Ford electrified its sales in May and 7 more corporate news
Ford (F -1.31%) electrified its sales in May with an increase of 11.2% compared to the same period last year. Spotify raises the price Tesla announced that it would increase the purchase of Nvidia's flagship AI chip from 35,000 to 85,000 by the end of this year.
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Yesterday, US stocks moved back and forth between negative and positive territory as investors look for signs of cracks in the economy.
Poor production data made Wall Street strategists less optimistic about the economy. Yesterday's report on vacancies did not help either.
So what will happen next? No one knows. Fed officials have said that they should not expect major changes too soon as they keep an eye on inflation.
In the latest update, Fed Chair Powell said that the group is not sure when it will take action. The central bank will meet next week, 3rd to discuss.
The number of vacancies fell to its lowest level since February 2021.
The Bureau of Labor Statistics (BLS) reported 8.06 million job openings in April, up from 8.35 million in March.
However, the BLS reported a slight increase in new hires in April to 5.36 million.
A slowing labor market could prompt the Fed to cut interest rates sooner, but it needs more data before making a decision. Busy week: The monthly jobless claims report will be released on Thursday, followed by the May jobs report on Friday.
Company News
Tech
1. Yesterday, Intel (INTC -0.99%) announced new chips during the Computex tech conference in Taiwan.2. Tesla announced that it would increase the purchase of Nvidia's flagship AI chip from 35,000 to 85,000 by the end of this year.
2. Tesla announced that it would increase the purchase of Nvidia's flagship AI chip from 35,000 to 85,000 by the end of this year.
However, Musk instructed Nvidia to prioritize deliveries of processors to X and xAI over Tesla - it will be replenished with Nvidia chips on all fronts.
3. Microsoft and Google have announced plans to cut hundreds of employees from their cloud businesses.4. Spotify raises the price for the second time in 1 year.
Operating results
1. Hewlett Packard Enterprise shares jumped 8% as revenue jumped 3% in fiscal Q2.2.
2. Ford (F -1.31%) electrified its sales in May with an increase of 11.2% compared to the same period last year.
The numbers were boosted by a 65% increase in purchases of electric vehicles and hybrid models. It also saw a 100% increase in sales of the F-150 Lightning.
But that doesn't mean electric vehicles are still good business for Ford. During its quarterly report in April, Ford said it lost $1.32 billion from its electric division in the first quarter.
That's over $100,000 in loss for every electric vehicle sold!
Ford said it will slow down the production of its EV models in favor of hybrid models.
3. Bath & Body Works (BBWI -12.95%) was the worst performer in the S&P 500 on disappointing forecasts.
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