>>Trading Week Winding Down 

(New York, NY)  --  The trading week is winding down on Wall Street after stocks saw a slightly higher close yesterday.  This comes as investors look forward to today's release of new inflation data.   The Federal Reserve uses the Personal Consumption Expenditures report to gauge inflation.  At Thursday's closing bell, the Dow Jones Industrial Average gained 36 points to 39-164.  The S&P 500 rose by four points to 54-82.  The Nasdaq gained 53 points to 17-858.

>>Walgreens To Close A "Significant" Number Of Stores

(Deerfield, IL)  --  Walgreens will be closing what it calls a "significant" number of stores across the U.S.  The drug store chain made the announcement Thursday, and said it plans to close underperforming stores as part of a multi-year strategy.  Walgreens didn't specify how many of its stores will be closing, but CEO Tim Wentworth told The Wall Street Journal that it will be a "meaningful percent."  

>>NFL Ordered To Pay Almost $5 Billion In Sunday Ticket Case

(Los Angeles, CA)  --  The NFL is being ordered to pay almost five-billion dollars in damages after being ruled to have violated antitrust laws.  A jury in U.S. District Court found that the league conspired with DirecTV and other network partners to increase the price of the NFL Sunday Ticket package from the 2011 through 2022 seasons.  The NFL plans to appeal the verdict.

>>Good News For Those Looking To Buy A New Car 

(New York, NY)  --   U.S. auto sales are expected to slow during the second half of the year.  According to Cox Automotive, vehicle inventory levels are growing, and incentives are increasing.  Experts believe the second half of the year is going to be a tough one for auto makers due to growing uncertainty around the economy, interest rates, and the U.S. presidential election.  They believe sales growth will slow to 15.7 million units sold in the next six months.  This is generally a good thing for consumers, many of whom have been waiting years to purchase a new vehicle, due to unprecedented supplies issues and record prices during the coronavirus pandemic.

>>Home Builder Market Trending Smaller

(New York, NY)  --   The typical new home built in the U.S. today is markedly smaller than those built a decade ago. According to The National Association of Home Builders, the typical buyer today wants a home that is just over two-thousand square feet.  New homes have been shrinking since 2015 when the average home size peaked at 26-hundred square-feet.  Whether as a reaction to high prices or because they simply want a smaller space, experts say homebuyers today are asking for smaller homes.  Changing demographics also play a roll, nearly 30-percent of recent homebuyers in the U.S. are single, according to The National Association of Realtors. 

>>Supreme Court Rules SEC Must Go Through Courts To Pursue Violations

(Washington, DC)  --  A Supreme Court ruling is limiting the Securities and Exchange Commission's power to enforce violations. The SEC has had the power to enforce alleged violations with in-house tribunals without juries.  The High Court's decision came from a case where a hedge fund manager appealed an SEC tribunal penalty against him for 300-thousand-dollars. The justices ruled 6-3 that the some of these tribunals violate the right to trial by jury.  The dissenting liberal justices say this will curb the authority of federal agencies.

>>Coming Up Today

(New York, NY) -- The opening bell rings this morning after stocks pulled off a slightly higher close on Wall Street Wednesday. At the closing bell, the Dow Jones Industrial Average gained 15 points to 39-127. The S&P 500 rose by eight points to 54-77. The Nasdaq gained 87 points to 17-805. Coming up today we'll get word on weekly jobless claims with most analysts expecting only a slight decrease of a few thousand requests. Traders meanwhile are looking ahead to the release of May's personal consumption expenditure report on Friday. The Federal Reserve uses the index to gauge inflation when making interest rate decisions.

>>Today's Housing Market Unlike Any Other In Recent History

(New York, NY) -- Home prices set another record last month. According to the Case-Shiller National Home Price Index, home prices rose six-point-three-percent in April year over year. Home prices are now 47-percent higher than they were in early 2020, with the median sale price five times the median household income. For renters, prices are 26-percent higher than they were in 2020. Half of all renting households spent more than 30-percent of their income on housing, 12-million of those households spend more than half their income on rent. An imbalance of supply and demand continues to be at the core of what's driving prices.

>>Another Boeing Whistleblower Comes Forward

(Wichita, KS) -- Another whistleblower has come forward alleging safety issues at Boeing. Richard Cuevas is a mechanic at Strom, a contractor with Spirit Aerosystems, a company that makes parts for the aircraft manufacturer. He says he saw holes improperly drilled into the bulkheads of 787 planes at a Kansas facility last year. He says he raised his concerns in October and was fired a few months later. Boeing said it investigated Cuevas' claims and determined it wasn't a safety concern. More than a dozen whistleblowers have come forward with concerns about Boeing in recent years and the company is under FAA investigation.

>>Mistake IRS Notices Being Sent Out

(Washington, DC) -- The IRS says some taxpayers are receiving a notice of non-payment, even though they paid their 2023 federal income tax. Chief Tax Information Officer for Jackson Hewitt Mark Steber says CP14 notices are getting mailed to taxpayers right now. If you think the notice is incorrect, Steber advises not sending a check right away, and instead immediately contact the IRS or a tax pro about the issue. He also warns to be on the lookout for scammers sending out fake notices. He says sure tell-tale signs would involve email message to wire money, or the wrong IRS national phone number. He adds the IRS initially always sends traditional letters, so scammers might try that route as well.

>>Air Force Fires Official In Charge Of Sentinel Nuclear Missile Program

(Washington, DC) -- The Air Force has fired the top official overseeing the Sentinel nuclear missile program. An Air Force spokesperson said Colonel Charles Clegg was fired this week because he "did not follow organizational procedures." The move comes after congressional Democrats called for an "unbiased assessment" of the program, which has ballooned in costs over the years from 60-billion dollars to about 130 billion. The spokesperson said Clegg's removal will not impact the operation of the 400 Minuteman Three intercontinental ballistic missiles that the Sentinel program was supposed to replace.

