Business briefs

Published 7:11 pm Monday, May 6, 2024

U.S. stocks added to their gains from last week as technology stocks led the way once again. The S&P 500 climbed 1% Monday. The Dow Jones Industrial Average rose 0.5%, and the Nasdaq composite added 1.2%. Treasury yields held steady in the bond market following last week’s big moves on hopes that a cooling job market could get the Federal Reserve to cut interest rates this year. Berkshire Hathaway rose after Warren Buffett’s company reported its latest quarterly results over the weekend. The Walt Disney Co. and Uber Technologies will also report their earnings later this week.

The go-broke dates for benefit programs Medicare and Social Security have been pushed back as an improving economy has contributed to changed projected depletion dates, according to the annual Social Security and Medicare trustees report. Medicare’s go-broke date for its hospital insurance trust fund was pushed back five years to 2036 in Monday’s report. Social Security’s trust funds will be unable to pay full benefits beginning in 2035, instead of last year’s estimate of 2034. Still, officials warn that policy changes are needed lest the programs become unable to pay full benefits to retiring Americans.

Redfin has agreed to pay $9.25 million to settle federal lawsuits that claim U.S. homeowners were saddled with artificially inflated broker commissions when they sold their home as a result of longstanding real estate industry practices. The Seattle-based online brokerage and real estate services company disclosed the proposed settlement Monday in a regulatory filing with the Securities and Exchange Commission. The settlement, which must be approved by the court, would resolve pending class action lawsuits filed in federal court in the Western District of Missouri, and also shield the company and agents from similar cases around the country. Several other big brokerage operators and the National Association of Realtors agreed to settle the litigation in recent months.

Former Starbucks CEO Howard Schultz says the company’s leaders should spend more time in stores and focus on coffee drinks as they work to turn around flagging sales. In a LinkedIn post published over the weekend, Schultz said many people had reached out to him after Starbucks reported weaker-than-expected quarterly sales and earnings last week. Starbucks says it’s seeing slower traffic around the world as U.S. and Chinese customers pull back on spending. It’s also facing boycotts in some markets for its perceived support of Israel. Schultz left Starbucks’ board last fall but remains the company’s largest individual shareholder.

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