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US stocks jumped on Monday as traders took in an improved outlook for Fed rate cuts. Investors see two rate cuts in 2024, per the CME FedWatch tool. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Expectations for rate cuts have been bolstered by a cooling labor market, which gives the Federal Reserve room to losen monetary policy. "Investors are viewing slow economic data as 'goldilocks,' with growing hope for Fed rate cuts," Mark Hackett, Nationwide's chief of investment research said in a statement on Wednesday.
Persons: , Nvidia's, Mark Hackett, Nationwide's Organizations: Service, Nasdaq, Reserve, Apple, Microsoft, Bureau of Labor Statistics
Job openings fell more than forecast in April, signaling a potential weakening in the labor market that could provide the Federal Reserve with more impetus to start lowering interest rates. The Labor Department's Job Openings and Labor Turnover Survey released Tuesday showed that the level of employment vacancies slipped to 8.06 million for the month, down by nearly 300,000 from March and close to 19% lower than a year ago. The ratio of job openings to available workers edged down from 1.2 to 1, after being around 2 to 1 when openings peaked above 12 million in March 2022. Fed officials watch the JOLTS report closely for signs of labor market slack as they look for direction on monetary policy. While job openings slid, hires moved slightly higher as did separations and quits, a sign of worker confidence in the ability to move to other positions.
Persons: Dow Jones, nonfarm Organizations: Reserve, Labor, Bureau of Labor Statistics
Stock futures are near flat Tuesday night as investors geared up for private payroll data while analyzing the latest corporate earnings. S&P 500 futures and Nasdaq 100 futures also each rose just around 0.1%. "Upcoming labor market releases are a clear focus for the broad market," said Bill Northey, investment director at U.S. Bank Wealth Management. "Investors are eyeing the most recent readings on labor market health — JOLTS today, the ADP survey tomorrow and the [Bureau of Labor Statistics] labor report on Friday. All are important data points from a monetary policy standpoint."
Persons: CrowdStrike, Dow, , Dow Jones, Bill Northey, Lululemon Organizations: New York Stock Exchange, Stock, Dow Jones Industrial, Nasdaq, Hewlett Packard Enterprise, Federal Reserve, ADP, Traders, U.S, Bank Wealth Management, of Labor Statistics
For 18 months between 2020 and the end of 2021, Lisa secretly worked one fully remote job and a second hybrid job. When pandemic conditions eased, she thought her fully remote employer would pivot to a hybrid work schedule — and managing two hybrid jobs seemed impossible. Advertisement"It was a good career move at a time when I thought that remote work was going to disappear," she said. Lisa said she'd consider job juggling again if she could find two fully remote jobs that checked most of her boxes. AdvertisementAre you working multiple remote jobs at the same time and willing to provide details about your pay and schedule?
Persons: , Lisa, who's, they'll, who've, It's, Lisa didn't, she'd Organizations: Service, Business, Bureau of Labor Statistics Locations: Wisconsin
New York City delivery workers who don't use cars have one of the deadliest jobs in the city. There are now more than 65,000 app-based restaurant delivery workers in the city, and about 80% of them use e-bikes and motorbikes. The city report found that 28.7% of e-bike or moped delivery workers experienced injuries that forced them to miss work, lose consciousness, or seek medical care. They're asking for wider protected bike lanes, or even separate lanes for e-bikes and mopeds, and charging facilities for e-bikes. Indeed, "New Yorkers are dependent on app delivery workers to keep them safe and fed during times of crisis," she added.
Persons: , takeout, Eric Adams, it's, Jose Alvarado, Andrew Lichtenstein, Brad Lander, Uber, DoorDash —, Ligia Guallpa, Guallpa, DoorDash, Guallpa's, Lander Organizations: Service, Business, Department of Consumer and Worker Protection, US Bureau of Labor Statistics, Bureau of Labor Statistics, Bloomberg, Yorkers, New York Times, Department of Transportation, Getty, City, York, Workers Justice Locations: New York City, York, New York, South Bronx, York City, City, Manhattan, Williamsburg , Brooklyn
CNN —The number of job openings in the US shrank for the second month in a row, setting a new three-year low amid further signals of cooling in the labor market. There were 8.06 million available jobs posted in April, according to the Bureau of Labor Statistics’ latest Job Openings and Labor Turnover Survey (JOLTS) report released Tuesday. Economists were expecting job openings to register 8.36 million, according to FactSet estimates. Layoffs remain lowIn addition to the decline in job openings, other measures of labor turnover showed minimal movement in April. Second, the labor market is a different animal than it was 10 or 20 years ago.
