Update on the latest in business:

FINANCIAL MARKETS

Stocks sink as Wall Street eyes downside of solid jobs data

NEW YORK (AP) — Stocks are falling on Wall Street Friday as markets consider the downside of the still-strong U.S. jobs market. The S&P 500 was 1.5% lower in afternoon trading, and bond prices were also falling. A report showing stronger hiring last month than expected is good news for the economy amid worries about a possible recession. But many investors saw...

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FINANCIAL MARKETS

Stocks sink as Wall Street eyes downside of solid jobs data

NEW YORK (AP) — Stocks are falling on Wall Street Friday as markets consider the downside of the still-strong U.S. jobs market. The S&P 500 was 1.5% lower in afternoon trading, and bond prices were also falling. A report showing stronger hiring last month than expected is good news for the economy amid worries about a possible recession. But many investors saw it keeping the Federal Reserve on its path to hiking interest rates aggressively. The jobs report did offer some possibly encouraging signs about pressures on inflation in the future, which could lead to more swings in markets through Friday.

ECONOMY-JOBS REPORT

US added 390,000 jobs in May as hiring remained robust

WASHINGTON (AP) — U.S. employers added 390,000 jobs in May, extending a streak of solid hiring that has bolstered an economy under pressure from high inflation and rising interest rates. Last month’s gain reflects a resilient job market that has so far shrugged off concerns that the economy will weaken in the coming months as the Federal Reserve steadily raises interest rates to fight inflation. The unemployment rate remained a low 3.6% in May, just above a half-century low. The job growth in May was high enough to keep the Fed on track to pursue what’s likely to be the fastest series of rate hikes in more than 30 years.

WALMART-FULFILLMENT CENTERS

Walmart adding 4 fulfillment centers, more than 4,000 jobs

UNDATED (AP) — Walmart is adding four new fulfillment centers to its existing capacity, a move that will bring more than 4,000 jobs and make next- or two-day shipping available to more Americans. Walmart said Friday the next generation fulfillment centers will be built over the next three years. The four fulfillment centers will be able to provide 75% of the U.S. population with next- or two-day shipping on millions of items, including Marketplace items shipped by Walmart fulfillment services.

TESLA-MUSK

Report: Musk seeks to cut 10% of Tesla workforce

UNDATED (AP) — Tesla shares tumbled more than 7% Friday on a report that CEO Elon Musk is considering laying off 10% of the company’s workers, as well as new questions from U.S. regulators over complaints of vehicles braking for no reason. Reuters reports that in an email to Tesla executives titled “pause all hiring worldwide,” Musk wrote that he had a “super bad feeling” about the economy and that the company needed to cut staff. In a May filing with the Securities and Exchange Commission, Tesla said it had 100,121 employees worldwide, including its subsidiaries. Tesla shares have lost nearly one-third of their value since early April, shortly after Musk first publicly floated the idea of buying Twitter.

TESLA INVESTIGATION

US has over 750 complaints of Teslas braking for no reason

DETROIT (AP) — More than 750 Tesla owners have complained to U.S. safety regulators that cars operating on the company’s partially automated driving systems have suddenly stopped on roadways for no apparent reason. The National Highway Traffic Safety Administration revealed the number in an information request letter to Tesla that was posted Friday on the agency’s website. The 14-page letter dated May 4 asks the automaker for all consumer and field reports about false braking, as well as reports of crashes, injuries and deaths.

AMERICAN AIRLINES-OUTLOOK

American Airlines gives rosier outlook for summer revenue

FORT WORTH, Texas (AP) — American Airlines is joining rivals in predicting a boom in revenue this summer, as people crowd on planes after two years of pandemic. American said Friday that second-quarter revenue will rise 11% to 13% above the same quarter in 2019. That’s even rosier than American’s previous forecast. Delta, Southwest, JetBlue and others have raised their revenue forecasts recently too, as the number of people flying in the United States hovers closer to pre-pandemic levels. At the same time, airlines are offering fewer flights than they did in 2019, which is helping them push average fares much higher.

MARRIOTT-RUSSIA

Marriott to suspend all of its operations in Russia

UNDATED (AP) — Marriott International says it’s going to suspend all of its operations in Russia amid the ongoing invasion of Ukraine. The hotel operator, which has operated in Russia for 25 years, said Friday that it has decided that newly announced U.S., U.K. and EU restrictions will make it impossible for the company to continue to run or franchise hotels in the Russian market. Other companies that have decided to exit the Russian market include McDonald’s and Starbucks.

CRYPTOCURRENCY-MINING-MORATORIUM

Landmark bill to limit cryptomining passes NY Legislature

ALBANY, N.Y. (AP) — The New York Legislature has approved a milestone environmental measure designed to tap the brakes on the spread of cryptocurrency mining operations that burn fossil fuels. The Senate approved the bill early Friday. It now goes to Democratic Gov. Kathy Hochul for consideration. Supporters praise it as the first bill of its kind. It would establish a two-year moratorium on new and renewed air permits for fossil fuel power plants used for what’s called proof-of-work cryptomining. Proof-of-work is the blockchain-based algorithm some cryptocurrencies use. Environmentalists say cryptomining operations that burn natural gas threaten the state’s ability to meet climate goals. Supporters of cryptocurrency say the measure would crimp economic development.

TASER-DRONES-SCHOOL SHOOTINGS

Firm proposes Taser-armed drones to stop school shootings

UNDATED (AP) — Taser developer Axon said this week it is working to build drones armed with the electric stunning weapons that could fly into schools and “help prevent the next Uvalde, Sandy Hook, or Columbine.” But its own group of technology advisers quickly panned the idea as a dangerous fantasy. The publicly traded company, which sells Tasers and police body cameras, floated the idea of a new police drone product last year to its artificial intelligence ethics board, a group of well-respected experts in technology, policing and privacy. Some of them expressed reservations. But they did not expect Axon’s Thursday announcement that it wants to send those Taser-equipped drones into classrooms.

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