The Week's Top Stories is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.
SHORT MARKET WEEK
Stocks ended down for the most part this holiday-shortened week, despite an uptick on Thursday and data showing the labor market somewhat cooling (which could encourage the Fed not to continue raising interest rates at a fast clip). The S&P fell 0.1 percent, the Nasdaq dropped 1.1 percent, while the Dow Jones ended up slightly with 0.6 percent. On Good Friday, while U.S. stock markets were closed, the bond market saw a jump following the anticipated March jobs report from the Labor Department which also indicated a slowdown in employment.
GOOGLE RALLIES
Shares of Google popped after the company announced that it planned to integrate conversational artificial intelligence (AI) features into its flagship search engine. CEO Sundar Pichai said the technology should make Google answer queries faster. He also noted that Google also plans to eventually add AI features to its work-related products such as Gmail. In addition, the company earlier in the week said it's making cuts to employee services such as office equipment, like laptops and staplers, and employee benefits, like fitness classes. The stock was up about 5 percent for the week.
FEDEX GETS A BOOST
FedEx's stock got a bump this week following the announcement of a $4 billion cost-cutting plan. The so-called DRIVE program will restructure the company by combining its division to operate as a full air-ground service provider. It will also implement a number of other efficiencies designed to create $2 billion of savings. The stock was up around 2 percent for the week.
WWE HYPED
World Wrestling Entertainment stock soared this week to its highest price in about four years following news it would be merging with Ultimate Fighting Championship's parent company. "Together, we will be a $21+ billion live sports and entertainment powerhouse with a collective fanbase of more than a billion people and an exciting growth opportunity,” said Vince McMahon, executive chairman of WWE, in a statement. The professional wrestling giant saw its share price surge 15 percent during the shortened trading week. Ari Emanuel, CEO of UFC parent company Endeavor Group Holdings, will be the chief executive for the newly merged company, while McMahon will stay on in his role as WWE executive chairman, and the presidents of WWE and UFC, Nick Khan and Dana White respectively, will continue on as well.
BiggerPockets Money podcast is now available on Cheddar Wednesdays at 10am ET! Mindy Jensen shares how her podcast is helping people gain financial freedom.
The social video platform's future remains in doubt, as players scramble to profit from the chaos. Plus: Big oil gets bigger, DOGE downsizes, and tariffs!
Ty Young, CEO of Ty J. Young Wealth Management, joins Cheddar to discuss Trump's moves as he returns to Washington D.C. and how it may affect the U.S. economy.
Starbucks’ decision to restrict its restrooms to paying customers has flushed out a wider problem: a patchwork of restroom use policies that varies by state and city. Starbucks announced last week a new code of conduct that says people need to make a purchase if they want to hang out or use the restroom. The coffee chain's policy change for bathroom privileges has left Americans confused and divided over who gets to go and when. The American Restroom Association, a public toilet advocacy group, was among the critics. Rules about restroom access in restaurants vary by state, city and county. The National Retail Federation says private businesses have a right to limit restroom use.
President Donald Trump is talking up a joint venture investing up to $500 billion for infrastructure tied to artificial intelligence by a new partnership formed by OpenAI, Oracle and SoftBank. The new entity, Stargate, will start building out data centers and the electricity generation needed for the further development of the fast-evolving AI in Texas, according to the White House. The initial investment is expected to be $100 billion and could reach five times that sum. While Trump has seized on similar announcements to show that his presidency is boosting the economy, there were already expectations of a massive buildout of data centers and electricity plants needed for the development of AI.
Chris Ruder, Spikeball Founder and CEO, explains how he and his friends put roundnet on the global map, plus, how Spikeball helps people "find their circle."
J.W. Roth, CEO of Venu Holding Corporation, discusses the company's IPO and plans to redefine live music entertainment with their fan founded, fan-owned model.
