Stocks struggle after ADP job growth fails, layoffs announcements
US stocks struggled to find direction as investors digested the ADP monthly jobs report that fell short of estimates. Additionally, Bed Bath & Beyond and Snap are cutting workers. In commodities, oil is down more than 1% to the $90 per barrel level.
For the month that wraps up today, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite are all taking losses.
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Returns data for ADP functions
The ADP’s popular monthly employment report, often seen as a precursor to Labor Department data, is back after a summer stint.
The report, which includes new metrics including average annual wage growth, fell short of expectations.
Bed Bath & Beyond tank stock
Bed Bath & Beyond said in a regulatory filing on Wednesday that the retailer could offer shares of its common stock, sending the stock down as much as 20% in pre-market trading.
The size of the potential share offering was not disclosed.
This news comes shortly before the company is expected to explain its turnaround plans on Wednesday.
Known for providing many shoppers with 20% off coupons, Bed Bath & Beyond has overhauled its products in recent years to focus on private label or private label products, including Our Table-branded cookware. But the retailer’s strategy failed. Sales fell 25%, losing $358 million in the first quarter ended May 28.
Read the full story: Bed Bath & Beyond reveals stock offering plan ahead of strategy update
Bath Beyond Bed, Inc.
House committee urges regulatory oversight and consumer protection for cryptocurrency purchases
Lawmakers on Capitol Hill are looking into what is being done to prevent cryptocurrency fraud.
A House oversight subcommittee has asked regulators and industry leaders to explain what they are doing to stop this as well as other fraud against consumers.
The issue was brought up by Illinois Rep. Raja Krishnamurthy, chair of the Economics and Consumer Policy Subcommittee.
He asked the leaders of the Treasury, the Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Federal Trade Commission for more information about the steps they are taking to curb consumer abuse associated with cryptocurrencies.
In March, President Biden issued an executive order calling on several agencies to consider ways to regulate digital assets and giving them 180 days to do so.
To learn more about the story, click here: Cryptocurrency Fraud Prevention: The House Committee calls on regulators to explain how they are protecting consumers
The national average price for gas fell slightly to $3.84 per gallon
The national average price for a gallon of regular gas remains at $3.84, less than a penny from yesterday’s price, according to data from the Oil Price Information Service (OPIS).
Regular gas is down four cents from last week and about 40 cents from last month.
Regular, Mid-grade, and Premium all saw a slight decrease from Tuesday while diesel gas saw an increase of 1 cent.
Current average price for gas: $3.84 a regular gallon; $4.27 per gallon for medium grade; $4.58 per gallon for premium; and $5.08 for a diesel.
Hawaii and California have the most expensive average prices at $5.30 and $5.26, respectively, while Arkansas ($3.34), Mississippi ($3.36) and Texas ($3.36) remain the lowest.
Cryptocurrency prices for Bitcoin, Ethereum and Dogecoin soared Wednesday morning
Bitcoin is trading around $20,000, after trading down in five of the past six days. Bitcoin is down more than 7% in the past week.
For the month, the cryptocurrency is down 16%. Year-to-date, the price of Bitcoin is down more than 56%.
Ethereum is trading around $1,500 and has been trading down more than 8% in the past week. Dogecoin is trading at 6 cents after falling more than 10% in the past week.
New Royal Caribbean Partnership Opens SpaceX To Remote Work On Cruise Ships
Royal Caribbean Group will now allow those who work remotely to take their work aboard cruise ships as they have adopted SpaceX’s Starlink internet technology, a first in the cruise industry.
The group said in a statement on Tuesday that the “high-speed, low-latency connectivity” would allow “a better in-flight experience for guests and crew around the world.”
“Our goal as a company is to responsibly deliver the best holiday experiences to our guests, and this new offering, the largest public deployment of high-speed Internet from Starlink in the travel industry to date, demonstrates our commitment to that purpose,” said Jason Liberty, President and CEO of Royal Caribbean Group.
He added: “This technology will provide a game-changing internet connection on board our ships, enhancing the cruise experience for guests and crew alike. It will improve and enable more high-bandwidth activities such as video streaming as well as activities such as video calling. Using Starlink is another example. on our continued focus on innovation and excellence for our guests, crew, the communities we visit and our shareholders.”
Read more about the story: Royal Caribbean’s new partnership with SpaceX’s Starlink unlocks the possibility of remote work on cruise ships
Beauty retailers see opportunity as Americans return to their desks
Inflation is eating away at Americans’ salaries and forcing them to trade for their dollars, but strong demand for beauty products shows consumers are still spending on their looks.
As sales rise, companies compete for positions, and an increasing number are tempted to the beauty space to get a part of the action.
Unlike other retail categories, such as grocery stores, where customers are increasingly turning off brands as their budgets shrink, some beauty companies say they haven’t noticed any change in consumer activity.
A slew of companies across the industry showed strong results last quarter, with Ulta Beauty reporting a 16.8% year-over-year increase in net sales to $2.3 billion. Cosmetics brand elf Beauty posted a 26% increase to $122.6 million.
Read more about the story by clicking here: Strong demand for beauty products sparks a scramble for market share
Snap set to start layoffs Wednesday: Report
It is reported that Snap, Inc. It plans to hire roughly 20% of its workforce as of Wednesday after reports earlier this month that parent company Snapchat was preparing to cut jobs.
The upcoming layoff report comes after Snap CEO Evan Spiegel told employees in the spring that the company would slow hiring for this year.
The company’s stock is down about 80% this year.
To learn more about the story, click here: Snap to lay off 20% of its workforce: Report
Oil workers say Biden’s student loans are ‘another slap in the face’
exclusive: Americans working in the American oil industry have sharply criticized President Biden’s $500 billion student loan grant, calling it the latest attack on them by the administration.
The oil workers argued that it was unfair to them and other working-class taxpayers to fund this aid, which would likely benefit Americans who are on the right track to earn hundreds of thousands of dollars soon.
“It’s another slap in the face for this administration,” Matt Cody, president and founder of the Oil and Gas Workers’ Association (OGWA), told FOX Business in an interview.
Click here for more on the story: Oil Workers Criticize Biden Student Loan Bulletin: ‘Trying to Buy Votes’