current forecast, the Company now expects its second quarter capacity (versus the second quarter of 2019) to come in at the low end of the Company’s prior guidance range" according to an SEC filing.
Revenue is seen rising as much as 13% vs. the original forecast of as much as 8%.
Tesla will be pausing hiring worldwide and jobs cuts are coming at the electric carmaker. Tesla CEO Elon Musk says he has a "super bad feeling" about the economy and wants to cut about 10% of jobs.
U.S. stocks fell across the board despite a better-than-expected May jobs report with employers adding 390,000 positions. Tesla shares fell on reports CEO Elon Musk will cut 10% of his workforce tied to the weakening economy. In commodities, oil hovered around the $117 level.
U.S. equity futures traded lower Friday morning ahead of the release of the most anticipated economic report of the month. Oil also was lower.
U.S. job growth likely cooled off in May, suggesting that headwinds from the highest inflation in four decades, global supply chain constraints and a worsening worker shortage are starting to weigh on the labor market.
Oil prices were trading lower on Friday, after OPEC countries and allies decided to boost output that could make up for lost supply from Russia. U.S. West Texas Intermediate (WTI) crude futures traded around $116 a barrel. Brent crude was around $117 a barrel. U.S. crude was on course for a 1.6% weekly gain.
The average price for a gallon of gasoline in the U.S. rose to a record on Friday at $4.761, according to the latest numbers from AAA. The price on Thursday was $4.715. The price of diesel increased to $5.581 from $5.556.
Bitcoin has remained in the $30,000 range as it gives back some of the previous day's gains. The cryptocurrency has been up in five of the past six days. Bitcoin remains down more than 34% year-to-date. Ether was around $1,800. Dogecoin was at 8 cents.
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