>>Consumers Paying More For Everyday Expenses

(New York, NY) -- "Vibecession" is the term being used to characterize the disconnect between the economy's overall strength and its perceived weakness among consumers. According to TransUnion, concerns about inflation and interest rates are now at a two-year high. The consumer price index increased three-point-three-percent in May, relative to a year earlier. Prices are still rising. They're just growing at a slower pace than they had been. Higher inflation, coupled with the Federal Reserve's eleven rate hikes since 2022, have hit working-class Americans particularly hard.

>>Early Tech Deals Revealed Ahead Of Amazon Prime Day

(San Francisco, CA) -- Amazon's Prime Day sale this year will run on July 16th through 17th. Engadget reported several tech deals ahead of the event, which involve multiple Apple products. Early sales include a four-pack of AirTags for 20-dollars off, as well as deals on the MacBook Pro, Apple Watch Series 9, and Apple Pencil Pro. Amazon is also offering five-months of Amazon Music Unlimited for free, which is usually 50-dollars.

>>Alaska Airlines Making Changes To Loyalty Programs

(Undated) -- Alaska Airlines is making changes to its loyalty programs. New Alaska Airlines credit card holders will now have to pay six-thousand-dollars a year in order to qualify for the companion fare benefit. The airline is also completely eliminating the Miles and Money program. The program allowed travelers to trade frequent flyer miles for a discount and earn miles that would count towards a flyer's "elite status."

>>Ahead Of The Bell

(New York, NY)  -- The opening bell rings this morning after stocks closed mixed yesterday.  A rebound in Nvidia shares led the S&P 500 and Nasdaq higher a day after a sell-off in AI stocks.  Amazon, Meta and Google also rose more than one percent.  At the closing bell, the Dow Jones Industrial Average fell 299 points to 39-112.  The S&P 500 rose 21 points to 54-69.  The Nasdaq gained 220 points to 17-717.

>>Hollywood Crew Members Strike A Deal 

(Los Angeles, CA)  --  A union representing Hollywood film and television crew has reached a tentative three-year deal with major studios.  After months of bargaining, the International Alliance of Theatrical Stage Employees and the Alliance of Motion Picture and Television Producers announced the deal Tuesday night.  It's said to include pay hikes and guardrails against the use of artificial intelligence.  

>>Futuristic Cybertruck Rollout Has Not Been Smooth

(Austin, TX)  -- There's another recall for Tesla's Cybertruck.  A trim piece that runs along the trunk is falling off, thanks to problems with the glue.  This is now the fourth recall issued for the Texas-built SUV.  Also, there is a warning that the windshield wiper may stop working.  Tesla also told the feds there is a problem with the motor.  That issue has been well-documented among owners.  Tesla previously delayed deliveries because of the safety issue.   

>>Judge Denies Settlement Between Visa, Mastercard, Retailers Over Swipe Fees

(New York, NY)  --  A federal judge is denying a settlement over swipe fees between Visa and Mastercard, and their retailers. The two companies reached a 30-billion-dollar antitrust settlement in March  -- limiting credit and debit card fees for merchants, with the intent that those savings would be passed along to consumers. Details of the New York judge's ruling aren't public yet, but a memo suggests she's "not likely to grant final approval." Some merchants have objected, saying the fees still remain too high.

>>Analysis: Majority Of Gen Z In Debt

(New York, NY)  --  Gen Z is in debt.  That's according to a new analysis from online marketplace LendingTree. Among those living in the 100 largest metropolitan areas, the median percentage of Gen Zers with debt is just over 97-percent. The median non-mortgage debt of those Gen Zers is over 16-grand. The analysis showed that they were most likely to have credit card debt than any other type, with nearly 81-percent owing money on a card.

>>Hooters Closes Dozens Of Locations

(Atlanta, GA)  --  The restaurant chain Hooters is closing dozens of locations around the country.  The company cited pressure from current market conditions.  A list provided to USA Today shows restaurants shuttered in 14 states.  The move comes as Hooters this month announced the launch of frozen products at grocery stores - a first for the 41-year-old company.

>>Mattel To Make Games Colorblind Accessible

(El Segundo, CA)  --  Mattel is working to make its games like Uno colorblind accessible.  The toy company aims to make 80-percent of its games accessible by the end of this year, and 90-percent in 2025.  Mattel called the move part of an inclusivity effort.  The four main colors used in games will be distinguished by simple symbols added to game pieces.
 

>>Ahead Of The Bell

(New York, NY)  --  The opening bell rings this morning after stocks closed mixed on Monday to start the final trading week of June.  Nvidia shares fell more than six percent as investors sold IT stocks adding to the chipmaker's recent decline.  At the closing bell, the Dow Jones Industrial Average gained 260 points to 39-411.  The S&P 500 lost 16 points to 54-47.  The Nasdaq fell 192 points to 17-496.

>>Economic Reports On The Calendar 

(Undated)  --  Data on consumer confidence and the S&P Case-Shiller home price index are due out today.  We'll get word on new home sales numbers Wednesday, followed by pending home sales, weekly jobless claims and a second revision of the GDP on Thursday.  The week wraps up with word on personal income and spending along with consumer sentiment on Friday.

>>Infowars To Be Shut Down

(Undated)  --  The trustee in charge of internet host and noted conspiracy theorist Alex Jones's bankruptcy proceedings says the Infowars media site will be shut down.  Court-appointed trustee Christopher Murray said during an emergency motion that an "orderly wind-down" will take place of the site, with Jones's business assets liquidated in an attempt to pay families of the Sandy Hook shooting victims.  Jones used the platform to call the 2012 shooting that killed 26 people, including 20 first-graders a "hoax," with an almost one-point-five billion dollar judgment being placed against him, forcing bankruptcy.

