AP Business Digest
Here are the AP's top business stories that have moved or are planned to move today. All times U.S. Eastern. For up-to-the minute information on AP's coverage, visit AP Newsroom's Coverage Plan.
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UPCOMING
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MORTGAGE RATES
DESCRIPTION: Freddie Mac reports on this week's average U.S. mortgage rates. By Alex Veiga. UPCOMING: 250 words after noon release.
UPCOMING: By 06/05/2025 12:00 p.m. EDT, Photo, Text
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NEW AND DEVELOPING
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FINANCIAL MARKETS
Wall Street is on hold as the countdown ticks toward Friday's jobs report
SUMMARY: Wall Street remains listless, as the countdown ticks toward Friday's highly anticipated jobs report. The S&P 500 fell 0.2% Thursday. The Dow Jones Industrial Average lost 117 points, and the Nasdaq composite fell 0.2%. After sprinting through May and rallying within a couple good days' worth of gains of its all-time high, Wall Street has lost momentum as financial markets wait for the next big trigger to move, up or down. Treasury yields eased in the bond market but held steadier than they did a day before, when they tumbled following a couple of weaker-than-expected reports on the U.S. economy.
WORDS: 881 - MOVED: 06/05/2025 10:28 a.m. EDT
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US--SUPREME COURT-CATHOLIC CHARITES
Supreme Court sides with Catholic Charities in religious-rights case over unemployment taxes
SUMMARY: The Supreme Court says a Catholic charity in Wisconsin doesn't have to pay unemployment taxes in one of a set of religious-rights cases the justices are considering this term. The unanimous Thursday ruling comes in a case filed by the Catholic Charities Bureau. The organization says the state violated the First Amendment's religious freedom guarantee when it required the organization to pay the tax while exempting other faith groups. Wisconsin argues the organization doesn't qualify for an exemption because its day-to-day work doesn't involve religious teachings. Also this term, the court deadlocked on public funding for religious schools and is still weighing a case over religious objections to books in schools.
WORDS: 306 - MOVED: 06/05/2025 10:28 a.m. EDT
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US--SUPREME COURT-GUNS-MEXICO
Supreme Court blocks Mexico's $10B lawsuit alleging US gunmakers have fueled cartel violence
SUMMARY: The U.S. Supreme Court is tossing out a $10 billion lawsuit Mexico filed against top firearm manufacturers alleging the companies have fueled cartel gun violence. U.S. laws largely shield gunmakers from lawsuits. But a lower court in Boston had let the case go forward under an exception for situations in which the companies are accused of violating the law. The exception has been used in other lawsuits, including a landmark case over the 2012 Newtown, Connecticut, elementary school massacre. Mexico has strict gun laws, but thousands of guns are smuggled in by the country's powerful drug cartels every year.
WORDS: 407 - MOVED: 06/05/2025 10:26 a.m. EDT
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EU--EUROPE-ECONOMY
ECB cuts benchmark interest rate by quarter point as Trump tariffs threaten economy
SUMMARY: The European Central Bank is cutting its benchmark interest rate for an eighth time, aiming to support businesses and consumers with more affordable borrowing as U.S. President Donald Trump's trade war threatens to slow already tepid growth. The bank's rate-setting council cut interest rates by a quarter of a point Thursday at the bank's skyscraper headquarters in Frankfurt. Analysts expected a cut, given the gloomier outlook for growth since Trump announced a slew of new tariffs April 2.
WORDS: 627 - MOVED: 06/05/2025 10:12 a.m. EDT
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US--SUPREME COURT-DISCRIMINATION-LAWSUIT
Supreme Court makes it easier to claim 'reverse discrimination' in employment, in a case from Ohio
SUMMARY: A unanimous Supreme Court has made it easier to bring lawsuits over so-called reverse discrimination, siding with an Ohio woman who claims she didn't get a job and then was demoted because she is straight. The justices' decision Thursday affects lawsuits in 20 states and the District of Columbia where, until now, courts had set a higher bar when members of a majority group, including those who are white and heterosexual, sue for discrimination under federal law. The court ruled in an appeal from Marlean Ames, who has worked for the Ohio Department of Youth Services for more than 20 years.
