Company Highlights: April Employment Report, Stock Market Slippage



US added 428,000 jobs in April despite soaring inflation

WASHINGTON (AP) — U.S. employers added 428,000 jobs in April, extending a strong hiring streak that defied punitive inflation, chronic supply shortages, Russia’s war on Ukraine and rising labor costs. much higher loan. Last month’s hiring kept the unemployment rate at 3.6%, just above the lowest level in half a century. Employers have added at least 400,000 jobs for 12 consecutive months. Still, job growth, coupled with steady wage gains, will help fuel consumer spending and likely keep the Federal Reserve on track to sharply raise borrowing rates to fight inflation. This would result in ever-increasing borrowing costs for consumers and businesses. Higher lending rates could also weigh on corporate profits.


Stocks end a turbulent week with their fifth consecutive weekly decline

NEW YORK (AP) — The stock market ended an unusually turbulent week with its fifth consecutive weekly decline. The bumpy and mostly lower run came as investors fear the Federal Reserve will fail to stage a smooth cooling of the economy without letting inflation spiral out of control. The S&P 500 ended with a 0.6% loss on Friday, after coming back halfway from a larger 1.9% loss. The Fed is taking aggressive action to withdraw supports for the economy put in place during the pandemic. This has helped send bond yields, which influence mortgage rates, to the highest levels since 2018, and they are sure to rise.


With Ukrainian ports blocked, trains in Europe carry grain

VIENNA (AP) — A train carrying 2,000 tons of Ukrainian corn has arrived in Austria. It is part of European efforts to evade the Russian blockade of Ukrainian ports which has prevented critical supplies of wheat, maize and other grains from reaching countries in Africa, the Middle East and parts of the Asia. Austria’s agriculture minister said on Friday that the expedition marked the establishment of a “green corridor” for large shipments of goods between the two countries. The shipment comes amid a wider struggle to deal with global food supply disruptions triggered by Russia’s invasion of Ukraine, with the two countries being two of the world’s largest suppliers of wheat, d barley and sunflower oil.


Biden plugs Ohio metallurgical company’s manufacturing initiative

HAMILTON, Ohio (AP) — President Joe Biden promises 3D printing technology will help bring factory jobs back to the United States and reduce inflationary pressures. He traveled to Hamilton, Ohio on Friday to highlight commitments by five major US manufacturers to increase their reliance on small and medium-sized US businesses for 3D printing. GE Aviation, Honeywell, Lockheed Martin, Raytheon and Siemens Energy have agreed to participate in the program. Biden is pushing Congress to pass a stalled competition and innovation bill that the Democratic president says is key to bolstering domestic manufacturing and helping solve a semiconductor shortage.


Britain imposes tough tech rules under new digital watchdog

LONDON (AP) — Big tech companies like Google and Facebook parent company Meta are expected to abide by strict UK rules under a new digital watchdog aimed at giving consumers more choice online. Otherwise, they would face heavy fines. The UK government on Friday outlined the powers it plans for its Digital Markets Unit, a regulator created last year to tackle the dominance of tech giants. He did not say when the rules would come into force, saying the legislation would come “in due course”. The new watchdog would enforce rules that make it easier for people to switch between iPhones and Android devices or between social media accounts without losing their data and messages.


Tesla pays travel expenses for workers seeking abortions

AUSTIN, Texas (AP) — Tesla covers travel expenses for employees seeking abortions outside of their home country. The company said in its 2021 “impact report” on Friday that it expanded its safety net program and health insurance offerings last year to include “travel and accommodation assistance for those who may need to seek health care services that are not available in their home country”. The automaker officially moved its headquarters last year from Silicon Valley to Texas, which passed a law banning abortions at around six weeks of pregnancy. It joins the ranks of other major companies that have implemented a similar policy to benefit workers affected by new abortion restrictions.


SEC: Nvidia did not disclose crypto as a revenue generator

NEW YORK (AP) — Nvidia, a big tech company that has aggressively expanded into gaming, will pay a $5.5 million fine for failing to disclose that cryptomining was a significant source of revenue growth from the sale of graphics processing units produced and marketed for games. Cryptocurrencies are extremely volatile, and the U.S. Securities and Exchange Commission said on Friday that the company had not disclosed the potential risks of such sales to investors. Cryptominers are paid for verifying crypto transactions. As the crypto craze began to spread in 2017, Nvidia’s graphics processing units designed and marketed for gaming were increasingly used to mine cryptocurrency, according to the SEC, which investors allegedly Knowledge.


US Sanctions North Korean Cryptocurrency Mixing Company

WASHINGTON (AP) — The United States has sanctioned North Korean digital currency mixing company for allegedly using its service to launder stolen virtual currency and support malicious cyber activities. Mixing services combine various assets, including potentially illegally obtained funds with legitimately obtained funds, and spit them out to a destination address. The purpose of illegal actors is to hide the origin of the funds. Blender is accused of helping Lazarus Group, a sanctioned North Korean cyber-hacking group, carry out a $620 million digital currency theft in March. Treasury says Blender has helped process over $20.5 million in digital currency.


The S&P 500 fell 23.53 points, or 0.6%, to 4,123.34. The Dow Jones Industrial Average fell 98.60 points, or 0.3%, to 32,899.37. The Nasdaq lost 173.03 points, or 1.4%, to 12,144.66. The Russell 2000 Small Business Index fell 31.58 points, or 1.7%, to 1,839.56.


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