>>Yellen Unveils $100-Million Affordable Housing Fund

(Washington, DC)  --  The Biden administration is unveiling a new 100-million-dollar fund for affordable housing.  It's part of a larger package of financing initiatives to support housing development.  The announcement comes as Treasury Secretary Janet Yellen meets with housing officials in Minnesota as part of an effort to tout President Biden's economic agenda.  Inflation and its impact on affordable housing is likely to be a topic in Thursday's presidential debate between Biden and former President Trump.

>>Paramount+ Increasing Subscription Costs

(Los Angeles, CA)  --  It will soon cost more for certain Paramount-Plus subscription plans.  Paramount announced Monday that the cost for the Paramount-Plus with Showtime plan for its streaming service will go up a dollar to 12-99 a month.  A Paramount-Plus Essential subscription will now cost seven-99 a month, a jump of two dollars.  New customers will see the price increase starting in August, while exisiting Paramount-Plus with Showtime subscribers will see the price jump take effect on or after September 20th.  Paramount-Plus joins a number of other streaming services including NBCUniversal's Peacock and HBO's Max in announcing subscription price hikes recently.

>>Texas Company Plans 2025 Launch Of Rocket From Wallops Island

(Richmond, VA)  --  A Texas-based engineering firm is planning to launch its two-stage orbital rocket from Virginia's Wallops Island spaceport.  The governor's office announced yesterday that Firefly Aerospace is planning a launch of its two-stage Alpha rocket.  The company has plans to provide low-orbit launch services with payloads of up to a thousand kilograms to commercial, government and military clients.  The launch is set for next year, though an exact date wasn't announced.

>>Business Week Preview

(Undated) -- The business week gets off to a relatively slow start with no notable economic reports on today's calendar. Things will start to pick up Tuesday with data on consumer confidence and the S&P Case-Shiller home price index. New home sales numbers are due Wednesday, followed by pending home sales, weekly jobless claims and a second revision of the GDP on Thursday. The week wraps up with word on personal income and spending along with consumer sentiment on Friday.

>>Home Prices Most Expensive Ever

(Washington, DC) -- U.S. home prices are the most expensive ever. That's according to the National Association of Realtors, which reported the median price of a previously owned home in the U.S. went up for the 11th consecutive month in May. It's now at nearly 420-thousand-dollars, up nearly six-percent from a year ago. It's the highest price the NAR has ever recorded.

>>Biden Administration Bans Moscow-Based Kaspersky Software

(Washington, DC) -- The Biden administration is issuing a ban on the use of an anti-virus software that has ties to Russia. Commerce Secretary Gina Raimondo announced last week that the Russian government has total access to the systems and customer data of Kaspersky Labs. Under the ban, Kaspersky will not be able to enter new agreements in the U.S. after July 20th. Raimondo is urging Americans and U.S. businesses to "immediately stop" using the software but said those who continue to use it will not be breaking the law.

>>Con Edison Strike Averted In New York

(New York, NY) -- With the ongoing heat wave keeping New York's electrical grid under stress, workers for Con Edison reached a tentative agreement on a four-year contract Sunday morning avoiding a strike. The Utility Workers Union of America represents roughly eight-thousand Con Ed workers, including field crews and customer service representatives. Their previous contract expired at midnight. A posting on the union's website says the agreement includes higher pay and improved medical benefits. It still must be ratified by the rank-and-file.

>>SpaceX Double Launch Day

(Cape Canaveral, FL) -- SpaceX is celebrating two more successful launches. They successfully launched a Falcon 9 rocket yesterday from Cape Canaveral Space Force Station carrying 22 Starlink satellites into low-Earth orbit. The company also launched another 20 Starlink satellites from Vandenberg Space Force Base in California. The satellites are designed to help spread high-speed internet around the world.

>>Markets Closed For Juneteenth  

(New York, NY)  --  Wall Street reopens this morning after going dark Wednesday in observance of the Juneteenth holiday.  Stocks edged higher Tuesday with the S&P 500 hitting another record despite weak retail sales data.  At the closing bell, the Dow Jones Industrial Average gained 56 points to 38-834.  The S&P 500 added 13 points to 54-87.  The Nasdaq rose 5 points to 17-862.   

>>Shippers Call For Action After Houthis Sink Greek Ship

(London)  --  The shipping industry is calling for action to be taken in the Red Sea after Houthi rebels sunk another merchant ship.  Authorities confirmed Wednesday that a Greek coal carrier was sunk last week by Houthi militants off the coast of Yemen, using missiles and a remote-controlled boat full of explosives.  In a joint statement Wednesday, the world's top shipping associations said "these attacks must stop now," and called for "states with influence in the region to safeguard our innocent seafarers and for the swift de-escalation" of the situation in the Red Sea.

>>Rents Likely To Increase Two-Percent Nationwide This Year

(New York, NY)  --   More renters are staying put as the least affordable home-sales market in decades is affecting rental costs.  According to market forecasters, asking rents for new leases are likely to rise two-percent nationwide, well below the double-digit rates of the pandemic years.  Nationally, asking rents for new leases are flat over the past 12 months, but those figures are heavily influenced by the Sunbelt, where record-high supply has seen rents and new leases come down in cities like Austin, Phoenix and Nashville, Tennessee.  Strong job growth has also compelled some landlords to raise rents.

