Private Lenders in Europe Want In on the ‘Sell America' Movement
They've long been a second thought in the US-dominated world of private credit, but fund managers in Europe are now getting a spike in interest from global LPs — and they're eager to grab a piece of the 'Sell America' movement.
Limited partners, the investors at the top of the private credit investment chain, are turning to the region as a way to hedge volatility in their US assets. It's part of a wider shift in allocations away from American investments at the center of trade wars and into Europe, which is less exposed.
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CNBC
34 minutes ago
- CNBC
GM to invest $4 billion in U.S. manufacturing plants amid tariffs
DETROIT — General Motors plans to invest $4 billion in several American plants, including adding production of two popular Chevrolet vehicles that are currently built in Mexico. The Detroit automaker announced the plans Tuesday, as there have been few indications of progress in trade talks between the Trump administration and Mexican leaders. Earlier this year, President Donald Trump implemented 25% tariffs on imported vehicles and 25% tariffs on many auto parts imported into the U.S. GM said the investments add assembly of the Chevrolet Blazer and Chevrolet Equinox that are currently produced in Mexico to two other plants in the U.S. and convert a large idled plant in Michigan — formerly expected to build all-electric trucks — to make gas-powered vehicles. The investment and moves will likely be hailed as a win for Trump's policies and automotive tariffs, which took effect for imported vehicles in April and many auto parts in May. "We believe the future of transportation will be driven by American innovation and manufacturing expertise," said GM CEO Mary Barra said in a release. "Today's announcement demonstrates our ongoing commitment to build vehicles in the U.S and to support American jobs. We're focused on giving customers choice and offering a broad range of vehicles they love." GM has been analyzing its North American production footprint for months amid the tariffs, with executives saying they weren't going to make any decisions — instead taking a "wait and see" approach — until they got further clarity on the regulatory environment, including the auto levies. GM CFO Paul Jacobson said late last month during a Bernstein investor event that the tariffs wouldn't probably be "as bad as the market reacted to." He said potential trade deals with other countries and the automaker's ability to mitigate some costs of the tariffs were promising signs. The Detroit automaker previously said it expected to be able to offset between 30% and 50% of the North American tariffs without deploying any capital in the short-term. GM CEO Mary Barra during the Bernstein event said the company is "going to see us be very resilient and, again, strengthen our business as we move forward — in some cases, seize opportunities where the vehicles are so successful." Those opportunities now appear to include pulling back additional spending on electric vehicles. The Orion Assembly plant in suburban Detroit, which will be retooled for gas products, was expected to be its second EV-exclusive plant in the U.S.
Yahoo
39 minutes ago
- Yahoo
Stock market today: S&P 500, Nasdaq have records back in sight as stocks gain amid US-China trade talks
US stocks edged higher on Tuesday as renewed US-China trade talks entered their second day after an upbeat initial meeting. The Dow Jones Industrial Average (^DJI) finished the day up around 0.2%, while the S&P 500 (^GSPC) rose about 0.5%. The tech-heavy Nasdaq Composite (^IXIC) climbed roughy 0.6%. Both the S&P 500 and Nasdaq are now within striking distance of their all-time closing highs — 6,144.15 for the S&P (set on February 19, 2025) and 20,173.89 for the Nasdaq (set on December 16, 2024). Stocks have been buoyed by resilient corporate earnings, more positive growth forecasts, and optimism over potential tariff deals. The mood remains cautious, however, as investors keep a close eye on the latest trade developments. While a deal on access to China's rare earth minerals is the US's priority, negotiators are navigating contentious issues that have fueled a rift between the two trading partners. Any signs of progress will likely be greeted with relief by markets, given switchbacks in President Trump's tariff policy and in US-China relations have fed uncertainty about risks to economic growth worldwide. On Monday, stocks on Wall Street edged higher after White House officials suggested discussions had been productive — though Trump himself cautioned that "China's not easy." Read more: The latest on Trump's tariffs Chinese stocks slid suddenly on Tuesday before the meeting resumed, a bout of volatility that suggested investors aren't confident of success. 