Calif. lawmakers block bid to make paying for sex with 16- and 17-year-olds a felony
Under current state law, creeps who buy sex from minors under 16 face extra fines, jail time, and either a misdemeanor or felony charge.
A new bill meant to protect sex trafficking victims, AB 379, would have upped that age to 18, but Democratic committee members demanded the clause be cut before they let the bill move forward in the California State Assembly.
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Nick Schultz is chairman of the Assembly Public Safety Committee, which blocked a key piece of AB 379.
Facebook / Nick Schultz
The bill's author, Democrat Maggy Krell, who spent two decades overseeing human trafficking cases for the state, called the move a 'disgrace.'
'I've been doing this for 20 years, and I'm not going to quit now. And I am going to bring this part of this bill back every year until I get the books to protect children. That's what I'm going to do,' she told KCRA 3.
Krell added that she still supports the current version AB 379, which imposes harsher penalties on 'loitering with intent to purchase sex' — i.e., prowling street corners for hookups — and establishes a fund for sex trafficking victims.
Democrat Assemblymember Maggy Krell wrote the bill.
Assemblymember Maggy Krell
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Last year, Republican lawmakers pushed for a similar bill to crack down on Johns prowling for underage streetwalkers. They managed to cut a deal with Democrats to lower the felony age cutoff from 18 to 16.
Democrat Nick Shultz, chairman of the Public Safety Committee, said the watering-down of AB 379 was a direct result of that previous deal.
'My perspective as chair, there was a carefully crafted deal last year,' Shultz told KCRA 3. 'We're not saying 'no,' but what we're saying is, if we're going to be thoughtful policy makers, we really need to dive deep into this issue.'
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Newsweek
30 minutes ago
- Newsweek
Will You Be Better Off Under Trump's Big Beautiful Bill? What to Know
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. After months of debate and political brinkmanship, a massive new Republican-led One Big Beautiful Bill Act is moving closer to becoming law. The sweeping package touches nearly every corner of American life—from taxes and healthcare to student loans and food assistance. The bill continues tax cuts from President Trump's first stint in the White House, funds his border wall plan, and increases defense spending. The associated fiscal impact of this is offset by reducing federal support for key components of the social safety net, including food assistance and health coverage programs. Its scale is matched only by its controversy. Democrats are firmly opposed to it, and numerous groups have warned it could have a devastating impact on America's neediest, as well as increasing the deficit - much to the chagrin of certain fiscal hawks in the GOP as well. Regardless of opinions, the sprawling megabill will impact all Americans. As the House prepares to cast its final vote, here are the most important elements of the bill that may impact your money: Taxes The OBBBA is loaded with new tax legislation, with several new tax breaks on the horizon - as well as some eliminations: State and Local Taxes (SALT) deduction : Expanded to $40,000, up from $10,000, through to 2029. : Expanded to $40,000, up from $10,000, through to 2029. Senior tax break : Those over 65 would receive a $6,000 boost to their standard deduction from 2025 through 2028. : Those over 65 would receive a $6,000 boost to their standard deduction from 2025 through 2028. Overtime income : Allows individuals to deduct up to $12,500 of overtime pay from their taxable income for tax years 2025 through 2028, while couples filing jointly could deduct up to $25,000. : Allows individuals to deduct up to $12,500 of overtime pay from their taxable income for tax years 2025 through 2028, while couples filing jointly could deduct up to $25,000. Tipped income : Allows tipped workers to deduct tip income from their federal taxable income, up to $25,000 annually. A full list of eligible occupations for tip deductions will be released within 90 days of the bill becoming law. : Allows tipped workers to deduct tip income from their federal taxable income, up to $25,000 annually. A full list of eligible occupations for tip deductions will be released within 90 days of the bill becoming law. American-made tax break : If you're buying a new car made in America, you will benefit from an annual $10,000 interest deduction. : If you're buying a new car made in America, you will benefit from an annual $10,000 interest deduction. Electric