BUSINESS HEADLINES

As US stock market hits new highs, 2 of 3 Americans are cutting back on spending, survey shows

WASHINGTON (AP) — U.S. consumer confidence declined slightly this month as gas prices stayed high and inflation remained elevated, a sharp contrast to soaring stock prices that have neared record levels. The Conference Board’s consumer confidence index on Tuesday slipped 0.7 points to 93.1 in May, the first decline after three months of gains. Americans have soured on President Trump’s economic policies, polls show, potentially creating problems for Republicans heading into the midterm elections. Gas prices have soared to a nationwide average of $4.49 a gallon from $2.98 just before the war began at the end of February, and have been at or above $4.50 a gallon for nearly all of May.

PayPal’s online checkout empire is under siege as rivals squeeze its core business

NEW YORK (AP) — PayPal, a pioneer in online payments, is facing significant challenges nearly three decades after its inception. The company is struggling to maintain its dominance amid fierce competition from Apple, Shopify, and buy now, pay later services like Affirm and Klarna. PayPal’s stock has plummeted nearly 40% in the past 12 months and about 80% over five years. Recently, the company replaced its CEO and reorganized into three business units. Analysts express concern that PayPal missed opportunities to leverage its brand, allowing competitors to gain market share. The company plans to update investors on its turnaround strategy soon.

Massachusetts Uber, Lyft drivers certify first statewide ride-hailing union amid automation fears

BOSTON (AP) — Drivers in Massachusetts for ride-hailing apps such as Uber and Lyft have become the first in the nation to certify a union. The move is a milestone in the growing effort to organize gig-economy workers. Labor leaders described the victory as the largest private-sector organizing win since Ford autoworkers unionized in 1941. Drivers say rising gas, insurance and maintenance costs, along with sudden app deactivations, have left many struggling financially. Organizers also say the effort comes as workers worry about the expansion of self-driving vehicle technology. The victory could become a model for similar organizing campaigns gaining traction in states including California and Illinois.

Democrats feud over stock trading as they sharpen anti-corruption case against Trump

DALLAS (AP) — Democrats are increasingly critiquing each other over their personal stock trades as the party looks to hone its anti-corruption message against President Donald Trump in the midterm elections. In primary races across the country, Democrats are critiquing individual stock trades and the personal wealth of their rivals in a bid to build credibility with voters. Polls show the public takes a dim view of insider trading in Washington and supports more guardrails against corruption. The debates have scrambled ideological lines inside the party, with some more moderate lawmakers attacking progressive rivals over past stock trades. Progressives express skepticism that Democrats who have recently highlighted the issue are offering genuine critiques about money in politics.

Ferrari’s first electric vehicle met with market skepticism

Ferrari on Tuesday presented its first-ever fully electric car to Italy’s President and Pope Leo XIV, as the rollout received a mixed response from auto critics and the markets. The Italian automaker’s all-new Luce EV was unveiled this week at a time when other luxury competitors dial back ambitious electrification plans amid waning demand in some markets around the world. The Luce offers 1,000 horsepower, can hit 100 kilometers per hour in 2.5 seconds and has a range of more than 530 kilometers. It also has four electric motors — one for each wheel.

Oil giant BP ousts new chairman over ‘conduct’ and shares slide

BP has ousted its chairman over what it called serious concerns related to “important governance standards, oversight and conduct.” The departure was abrupt and unexpected, with Albert Manifold having been appointed to the position just last year. BP’s board named board member Ian Tyler as interim chair on Tuesday, effective immediately. The company said that it will begin the process of finding a permanent chair. Manifold became chair in October. He succeeded Helge Lund. Manifold served as CEO of CRH plc from January 2014 until December 2024. BP, based in London, is a “supermajor,” one of the five largest oil production and exploration companies in the world by when measured by revenue and profit.

Another surge for Micron, Wall Street’s latest $1 trillion company, sends US stocks to records

NEW YORK (AP) — The U.S. stock market rose to records as it caught up with climbs for others around the world from the day before, when President Donald Trump said negotiations were “proceeding nicely” with Iran on ending their war. The S&P 500 climbed 0.6% Tuesday after trading resumed following Monday’s holiday and set an all-time high. The Nasdaq composite rallied 1.2% to set its own record, while the Dow Jones Industrial Average dipped 0.2% from its all-time high. Micron Technology led the way, and its stock has more than tripled so far this year. Treasury yields eased in the bond market.

Congressional Black Caucus presses companies in the US to oppose Republican redistricting push

WASHINGTON (AP) — The Congressional Black Caucus is calling on major corporations in the United States to oppose redistricting efforts by Republican-led states that seek to eliminate majority-Black U.S. House districts. In a letter sent Tuesday to more than 250 companies, members of the Black Caucus urge them to condemn the redistricting efforts, which the lawmakers call attempts “to silence Black voices at the ballot box.” Several states have moved to eliminate congressional districts represented by Black Democratic lawmakers after a Supreme Court ruling last month severely weakened a key provision of the Voting Rights Act. President Donald Trump launched the redistricting campaign when he pushed Texas lawmakers to redraw their maps to add Republican seats.

Is your cautious retirement spending doing more harm than good?

When we were children, it was common to be afraid of the boogeyman. As we age, the boogeyman gets replaced with a new fear: running out of money in retirement. This concern is understandable given so many Americans are now responsible for not only building their retirement savings but also deciding how much they should pay themselves annually in retirement. It’s a problem many don’t feel adequately prepared to solve, especially when failure means a funding shortfall at the end of life. To engage with more complex ways of determining their retirement income, many retirees may need the motivation of personal goals. When you’re working, goals help motivate you to save. In retirement, your goals can help motivate you to spend.