Highlights of the activity: departure of Sandberg, job creations

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Longtime Facebook CEO Sheryl Sandberg steps down

SAN FRANCISCO (AP) — Sheryl Sandberg, the second chief executive of Facebook owner Meta, is stepping down, according to a post on her Facebook page Wednesday. Sandberg served as chief operating officer at the social media giant for 14 years. She joined Google in 2008, four years before Facebook went public. Meta did not immediately respond to a message for comment. Sandberg ran Facebook’s advertising business – now Meta – and was responsible for nurturing it from its inception into a more than $100 billion-a-year powerhouse.

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Stocks fall as strong economic data raises rate concerns

NEW YORK (AP) — A rapid jump in Treasury yields rocked Wall Street on Wednesday, weighing on stock indexes at the start of another month in what has been a turbulent year. The S&P 500 fell 0.7% after an early morning gain that quickly faded. Stocks began their slide immediately after the release of several reports on the US economy, including one showing that manufacturing growth was stronger than expected last month. This bolstered investor expectations that the Federal Reserve would continue to aggressively raise interest rates to slow the economy in hopes of bringing inflation under control. Treasury yields rose sharply, pushing the yield on the 10-year note up to 2.92%.

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U.S. job openings decline from record high but still high

WASHINGTON (AP) — Burning demand for American workers cooled off a bit in April, though the number of unfilled jobs remains high and businesses are still desperate to hire more people. Employers announced 11.4 million jobs in late April, the Labor Department said Wednesday, up from nearly 11.9 million in March, the highest level on record for 20 years. At this level, there are almost two job vacancies for every unemployed person. This is a brutal reversal of the historical pattern: before the pandemic, there were always more unemployed people than available jobs.

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Biden cites pressure on families from formula shortages

WASHINGTON (AP) — President Joe Biden acknowledges the pressure placed on families by nationwide infant formula shortages. He meets with manufacturers as his administration tries to remedy the situation by importing foreign supplies and using the Defense Production Act to speed up domestic production. The White House says a third round of overseas shipments of formula will begin next week, from producer Kendamil in Britain. Shipments from Bubs Australia will also be delivered next week. Biden says, “There’s nothing more stressful than feeling like you can’t get what your child needs.” The president says that as a “father and grandfather” he understands how difficult the shortages have been for parents and their children.

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Delta raises second-quarter revenue outlook on significantly higher airfares

Delta Air Lines improves its second-quarter revenue outlook as it expects phenomenal travel demand this summer. The airline said Wednesday it expects second-quarter adjusted revenue to return to 2019 pre-pandemic levels and revenue per seat to be higher than originally expected. CEO Ed Bastian says travelers pay more for any type of seat, from basic to premium. He says average prices this summer will rise by around 30% on average – a jump he says the airline has never seen before. But Delta also faces soaring jet fuel prices and other expenses, mostly labor.

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Growing pressure to remove PFAS from fast food packaging

BOSTON (AP) — Environmental and health groups are pushing dozens of fast food companies, supermarket chains and other outlets to remove PFAS from their packaging. Known as “eternal chemicals” for their persistence in the environment, PFAS have been used for decades to prevent grease, water and other liquids from penetrating through packaging, boxes and bags. . Opponents of the practice argue that PFAS-treated packaging poses a danger to consumers as well as the environment, as the waste ends up in landfill. in compost or incinerated where chemicals can leach into groundwater or soil. They argue that there are safer alternatives.

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Ford CEO sees EV price war as EV costs drop

DETROIT (AP) — Ford’s chief executive says the global auto industry is heading for a huge price war in the coming years as EV costs drop and companies sell electric vehicles at the price. around $25,000. CEO Jim Farley told the Bernstein Strategic Decisions Conference on Wednesday that the $25,000 electric vehicle will democratize electric vehicles. Currently, it costs a lot more to build an EV than one with a gasoline engine. But Farley said big cost reductions are coming with new battery chemistries that use fewer precious metals such as nickel and cobalt. Additionally, he said electric vehicles will take less time and labor to build, which will save more money. Ford also plans to cut distribution and advertising costs.

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Malaysia suspends chicken exports due to rising food prices

KUALA LUMPUR, Malaysia (AP) — Malaysia suspended live chicken exports on Wednesday. The move aims to ensure sufficient supplies for domestic markets, but it causes distress in neighboring Singapore, where chicken rice is a national dish. Malaysia typically exports up to 3.6 million chickens per month. The ban is especially felt in Singapore, which sources one-third of its poultry from Malaysia. Almost all chickens are imported live to Singapore, where they are slaughtered and chilled. Consumers in Singapore rushed to stock up on fresh chicken. Malaysia’s ban comes as countries around the world grapple with soaring food prices, fueled in part by the war in Ukraine.

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The S&P 500 fell 30.92 points, or 0.7%, to 4,101.23. The Dow Jones Industrial Average fell 176.89 points, or 0.5%, to 32,813.23. The Nasdaq lost 86.93 points, or 0.7%, to 11,994.46. The Russell 2000 Small Business Index fell 9.22 points, or 0.5%, to 1,854.82.

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