Business Highlights: Debate on livestreaming, Twitter spat
Livestreamed carnage: Tech’s hard lessons from mass killings
NEW YORK (AP) — Experts are calling for a broader discussion around livestreams after a white gunman killed 10 Black people at a Buffalo supermarket. The self-described white supremacist mounted a GoPro camera to his helmet to stream his assault live on Twitch, the video game streaming platform. Twitch and other sites like Twitter and Facebook have learned painful lessons from dealing with the violent videos that now often accompany such shootings. Experts are discussing whether livestreams should exist at all, since once such videos go online, they’re almost impossible to erase completely.
Musk wars with Twitter over his buyout deal - on Twitter
SAN FRANCISCO (AP) — Tesla CEO Elon Musk says his deal to buy Twitter can’t “move forward” unless the company shows public proof that less than 5% of the accounts on the platform are fake or spam. Musk made the comment in a reply to another user on Twitter early Tuesday. He spent much of the previous day in a back-and-forth with Twitter CEO Parag Agrawal. Agrawal posted a series of tweets explaining his company’s effort to fight bots and how it has consistently estimated that less than 5% of Twitter accounts are fake.
Powell: Fed to keep hiking rates until it controls inflation
WASHINGTON (AP) — Chair Jerome Powell has underscored the Federal Reserve’s determination to keep raising interest rates until it has brought inflation under control. It’s a high-stakes effort that carries the risk of causing an eventual recession. The Fed’s increases in its benchmark short-term rate typically lead, in turn, to higher borrowing costs for consumers and businesses, including for mortgages, auto loans and credit cards. The economy usually slows as a result. Powell said at a Wall Street Journal conference that the Fed needs to see inflation coming down in a clear and convincing way.
Retail sales rise 0.9% in April as consumers show resilience
WASHINGTON (AP) — U.S. retail sales rose 0.9% in April, a solid increase that underscores Americans’ ability to keep ramping up spending even as inflation persists at nearly a 40-year high. The Commerce Department said Tuesday that the increase was driven by greater sales of cars, electronics, and at restaurants. Even adjusting for inflation, which was 0.3% on a monthly basis in April, sales increased. Gas prices fell slightly last month, restraining inflation, after soaring in March in the aftermath of Russia’s invasion of Ukraine. The report also showed that sales in March were revised much higher, to a gain of 1.4%, from 0.7%.
Walmart Q1 profit dragged down as inflation takes a bite
NEW YORK (AP) — Walmart reported stronger sales for the first quarter, but its profit took a beating as the nation’s largest retailer grappled with surging inflation on food and fuel and higher costs from a snarled global supply chain. The company also on Tuesday cut its full-year earnings forecast, sending shares down more than 8% in morning trading. Walmart reported earnings of $2.05 billion, or adjusted per share earnings of $1.30. That’s still far short of the per-share earnings of $1.48 that Wall Street had expected.
Markets shake off doldrums as traders get back to buying
NEW YORK (AP) — Stocks rose steadily throughout the day and ended Tuesday with broad gains as traders got back to buying again after a mostly miserable few weeks on Wall Street. Tech giants like Apple and Microsoft were among the biggest winners, and video game maker Take-Two Interactive jumped after forecasting better results than analysts were expecting. Paramount soared after Warren Buffett’s Berkshire Hathaway disclosed a new stake in the media company. The S&P 500 rose 2% and the tech-heavy Nasdaq added 2.8%. Small-company stocks rose more than the rest of the market, a signal investors are feeling bullish on the economy. Treasury yields rose.
Nearly 43,000 people died on US roads last year, agency says
DETROIT (AP) — Nearly 43,000 people were killed on U.S. roads last year. That’s the highest number in 16 years as Americans returned to the highways after the pandemic forced many to stay at home. Traffic deaths rose 10.5% over 2020, the largest percentage increase since the National Highway Traffic Safety Administration began its fatality data collection in 1975. Preliminary figures from the agency show that 42,915 people died in traffic crashes last year, up from 38,824 in 2020. Final figures will be released in the fall. Americans drove about 325 billion more miles last year than they did in 2020. That’s an 11.2% jump that contributed to the rise in deaths.
Argo touts driverless operations in Miami and Austin, Texas
NEW YORK (AP) — An autonomous vehicle technology company that partners with Ford and Volkswagen says it has started driverless operations in two of eight cities where it is developing its technology. Pittsburgh-based Argo AI has pulled drivers from its autonomous cars in Miami and Austin, though it is still in the testing phase. Its commercial partnerships with Walmart and Lyft still have backup drivers in both cities. General Motors and its autonomous vehicle subsidiary Cruise is running in San Francisco and Alphabet’s Waymo has also gone driverless in Arizona and California. San Diego company TuSimple completed an 80-mile route in Arizona late last year without human intervention.
The S&P 500 jumped 80.84 points, or 2%, to 4,088.85. The Dow Jones Industrial Average rose 431.17 points, or 1.3%, to 32,654.59. The Nasdaq gained 321.73 points, or 2.8%, to 11,984.52. The Russell 2000 index of smaller companies added 56.87 points, or 3.2%, to 1,840.30.