vehicle tax credits : If you're buying a new electric vehicle however, you will no longer be able to get the current $7,500 deduction. : If you're buying a new electric vehicle however, you will no longer be able to get the current $7,500 deduction. Boosted Child Tax Credit : Families with children will benefit from a $200 boost to the CTC, bringing it to $2,200. However, there is no boost to the $1,600 refundable portion of the credit, which could mean low-earners will not fully benefit compared to higher earners. : Families with children will benefit from a $200 boost to the CTC, bringing it to $2,200. However, there is no boost to the $1,600 refundable portion of the credit, which could mean low-earners will not fully benefit compared to higher earners. Estate taxes: The bill will raise the exemption threshold starting in 2026 to $15 million for individuals and $30 million for married couples—up from the current $13.99 million and $27.98 million. U.S. President Donald Trump stops and talks to the media before he boards Marine One on the South Lawn at the White House on June 15, 2025 in Washington, DC. U.S. President Donald Trump stops and talks to the media before he boards Marine One on the South Lawn at the White House on June 15, 2025 in Washington, DC. Tasos Katopodis/GETTY Healthcare One of the most talked about elements of the bill has been its impact on Medicaid. Here's how it will change: Work requirements: Able-bodied adults ages 19 to 64 enrolled through Medicaid expansion must work, volunteer, attend school, or participate in job training for at least 80 hours per month. Exemption for those with children aged 14 and under. Eligibility and cost changes : Expansion enrollees would undergo more frequent eligibility reviews. Enrollees could be required to pay up to $35 for certain types of care. : Federal funding cuts : States would receive less federal funding for Medicaid. This could lead to states eliminating benefits, tightening enrollment, or making other cost-cutting changes. : Increased administrative burden : Enrollees may face more paperwork and verification requirements, which could make it harder to apply for or maintain coverage. : Food Assistance Supplemental Nutrition Assistance Program (SNAP) benefit recipients will also face a slew of changes: Work requirements : Similar to Medicaid, able-bodied adults ages 19 to 64 must work, volunteer, attend school, or participate in job training for at least 80 hours per month. Again, there is an exemption for those with children aged 14 and under. : Similar to Medicaid, able-bodied adults ages 19 to 64 must work, volunteer, attend school, or participate in job training for at least 80 hours per month. Again, there is an exemption for those with children aged 14 and under. States facing cost share: For the first time, states with high improper payment rates will be required to start paying a share of benefits, up to 15 percent. Many states have warned this is unaffordable, which could lead to states ending their participation in the program entirely. Student Loans There are some big changes coming for student borrowers. Here's the breakdown: Changes to payment plans : Several widely-used repayment plans—the Biden administration's SAVE plan, Income Contingent Repayment, and Pay As You Earn—would be discontinued. They will be replaced by the newly introduced Repayment Assistance Plan (RAP), or the traditional standard repayment option, in July 2026. : Several widely-used repayment plans—the Biden administration's SAVE plan, Income Contingent Repayment, and Pay As You Earn—would be discontinued. They will be replaced by the newly introduced Repayment Assistance Plan (RAP), or the traditional standard repayment option, in July 2026. Graduate PLUS loan program will be no more, also effective July 2026. It currently allows graduate and professional students to borrow up to the full cost of attendance. It will be replaced with a cap of $100,000 for most graduate students and $200,000 for those in medical or law programs. will be no more, also effective July 2026. It currently allows graduate and professional students to borrow up to the full cost of attendance. It will be replaced with a cap of $100,000 for most graduate students and $200,000 for those in medical or law programs. Parent PLUS loans would also face a borrowing limit of $65,000 and would no longer qualify for any income-driven repayment options. would also face a borrowing limit of $65,000 and would no longer qualify for any income-driven repayment options. No more deferment options for those in financial difficulty, although loan rehabilitation for those who are in default will be permitted twice instead of once. Trump Accounts Good news for newborn babies: they'll