Stocks mixed…Hiring picks up, wages rise…Tesla tumbles
NEW YORK (AP) – Stock indexes are mixed in early trading on Wall Street, after a strong jobs report raised expectations that the Federal Reserve will continue raising interest rates. The yield on the 10-year Treasury note jumped to 2.92 percent from 2.87 percent late Thursday.
WASHINGTON (AP) – Hiring picked up in August as U.S. employers added a strong 201,000 jobs, and Americans’ paychecks grew at a faster pace. The Labor Department says average hourly wages rose in August and are now 2.9 percent higher than they were a year earlier, the fastest annual gain in eight years. Still, after adjusting for inflation, pay has been flat for the past year. The unemployment rate remained 3.9 percent, near an 18-year low.
DETROIT (AP) – Tesla shares are tumbling after the company’s accounting chief quit after a month on the job, and CEO Elon Musk appeared to smoke marijuana during an interview. During a podcast that was shown on YouTube, CEO Elon Musk inhaled from what was described as a marijuana-tobacco joint. Musk appeared on “The Joe Rogan Experience” overnight. The joint was provided to Musk by Rogan, who said it was legal.
WASHINGTON (AP) – The Washington Post reports that celebrity chef Mike Isabella has filed for bankruptcy protection for his businesses. The “Top Chef” alum once had more than a dozen restaurants in the Washington area. Sales plummeted after a sexual harassment lawsuit was filed in March by a former Mike Isabella Concepts top manager, Chloe Caras. The suit was settled in May, but his businesses struggled. Isabella says he hopes the bankruptcy filing will help avoid more restaurant closures.
CHICAGO (AP) – Workers are picketing outside several downtown Chicago hotels as housekeepers, servers, cooks and others participate in a strike as part of an effort to get better benefits. Today’s walkout is planned for 25 hotels and comes after members of the hotel workers’ union, Unite Here Local 1, voted to authorize a strike amid contract negotiations. Their current contract expired Aug. 31.