'The market is too sensitive,' Fu Shifeng, investment director at Cheng Zhou Investment, told Bloomberg. 'People seem to be speculating that the talks didn't go well.' Meanwhile, a gauge of US small-business optimism came in higher in May — the first rise since September — amid the trade truce with China. But worries about Trump's tax-and-spending megabill stoked uncertainty about the outlook, the NFIB survey found. Investors are now counting down to the release of the May Consumer Price Index (CPI) report on Wednesday. The report will offer fresh insight into the state of inflation amid Trump's evolving trade policy. Analysts expect to see that price pressures accelerated last month. US stocks extended their climb on Tuesday, fueled by growing optimism over the US-China trade relationship. The Dow Jones Industrial Average (^DJI) finished the day up around 0.2%, while the S&P 500 (^GSPC) rose about 0.5%. The tech-heavy Nasdaq Composite (^IXIC) climbed roughy 0.6%. Both the S&P 500 and Nasdaq are now nearing their all-time closing highs. The rally has been underpinned by resilient corporate earnings, improved economic growth projections, and renewed hopes for progress on trade and tariff negotiations. Casey's (CASY) stock hit an all-time high on Tuesday after the company beat on both the top and bottom lines in its fiscal fourth quarter. Adjusted earnings grew 12.4% from a year ago to $2.63, alongside net sales growth of 11% to $3.99 billion. Same-store sales grew 1.7%, driven by its prepared food business, non-alcoholic beverages, and general merchandise. CEO Darren Rebelez told Yahoo Finance the pizza and convenience store chain is seeing growth across all income cohorts and has executed against three drivers: store growth, and efficiency, and its prepared foods business (including its "crown jewel" pizza business). "We know we have a ton of white space to grow this brand," Rebelez told Yahoo Finance. The company plans to open 80 stores in fiscal 2026 through M&A and new store construction. Casey's is gaining momentum, much like Dollar General (DG), Dollar Tree (DLTR), and Walmart (WMT), as shoppers fixate on value. Rebelez said that consumers are choosing Casey's over quick-service restaurants and pizza chains like Pizza Hut, Papa John's (PZZA), and Domino's (DPZ). He added that low-income shoppers are making "different" purchase decisions, but they are still spending. "People come in, they see the candy price, and then they go over to our bakery, where we have cookies and brownies and other sweet treats that are far more affordable," he said. The 12% spike in Casey's stock in midday trading Tuesday marked its biggest jump in about a year. Shares are up nearly 24% this year. The Federal Reserve received one positive data point on the inflation front ahead of Wednesday's Consumer Price Index release. Well, at least on the surface. On Monday, the New York Fed's May 2025 Survey of Consumer Expectations showed inflation expectations for the next year, three years and five years all fell. Federal Reserve chair Jerome Powell frequently references surveys like this one when noting that "well-anchored" inflation expectations are key to reaching the eventual 2% inflation target. The economic theory is that if consumers expect prices to increase significantly over the next few years, they will simply pay higher prices for goods, which in turn won't force businesses to lower prices. BNP Pairbas chief US economist James Egelhof, who worked at the New York Fed for roughly a decade, said during a media roundtable on Tuesday that the recent decline in price increase expectations doesn't mean expectations are well anchored. Instead Egelhof noted the recent gyrations in the data that are shown in our Chart of the Day are a potential point of concern. "This volatility, which appears to follow political headlines, suggest that consumers are basing their inflation views based on political views and not on based on the FOMC's 2% inflation target," Egelhof said. "That is a problem for the Fed in it of itself." Boeing (BA) stock erased gains of as much as 2% on Tuesday, despite booking 303 new orders in May, the most since December 2023. The aerospace giant said it delivered more than 45 jets last month, nearly double from last year. The data comes ahead of the Paris Air Show due to start next Monday. Boeing shares have soared 25% this year as