Persons: Nancy Vanden Houten, ” Vanden Houten Organizations: CNN, Bureau of Labor Statistics ’, Labor, Oxford Economics, Federal Reserve, Federal, JOLTS, Boomers Locations: That’s
Cooling labor also extended a Treasury rally, with yields on the benchmark 10-year note dropping over seven basis points. Advertisement"When the job market was red-hot in 2022, Fed officials were getting concerned that wage-price pressures could cause inflation to accelerate out of control," Comerica's chief economist Bill Adams said. "Most labor indicators are pointing to a considerably cooler job market now. In Bank of America's view, a reading of 125,000-175,000 would be the optimal range, pointing to continued strength without the need to keep interest rates higher for longer. The bank said a reading in that range would be a catalyst for further stock market gains.
Persons: , Tuesday's, That's, Bill Adams, Powell, May's Organizations: Fed, Service, Bureau of Labor Statistics, Federal Reserve, Treasury, Bank, Here's
CNN —For more than 35 years, Michigan Central Station has lain dormant, towering above Detroit’s Corktown neighborhood as a harsh and stoic reminder of the city’s economic pain. Now, Michigan Central Station, the neighboring old Book Depository and Butler himself are all symbols of hope for Detroit’s future and its ongoing economic resurgence. An aerial view of Michigan Central Station and the surrounding property, including the former Book Depository (left), under construction in 2020. Stephen McGee/Michigan Central Michigan Central Station's Grand Hall before and after the six-year renovation project funded by the Ford Motor Company. And with Michigan Central Station coming online, that’s only expected to grow.
Persons: Ronald Butler, “ We’ve, ” Butler, Timothy Fadek, , Henry Ford’s, Butler, James Haefner, Mary Culler, Ford, , Kevin Johnson, Stephen McGee, ” Johnson, , Johnson, Charles Dougherty, I’m, Geoff Robins, ’ ” Dan Austin, Eminen’s, Rebecca Cook, Bill Ford, CNN’s Poppy Harlow, Michigan Central Stephen McGee, tradespeople, Carlos Osorio, ” Austin, Josh Sirefman Organizations: CNN, Michigan Central, Detroit Fire Department, , Train Station, Motor, Detroit, Michigan Central Station, Storage Safety, Michigan, Ford Motor Company, Depository, Ford, Detroit Economic Growth Corporation, of Labor Statistics, Getty, Honda Accord, Reuters, Denver’s, Michigan Central Michigan Central Station's Locations: ” Michigan, Motor City, Michigan, Detroit, , Wells Fargo, AFP, , ’ ” Dan Austin , Michigan, America, Indiana
Bad economic news so far has been mostly positive for the stock market, as investors worry over whether the Federal Reserve will start cutting interest rates. The greenback often rises on bad news as investors seek the safety of cash and equivalents, while the stock market gains on good news. .SPX .DXY line 2024-04-01 Stocks vs. the dollar At the same time, economic data has generally deteriorated, or at least not met Wall Street forecasts. For the most part, bad economic news likely could help convince the Fed that the time is right to start lowering interest rates. Based on the prior two months, the unemployment rate would have to rise to 4.3% in May for that to happen.
Persons: Ohsung Kwon, Kwon, Dow Jones, Claudia Sahm, BofA Organizations: Federal Reserve, Bank of America, Citi, Fed, Bureau of Labor Statistics, New Century Advisors
But after being a stay-at-home dad for over a decade, Dan and his wife got divorced a few years ago. AdvertisementSo after nearly 20 years out of the workforce, Dan has started to dip his toe into the job market. "When I review job sites, I'm underqualified for jobs that I used to do, and I most likely present as too old for entry-level positions," he said. "I'm resigned to ultimately taking an entry-level job if they'll have me." Dan said he'd been advised to pursue an entry-level job at Home Depot or Costco, in part so he could receive health benefits.