be getting $1,000 from the federal government. The so-called "Trump Accounts" will see babies born between January 1, 2025, and December 31, 2028 who are U.S. citizens with parents that have Social Security numbers get a one-time government contribution of $1,000 into a dedicated account. The accounts will track a stock index and allow for additional private contributions of up to $5,000 every year. The money unlocks at 18 years of age, and according to PBS, can be spent on higher education expenses, small business or small farm expenses, or put toward purchasing a first home. Other Changes End of the Internal Revenue Service Direct File program : Totally free tax filing direct with the IRS under the Biden-administration's program will end. It was initially piloted in 2024, before being expanded to more than two dozen states in 2025. : Totally free tax filing direct with the IRS under the Biden-administration's program will end. It was initially piloted in 2024, before being expanded to more than two dozen states in 2025. Unemployment payments for millionaires: Federal funds cannot be used for unemployment compensation benefits for millionaires. Will Americans Be Better Off Under Trump's Bill? This depends on your own personal situation. Not all of the measures apply to everyone. For example, if you have student debt, collect SNAP benefits, and are on Medicaid, you may end up worse off under the OBBBA. But if you're a hospitality worker hoping to keep more of your own tips, or a couple about to have their first child, you could find your financial situation looking up. According to analysis by the Yale Budget Lab, this is how the bill will, on average, impact different income brackets, according to the Adjusted Gross Income (AGI): Lowest earners (AGI under $13,350): Average income loss: $600 Change: –2.5 percent Lower earners (AGI between $13,350 and $36,475): Average income loss: $65 Change: –0.2 percent Middle-income earners (AGI between $36,475 and $64,955): Average income gain: $720 Change: +1.4 percent Upper-middle earners (AGI between $64,955 and $120,390): Average income gain: $1,730 Change: +2.0 percent High earners (AGI over $120,390): Average income gain: $6,495 Change: +2.4 percent However, there may be some amendments to come before the House casts its final vote, meaning these estimates could change.
30 minutes ago
Holdouts say Trump promised he'd 'make the bill better' in the future
While there were no changes made to the legislative text of President Donald Trump's megabill after it came back from the Senate, some House Republican holdouts said the president made promises to get their votes. After meeting with House Republicans at the White House on Wednesday and working the phones through the night and into the early morning Thursday, the president addressed members' unease in real-time, Speaker Mike Johnson observed, 'making sure that everyone's concerns are addressed and their questions are answered.' South Carolina Rep. Ralph Norman said Trump provided holdouts 'assurances' that changes would be made to 'getting permits' related to wind and solar tax credits. 'Wind and solar needs to be -- we would have cut those out Day 1. We couldn't do that,' Norman said on CNBC Thursday. 'And, you know, up until late in the night, we were negotiating, you know, things that could change with, you know, the tax credits, which all were put in by Joe Biden, which needed to be extinguished,' Norman said. Norman also signaled that Trump could use executive power to 'make the bill better.' But during negotiations this week, the lawmakers were unable to extract any changes to the bill. Nevertheless, Texas Rep. Chip Roy, an outspoken conservative firebrand who led the public pushback against the bill, argued that the Freedom Caucus 'has successfully delivered substantive wins' -- before adding, 'There may be a few more yet.' 'The real story of the OBBB is reforming Medicaid to require work & to return spending to pre-COVID levels, saving over $1 Trillion,' Roy posted on X. 'A modest but important reform that would not have happened if the @freedomcaucus had not fought for it.' Georgia Rep. Andrew Clyde said he 'fought' to improve the megabill -- hoping to include an amendment to remove taxes on firearms -- that the Senate ultimately stripped out. 'I also had the opportunity to discuss this critical matter directly with President Trump at the White House. I look forward to working with him and his Administration to further restore our 2A rights. Stay tuned,' Clyde said. While the firearms tax remains in the bill, Clyde said he ultimately planned to vote in favor of the package 'because I support fulfilling President Trump's America First agenda and the promises we made to the country.'