>>Feds: Cartel Partnered With Underground Chinese Bank

(Undated)  --  The Justice Department says Mexico's Sinaloa Cartel laundered millions of dollars from drug trafficking through an underground Chinese banking group in Southern California.  Prosecutors said Tuesday the illicit banking system was created to help Chinese nationals evade restrictions on moving currency around.  Operators allegedly struck a deal with the cartel and laundered more than 50-million dollars through various methods, including crypto currency and cashiers checks.  Arrests have been made in China and Mexico.

>>UN Survey Shows Large Majority Support Climate Change Action

(New York, NY)  --  A new global survey says four out of five people want more action taken to fight climate change.  The UN survey posed 15 questions about climate change to thousands of people in over 70 countries, and found that 80 percent of respondents want their governments to increase efforts to fight global warming.  People from poor nations were the most in favor of climate action.  In the U.S., one of the world's biggest greenhouse gas emitters, 66 percent said they were in favor of climate action.  

>>CDK Global Software Company Shuts Down After Cyber Incident

(Hoffman Estates, IL)  --  A multinational software company is shutting down all its systems while it investigates a cyber incident.  CDK Global, which provides software to car dealerships, said Wednesday it was briefly shutting down its systems proactively, and that its core dealer management system had been restored.  In a statement to Reuters, CDK said they are continuing to conduct extensive tests on all other applications, and will provide updates as they bring those applications back online.  No details were given about the cyber incident.

>>Markets Closed For Juneteenth  

(New York, NY)  --  Wall Street is dark today in observance of the Juneteenth holiday.  Stocks edged higher yesterday with the S&P 500 hitting another record despite weak retail sales data.  At the closing bell, the Dow Jones Industrial Average gained 56 points to 38-834.  The S&P 500 added 13 points to 54-87.  The Nasdaq rose 5 points to 17-862.   

>>Nvidia The Most Valuable Company

(Santa Clara, CA)  --  Nvidia is now the most valuable public company in the world after its share price rose Tuesday, pushing the chipmaker past Microsoft.  The company's market cap hit three-point-three trillion.  Shares have gone up more than ninefold since the end of 2022 as the company's chips are in demand for use in artificial intelligence.

>>Boeing CEO Apologizes To Victims' Families 

(Washington, DC)  --  The CEO of Boeing is apologizing directly to family members who lost loved ones in Boeing plane crashes.  During a hearing before a Senate subcommittee, CEO Dave Calhoun stood from the witness table and turned around to face family members of Boeing 737 Max victims, referencing fatal crashes involving the aircraft in 2018 and 2019.  Calhoun's testimony before Congress comes as several whistleblowers have come forward claiming their efforts to raise quality concerns prompted retaliation from the company.  Boeing is under investigation by the Justice Department and Federal Aviation Administration. 

>>LG And ChargePoint Team Up For EV Charging Stations

(Undated)  --  LG Electronics and ChargePoint are joining forces to ramp up production of electric vehicle charging stations.  The companies announced the partnership Tuesday, with the new stations expected to be installed sometime this summer.  The units will reportedly have a combination of LG's hardware and ChargePoint's software.  LG broke into the U.S. EV charger market earlier this year after opening a factory in Fort Worth, Texas.  ChargePoint currently has over 300-thousand stations across the U.S. and Europe. 

>>Best Metric To Gauge Workers' Retirement Savings

(New York, NY)  --  When saving for retirement, certain industries perform better than others.  According to Fidelity, the industry employees with the highest 401(k) balances are in legal services, with an average 300-thousand dollars.  The petrochemical industry came in second, with 255-thousand, followed by energy production.  Industries with the lowest average 401(k) balance: retail, with 51-thousand, followed by health care, and real estate.  Fidelity advises workers to set aside 15-percent of their pre-tax income toward retirement, the average total savings rate is about 14-percent -- the closest it has ever been to the firm's recommended savings rate.
 

>>Ahead Of The Bell 

(New York, NY)  --  The opening bell rings this morning after stocks closed higher Monday on Wall Street.  The S&P 500 notched a record close, the 30th so far this year.  The Nasdaq 100 jumped one-percent to extend its streak of record closes to six sessions.  Stocks rallied with big tech boosting market sentiment as investors look ahead to more economic data in the coming days.  Microsoft, Meta Platforms and Apple all posted gains of one percent or more.  At the closing bell, the Dow Jones Industrial Average gained 188 points to 38-778.  The S&P 500 added 41 points to 54-73.  The Nasdaq rose 168 points to 17-857.  

>>Boeing CEO To Testify Before Senate

(Washington, DC)  --  Boeing CEO Dave Calhoun will testify before a Senate committee today where he's expected to apologize for the company's recent safety failures.  The hearing before the permanent subcommittee on investigations comes after a door plug blew off of a flight in January and whistleblowers who have raised the alarm over the aircraft maker's safety issues.  In prepared remarks released ahead of time, Calhoun apologizes for the failures, including two fatal crashes.  But he denies that the company has retaliated against employees who have pulled back the curtain on cutting corners to meet production demand.  

>>TikTok Ban Challenge To Be Heard September 16th

(Washington, DC)  --  Challenges to a potential TikTok ban will be heard by a U.S. appeals court later this summer.  A law passed earlier this year calls for the China-based ByteDance to sell the popular social media app by January 19th or have it banned in the U.S.  Oral arguments on legal challenges to the law will be heard on September 16th.  A group of TikTok creators filed a lawsuit in May that looks to block the law.  ByteDance has also filed a similar lawsuit.

>>McDonald's Pauses AI Ordering At Drive Thrus

(Chicago, IL)  --  McDonald's is stopping the pilot for AI-powered drive thru ordering.  Tech will be removed from roughly 100 stores at the end of next month,  as a two-year partnership with IBM is set to end.  The burger giant is one of many to roll out drive up ordering through AI, with White Castle and Wendy's also taking part.

