Live Stock News: S&P, Dow Rise on Jobs Data, Starbucks Appoints New CEO, Oil Ends Losing Week

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Dow, S&P and Nasdaq rise after strong jobs report

All three major averages rose on Friday after the August jobs report showed employers added 315,000 workers while the unemployment rate hit 3.7%. Still, for the week, stocks are heading for losses. On the commodities side, oil gained nearly 3% to $89 a barrel.

Meet Starbucks’ new CEO

Starbucks has announced that it has hired Laxman Narasimhan as its new CEO. He will replace Howard Schultz who returned to the coffee giant following the retirement of Kevin Thompson. Narasimhan will inherit a company that is experiencing a nationwide wave of unionization.

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August’s jobs report was in line with expectations, a signal that the US economy is holding up well while dealing with falling inflation.

Shell CEO Ben van Beurden resigns

Shell chief executive Ben van Beurden will leave next year after leading the British oil and gas multinational since 2014.

Shell has four candidates on a shortlist to replace him, sources told Reuters.

Candidates were narrowed down to Wael Sawan, head of gas and renewables integration at Shell, and Huibert Vigeveno, who heads the company’s downstream refining operations.

Newly appointed chief financial officer Sinead Gorman and upstream head Zoe Yujnovich are also considered possible successors.

Click here for more of the story: Shell CEO Ben van Beurden to step down next year, successors lined up

The August jobs report will be released on Friday

The key economic report of the week, the August jobs report released on Friday morning, should show a strong job market that is beginning to cool down.

Economists expect the Labor Department to say the U.S. economy added 300,000 new nonfarm jobs in August. That’s down from a meteoric gain of 528,000 in July.

“If the consensus among economists is close to correction, the number of jobs added in August will be the lowest in more than a year,” said Mark Hamrick, senior economics analyst at Bankrate.com. “At the same time, the unemployment rate sits at 3.5%, the lowest point since the pandemic, corresponding to a low level for decades.”

The manufacturing sector likely added 20,000 jobs in August, lagging the larger-than-expected increase of 30,000 the previous month.

Expect hourly earnings to rise 0.4% month over month and up 5.3% from a year ago.

Click here for more: Jobs report, Lululemon stock rally and more: Friday’s 5 things to know

California power grid operator urges conservation for third straight day amid ‘worst heat wave’

The California grid operator has issued a statewide call for energy conservation for a third straight day as the state continues to experience record high temperatures.

In the most recent California Independent System Operator (ISO) Flex Alert issued September 2, 2022, ISO called for voluntary conservation of electricity in triple-digit temperatures, including encouraging homeowners to do not use large appliances between 4 p.m. and 9 p.m. alert also urges homeowners not to set their thermostats below 78 degrees.

“Consumer conservation efforts helped keep the power grid stable yesterday, and California’s Independent System Operator (ISO) is calling for additional conservation and preparing for possible emergency actions as the state and much of the western United States are experiencing the worst heat wave so far this summer,” reads an ISO press release.

“Additional calls for conservation are likely over the Labor Day holiday,” he added.

Here’s more on the story: California’s power grid operator calls for restraint amid ‘worst heat wave’ this year

Conservative dating app ‘The Right Stuff’, founded by Trump officials, set to launch

A new dating app called The Right Stuff is due to go live later this month and promises to be an unwoke alternative for conservatives looking to date someone who shares their values.

The Right Stuff was co-founded by former Trump administration officials John McEntee, Daniel Huff and Isaac Stalzer, who discovered from their dating experiences in Washington, DC and New York that it was difficult to find other curators on traditional dating apps.

McEntee says the biggest deciding factor for conservatives and liberals when it comes to dating is whether the other person holds the opposite political affiliation. But all of today’s dating apps are aimed at the left, he says, and many require right-wing users to endorse progressive causes to even sign up.

“Your only options are left wing,” McEntee told FOX Business, referring to the range of dating sites available today. “There’s a climate change label, there’s no Second Amendment label. There’s a feminism label… A BLM label, there’s an LGBTQ label, but there’s no ‘pro-life label.’