Persons: , Dan, He's, that's, I'm, it's, he's, he'd, they'll, Dan's, hasn't Organizations: Service, Yorker, Business, Bureau of Labor Statistics, Walmart, Depot Locations: Costco
In this way, the nonfarm payroll report also offers clues on the near-term path of inflation. As always, payroll processing firm ADP will release its May private-sector jobs report before the government's nonfarm payroll report. On Tuesday, we'll get the latest JOLTS data, shorthand for the Job Openings and Labor Turnover Survey conducted by the Labor Department. Earnings A few noteworthy earnings reports set for next week include CrowdStrike and Hewlett Packard Enterprise after the close on Tuesday. A report released by the Bureau of Labor Statistics showed the US economy added 311,000 jobs in February.
Persons: industrials, Eaton, Locker, Salesforce, we've, FactSet, Dow Jones, we'll, Ferguson, OLLI, Campbell Soup, Brown, Forman, LULU, JM Smucker, Jim Cramer's, Jim Cramer, Jim, Joe Raedle Organizations: Nasdaq, Dow Jones, Federal, Energy, Coterra Energy, Palo Alto Networks, Broadcom, Microsoft, Costco, Labor, Labor Department, Institute for Supply, Hewlett Packard Enterprise, Body, Donaldson Company, DCI, Brands, Natural Foods, THOR Industries, ABM Industries, Vail Resorts, MTN, NGL Energy, Jim Cramer's Charitable, CNBC, Bureau of Labor Statistics, Getty Locations: Chicago, Palo, U.S, Bath, Toro, Miami , Florida
New York CNN —It’s almost laughable at this point when Bryn Savidge gets a job rejection email. But she is relieved to have at least secured a summer internship at an environmental science publication. But after applying to more than 100 jobs since fall, the Kenyon College grad is having second thoughts. Courtesy Bryn SavidgeOn paper, the job market looks like it’s hardly ever been better. But zooming in on the job market for recent college graduates paints the economy in a much less rosy light.
Persons: New York CNN — It’s, Bryn Savidge, , ’ ”, Savidge, we’ve, , Savidge hasn’t, Bryn, Kory Kantenga, Kantenga, Angela Mangione, Mangione, Angela Mangione “, I’ve, Biden, Moises Brito, Chapman, he’s, Brito, he'll, doesn’t Organizations: New, New York CNN, Kenyon College, Kenyon College grad, of Labor Statistics, , Colgate University, CNN, Deloitte, Society, Chapman University in Locations: New York, Columbus , Ohio, Buffalo , New York, Chapman University in Orange , California, Orange County , California
“It was never our intent that the publication of the 2000 Mules film and book would harm Mr. Andrews,” Salem said in a Friday statement. In the aftermath of the 2020 election, Trump’s media allies promoted false claims that the election had been stolen by then-candidate Joe Biden. Those election lies, however, have led to legal consequences for outlets that promoted the claims, with right-wing media companies facing a slew of costly lawsuits stemming from their coverage of the 2020 election. Last month, the pro-Trump network One America News settled a lawsuit brought by voting technology company Smartmatic over the outlet’s promotion of lies about the 2020 election. And last year, Fox News settled a historic $787 million defamation lawsuit filed by election company Dominion Voting Systems.
Persons: CNN —, Mark Andrews, , Dinesh D’Souza, Andrews, Donald Trump, Mr, ” Salem, , Salem, Charlie Kirk, Sebastian Gorka, D’Souza, Joe Biden Organizations: CNN, CNN — Salem Media Group, Protect Democracy, Trump, Georgia Bureau of Investigation, Republican Party, News, Fox News, Voting Systems Locations: Georgia, Salem, Salem . Salem
In today's big story, we're looking at the historic guilty verdict against former President Donald Trump . In a historic verdict, former President Donald Trump was convicted of all 34 criminal counts related to a hush-money payment made to a porn star , write Business Insider's Laura Italiano, Jacob Shamsian, and Natalie Musumeci. AdvertisementIt's the first time a US president has become a convicted felon. This was a rigged trial by a conflicted judge that was corrupt," Trump told reporters in the Manhattan courtroom hallway. Trump told reporters Thursday the "real verdict is going to be November 5 by the people."
