Update on the latest in business:

FINANCIAL MARKETS

Stocks have shaky start to new month

NEW YORK (AP) — Stocks fell in afternoon trading on Wall Street for a shaky start to May following a brutal April in which widespread technology sell-offs dragged down major benchmarks.

The S&P 500 fell 0.7%, the Dow Jones Industrial Average fell 0.6% and the Nasdaq rose 0.4%. Household goods makers and retailers had broad losses. Technology stocks also fell.

FINANCIAL MARKETS

Stocks have shaky start to new month

NEW YORK (AP) — Stocks fell in afternoon trading on Wall Street for a shaky start to May following a brutal April in which widespread technology sell-offs dragged down major benchmarks.

The S&P 500 fell 0.7%, the Dow Jones Industrial Average fell 0.6% and the Nasdaq rose 0.4%. Household goods makers and retailers had broad losses. Technology stocks also fell.

Investors are expecting an extra-large interest rate increase this week from the Federal Reserve as it tries to tame inflation, which is at its highest level in four decades.

The yield on the 10-year Treasury rose to 3.00%.

FEDERAL RESERVE

Fed to fight inflation with fastest rate hikes in decades

WASHINGTON (AP) — The Federal Reserve is poised this week to accelerate its most drastic steps in three decades to attack inflation by making it costlier to borrow — for a car, a home, a business deal, a credit card purchase — all of which will compound Americans’ financial strains and likely weaken the economy.

Yet with inflation having surged to a 40-year high, the Fed has come under pressure to act aggressively to slow spending and curb the price spikes that are bedeviling households and companies. After the central bank’s latest rate-setting meeting ends Wednesday, the Fed is set to announce that it’s raising its benchmark short-term interest rate by a half-percentage point — the sharpest rate hike since 2000.

RUSSIA-UKRAINE WAR-ENERGY

Poland urges EU to slap sanctions on Russian oil and gas

BRUSSELS (AP) — Poland is calling on its European Union partners to impose sweeping sanctions on Russia’s oil and natural gas sectors over the war in Ukraine. It’s also urging them not to cave in to pressure to pay for their gas in Russian rubles.

Today’s call came at emergency energy talks in Brussels to discuss Russia’s decision last week to cut gas supplies to Bulgaria and Poland. Polish Climate and Environment Minister Anna Moskwa says oil and gas sanctions are “the next, and urgent, and absolute step.”

The EU has hit Russian officials, oligarchs, banks and companies with rafts of sanctions since Moscow sent its troops into Ukraine in February. More sanctions, possibly including on oil, could come later this week.

AMAZON-UNION-ELECTION

Amazon warehouse workers reject union bid

UNDATED (AP) — Amazon warehouse workers in New York’s Staten Island rejected a union bid today, dealing a blow to organizers who last month pulled off the first successful U.S. organizing effort in the retail giant’s history.

Votes were still being tabulated, but ballots cast against the union were enough to fend off a second win for the nascent Amazon Labor Union.

A separate election held last month gave the ALU a surprise victory when workers at a different Staten Island facility voted in favor of unionizing. But the same obstacles that plagued the effort the first time, including Amazon’s aggressive anti-union tactics, were at play again. There were also fewer organizers involved in the latest election than the one before it.

SPIRIT-FRONTIER

Spirit still prefers bid from Frontier Airlines over JetBlue

UNDATED (AP) — Spirit Airlines’ board still supports Frontier Airlines’ $2.9 billion takeover bid for the airline, saying it determined JetBlue’s competing $3.6 billion offer isn’t a superior proposal.

Spirit said today that it’s concerned regulators won’t approve a deal with JetBlue. Last month, Spirit said it believed JetBlue’s offer could reasonably turn out to be the better of the two bids. But Spirit is changing its tune after a review of the regulatory situation.

The big stumbling block for a JetBlue takeover is JetBlue’s current partnership with American Airlines in the Northeast, which already faces a lawsuit from federal and state regulators.

TWITTER-MYPILLOW-LINDELL

MyPillow CEO Mike Lindell gets banned from Twitter, again

UNDATED (AP) — MyPillow CEO Mike Lindell was banned from Twitter for a second time after attempting to use a new account to access the social media platform.

Lindell set up a new account on Twitter on Sunday under @MikeJLindell. But the account was quickly suspended. Twitter said in a statement that Lindell’s new account was permanently suspended for violating its rules on ban evasion.

EUROPE-APPLE PAY

European Union moves forward in antitrust case against Apple

BRUSSELS (AP) — The European Union says it believes Apple has abused its dominant position by limiting access to rivals to its mobile payment system Apple Pay.

The EU’s executive arm has been investigating the technology company since 2020. The European Commission’s preliminary view is that Apple is restricting competition by preventing mobile wallets app developers from accessing the necessary hardware and software on its devices. The commission said Monday that the practice “has an exclusionary effect on competitors and leads to less innovation and less choice for consumers for mobile wallets on iPhones.”

The commission said it sent a Statement of Objections to Apple over its practices. It’s a formal step in its investigations into suspected violations of EU antitrust rules.

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