>>Ahead Of The Bell
(New York, NY) -- The opening bell rings this morning after a lower close Friday on Wall Street. Stocks slipped after trending higher in early Friday trading as new data showed inflation slowing to its lowest annual rate in more than three years. At the closing bell, the Dow Jones Industrial Average dropped 45 points to 39-118. The S&P 500 lost 22 points to 54-60. The Nasdaq fell 126 points to 17-732.
>>Coming Up In The Business Week
(Undated) -- Coming up in the business week - today brings data on construction spending. Things start to rev up on Tuesday with auto sales numbers, word on job openings and remarks from Fed Chair Jerome Powell at the ECB Forum on Central Banking. New York Fed President John Williams speaks the following day at the same event. ADP will also release its employment report on Wednesday and we'll get word on the Fed's June meeting as well as weekly jobless claims - released a day earlier due to the July 4th holiday. Friday brings the monthly jobs report with most analysts expecting a decline from the previous month.
>>Judge Blocks New Overtime Rule
(Sherman, TX) -- A federal judge in Texas is temporarily blocking a Biden Administration plan to extend overtime pay to around four million salaried workers. A new Labor Department rule passed in April requires overtime pay to salaried workers who earn less than 58-thousand-600-dollars a year. Currently, the limit is 35-thousand-500-dollars, set in 2019. Texas sued over the new rule and the judge on Friday put it on hold while the challenge works through the courts.
>>FCC Proposes New Phone Unlocking Rule
(Washington, DC) -- The FCC is looking to make it easier for consumers to unlock their cell phones. The agency unveiled a proposal last week that addresses when customers are looking to switch providers and they have to have their current phone unlocked. The new rule would require those companies to free up devices within 60 days of activation. Currently, there is no timetable for providers to do so. If approved, the FCC says it would ease headaches for consumers trying to switch plans, and bump up competition in the marketplace. An open meeting on the proposal is set for next month.
>>CA High Speed Rail Gets Environmental Approval
(Sacramento, CA) -- California's high speed rail project is marking a milestone. The final segment waiting for the green light between Los Angeles and San Francisco got it just last week. That means the entire 463-mile route is now environmentally cleared for construction.
>>Buffett Changes Plans For His Fortune
(Omaha, NE) -- Warren Buffett is changing the plans for his fortune after his death. The Berkshire Hathaway CEO has established a new charitable trust that will be overseen by his three children. The 93-year-old Buffett has earmarked about 99-percent of his wealth for philanthropic purposes once he dies. Buffett noted that the Bill and Melinda Gates Foundation will no longer receive any of his money after his death.