Persons: , Donald Trump, Tyler Le, Laura Italiano, Jacob Shamsian, Natalie Musumeci, Trump, Stormy Daniels, BI's Lloyd Lee, There's, didn't, Chip Somodevilla, Scott Eisen, Joe Biden, Alyssa Powell, Rob Arnott, Bob Elliott, Paul Singer's, Jane Street, Jenny Chang, Rodriguez, Liz Reid, Satya Nadella, Sam Altman, Nadella, Kevin Dietsch, Charles Schwab, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, Business, Republican, Trump, NBC, Getty, Wall, Elliott Management, BI, Tech, Sigma, Google, Microsoft, Apple, Big Locations: Giza, Manhattan, Bridgewater, New York, London
Federal graduate school loans are more expensive, too, with higher interest rates than loans for undergraduate studies. On top of that, 55% of master's degree-holders have debt from both their undergraduate and graduate studies, owing an average total of over $69,000. Similar to undergraduate degrees, science, technology, engineering and math-related master's degrees tend to lead to higher-paying salaries compared with degrees in the arts and humanities. That said, these are the 10 master's degrees with the highest average starting salaries for the class of 2022, according to the National Association of Colleges and Employers. In fact, fewer than 60% of master's degree programs deliver a positive return on investment, according to a recent study by The Foundation for Research on Equal Opportunity.
Persons: FREOPP Organizations: Bureau of Labor Statistics, National Center for Education Statistics, Federal, National Association of Colleges, Computer, Liberal, The Foundation, Research, Education's, CNBC
Shares of Salesforce dragged the Dow lower after it posted its first revenue miss in nearly 20 years. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementUS stocks continued a painful slide lower on Thursday as traders turned their attention to upcoming inflation data that could set the tone for the market as it heads into the summer months. ET, both indexes became stuck on several websites, though individual stock prices continued to update normally. Shares of Salesforce dragged the Dow as the stock dropped 20% after it reported its first revenue miss in almost 20 years.
Persons: Stocks, Salesforce, , Dow, David Russell Organizations: Service, Dow Jones, Dow, Treasury, Global, Barclays, Here's
CNN —An actor who has appeared in film and TV projects like “Rebel Moon” and “How I Met Your Mother” has been arrested and charged with stabbing his estranged girlfriend multiple times. He is accused of stabbing his estranged girlfriend on May 23 at her home in the Sunland neighborhood of Los Angeles. “My thoughts and heartfelt sympathies are with the victim in this horrific incident,” District Attorney George Gascón said in a statement. We will ensure that the individual responsible for this egregious act is held accountable for their actions.”According to a news release from Gascón’s office, Pasqual broke into the home of his estranged girlfriend, who had recently filed a restraining order against Pasqual. While the district attorney’s office did not identify the victim, she is a 35-year-old Hollywood makeup artist, according to CNN affiliate KABC.
Persons: , Nick Pasqual, cohabitant, George Gascón, Pasqual, ” Pasqual Organizations: CNN, Angeles County, Attorney’s Office, Pasqual, Services, KABC Locations: Sunland, Los Angeles, Hollywood, Sierra Blanca , Texas, Los Angeles County
Stocks fell on Wednesday ahead of fresh economic data on growth and inflation. A $44 billion auction of seven-year Treasury notes was met with tepid demand. Bond yields spiked for a second day, with the 10-year bond climbing by seven basis points to 4.61%. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . On Tuesday, a sale of two and five-year notes was priced to weaker demand from investors.
Persons: Stocks, , Price Organizations: Service, Dow Jones Industrial, Treasury, Nasdaq, Nvidia
Federal Bureau of Investigation Director Christopher Wray said it is "likely the world's largest botnet ever." The botnet hacked into over 19 million IP addresses in nearly 200 countries, the DOJ announcement said. In particular, the botnet targeted Covid relief programs and filed an estimated 560,000 false unemployment insurance claims, stealing $5.9 billion. The DOJ partnered with the FBI and other law enforcement agencies internationally to dismantle the botnet and arrest Wang. The charges come as U.S. law enforcement agencies try to update protocols to keep up with more sophisticated cybersecurity threats.
Persons: Wang, Christopher Wray, S, Axelrod, they're, Wray Organizations: US Department of Justice, Department of Justice, DOJ, Federal Bureau of, FBI, Export Enforcement, U.S . Department of Commerce's, of Industry, Security, Treasury Department, Treasury, Code, Tulip Biz, Company, Lily Suites Company Locations: Washington , DC, U.S, China
An Airbus A350-941 from Singapore Airlines is preparing to take off on the runway at Barcelona-El Prat Airport in Barcelona, Spain, on May 1, 2024. The Singapore Airlines flight that encountered severe turbulence on its way from London to Singapore dropped 54 meters in less than five seconds, preliminary findings released Wednesday showed. The Transport Safety Investigation Bureau of Singapore said the sharp altitude drop as well as changes to gravitational forces likely caused the injuries. This sequence of events likely caused the injuries to the crew and passengers," the report said Wednesday. The changes in gravitational forces "likely resulted in the occupants who were not belted up to become airborne," the report said.