its orders have mounted, including recent deals with customers in the UK and Qatar. Disney (DIS) Disney was the No. 1 trending ticker on Yahoo Finance on Tuesday. Shares of the media and entertainment giant jumped 2% on the heels of peer Warner Bros. Discovery's (WBD) announcement to split into two independent, publicly traded companies. As Yahoo Finance's Alexandra Canal reports, Disney has also explored options to divest its linear networks, including ABC, FX, and National Geographic. While CEO Bob Iger has since walked back those comments, analysts say a sale or spin-off could still resurface. IBM (IBM) IBM stock added more than 2% after the cloud, software, and network infrastructure giant announced it is building the world's first large-scale quantum computer, called Starling, capable of operating without errors. IBM shares have been hitting all-time highs recently. On Monday, the company's market cap surpassed $250 billion for the first time ever. J.M. Smucker (SJM) Shares of J.M. Smucker sank on Tuesday after the food producer forecast full-year profit below Wall Street expectations. The company's results underscore a challenging environment for consumer packaged goods as shoppers pull back on spending on items like Jif peanut butter, Milk-Bone pet treats, and Hostess snack cakes. Smucker also noted it would raise prices as tariffs weigh on its coffee business. Stocks gained on Tuesday mid-trading as investors awaited new details on the high-level trade talks between the US and China, sending the S&P 500 (^GSPC) just over 100 points away from its all-time closing high. The broad-based index inched up nearly 0.4%, trading at around 6,027, just about 2% away from its February 19 record close of 6,144.15. The index has rallied more than 20% since hitting its April lows in the aftermath of President Trump's tariff policy unveiling. Trump has since paused and rolled back much of the policy while the US negotiates with individual countries. Gold (GC=F) and silver (SI=F) prices took a breather from their recent rally on Tuesday. Gold retreated less than 0.5% during the session to hover near $3,347 per ounce. Silver hovered near $36 per ounce, its highest level since February 2012. Precious metals have surged higher recently amid uncertainty over President Trump's tariff policy and the continued decline of the US dollar. Bitcoin (BTC-USD) climbed toward new highs on Tuesday, amid a series of tailwinds for the crypto space. The token was trading north of $109,000 each by 8:30 a.m. ET on Tuesday. Bitcoin touched an all-time high just under $112,000 last month. Companies have increasingly been adding bitcoin to their balance sheets in recent months, following in the footsteps of Strategy (MSTR), the largest public corporate holder of the token. "Over time, bitcoin has proven itself to be a better hedge against inflation than many other asset classes, even gold ... adding bitcoin to a corporate treasury seems like a prudent choice," said Elliot Johnson, CEO of the Bitcoin Treasury Corporation. Legislation in Congress that would regulate stablecoins, digital assets backed by the US dollar, has lifted investor optimism over the crypto space. Yahoo Finance's Pras Subramanian reports: Read more here. Stocks edged higher on Tuesday as trade talks between the US and China resumed. The Dow Jones Industrial Average (^DJI) wavered around the flat line. The S&P 500 (^GSPC) rose 0.1%. The tech-heavy Nasdaq Composite (^IXIC) also gained about 0.2%. High-level trade talks in London restarted on Tuesday as investors watched for any signs of progress in the trade negotiations between Washington and Beijing. Meanwhile, bitcoin (BTC-USD) climbed toward new highs on Tuesday, hovering above $109,000 per token. Vaccine stocks were surprisingly resilient after US Health Secretary Robert F. Kennedy Jr. fired all 17 members of the vaccine advisory committee at the Centers for Disease Control and Prevention (CDC) on Monday. Moderna (MRNA) stock fell 0.8% in premarket trading, while shares of Pfizer (PFE) and Merck (MRK) were roughly flat. BioNTech (BNTX) gained 1.4%. The move could create longer lead times for the CDC to review and approve vaccines, and the panel has significant influence over whether insurance companies and Medicaid cover the immunizations. In an op-ed published in the Wall Street Journal on Monday, RFK Jr. stated that he was reconfiguring the panel to restore trust in vaccines. IBM (IBM) stock added 0.8% in premarket trading on Thursday after the company announced it is building the world's first large-scale quantum computer, called Starling, capable of operating without