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.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply. Third-quarter earnings fell to $1.4 billion, from $2.2 billion a year earlier. Excluding charges, per share profit of 50 cents came in below analysts' estimate. Tesla shares fell 3.5% in after-hours trading. Musk said the company's robotaxi service, which is available in Austin, Texas, and San Francisco, will roll out to as many as 10 other metro areas by the end of the year.
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