>>Housing Market Shows Signs Of Cooling 

(New York, NY)  --  More homeowners are listing their homes for sale, but those homes are staying on the market longer.  According to Zillow, new listings from home sellers jumped 13-percent in May from a year ago, and the overall number of homes on the market rose 22-percent compared with last year.  About 40-percent of homes that were for sale in May had been listed for at least two months without going under contract.  Despite the recent jump in supply, housing inventory is still 34-percent below pre-pandemic levels.

>>CA Man Sues Red Lobster On Behalf Of Employees

(Rohnert Park, CA)  --  There's new fallout over Red Lobster closures in California.  One worker just filed a class-action lawsuit after his location in Sonoma County shut down without warning.  He accuses the restaurant chain of violating the state's WARN Act, which requires large companies give 60 days written notice for mass layoffs or closures.  George Parker says he's taking action on behalf of all employees throughout the state.
 

>>Trading Week Winding Down 

(New York, NY)  --  The opening bell rings this morning as the trading week winds down on Wall Street.  That came as investors received more data yesterday that showed inflation could be easing.  Last month's producer price index fell by point-two-percent after analysts had expected an increase of point-one-percent.  At the closing bell, the S&P 500 gained 12 points to 54-33 while the Nasdaq was up 59 points to 17-667.  Meanwhile, the Dow Jones Industrial Average was down 65 points to 38-647.

>>FAA Admits Boeing Oversight "Too Hands Off"

(Washington, DC)  --  The head of the FAA says the agency's oversight of Boeing was "too hands off" before incidents involving the company's planes happened earlier this year.  In Senate Commerce Committee hearing Thursday, FAA Administrator Mike Whitaker said, "The FAA should have had much better visibility into what was happening at Boeing before January 5th."  That's when a door plug blew off while an Alaska Airlines flight was in the air.  He added the FAA is increasing the use of in-person inspectors and he will be visiting Boeing's South Carolina factory on Friday.  Last month, Boeing provided a detailed quality improvement plan to the FAA.

>>Tesla Shareholders Vote To Reinstate Elon Musk's Multi-Billion Dollar Pay Package

(San Francisco, CA)  --  Tesla shareholders have voted to reinstate CEO Elon Musk's multi-billion-dollar pay package.  Thursday's move came nearly half a year after a Delaware court voided it, ruling it had been improperly granted by the board.  Musk's compensation package at the time was worth over 50-billion-dollars.  That dollar amount has dropped slightly since then due to declines in Tesla share prices.  

>>Apple Most Valuable Public Company In US

(Undated)  --  Apple is the most valuable public company in the U.S.  On Thursday, Apple edged past Microsoft when shares rose point-six-percent and its market cap closed at three-point-two-nine-trillion.  The shift comes the same day that Apple announced it's introducing buy-now-pay-later payment options.

>>Ford Opens EV Sales To All Dealers

(Dearborn, MI) -- The "Model e" certification program at Ford Motor Company has ended paving the way for all dealers to sell electric vehicles.  The decision means EVs will be sold at 28-hundred dealers in the country which is double the number of dealers in the Model e program.  The sales of electric vehicles have slowed and automakers are making necessary changes to meet consumer demand.  Ford has cut the retail prices on EVs by 30-percent since they introduced the Model e program.  The company is requiring dealers to install a pair of Level 2 charging stations by the end of March next year.

>>Consumers To Spend $22 Billion On Father's Day Gifts

(Undated)  --  Consumers are expected to spend roughly 22-billion dollars on Father's Day gifts.  The National Retail Federation says the average consumer is shelling out around 190 dollars on gifts and celebrations.  About three-fourths of U.S. adults are expected to celebrate the holiday. 

>>Ahead Of The Bell (New York, NY) -- The opening bell rings this morning after stocks closed mixed on Wednesday. At the closing bell, the S&P gained 45 points to 54-21, and the Nasdaq jumped 264 points to 17-608. The Dow Jones Industrial Average lost 35 points to 38-712.

>>Fed Leaves Interest Rates Unchanged

(Washington, DC) -- The Federal Reserve is leaving interest rates unchanged. The Central Bank announced Wednesday that interest rates would remain at their highest level in more than two decades as it continues to fight inflation. The benchmark rate is in a range of five-and-a-quarter to five-and-a-half-percent. The decision came after the Labor Department's Consumer Price Index report released earlier in the day showed the growth of inflation slowed last month.

>>Consumer Price Index Unchanged, Producer Price Index Set For Release

(Washington, DC) -- A key report shows inflation slowed last month. The Labor Department reports the consumer price index held firm in May, although it's up three-point-three percent from a year ago. Not taking into account energy and food prices, core CPI increased point-two percent last month and three-point-four percent from a year ago. Meanwhile, the energy index saw a two percent decrease. Coming up today, we'll get another key reading on the state of inflation in America with the release of the producer price index. Also on the radar today is data on weekly jobless claims.

>>Elon Musk And SpaceX Sued For Sexual Harassment

(San Francisco, CA) -- Elon Musk and SpaceX have been hit with a sexual harassment lawsuit. Eight former employees filed a lawsuit Wednesday alleging they were illegally fired for raising concerns about discrimination and harassment against women at SpaceX. The employees claim they were fired after helping write an open letter against what they perceived as unlawful conduct within the company that included the treatment of women as sexual objects as the workplace was reportedly bombarded with "lewd sexual banter." A lawyer for the plaintiffs claims management at SpaceX knowingly permitted and fostered a work culture rife with sexual harassment.