errors. Yahoo Finance's Laura Bratton reports: Read more here. Shares of J.M. Smucker (SJM) are sinking premarket after the food producer forecast full-year profit below Wall Street expectations. Smucker projected adjusted earnings for the year to come in at $9.50 a share, compared to estimates of $10.25, per Bloomberg. It highlights the challenging environment for consumer packaged goods as consumers pull back on spending on items like Jif peanut butter, Milk-Bone pet treats, and Hostess snack cakes. Smucker also noted it would raise prices as tariffs weigh on its coffee business. J.M. Smucker stock fell over 7% following the company's quarterly results. Economic data: NFIB small business optimism (May) Earnings: Academy Sports and Outdoors (ASO), Dave & Buster's (PLAY), GameStop (GME), The J.M. Smucker Company (SJM), Stitch Fix (SFIX) Here are some of the biggest stories you may have missed overnight and early this morning: The labor market is creating new jobs — but maybe not yours Trump says China 'not easy' as trade talks to continue Tuesday IBM takes a big step toward useful quantum computing China stocks drop suddenly in wait for trade talks Big Tech is driving bullish flows in US stocks: Citi Nvidia, HPE to build new supercomputer in Germany Reddit vs. Anthropic: The AI scraping war is heating up again Wary Wall Street positioning leaves room for S&P 500 to rally Here are some top stocks trending on Yahoo Finance in premarket trading: Tesla, Inc. (TSLA) stock rose 2% before the bell on Tuesday, after being hit with 2 downgrades on Monday due to the fallout from CEO Elon Musk and President Trump's dustup. Tesla's robotaxi test is set to take place on June 12 in Austin, Texas. McDonald's (MCD) shares fell over 1% in premarket trading today after analysts at Morgan Stanley downgraded the fast food company on Monday to a Hold from a Buy. Morgan Stanley also cut its price target to $324 from $329. Bloomberg reports: US technology heavyweights have attracted a flurry of bullish bets as optimism around the economic outlook overshadows trade concerns, according to Citigroup Inc. (C) strategists. Long positions in the technology-heavy Nasdaq 100 (^NDX) increased by more than in the S&P 500 (^GSPC) last week, the team led by Chris Montagu wrote in a note. Exposure has been mainly driven by new bullish bets, while short bets steadily declined across indexes, they said. Read more here. Chinese stocks fell on Tuesday ahead of the second day of trade negotiations between the US and China. Investors are cautious as the two biggest economies seek to resolve some contentious issues. Bloomberg News reports: Read more here. When President Trump set off a global stock market slump in April with his package of sweeping new tariffs, small investors across Asia rushed to the US stock market to buy the dip. Now they're backing away, data for May shows. Bloomberg reports: Read more here. Apple (AAPL) is holding its highly anticipated annual developers' conference. Yahoo Finance's Daniel Howley reports from Silicon Valley: Apple on Monday announced sweeping changes to its product ecosystems, including a wide-ranging revamp of its iOS operating system for its iPhones, as well as the software that powers its iPads and Macs. The updates, which the company debuted as part of its WWDC developer event held at its headquarters in Cupertino, Calif., mark the biggest shift in Apple's software design in years. Still, the improvements were light on new AI capabilities at a time when Wall Street is looking for Apple to prove it can compete in the space. ... While Apple showed off a handful of new features for its Apple Intelligence platform, it's unlikely to quell fears that the company is falling behind the likes of Microsoft and Google in the rapidly evolving space. Read more on Apple's announcements here. US stocks extended their climb on Tuesday, fueled by growing optimism over the US-China trade relationship. The Dow Jones Industrial Average (^DJI) finished the day up around 0.2%, while the S&P 500 (^GSPC) rose about 0.5%. The tech-heavy Nasdaq Composite (^IXIC) climbed roughy 0.6%. Both the S&P 500 and Nasdaq are now nearing their all-time closing highs. The rally has been underpinned by resilient corporate earnings, improved economic growth projections, and renewed hopes for progress on trade and tariff negotiations. Casey's (CASY) stock hit an all-time high on Tuesday after the company beat on both the top and bottom lines in its fiscal fourth quarter. Adjusted earnings grew 12.4% from a year ago to $2.63, alongside net sales growth of 11% to $3.99 billion. Same-store sales