For more information on the app, click here: Unwoke dating site, backed by Peter Thiel, launching soon

Stock futures point to gains ahead of August jobs report

US stock futures were trading higher ahead of the most anticipated economic report of the month.

Major futures indices suggest a 0.1% gain when the opening bell rings for the last trading day of the week.

Remember that US stock and bond markets will be closed Monday for Labor Day.

Oil was higher on Friday on bets that OPEC+ will discuss production cuts at a Sept. 5 meeting.

U.S. West Texas Intermediate crude futures were trading around $89.00 a barrel. Brent futures were around $95.00 a barrel.

The key economic report of the week, the August jobs report, should show a strong job market that is starting to cool down.

Economists expect the Labor Department to say the U.S. economy added 300,000 new nonfarm jobs in August. That’s down from a meteoric gain of 528,000 in July.

The unemployment rate should remain at 3.5%.

In Asia, the Nikkei 225 in Tokyo lost less than 0.1%, the Hang Seng in Hong Kong fell 0.7% and the Shanghai Composite Index in China gained 0.1%.

On Wall Street, the benchmark S&P 500 rose 0.3% on Thursday to 3,966.85, rebounding from a four-day streak of declines.

The Dow Jones Industrial Average ended up 0.5% at 31,656.42. The Nasdaq slid 0.3% to 11,785.13 for its fifth daily decline.

Nissan seeks to make $7,500 electric vehicle tax credit more accessible to customers

Nissan Motor Co. is looking to make an aggressive effort to help customers take advantage of a new US law that offers up to $7,500 in tax credits for the purchase of an electric vehicle.

Under the Cut Inflation Act of 2022, which President Joe Biden signed into law last month, a tax credit is made available for qualifying electric vehicles that are assembled in North America.

The Nissan Leaf, the company’s signature electric car, is among those produced by Nissan that qualify under the law, but it must contain a battery made in North America to qualify for the tax credit – a requirement that encourages new change.

Read more about the story here: Nissan seeks to make $7,500 electric vehicle tax credit more available

Gasoline keeps dropping

The average price of a gallon of gasoline slid Friday to $3.809, according to AAA. Thursday’s price was $3,829.

Gas has been falling since hitting a high of $5.016 on June 14.

Diesel’s recent rally came to a halt on Friday, slipping to $5.076 from $5.086 a gallon.

Oil heading for a losing week

Oil benchmarks are on track for a sharp weekly decline as fears of China’s COVID-19 curbs and weak global growth weighed on the market.

Oil was higher on Friday on bets that OPEC+ will discuss production cuts at a Sept. 5 meeting.

U.S. West Texas Intermediate crude futures were trading around $88.00 a barrel. Brent futures were around $94.00 a barrel.

Both benchmark contracts slipped 3% in the previous session to hit two-week lows. Brent was heading for a weekly decline of almost 7% and WTI was on track to drop around 5% for the week.

Cryptocurrency prices for Bitcoin, Ethereum, and Dogecoin were down Friday morning.

Bitcoin was trading around $20,000, having traded lower in six of the past eight days. Bitcoin traded over 6% last week.

The cryptocurrency is down more than 56% since the start of the year.

Ethereum was trading around $1,500. For the week, Ethereum was trading down more than 6%.

Dogecoin was trading at 6 cents and was down more than 9% in the past week.

Amazon plans to appeal unionization decision: ‘We strongly disagree’

The Amazon Labor Union scored a victory on Thursday when a federal labor board hearing officer blocked the e-commerce giant’s attempt to overturn a historic labor victory.

The victory is a relief for the local group of former and current workers who claimed an unexpected victory involving a warehouse in Staten Island, New York.

Amazon filed more than two dozen objections with the National Labor Relations Board shortly after the spring vote, saying the outcome was tainted by organizers and Area 29, the agency’s regional office in Brooklyn that supervised the election.

“While we are still reviewing the decision, we strongly disagree with the finding and intend to appeal,” Amazon spokeswoman Kelly Nantel said in a statement. “As we have shown throughout the hearing with dozens of witnesses and hundreds of pages of documents, the NLRB and ALU improperly influenced the outcome of the election and we do not believe that it represents what the majority of our team wants.”

Click here for more: Amazon loses bid to give up historic union victory

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