>>Boeing Sales Continue to Struggle

(Arlington County, VA) -- Boeing is still trying to deal with the fallout of incidents involving its planes this year. The airplane manufacture reported this week that it received just four orders for new planes last month. It didn't receive any orders for its 737 Max plane. In May of last year, Boeing received orders for 69 jets. A 737 Max plane had a door plug blowout during an Alaska Airlines flight in January. Boeing shares have fallen 30-percent so far this year.

>>Ahead Of The Bell 

(New York, NY)  --  The opening bell rings this morning after Wall Street closed slightly higher Monday ahead of this week's Federal Reserve decision on interest rates.  The FOMC kicks off its two-day meeting today with an announcement on rates coming tomorrow.  Markets got a boost from tech stocks with Nvidia shares up about one percent following its 10-for 1 split.  At the closing bell, the Dow Jones Industrial Average gained 69 points to 38-868.  The S&P 500 added 13 points to 53-60.  The Nasdaq rose 59 points to 17-192.

>>Apple Brings AI To iPhones

(Cupertino, CA)  --  Apple is bringing AI to its iPhone, Mac, and other products.  Using "Apple Intelligence," the company said it wants to use the existing generative AI tools already on the market but make it personalized for Apple users. Speaking at the annual Worldwide Developers Conference on Monday, CEO Tim Cook said Apple's priority is to make it "intuitive and easy to use" while also being "grounded in your personal context." That includes individuals' personal routines, relationships, and communications. 

>>Trump Says He'll Eliminate Tip Taxes

(Las Vegas, NV)  --  Former President Trump says he'll end taxes on tips if he makes it back to the White House.  Speaking at a rally in Las Vegas Sunday, where the entertainment economy relies heavily on tips, Trump said that getting rid of tip taxes would be the first thing he does in office.  It's the first time Trump has mentioned the proposal.

>>UAW President Fain Under Investigation

(Detroit, MI)  --  United Auto Workers President Shawn Fain is under investigation for allegations he abused his power as union president.  A watchdog appointed by a federal court is looking into Fain and whether the union has been obstructing the investigation.  In a court filing Monday, the watchdog said it had been working for months to get the union's cooperation and is also investigating a regional director for possible embezzlement.  At issue is weather Fain has taken any actions that violate a 2020 consent decree from the Justice Department that avoided a federal takeover of the union.  Fain, without directly addressing the allegations, said Monday night that taking the union in "a new direction means sometimes you have to rock the boat, and that upsets some people who want to keep the status quo."

>>Woman Sues Cold Stone Creamery Over Pistachio Ice Cream

(Long Island, NY)  --  Popular ice cream chain Cold Stone Creamery is being sued over its pistachio ice cream.  A New York woman filed a lawsuit in 2022 claiming she purchased pistachio ice cream from Cold Stone believing it contained real pistachios.  She later read on the company's website that it only contained "pistachio flavoring."  A federal judge has allowed the class action lawsuit to move forward.  In his ruling, the judge said the case "raises a deceptively complex question about the reasonable expectations of plaintiff and like-minded ice cream aficionados."

>>Stellantis Recalling Trucks, SUV's Over Braking Issue

(Detroit, MI)  --  A software problem with the braking systems is leading to the recall of over 211-thousand SUV's and pickup trucks by automaker Stellantis.  The vehicles covered at 2022 models of the Dodge Durango, and Ram 2500 and 3500 trucks.  The National Highway Safety Administration reports many of the vehicles have an issue with the anti-lock braking control module.  That could lead to braking issues and accidents for drivers.  The automaker says they are not aware of any accidents or injuries related to the problem.  Dealers will update he anti-lock braking control module software at no charge and notices will be mailed starting July 26th.
 

>>Fresh Trading Week Kicks Off

(New York, NY)  --  The opening bell rings this morning after Wall Street saw a lower to end the week.  Stocks slipped after a stronger than expected jobs report took the steam out of markets.  GameStop shares plunged nearly 40 percent after the trader known as "Roaring Kitty" hosted his first livestream since the meme stock craze of 2021.  At the closing bell, the Dow Jones Industrial Average fell 87 points to 38-798.  The S&P 500 lost almost 6 points to 53-46.  The Nasdaq dropped nearly 40 points to 17-133.

>>In The Business Week Ahead 

(Undated)  --  In the business week ahead there are no major economic reports on the schedule for today but things will start to pick up Tuesday when the Federal Reserve kicks off a two-day meeting.  An announcement on interest rates plus a press conference with Fed Chairman Jerome Powell follows Wednesday.  Friday's higher than expected monthly jobs report poured cold water on most thoughts of a possible rate cut at this time.  Weekly jobless claims are due Thursday along with the producer price index.  The week will wrap up next Friday with preliminary data on consumer sentiment.

>>Apple's WWDC Set For Today

(Cupertino, CA)  --  Apple will be showing off what's in store for their product line today at the Worldwide Developer's Conference.  No word on what's exactly on the table this year but the notoriously tight-lipped tech giant is expected to focus on integrating artificial intelligence into its software.  The event starts at 10 am Pacific time and will livestream on YouTube, Apple's website and the Apple TV app.

>>New York Lawmakers Crack Down On Black Market For Restaurant Reservations 

(Buffalo, NY)  --  Lawmakers in New York are cracking down on the black market for restaurant reservations.  The New York State Legislature recently passed the Restaurant Reservation Anti-Piracy Act as reservation fraud has been on the rise in the state and across the nation.  The bill prohibits third-party restaurant services from arranging unauthorized restaurant reservations with food service establishments.  The CEOs of both OpenTable and Resy have applauded the legislation, calling it a strong show of support for restaurants.  The bill is being sent to Governor Kathy Hochul's office to be signed into law. 

