Weak start for stocks…Fewer job openings…Americans generally ok with finances
NEW YORK (AP) – Stocks are off to a weak start on Wall Street as the market extends its slump into a third day. Banks and technology companies took some of the biggest losses in early trading. State Street and chipmaker Intel both fell. Acacia Communications jumped after the company agreed to be acquired by Cisco Systems. And, bond prices fell, sending yields higher.
WASHINGTON (AP) – Job openings posted by U.S. employers slipped 0.7% in May, while hires that month tumbled 4.4% in a sign that the job market may be cooling slightly. The Labor Department says employers posted 7.3 million jobs in May. They hired 5.7 million, down from the record 6 million achieved in April.
WASHINGTON (AP) – According to a survey by The Associated Press and the N-O-R-C Center for Public Affairs Research, Americans are generally satisfied with their personal finances. But, many lack confidence in their ability to afford retirement, an emergency expense or even their daily living costs. Roughly two-thirds describe their financial situation as generally good. That’s up slightly from the 62% who said so at the start of the year. However, some groups, especially young adults, racial minorities and the poor say they remain financially insecure.
WASHINGTON (AP) – Federal Reserve Chairman Jerome Powell says the Fed’s annual stress tests of the nation’s largest banks are among the “most successful supervisory innovations” achieved in the aftermath of the 2008 financial crisis. But he also says those annual stress tests will need to evolve to keep pace with a changing financial system. Powell says that it is important that the tests are adjusted from year to year to explore even unlikely scenarios and guard against complacency on the part of bank regulators and banks.
LONDON (AP) – Richard Branson’s space-tourism venture, Virgin Galactic, is planning to go public, creating the first publicly listed human spaceflight firm. Virgin Galactic is merging with Social Capital Hedosophia. Virgin Galactic has reservations from some 600 people in 60 countries, with $80 million in deposits and $120 million in potential revenue. The value of the merger was put at $1.5 billion.