Yahoo
43 minutes ago
- Yahoo
Stock market today: S&P 500, Nasdaq climb, set for fresh records after jobs report beat
US stocks popped and aimed for more records on Thursday as investors digested a stronger-than-expected June jobs report that dampened hopes for a Federal Reserve interest-rate cut soon. The S&P 500 (^GSPC) moved up about 0.8%, while the Nasdaq Composite (^IXIC) rose around 1%, after both indices closed at fresh record highs on Wednesday. The Dow Jones Industrial Average (^DJI) gained over 0.8%, with its own record close suddenly back in sight. The jobs report showed an increase of 147,000 jobs added in June, versus expectations of 106,000. Meanwhile, the unemployment rate unexpectedly ticked down to 4.1%, and the May payrolls print was revised higher. Recent signs of a softening in the labor market had given investors a new wave of confidence that a rate cut could come soon. But traders pared bets on rate cuts after the payrolls data, all but taking a July cut off the table. Trump's ongoing feud with its chair, Jerome Powell — particularly reports he may announce a successor early — has further buoyed hopes for a reduction in rates. The president said Powell "should resign immediately" in a social media post late Wednesday, ramping up an already intense White House pressure campaign. Investors are also on alert for fresh developments on the trade front, as countries race to beat the July 9 deadline for the resumption of sweeping tariffs. Trump's trade deal with Vietnam has boosted market sentiment and hopes for more agreements to fend off economic damage from tariffs. Read more: The latest on Trump's tariffs The US has lifted curbs on exports of chip design software to China, a sign of thawing in trade tensions between the world's top two economies. Shares of leading US providers of the software, Synopsys (SNPS) and Cadence Design Systems (CDNS), jumped in premarket trading. Meanwhile, the president's massive tax and spending bill is nearing a final vote after it cleared a key House procedural vote on Thursday. House Speaker Mike Johnson said he has the backing to get the legislation passed by Friday, July 4, Trump's deadline, as Republican leaders win over opponents. US stock trading ends early on Thursday at 1 p.m. ET for the Independence Day holiday. Markets are closed on Friday. Microsoft (MSFT) and Nvidia (NVDA) could both hit $4 trillion in market value this summer, Wedbush analyst Dan Ives believes. Potentially, the "Magnificent Seven" members could reach $5 trillion in over the next 18 months, Ives told clients in a note on Thursday. "We believe tech stocks will have a very strong second half of the year," he said. "Our bullish view is that investors are still underestimating the tidal wave of growth on the horizon from the $2 trillion of spending over the next 3 years coming from enterprise and government spending around AI technology and use cases." Microsoft and Nvidia recently notched record highs after a rocky first half of the year for stocks more broadly. Other market watchers are more skeptical about the AI boom. Legendary short seller Jim Chanos told Bloomberg that the "ecosystem around the AI boom" is similar to the dot-com bubble. 'But it is a riskier revenue stream because if people pull back, they can pull back CapEx very easily. Projects can get put on hold ... and that immediately shows up in disappointing revenues and earnings forecast, if it happens," Chanos said, per the report. 'We're not there yet, but that's one of the risks out there that I think a lot of people are underestimating,' he added. Nvidia (NVDA) reached $3.92 trillion in market cap during intraday trading on Thursday, setting it on track to become the world's most valuable company in history. Shares in the the AI chipmaker were up over 2% at one point in the morning, trading at $160.98 apiece. The current record market cap was set by Apple (AAPL), which notched a $3.915 trillion closing value in December. The iPhone maker's value has dropped since then, as it struggled to catch up to its Big Tech peers on AI and contended with President Trump's threat to hit its overseas-made products with tariffs. Meanwhile, Nvidia's stock has seen a stunning comeback since May: Its most recent quarterly earnings report showed the chipmaker continuing to thrive, despite US restrictions on Chinese use of its chips. The stock has continued to notch fresh record highs since late June. The payrolls report showed more jobs were added in June — a sign that the US labor market was more resilient than anticipated in the final month of the second quarter. But Indeed senior economist Cory Stahle said the report was "not stormproof" and "might not be as solid as it seems on the surface." The job gains were again concentrated in just a few industries, Stahle noted in an analysis out Thursday. Healthcare and social assistance, and state and local government employers accounted for 94% of the