Thursday, May 30, 2024

Business Highlights

by Associated Press

Stocks bounce back on Wall Street as tech bloodletting halts

NEW YORK (AP) — Wall Street snapped back Wednesday from its recent tumble, as the bloodletting for big technology stocks came to at least a temporary halt. Apple, Amazon, and other tech companies that suddenly lost their momentum late last week on worries their stocks soared too high all regained some ground. They helped lift the S&P 500 index 2%, its best day in three months. The Nasdaq, which includes many tech stocks, rose 2.7%. It’s coming off a 10% drop over the previous three days. Treasury yields ticked higher, and crude oil prices clawed back some of their slide from the prior day.

No virus aid before election? Pessimism before Senate vote

WASHINGTON (AP) — Top Republicans senators are making pessimistic predictions about securing a bipartisan coronavirus relief package before the November election. Instead, they’re signaling they’ll just try to pass legislation that would avoid a federal shutdown as lawmakers head home to campaign. Senate Majority Leader Mitch McConnell says he’s “optimistic” Republicans will deliver a strong vote Thursday for the GOP’s $500 billion slimmed-down rescue package. But he’s not saying whether his majority will be fully on board.

Luxury goods giant LVMH cancels $14.5B deal for Tiffany

NEW YORK (AP) — Luxury goods giant LVMH is ending its months-long pursuit of jewelry retailer Tiffany & Co. The Paris-based conglomerate said that the French government requested a delay, saying it needs more time to assess the impact of proposed U.S. tariffs. Tiffany replied that it’s suing to enforce the merger agreement, which was signed last November. The deal’s value had come under strain also because of the pandemic, which has pushed Tiffany’s share price below the offer value and caused a global slump in retail sales.

U.S. job postings rise to 6.6 million in July

WASHINGTON (AP) — U.S. employers advertised more jobs but hired fewer workers in July, sending mixed signals about the job market in the wake of the coronavirus outbreak. The Labor Department said Wednesday that the number of U.S. job postings on the last day of July rose to 6.6 million from 6 million at the end of June. A year earlier, employers posted 7.2 million job openings. Hiring dropped to 5.8 million from 7 million in June. The number of Americans laid off or discharged fell to 1.6 million from nearly 2 million in June.

Companies pledge to add at least 1 Black director to board

NEW YORK (AP) — More than a dozen companies, including Zillow and M.M.LaFleur, are promising to add at least one Black director to their boards within the next year, as businesses across America slowly get their leadership to look more like the customers they serve. The companies all made the pledge as part of the launch of an initiative by The Board Challenge, which is pushing to get more diversity into boardrooms. The Board Challenge’s co-founders will check in with company after six months and again at 12 months to monitor their progress, while also helping them to find candidates.

Mall owners close to buying JC Penney out of bankruptcy

NEW YORK (AP) — Mall owners Simon Property Group and Brookfield Property Partners are close to a deal to buy department store chain J.C. Penney out of bankruptcy and keep the chain running. Penney’s lawyer Josh Sussberg announced the tentative pact, which will save roughly 70,000 jobs, during a brief hearing in bankruptcy court Wednesday. Sussberg noted that a letter of intent including details of the pact will be filed with the bankruptcy court in the next day. The 118-year-old department store based in Plano, Texas, filed for bankruptcy protection in mid-May, one of the biggest retailers to do so since the pandemic temporarily shut down non-essential stores around the country.

What slowdown? Amazon seeks to hire 33,000 people

NEW YORK (AP) — Amazon is on a hiring spree. In the latest sign of how it’s prospering while others are faltering during the pandemic, Amazon said Wednesday it is seeking to bring aboard 33,000 people for corporate and tech roles in the next few months. It’s the most job openings it’s had at one time, and the company said the roles its trying to fill are separate from the typical increase in hiring it does for warehouse workers ahead of the holidays. To fill the jobs, Amazon said will hold an online career fair Sept. 16 to collect resumes and give people a chance talk to a recruiter.

Microsoft to launch new $500 Xbox console Nov. 10

REDMOND, Wash. (AP) — The holiday video game console battle is heating up. Microsoft says its Xbox Series X will cost $500 and debut Nov. 10, just ahead of the holidays. A stripped down version, Xbox Series S, will cost $300 and be available at the same time. Pre-orders begin Sept. 22. Rival Sony is expected to announce the pricing and launch date for its PlayStaton 5 shortly. There haven’t been new generations of video game consoles for several years. The most recent Xbox, Xbox One, was released in 2013, as was Sony’s PlayStation 4.

The S&P 500 rose 67.12, or 2%, to 3,398.96. The Dow Jones Industrial Average climbed 439.58, or 1.6%, to 27,940.47. The Nasdaq composite advanced 293.87, or 2.7%, to 11,141.56. The Russell 2000 of smaller-company stocks gained 21.89 points, or 1.5%, to 1,526.48.

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