WORDS: 223 - MOVED: 06/05/2025 10:10 a.m. EDT
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SCI--JAPAN-MOON LANDING
Private Japanese lunar lander heads toward a touchdown in the moon's far north
SUMMARY: A private lunar lander from Japan is closing in on the moon, aiming for a touchdown in the unexplored far north. Friday's planned moon landing by the company ispace is the latest entry in the rapidly expanding commercial lunar rush. The encore comes two years after the company's first moonshot ended in a crash landing, Launched in January, the Resilience lander holds a 11-pound rover with a shovel and a Swedish artist's toy-size red house that will be dropped onto the dusty surface. The moon became a target of private outfits in 2019, with more flops than wins along the way.
WORDS: 743 - MOVED: 06/05/2025 9:53 a.m. EDT
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US--PROCTER GAMBLE-JOB CUTS
Pampers maker Procter & Gamble to cut up to 7,000 jobs as companies are buffeted by higher costs
SUMMARY: Procter & Gamble will cut up to 7,000 jobs, or approximately 6% of its global workforce, over the next two years as the maker of Tide detergent and Pampers diapers implements a restructuring program amid an environment dealing with trade wars and customers anxious about the economy. The job cuts, announced at the Deutsche Bank Consumer Conference in Paris on Thursday, make up about 15% of its current nonmanufacturing workforce, said Chief Financial Officer Andre Schulten. The cuts are part of a broader restructuring program. Procter & Gamble will also end sales of some of its products in certain markets. Procter & Gamble said it will provide more details about that in July.
WORDS: 478 - MOVED: 06/05/2025 9:46 a.m. EDT
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NINTENDO SWITCH 2
Eager fans endure long lines for the Nintendo Switch 2 launch
SUMMARY: Eager customers have lined up outside electronics stores hours in advance in Tokyo to collect Nintendo's much-anticipated Switch 2 video game consoles. The Switch 2 is an upgrade to its eight-year-old predecessor, with new social features meant to draw players into online gaming. The new consoles were sold through a competitive lottery system that Nintendo said got about 2.2 million applications in Japan alone. Outside the official draw, some retailers offered their own lottery to pre-order the devices. The new console comes with a larger and higher resolution screen than its predecessor, with improved processing power, offering smoother and more vivid graphics.
WORDS: 543 - MOVED: 06/05/2025 9:42 a.m. EDT
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ENT--TV-POWER MOVES
Shaq and Iverson team up to revive Reebok from obscurity in the Netflix docuseries 'Power Moves'
SUMMARY: Shaquille O'Neal and Allen Iverson once clashed on the court in the 2001 NBA Finals, but now the basketball legends are joining forces to revive the Reebok brand they helped make iconic. In the Netflix docuseries, "Power Moves," premiering this week, the Hall of Famers swap jerseys for executive titles with O'Neal stepping in as president of Reebok Basketball while Iverson takes on the role as vice president. The six-episode series offers a behind-the-scenes look at their mission to spark a cultural resurgence for the classic sneaker company. The series dives into Reebok's strategy for staying relevant, including signing rising stars like WNBA phenom Angel Reese.
WORDS: 812 - MOVED: 06/05/2025 9:30 a.m. EDT
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US--TRUMP-CHINA
Trump speaks with Xi amid stalled talks between the US and China over tariffs
SUMMARY: President Donald Trump and Chinese counterpart Xi Jinping have spoken amid stalled negotiations between their countries over tariffs that have roiled global trade. The Chinese foreign ministry says Trump initiated the call. The White House hasn't commented. The discussion Thursday followed Trump suggesting it was tough to reach a deal with Xi. Trump posted Wednesday on social media he likes Xi but Xi "is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!" Trade negotiations between the United States and China stalled shortly after a May 12 agreement between both countries to reduce their tariff rates to have talks. Behind the gridlock has been the continued competition for an economic edge.
WORDS: 457 - MOVED: 06/05/2025 9:23 a.m. EDT
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US--CIRCLE IPO-NYSE
Stablecoin bigwig Circle set to make its debut on the New York Stock Exchange
SUMMARY: Crypto enthusiasts will be watching the stock market Thursday as the U.S.-based issuer of one of most popular cryptocurrencies makes its debut on the New York Stock Exchange. Circle Internet Group issues USDC, a stablecoin that can be traded at a one-to-one ratio for U.S. dollars, and EURC, which can similarly be traded for euros. Stablecoins are a fast-growing corner of the cryptocurrency industry that offer a buffer against volatility because they are pegged to real-world assets, like U.S. dollars or gold. Interest in Circle's initial public offering is high. The company's underwriters priced the offering at $31 per share Wednesday, up from an expected price of $27 to $28.