grew 1.7%, driven by its prepared food business, non-alcoholic beverages, and general merchandise. CEO Darren Rebelez told Yahoo Finance the pizza and convenience store chain is seeing growth across all income cohorts and has executed against three drivers: store growth, and efficiency, and its prepared foods business (including its "crown jewel" pizza business). "We know we have a ton of white space to grow this brand," Rebelez told Yahoo Finance. The company plans to open 80 stores in fiscal 2026 through M&A and new store construction. Casey's is gaining momentum, much like Dollar General (DG), Dollar Tree (DLTR), and Walmart (WMT), as shoppers fixate on value. Rebelez said that consumers are choosing Casey's over quick-service restaurants and pizza chains like Pizza Hut, Papa John's (PZZA), and Domino's (DPZ). He added that low-income shoppers are making "different" purchase decisions, but they are still spending. "People come in, they see the candy price, and then they go over to our bakery, where we have cookies and brownies and other sweet treats that are far more affordable," he said. The 12% spike in Casey's stock in midday trading Tuesday marked its biggest jump in about a year. Shares are up nearly 24% this year. The Federal Reserve received one positive data point on the inflation front ahead of Wednesday's Consumer Price Index release. Well, at least on the surface. On Monday, the New York Fed's May 2025 Survey of Consumer Expectations showed inflation expectations for the next year, three years and five years all fell. Federal Reserve chair Jerome Powell frequently references surveys like this one when noting that "well-anchored" inflation expectations are key to reaching the eventual 2% inflation target. The economic theory is that if consumers expect prices to increase significantly over the next few years, they will simply pay higher prices for goods, which in turn won't force businesses to lower prices. BNP Pairbas chief US economist James Egelhof, who worked at the New York Fed for roughly a decade, said during a media roundtable on Tuesday that the recent decline in price increase expectations doesn't mean expectations are well anchored. Instead Egelhof noted the recent gyrations in the data that are shown in our Chart of the Day are a potential point of concern. "This volatility, which appears to follow political headlines, suggest that consumers are basing their inflation views based on political views and not on based on the FOMC's 2% inflation target," Egelhof said. "That is a problem for the Fed in it of itself." Boeing (BA) stock erased gains of as much as 2% on Tuesday, despite booking 303 new orders in May, the most since December 2023. The aerospace giant said it delivered more than 45 jets last month, nearly double from last year. The data comes ahead of the Paris Air Show due to start next Monday. Boeing shares have soared 25% this year as its orders have mounted, including recent deals with customers in the UK and Qatar. Disney (DIS) Disney was the No. 1 trending ticker on Yahoo Finance on Tuesday. Shares of the media and entertainment giant jumped 2% on the heels of peer Warner Bros. Discovery's (WBD) announcement to split into two independent, publicly traded companies. As Yahoo Finance's Alexandra Canal reports, Disney has also explored options to divest its linear networks, including ABC, FX, and National Geographic. While CEO Bob Iger has since walked back those comments, analysts say a sale or spin-off could still resurface. IBM (IBM) IBM stock added more than 2% after the cloud, software, and network infrastructure giant announced it is building the world's first large-scale quantum computer, called Starling, capable of operating without errors. IBM shares have been hitting all-time highs recently. On Monday, the company's market cap surpassed $250 billion for the first time ever. J.M. Smucker (SJM) Shares of J.M. Smucker sank on Tuesday after the food producer forecast full-year profit below Wall Street expectations. The company's results underscore a challenging environment for consumer packaged goods as shoppers pull back on spending on items like Jif peanut butter, Milk-Bone pet treats, and Hostess snack cakes. Smucker also noted it would raise prices as tariffs weigh on its coffee business. Stocks gained on Tuesday mid-trading as investors awaited new details on the high-level trade talks between the US and China, sending the S&P 500 (^GSPC) just over 100 points away from its all-time closing high. The broad-based index inched up nearly 0.4%, trading at around 6,027, just about 2% away from its February 19 record close