total. "The headline job gains and surprising dip in unemployment are undoubtedly good news, but for job seekers outside of healthcare & social assistance, local government, and public education, the gains will likely ring hollow," Stahle wrote. Outside of those industries, employment growth has been "anemic at best", he added, noting the duration of unemployment for the typical unemployed worker seeking a job continues to creep up. "There are real weaknesses in the market — including concentrated job gains, slowing wage growth, and falling participation — that have persisted for months, and there are scant signs of those concerns fading anytime soon," he wrote. Gasoline prices hovered at their lowest level since 2021 heading into the July Fourth holiday, Yahoo Finance's Ines Ferré reports. Read morehere. Meta (META) shares climbed 1.2%, leading the "Magnificent Seven" stocks higher alongside Amazon (AMZN). The gain came after the Facebook parent's stock was upgraded to Hold from an Underperform rating by Needham analyst Laura Martin. Martin cited strength in Meta's labor productivity, measured by free cash flow per full-time employee. "Our upgrade to Hold is driven by our latest labor productivity research that shows that META has had among the strongest labor productivity metrics for the past 4 years," she wrote. In its fiscal year 2024, Meta had a free cash flow of over $730,000 for every full-time employee. That was followed by Apple's $663,457, while the average for big-cap companies covered by Martin was nearly $302,000. Martin said she remained at a Hold rather than a Buy rating partly due to the "uncertain" return on Meta's growing capital expenditures, which have been driven by its investments in AI. Martin said "the larger the spending, the more likely there is waste, in our view." US stocks rose on Thursday morning after a stronger-than-expected June jobs report that showed unemployment ticking down to 4.1%. The S&P 500 (^GSPC) moved up about 0.4%, while the Nasdaq Composite (^IXIC) advanced 0.6%, after both indices closed at fresh record highs on Wednesday. The Dow Jones Industrial Average (^DJI) gained 0.3%. Tech led the gains in stocks Thursday, with Meta (META) and Amazon (AMZN) leading the "Magnificent Seven" Big Tech stocks higher. Meta was up over 2% after an analyst at investing firm Needham upgraded the stock to Hold from Underperform, citing its "strong" labor productivity. A stronger-than-expected June jobs report has traders scaling back bets on when the Federal Reserve will cut interest rates next. Following the report, increasing bets on a July interest rate cut from the Fed reversed. Markets are now pricing in just a 5% chance the central bank lowers rates at its July meeting, down from the 24% odds seen a day prior, per the CME FedWatch Tool. Traders also grew more skeptical of a September move from the Fed. Markets are now pricing in a 78% chance the Fed cuts by the end of its meeting that m, down from a 94% chance seen a day prior. The June jobs report showed the US labor market remained more resilient than anticipated in the final month of the second quarter. The US economy added 147,000 nonfarm payrolls in June, more than the 106,000 expected by economists. The unemployment rate unexpectedly fell to 4.1%. Economists had expected the unemployment rate to move higher, to 4.3%. In May, the US economy added 144,000 jobs while the unemployment held flat at 4.2%. Those figures were revised higher on Friday from a previously reported 139,000 job additions in May. Read more here. Yahoo Finance's Hamza Shaban reports in today's Morning Brief: Read more here. Earnings: No notable earnings releases. Economic data: Nonfarm payrolls (June); Unemployment rate (June); Average hourly earnings; Average weekly hours worked (June); Labor force participation rate (June); Initial jobless claims (week ending June 28); Continuing claims (week ending May 24); Unit labor costs (first quarter final); S&P Global US Composite PMI (June final); ISM Services index (June); Federal Reserve Beige Book released; Durable goods orders (May final) Here are some of the biggest stories you may have missed overnight and early this morning: Investors are all smiles as 'Liberation Day' Part 2 looms June jobs report on deck as Fed rate cut bets heat up House vote moves Trump's megabill toward final vote US lifts chip design curbs on China in sign of thaw OpenAI condemns Robinhood's 'OpenAI tokens' Stock pickers shine, sniffing out value during market tumult Trump aims to shut trade loopholes China uses to evade tariffs Here are some top stocks trending on Yahoo Finance in premarket trading: Datadog, Inc. (DDOG) stock jumped 11% before the bell on Thursday after it was announced it would be joining the S&P 500. Datadog, which makes monitoring and analytic programs, will join the S&P 500 on July 9, replacing Juniper Networks, which was acquired by Hewlett Packard Enterprise. Robinhood (HOOD) stock fell over 1% in premarket trading following OpenAI's statement that Robinhood's sale of 'OpenAI tokens' will not give everyday consumers equity — or stock — in OpenAI, the company said in a post from its official newsroom account on X. Tripadvisor (TRIP) stock rose 6% before the bell following a report that activist investor Starboard Value has taken a stake of more than 9% in the travel review group. UK stocks and bonds bounced back from Wednesday's sharp selloff as Keir Starmer said Rachel Reeves will retain her role as finance minister for many years to come. The British prime minister was attempting to calm speculation about a possible exit of the chancellor of the Exchequer, after he failed to back a tearful Reeves in parliament on Wednesday. The yield on 30-year UK bonds dropped 10 basis points to 5.32%, coming back from a 19 basis point jump on Wednesday. The FTSE 250, which lists UK-focused stocks, moved up 0.5%. US Treasurys were also coming back after getting caught up in the UK gilt turmoil. The benchmark 10-year yield (^TNX) edged down roughly 2 basis points to 4.27% early on Thursday morning, while the 30-year yield (^TYX) slipped to around 4.79%. Bloomberg reports: Read more here. US stock markets will close early on Thursday, July 3, and trading will end at 1 p.m. ET. They will stay shuttered on July 4 for the Independence Day holiday. The stock market will reopen on Monday, July 7, at 9:30 a.m. ET. After that, the remaining holidays in 2025 observed by the New York Stock Exchange and Nasdaq are: Read more here about the 10 stock market holidays in 2025. Software companies Synopsys (SNPS) and Cadence (CDNS) rose in premarket trading by over 5% after the US removed export restrictions on chip design software shipments to China, easing trade tensions between the two countries. China recently made concessions over its rare earth export controls. Synopsys, Cadence and Siemens said they will now restore access for their Chinese customers. These firms develop important electronic design automation tools used in chipmaking. The US also lifted licensing rules for ethane producers. Earlier restrictions were part of Trump's response to China blocking rare earth exports, which had disrupted supply chains for cars, aerospace and defence industries. Reuters reports: Read more here. Oil prices slipped after posting their strongest gain in nearly two weeks, as investors monitored ongoing US trade negotiations and an upcoming OPEC+ meeting this weekend. Bloomberg reports: Brent (BZ=F) traded near $69 a barrel after surging by 3% on Wednesday, with West Texas Intermediate (CL=F) above $67. President Donald Trump said he had struck a trade deal with Vietnam, which would be just the third announced following agreements with the UK and China, before a July 9 deadline to reach accords. Crude has been buffeted in recent weeks, surging and collapsing along with perceived geopolitical risk in the Middle East, although volatility and volumes have fallen in recent days before Friday's US holiday. Focus is returning to trade talks, and the associated tariffs that threaten oil demand, as well as to Sunday's OPEC+ meeting, where the group is widely expected to agree on another bumper increase in supply quotas. 'While trade optimism provided a boost to oil prices, the sustainability of this move will likely be short-lived,' said Warren Patterson, head of commodities strategy for ING Groep NV. 'OPEC+ is set to decide on August output levels this weekend, and so the market will probably be cautious about carrying too much risk into the US long weekend.' Read more here. Microsoft (MSFT) and Nvidia (NVDA) could both hit $4 trillion in market value this summer, Wedbush analyst Dan Ives believes. Potentially, the "Magnificent Seven" members could reach $5 trillion in over the next 18 months, Ives told clients in a note on Thursday. "We believe tech stocks will have a very strong second half of the year," he said. "Our bullish view is that investors are still underestimating the tidal wave of growth on the horizon from the $2 trillion of spending over the next 3 years coming from enterprise and government spending around AI technology and use cases." Microsoft and Nvidia recently notched record highs after a rocky first half of the year for stocks more broadly. Other market watchers are more skeptical about the AI boom. Legendary short seller Jim Chanos told Bloomberg that the "ecosystem around the AI boom" is similar to the dot-com bubble. 'But it is a riskier revenue stream because if people pull back, they can pull back CapEx very easily. Projects can get put on hold ... and that immediately shows up in disappointing revenues and earnings forecast, if it happens," Chanos said, per the report. 