WORDS: 384 - MOVED: 06/05/2025 9:11 a.m. EDT
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CLIMATE-EPA-ROLLBACKS
Trump's EPA targets environmental rules projected to save billions -- and many thousands of lives
SUMMARY: When the head of the Environmental Protection Agency earlier this year announced a massive rollback of environmental regulations, he said it would spark a "Golden Age" for the American economy. But Administrator Lee Zeldin didn't say anything about the devastating consequences to people that would likely result from gutting the rules. An examination by The Associated Press finds that the rules EPA wants to eliminate are projected to save more than 30,000 lives and $275 billion every year. Relaxing the rules would mean millions more tons of pollutants, especially tiny airborne particles that can lodge in lungs and cause myriad health problems. It would also mean higher emissions of the greenhouse gases that are driving Earth's warming to deadlier levels.
WORDS: 2138 - MOVED: 06/05/2025 9:11 a.m. EDT
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CLIMATE-EPA-ROLLBACKS-METHODOLOGY
How AP calculated the costs and death toll of EPA rule rollbacks
SUMMARY: When Environmental Protection Agency Administrator Lee Zeldin proposed rolling back more than two dozen rules aimed at protecting clean air and water, he called it the biggest day for deregulation in American history. The Associated Press set out to examine what might happen if all the rules were eliminated. AP's work included reviewing thousands of pages of regulatory impact analyses that are required before such rules are put in place. The AP also drew on academic studies, independent think tank research and peer-reviewed formulas for calculating death estimates from causes including pollution and excess heat. The work was also reviewed by numerous outside experts.
WORDS: 360 - MOVED: 06/05/2025 9:09 a.m. EDT
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CLIMATE-EPA ROLLBACKS-TAKEAWAYS
Takeaways from AP examination showing benefits, costs of rules Trump EPA wants to change
SUMMARY: When the head of the Environmental Protection Agency earlier this year announced a massive rollback of environmental regulations, he said it would spark a "Golden Age" for the American economy. But Administrator Lee Zeldin didn't say anything about the devastating consequences to people that could result from gutting the rules. An examination by The Associated Press finds that the rules EPA wants to eliminate are projected to save more than 30,000 lives and $275 billion every year. Relaxing the rules would mean more pollutants, especially tiny airborne particles that can lodge in lungs and cause myriad health problems. It would also mean higher emissions of the greenhouse gases that are driving Earth's warming to deadly levels.
WORDS: 732 - MOVED: 06/05/2025 9:05 a.m. EDT
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UNEMPLOYMENT BENEFITS
The number of Americans filing for jobless benefits last week rises to highest level in eight months
SUMMARY: Filings for U.S. unemployment benefits rose to their highest level in eight months last week but remain historically low despite growing uncertainty about how tariffs could impact the broader economy. New applications for jobless benefits rose by 8,000 to 247,000 for the week ending May 31, the Labor Department said Thursday. That's the most since early October. Analysts had forecast 237,000 new applications. Weekly applications for jobless benefits are considered representative of U.S. layoffs. The four-week average of jobless claims, which evens out some of the week-to-week gyrations during more volatile stretches, rose by 4,500 to 235,000, the most since late October.
WORDS: 588 - MOVED: 06/05/2025 8:51 a.m. EDT
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US--EDUCATION-INTERNATIONAL STUDENTS
Trump promised to welcome more foreign students. Now, they feel targeted on all fronts
SUMMARY: Students from around the world say being an international student in American today comes with feelings of fear, anxiety and insecurity that have made them more cautious in their daily lives. To attract the brightest minds to America, President Donald Trump proposed during his campaign he would grant green cards to all foreign students who graduate from U.S. colleges. But that promise never came to pass. International students have found themselves at the center of an escalating campaign to kick them out or keep them from coming as his administration merges a crackdown on immigration with an effort to reshape higher education.
WORDS: 1332 - MOVED: 06/05/2025 12:05 a.m. EDT
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