of 6,144.15. The index has rallied more than 20% since hitting its April lows in the aftermath of President Trump's tariff policy unveiling. Trump has since paused and rolled back much of the policy while the US negotiates with individual countries. Gold (GC=F) and silver (SI=F) prices took a breather from their recent rally on Tuesday. Gold retreated less than 0.5% during the session to hover near $3,347 per ounce. Silver hovered near $36 per ounce, its highest level since February 2012. Precious metals have surged higher recently amid uncertainty over President Trump's tariff policy and the continued decline of the US dollar. Bitcoin (BTC-USD) climbed toward new highs on Tuesday, amid a series of tailwinds for the crypto space. The token was trading north of $109,000 each by 8:30 a.m. ET on Tuesday. Bitcoin touched an all-time high just under $112,000 last month. Companies have increasingly been adding bitcoin to their balance sheets in recent months, following in the footsteps of Strategy (MSTR), the largest public corporate holder of the token. "Over time, bitcoin has proven itself to be a better hedge against inflation than many other asset classes, even gold ... adding bitcoin to a corporate treasury seems like a prudent choice," said Elliot Johnson, CEO of the Bitcoin Treasury Corporation. Legislation in Congress that would regulate stablecoins, digital assets backed by the US dollar, has lifted investor optimism over the crypto space. Yahoo Finance's Pras Subramanian reports: Read more here. Stocks edged higher on Tuesday as trade talks between the US and China resumed. The Dow Jones Industrial Average (^DJI) wavered around the flat line. The S&P 500 (^GSPC) rose 0.1%. The tech-heavy Nasdaq Composite (^IXIC) also gained about 0.2%. High-level trade talks in London restarted on Tuesday as investors watched for any signs of progress in the trade negotiations between Washington and Beijing. Meanwhile, bitcoin (BTC-USD) climbed toward new highs on Tuesday, hovering above $109,000 per token. Vaccine stocks were surprisingly resilient after US Health Secretary Robert F. Kennedy Jr. fired all 17 members of the vaccine advisory committee at the Centers for Disease Control and Prevention (CDC) on Monday. Moderna (MRNA) stock fell 0.8% in premarket trading, while shares of Pfizer (PFE) and Merck (MRK) were roughly flat. BioNTech (BNTX) gained 1.4%. The move could create longer lead times for the CDC to review and approve vaccines, and the panel has significant influence over whether insurance companies and Medicaid cover the immunizations. In an op-ed published in the Wall Street Journal on Monday, RFK Jr. stated that he was reconfiguring the panel to restore trust in vaccines. IBM (IBM) stock added 0.8% in premarket trading on Thursday after the company announced it is building the world's first large-scale quantum computer, called Starling, capable of operating without errors. Yahoo Finance's Laura Bratton reports: Read more here. Shares of J.M. Smucker (SJM) are sinking premarket after the food producer forecast full-year profit below Wall Street expectations. Smucker projected adjusted earnings for the year to come in at $9.50 a share, compared to estimates of $10.25, per Bloomberg. It highlights the challenging environment for consumer packaged goods as consumers pull back on spending on items like Jif peanut butter, Milk-Bone pet treats, and Hostess snack cakes. Smucker also noted it would raise prices as tariffs weigh on its coffee business. J.M. Smucker stock fell over 7% following the company's quarterly results. Economic data: NFIB small business optimism (May) Earnings: Academy Sports and Outdoors (ASO), Dave & Buster's (PLAY), GameStop (GME), The J.M. Smucker Company (SJM), Stitch Fix (SFIX) Here are some of the biggest stories you may have missed overnight and early this morning: The labor market is creating new jobs — but maybe not yours Trump says China 'not easy' as trade talks to continue Tuesday IBM takes a big step toward useful quantum computing China stocks drop suddenly in wait for trade talks Big Tech is driving bullish flows in US stocks: Citi Nvidia, HPE to build new supercomputer in Germany Reddit vs. Anthropic: The AI scraping war is heating up again Wary Wall Street positioning leaves room for S&P 500 to rally Here are some top stocks trending on Yahoo Finance in premarket trading: Tesla, Inc. (TSLA) stock rose 2% before the bell on Tuesday, after being hit with 2 downgrades on Monday due to the fallout from CEO Elon Musk and President Trump's dustup. Tesla's robotaxi test is set to take place on June 12 in Austin, Texas. McDonald's (MCD) shares fell over 1% in premarket trading today after analysts at Morgan Stanley downgraded the fast food company on Monday to a Hold from a Buy. Morgan Stanley also cut its price target to $324 from $329. Bloomberg reports: US technology heavyweights have attracted a flurry of bullish bets as optimism around the economic outlook overshadows trade concerns, according to Citigroup Inc. (C) strategists. Long positions in the technology-heavy Nasdaq 100 (^NDX) increased by more than in the S&P 500 (^GSPC) last week, the team led by Chris Montagu wrote in a note. Exposure has been mainly driven by new bullish bets, while short bets steadily declined across indexes, they said. Read more here. Chinese stocks fell on Tuesday ahead of the second day of trade negotiations between the US and China. Investors are cautious as the two biggest economies seek to resolve some contentious issues. Bloomberg News reports: Read more here. When President Trump set off a global stock market slump in April with his package of sweeping new tariffs, small investors across Asia rushed to the US stock market to buy the dip. Now they're backing away, data for May shows. Bloomberg reports: Read more here. Apple (AAPL) is holding its highly anticipated annual developers' conference. Yahoo Finance's Daniel Howley reports from Silicon Valley: Apple on Monday announced sweeping changes to its product ecosystems, including a wide-ranging revamp of its iOS operating system for its iPhones, as well as the software that powers its iPads and Macs. The updates, which the company debuted as part of its WWDC developer event held at its headquarters in Cupertino, Calif., mark the biggest shift in Apple's software design in years. Still, the improvements were light on new AI capabilities at a time when Wall Street is looking for Apple to prove it can compete in the space. ... While Apple showed off a handful of new features for its Apple Intelligence platform, it's unlikely to quell fears that the company is falling behind the likes of Microsoft and Google in the rapidly evolving space. Read more on Apple's announcements here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
UPI
an hour ago
- UPI
Senators propose $15-per-hour federal minimum wage
A proposed federal act would raise the federal minimum wage law to $15 an hour on January 1, two U.S. senators announced on Tuesday. The Service Employee International Union was fighting for that wage in 2021 (pictured). File Photo by Tasos Katopodis/UPI | License Photo June 10 (UPI) -- The federal minimum wage would rise to $15 per hour, with annual cost-of-living increases based on inflation, in a proposed bipartisan measure. Sens. Josh Hawley, R-Mo., and Peter Welch, D-Vt., co-sponsored the bill that they have named the "Higher Wages for American Workers Act" and would increase the federal minimum wage from its current $7.25 per hour for non-exempt workers. "For decades, working Americans have seen their wages flatline," Hawley said on Tuesday in a joint press release with Welch. "One major culprit of this is the failure of the federal minimum wage to keep up with the economic reality facing hardworking Americans every day," Hawley added. Welch said inflation and rising costs are making it too hard for families to afford basic necessities. "We're in the midst of a severe affordability crisis, with families in red and blue states alike struggling to afford necessities like housing and groceries," Welch said. "A stagnant federal minimum wage only adds fuel to the fire," he continued. "Every hardworking American deserves a living wage that helps put a roof over their head and food on the table -- $7.25 an hour doesn't even come close." "Times have changed, and working families deserve a wage that reflects today's financial reality," Welch added. Hawley said the current federal minimum wage is less than what a worker earned in 1940 when adjusted for inflation. If the proposed federal minimum wage increase is passed into law, it would take effect on Jan. 1 and allow cost-of-living increases that match inflation in subsequent years. Many states have respective minimum wage laws that exceed the current and proposed federal minimum wage, but a dozen still were at the federal minimum wage in 2024. Many large employers also have higher minimum wages, including Walmart, which has paid its workers at least $14 an hour and often more since 2023. President Joe Biden in 2021 ordered the federal government to pay contract workers at least $15 an hour. California lawmakers in 2022 raised the state's minimum wage for many fast-food workers to up to $22 an hour.