'We're not there yet, but that's one of the risks out there that I think a lot of people are underestimating,' he added. Nvidia (NVDA) reached $3.92 trillion in market cap during intraday trading on Thursday, setting it on track to become the world's most valuable company in history. Shares in the the AI chipmaker were up over 2% at one point in the morning, trading at $160.98 apiece. The current record market cap was set by Apple (AAPL), which notched a $3.915 trillion closing value in December. The iPhone maker's value has dropped since then, as it struggled to catch up to its Big Tech peers on AI and contended with President Trump's threat to hit its overseas-made products with tariffs. Meanwhile, Nvidia's stock has seen a stunning comeback since May: Its most recent quarterly earnings report showed the chipmaker continuing to thrive, despite US restrictions on Chinese use of its chips. The stock has continued to notch fresh record highs since late June. The payrolls report showed more jobs were added in June — a sign that the US labor market was more resilient than anticipated in the final month of the second quarter. But Indeed senior economist Cory Stahle said the report was "not stormproof" and "might not be as solid as it seems on the surface." The job gains were again concentrated in just a few industries, Stahle noted in an analysis out Thursday. Healthcare and social assistance, and state and local government employers accounted for 94% of the total. "The headline job gains and surprising dip in unemployment are undoubtedly good news, but for job seekers outside of healthcare & social assistance, local government, and public education, the gains will likely ring hollow," Stahle wrote. Outside of those industries, employment growth has been "anemic at best", he added, noting the duration of unemployment for the typical unemployed worker seeking a job continues to creep up. "There are real weaknesses in the market — including concentrated job gains, slowing wage growth, and falling participation — that have persisted for months, and there are scant signs of those concerns fading anytime soon," he wrote. Gasoline prices hovered at their lowest level since 2021 heading into the July Fourth holiday, Yahoo Finance's Ines Ferré reports. Read morehere. Meta (META) shares climbed 1.2%, leading the "Magnificent Seven" stocks higher alongside Amazon (AMZN). The gain came after the Facebook parent's stock was upgraded to Hold from an Underperform rating by Needham analyst Laura Martin. Martin cited strength in Meta's labor productivity, measured by free cash flow per full-time employee. "Our upgrade to Hold is driven by our latest labor productivity research that shows that META has had among the strongest labor productivity metrics for the past 4 years," she wrote. In its fiscal year 2024, Meta had a free cash flow of over $730,000 for every full-time employee. That was followed by Apple's $663,457, while the average for big-cap companies covered by Martin was nearly $302,000. Martin said she remained at a Hold rather than a Buy rating partly due to the "uncertain" return on Meta's growing capital expenditures, which have been driven by its investments in AI. Martin said "the larger the spending, the more likely there is waste, in our view." US stocks rose on Thursday morning after a stronger-than-expected June jobs report that showed unemployment ticking down to 4.1%. The S&P 500 (^GSPC) moved up about 0.4%, while the Nasdaq Composite (^IXIC) advanced 0.6%, after both indices closed at fresh record highs on Wednesday. The Dow Jones Industrial Average (^DJI) gained 0.3%. Tech led the gains in stocks Thursday, with Meta (META) and Amazon (AMZN) leading the "Magnificent Seven" Big Tech stocks higher. Meta was up over 2% after an analyst at investing firm Needham upgraded the stock to Hold from Underperform, citing its "strong" labor productivity. A stronger-than-expected June jobs report has traders scaling back bets on when the Federal Reserve will cut interest rates next. Following the report, increasing bets on a July interest rate cut from the Fed reversed. Markets are now pricing in just a 5% chance the central bank lowers rates at its July meeting, down from the 24% odds seen a day prior, per the CME FedWatch Tool. Traders also grew more skeptical of a September move from the Fed. Markets are now pricing in a 78% chance the Fed cuts by the end of its meeting that m, down from a 94% chance seen a day prior. The June jobs report showed the US labor market remained more resilient than anticipated in the final month of the second quarter. The US economy added 147,000 nonfarm payrolls in June, more than the 106,000 expected by economists. The unemployment rate unexpectedly fell to 4.1%. Economists had expected the unemployment rate to move higher, to 4.3%. In May, the US economy added 144,000 jobs while the unemployment held flat at 4.2%. Those figures were revised higher on Friday from a previously reported 139,000 job additions in May. Read more here. Yahoo Finance's Hamza Shaban reports in today's Morning Brief: Read more here. Earnings: No notable earnings