>>"Bad Boys: Ride or Die" Tops Weekend Box Office

(Hollywood, CA)  --  "Bad Boys: Ride or Die" is topping the weekend box office.  The fourth installment in the buddy-cop series grossed 56-million-dollars in its premiere weekend.  "The Garfield Movie," an animated film about the eponymous cartoon cat, came in second with an estimated gross of ten-million-dollars.  John Krasinski's family film "IF" took third with eight-million dollars.  The new horror film "The Watchers" took fourth with seven million and "Kingdom of the Planet of the Apes" took fifth with five-point-four million.
 

>>Ahead Of The Bell 

(Undated)  --  The opening bell rings this morning after stocks ended mixed on Thursday.  At the closing bell, the Dow Jones Industrial Average gained 78 points to 38-886.  The S&P 500 fell by one point to 53-52.  The Nasdaq dropped by 14 points to 17-173.

>>Jobs Report Due

(New York, NY)  --  The monthly jobs report is due out this morning.  Most analysts expect to see the numbers coming in at right around 190-thousand.  That would be a step up from the previous month's 175-thousand.  The unemployment rate is forecast to hold steady at three-point-nine percent.

>>GameStop Shares Soar After 'Rolling Kitty' Announcement

(Undated)  --  GameStop shares are soaring following a scheduled Youtube live event from meme stock originator "Roaring Kitty."  Stock shot up as much as 50-percent Thursday, with the livestream scheduled for noon Eastern today.  Roaring Kitty gained prominence on social media in 2019 when he shared his thoughts on buying GameStop stock, which was barely trading for a dollar at the time.  By January 2021, it was peaking at over 80-dollars.

>>Kohl's Says It's Not Sponsoring The GOP Convention

(Milwaukee, WI)  --  Kohl's department store says it will not be sponsoring any events related to the upcoming Republican National Convention.  The nationwide retailer is based in Milwaukee, where the GOP convention will be held next month.  A spokeswoman for Kohl's told CNBC that the company is "not a political organization nor donor and is not sponsoring nor engaging in any specific RNC events."  Filings from the Federal Elections Commission show that Kohl's has not funded either the Republican or Democratic conventions in over ten years.

>>Meta And Google Threaten To Block News Content

(San Diego, CA) --  Meta and Google are threatening to block news content in California.  This comes in response to a proposed state law known as the 'California Journalism Preservation Act'.  The act is currently under consideration in the Senate.  It would require advertising giants like Meta and Google to pay a fee for news content.  Publishers would be required to reinvest that money into jobs for journalists.  Meta and Google are already blocking news content in Canada, where voters passed a similar law.  For example, say there's a wildfire and someone posts an alert from a news outlet on FaceBook or Instagram, an error would pop up saying that article can't be shared.   

>>Memphis To House Musk's xAI Supercomputer 

(Memphis, TN)  --  Elon Musk is eyeing Memphis, Tennessee for the home of his next multi-billion dollar project.  The Tesla billionaire said this week that his xAI Gigafactory of Compute will be located in the Bluff City.  Greater Memphis Chamber President and CEO Ted Townsend made the announcement during a press conference yesterday.  The gigafactory will be the world's largest supercomputer, according to Musk.   

>>Ticket Prices Soaring For Game Two Of NBA Finals

(Boston, MA)  --  The cost will be steep for anyone looking to score last minute tickets to game two of the NBA Finals in Boston.  The Celtics crushed the Dallas Mavericks 107-89 in Game One and are headed back into action on Sunday.  Two seats together at the sold out game at TD Garden start at around 800-dollars on the aftermarket ticket resale site StubHub.  The most expensive seats on the site are courtside in the VIP zone, with the highest prices for two seats at nearly 13 grand each.   
 

>>Stocks Close Higher, S&P 500 Finishes Above Record

(New York, NY)  --  Wall Street closed Wednesaday with stocks higher.  This comes as the S&P 500 closed at an all time high.  It's also as investors are hopeful the Federal Reserve will cut interest rates this year after weak labor market numbers were released this morning.  At the closing bell, the Dow Jones Industrial Average gained 96 points to 38-807.  The S&P 500 rose by 62 points to 53-54.  The Nasdaq gained 330 points to 17-187.

>>Antitrust Case Involving NFL's Sunday Ticket Heads To Trial

(Los Angles, CA)  --  The NFL is headed to court over it's Sunday Ticket package.  In 2015, subscribers to the package filed a class action lawsuit claiming the league used its agreements with broadcast partners to keep tight control over telecast distribution.  They argue that allowed DirecTV to artificially inflate prices for Sunday Ticket as the only distributor for out-of-market games.  The trial got underway Wednesday in Los Angeles with jury selection and is expected to last several weeks.  The lawsuit is asking to award home and commercial subscribers seven-billion dollars in damages.

>>Report: FTC To File Antitrust Suit Against Big Alcohol Distributor

(New York, NY)  --  The FTC is reportedly going to file an antitrust lawsuit against the country's largest alcohol distributor.  Sources tell CNBC that a suit could be filed in a matter of weeks against Southern Glazer's Wine and Spirits, for allegedly providing "secret kickbacks" to large retailers and for violating an antitrust law.  Southern Glazer's distributes alcohol for over seven-thousand brands in 44 states and reported over 26-billion dollars in revenue last year.  Both the FTC and Southern Glazer's have not commented on the report.

>>Rubio's Coastal Grill Files For Bankruptcy 

(Sacramento, CA)  --  Rubio's is filing for bankruptcy. The California-based mexican restaurant chain will close down 48 locations, keeping 86 open in California, Arizona, and Nevada.  Rubio's says "the rising cost of doing business in California" is driving the bankruptcy. The state raised the minimum wage for workers at large fast food chains from $16-bucks per hour to $20-bucks per hour. The bankruptcy petition says Rubio's has over 100-million-dollars in debt.