Organizations: Airbus, Singapore Airlines, El, Transport Safety Investigation Locations: Barcelona, Spain, London, Singapore
The Nasdaq hit a record in early trading on Tuesday while other indexes were mixed. Traders are awaiting PCE inflation data on Friday. Markets will also digest housing data and revised GDP numbers for the first quarter. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAlso this week, another round of Fed speakers will deliver commentary on the path of the economy, inflation, and interest rates.
Persons: , Neel Kashkari, Kashkari Organizations: Nasdaq, Traders, Service, PCE, Minneapolis, CNBC, Wedbush, Apple
The Senior Citizens League's latest projection forecasts Social Security's 2025 cost-of-living adjustment (COLA) to be just 2.66%, the lowest increase since before the pandemic. AdvertisementAccording to the Social Security Administration, the average monthly benefit in 2024 is $1,907, up about $50 from 2023. Over 67 million Americans receive Social Security. AdvertisementOver 67 million Americans receive Social Security, and an increase is not guaranteed. Since the COLA was added to Social Security benefits in 1975, there have been three years without a bump in the monthly checks.
Persons: , Shannon Benton, Benton, Ippei Naoi Organizations: Service, The, Business, Social Security, Senior Citizens League, Social Security Administration, Senior Citizen, Social, Labor Statistics, Citizen
Aerial view of skyscrapers standing at the Lujiazui Financial District at sunrise on June 8, 2022 in Shanghai, China. Asia-Pacific markets rose Monday as industrial profits in China rose during the first four months of the year, according to official data. China's industrial profits rose 4.3% year on year in the January to April period, data from the National Bureau of Statistics showed. More economic data from China and India is also due later this week. Australia will also announce its inflation data for April on Wednesday, with analysts from ING expecting a "modest dip."
Persons: Hong Organizations: National Bureau, Statistics, ING Locations: Shanghai, China, Asia, Pacific, India, Australia
Analysts are expecting the Memorial Day weekend to usher in yet another summer of strong consumer spending on travel and other leisure activities. “We haven’t seen Memorial Day weekend travel numbers like these in almost 20 years,” Paula Twidale, senior vice president at AAA Travel, said in a release. Spending this summer will likely be a little softer than last year’s, they said, but still strong. The bank’s consumer travel survey showed that 72% of people said they’re planning to travel, with 36% saying they’ve already planned their trip. Even among respondents making less than $75,000 a year, more than 60% said they’re planning to travel this summer.
Persons: ” Paula Twidale, Royal Caribbean’s, ” David Tinsley, they’ve, Joelle, aren’t, Dogecoin, Shiba Inu “, Atsuko Sato, , Sato, ” Kabosu, Kabosu, Shiba, Loretta Mester, Neel Kashkari, Lisa Cook, Robin, John Williams, Raphael Bostic, Lorie Logan Organizations: CNN Business, Bell, Washington CNN —, Transportation Security Administration, AAA, AAA Travel, Bank of America Institute, Bank of America, Japan, Europe, New York Fed, Public Policy Research, Mizuho Financial, Federal, Global, Index, Board, HP, Dick’s Sporting Goods, Abercrombie, Fitch, Eagle Outfitters, Costco, Dell, Dollar, Hormel, US Commerce Department, US Labor Department, National Association of Realtors, China’s National Bureau of Statistics, Atlanta Fed Locations: Washington, Caribbean, South Korea, Switzerland, Colombia, Costa Rica, Canada, Mexico, Domestically , California, Florida, California, , Sakura, CAVA, Chewy, Burlington, Birkenstock, Nordstrom, Kohl’s
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNBER director John Lipsky breaks down economic data, forecasts Fed outlookJohn Lipsky, National Bureau of Economic Research director, joins 'Money Movers' to discuss his forecast for the Fed's rate cuts, economic data, and more.
Persons: John Lipsky Organizations: National Bureau of Economic Research
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