releases. Economic data: Nonfarm payrolls (June); Unemployment rate (June); Average hourly earnings; Average weekly hours worked (June); Labor force participation rate (June); Initial jobless claims (week ending June 28); Continuing claims (week ending May 24); Unit labor costs (first quarter final); S&P Global US Composite PMI (June final); ISM Services index (June); Federal Reserve Beige Book released; Durable goods orders (May final) Here are some of the biggest stories you may have missed overnight and early this morning: Investors are all smiles as 'Liberation Day' Part 2 looms June jobs report on deck as Fed rate cut bets heat up House vote moves Trump's megabill toward final vote US lifts chip design curbs on China in sign of thaw OpenAI condemns Robinhood's 'OpenAI tokens' Stock pickers shine, sniffing out value during market tumult Trump aims to shut trade loopholes China uses to evade tariffs Here are some top stocks trending on Yahoo Finance in premarket trading: Datadog, Inc. (DDOG) stock jumped 11% before the bell on Thursday after it was announced it would be joining the S&P 500. Datadog, which makes monitoring and analytic programs, will join the S&P 500 on July 9, replacing Juniper Networks, which was acquired by Hewlett Packard Enterprise. Robinhood (HOOD) stock fell over 1% in premarket trading following OpenAI's statement that Robinhood's sale of 'OpenAI tokens' will not give everyday consumers equity — or stock — in OpenAI, the company said in a post from its official newsroom account on X. Tripadvisor (TRIP) stock rose 6% before the bell following a report that activist investor Starboard Value has taken a stake of more than 9% in the travel review group. UK stocks and bonds bounced back from Wednesday's sharp selloff as Keir Starmer said Rachel Reeves will retain her role as finance minister for many years to come. The British prime minister was attempting to calm speculation about a possible exit of the chancellor of the Exchequer, after he failed to back a tearful Reeves in parliament on Wednesday. The yield on 30-year UK bonds dropped 10 basis points to 5.32%, coming back from a 19 basis point jump on Wednesday. The FTSE 250, which lists UK-focused stocks, moved up 0.5%. US Treasurys were also coming back after getting caught up in the UK gilt turmoil. The benchmark 10-year yield (^TNX) edged down roughly 2 basis points to 4.27% early on Thursday morning, while the 30-year yield (^TYX) slipped to around 4.79%. Bloomberg reports: Read more here. US stock markets will close early on Thursday, July 3, and trading will end at 1 p.m. ET. They will stay shuttered on July 4 for the Independence Day holiday. The stock market will reopen on Monday, July 7, at 9:30 a.m. ET. After that, the remaining holidays in 2025 observed by the New York Stock Exchange and Nasdaq are: Read more here about the 10 stock market holidays in 2025. Software companies Synopsys (SNPS) and Cadence (CDNS) rose in premarket trading by over 5% after the US removed export restrictions on chip design software shipments to China, easing trade tensions between the two countries. China recently made concessions over its rare earth export controls. Synopsys, Cadence and Siemens said they will now restore access for their Chinese customers. These firms develop important electronic design automation tools used in chipmaking. The US also lifted licensing rules for ethane producers. Earlier restrictions were part of Trump's response to China blocking rare earth exports, which had disrupted supply chains for cars, aerospace and defence industries. Reuters reports: Read more here. Oil prices slipped after posting their strongest gain in nearly two weeks, as investors monitored ongoing US trade negotiations and an upcoming OPEC+ meeting this weekend. Bloomberg reports: Brent (BZ=F) traded near $69 a barrel after surging by 3% on Wednesday, with West Texas Intermediate (CL=F) above $67. President Donald Trump said he had struck a trade deal with Vietnam, which would be just the third announced following agreements with the UK and China, before a July 9 deadline to reach accords. Crude has been buffeted in recent weeks, surging and collapsing along with perceived geopolitical risk in the Middle East, although volatility and volumes have fallen in recent days before Friday's US holiday. Focus is returning to trade talks, and the associated tariffs that threaten oil demand, as well as to Sunday's OPEC+ meeting, where the group is widely expected to agree on another bumper increase in supply quotas. 'While trade optimism provided a boost to oil prices, the sustainability of this move will likely be short-lived,' said Warren Patterson, head of commodities strategy for ING Groep NV. 'OPEC+ is set to decide on August output levels this weekend, and so the market will probably be cautious about carrying too much risk into the US long weekend.' Read more here. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