>>Study: Majority of Americans Have Negative View of Tipping

(Undated)  --  A new study concludes that the majority of Americans have a negative view of tipping. Bankrate Senior Industry Analyst Ted Rossman says over a third say tipping culture has gotten out of control.   Rossman says that overall, 59 percent of Americans are annoyed with tipping, and the percentages increase with younger generations.  He says the younger you are, the more likely you are to stiff your server at a restaurant. Rossman adds that rising prices and the increased number of gig economy jobs that rely on tips, have added to consumers retreating from the practice. 

>>Disney And DeSantis To Announce $17B Deal

(Tallahassee, FL)  --  Florida Governor Ron DeSantis is expected to approve a 17-billion-dollar investment deal with Disney World.  A state tourism board gave an initial green light on Wednesday to a deal that could include new additions to the theme park as well as commitments from Disney to help develop housing for its employees, with Florida promising to maintain the necessary infrastructure for the park.  The governor's office and Disney have been feuding since 2022 when the Florida legislature passed a law banning lessons concerning sexual orientation and gender identity through the third grade.
 

>>Ahead Of The Bell 

(New York, NY)  --  The opening bell rings this morning after stocks closed mixed Monday to kick off the new trading month.  At the closing bell, the Dow Jones Industrial Average lost 115 points to 38-571.  The S&P 500 rose by five points to 52-83.  The Nasdaq gained 93 points to 16-828.

>>Business News 

(Undated)  --  Data on job openings and labor turnovers will be coming out today, with ADP releasing its employment report on Wednesday along with the latest stats on the U.S. trade deficit.  Weekly jobless claims are due Thursday with most analysts expecting a slight decline.  Things wrap up next Friday with the monthly jobs report, expected to show around 178-thousand new jobs created in May and the unemployment rate holding steady at three-point-nine percent.

>>Spotify Price Hikes

(New York, NY)  --  Spotify is raising prices.  The music streaming service announced Monday that it's ad-free premium plan will now cost 12-dollars per month, a one-dollar jump.  The cost of a Duo premium plan for two people is going up two-dollars to 17-bucks a month while a family plan will now cost three-dollars more at 20-dollars each month.  The price hikes will take effect next month.  They come less than a year from the last increases.

>>X Updates Pornography Policy

(San Francisco, CA)  --  The social platform X now allows pornography with some restrictions.  The Elon Musk-led company, formerly known as Twitter, just shared an update to its official usage policies.  It says "You may share consensually produced and distributed adult nudity or sexual behavior, provided it's properly labeled and not prominently displayed."  The update adds that X believes users should be able to create and share material with sexual themes as long as it's all consensual.  It calls it "a legitimate form of artistic expression."

>>Sandy Hook Families Seek Full Alex Jones Liquidation

(Newtown, CT)  --  Sandy Hook families are demanding that Alex Jones' media company be liquidated immediately.  The families successfully sued the internet host for claiming the 2012 Newtown, Connecticut school shooting was a hoax and the victims were paid actors.  They were awarded over a billion-dollars in damages.  They're now demanding that Jones' bankruptcy claims be changed from chapter eleven reorganization to a chapter seven liquidation, including his company Free Speech Systems.  A hearing will be held on the matter June 14th in Texas.

>>Trading Week Begins

(New York, NY) -- The opening bell rings this morning as a fresh trading month kicks off on Wall Street. As trading came to a close Friday, tech shares took a hit with Tesla, Microsoft, Meta and Nvidia struggled in choppy trading. Still, all three major bench marks posted their sixth positive month in the last seven. At the closing bell, the Dow Jones Industrial Average gained 574 points to 38-686. The S&P 500 rose 42 points to 52-77. The Nasdaq lost 2 points to 16-735.

>>Coming Up This Week In Business News

(Undated) -- There are a number of things to keep an eye on in the business week ahead. Reports start rolling in today with auto sales and construction spending data. Word on job openings follows the next day with ADP then releasing its employment report on Wednesday along with the latest stats on the U.S. trade deficit. Weekly jobless claims are due Thursday with most analysts expecting a slight decline. Things wrap up next Friday with the monthly jobs report, expected to show around 178-thousand new jobs created in May and the unemployment rate holding steady at three-point-nine percent.

>>Price Caps On Inhalers

(Undated) -- Millions of people can expect to benefit from price caps on asthma and COPD inhalers. A number of drug companies have agreed to limit out-of-pocket costs to 35 dollars a month. The move comes after a similar welcome step by insulin manufacturers last year that also set price caps.

>>Stop & Shop Plans To Close Underperforming Stores In Northeast

(Undated) -- Folks in the New York metropolitan area who frequent a Stop and Shop supermarket may soon have to find a new place to buy their groceries. Officials at the parent company of the Massachusetts-based supermarket chain recently announced plans to close a number of underperforming stores in the Northeast. Stop and Shop currently operates around 400 stores in New York, New Jersey, Connecticut, Rhode Island and Massachusetts, including dozens on Long Island and in the Hudson Valley. Exactly which stores would be closing and when they would close, was not announced.

>>"The Garfield Movie" Tops Weekend Box Office

(Hollywood, CA) -- "The Garfield Movie" is dominating the box office . The family film based on the iconic comic strip grossed an estimated 14-million-dollars. Another family film finished second, with "IF" grossing ten-point-eight-million-dollars. Meanwhile, the latest entry in the "Mad Max" series, "Furiosa," finished with a disappointing haul of ten-point-seven-million-dollars in its second weekend of release. "Kingdom of the Planet of the Apes" finished fourth with eight-point-eight-million and "The Fall Guy" finished fifth with four-point-two-million.