Stocks tumble on fears about rates, recession after jobs data
CBSN
Good news on the economy means bad news for Wall Street, with stocks falling Friday on worries a still-strong U.S jobs market may actually make a recession more likely.
The S&P 500 was 1.8% lower in early Friday trading after the government said employers hired more workers last month than economists expected.
Even though job growth is slowing, the unemployment rate dipped to a 50-year low, signaling the labor market remains tight. Wall Street is concerned the Federal Reserve could see that as proof the economy hasn't slowed enough yet to get inflation under control. That could clear the way for the central bank to continue hiking interest rates, something that heightens the risk of causing a recession if done too aggressively.
From missed doctor's appointments to lost wages, Minneapolis and St. Paul residents faced widespread disruptions to their daily lives when the White House deployed thousands of federal immigration agents to their cities, a University of San Diego survey released this week found. In:
The U.S. Postal Service is temporarily hiking postage prices to account for surging fuel costs caused by the Iran war, the agency announced on Wednesday. Edited by Alain Sherter In:
A panel of appeals court judges handed the Trump administration a major legal victory on Wednesday in its quest to detain large swaths of immigrants living in the country illegally, saying that people who entered the United States without inspection and admission can be detained without bond. Jonah Kaplan and Camilo Montoya-Galvez contributed to this report.
The White House has rejected an offer from billionaire Elon Musk to fund pay TSA workers during a partial government shutdown that has disrupted airport travelers across the country, several sources told CBS News. Kristin Brown and Kathryn Krupnik contributed to this report. In:
Washington — The Justice Department has reached a settlement with former Trump national security official and right-wing activist Michael Flynn after he sued the department, alleging that he was wrongly prosecuted during the first Trump administration. In:
The Trump administration will temporarily lift summer gasoline regulations as prices at the pump near $4 a gallon amid the Iran war. Edited by Aimee Picchi In:
Some of America's wealthiest couples are collecting $100,000 in Social Security benefits — a six-figure payout that a new proposal says should be capped to help the retirement program avoid insolvency in 2032. Edited by Alain Sherter In:
El Paso and Los Angeles were among the most polluted areas in the United States last year, according to a new air quality report that evaluated pollution levels around the world in 2025. In:
Washington — For the first time in history, a robot, not a person, escorted the first lady of the United States Wednesday at the White House.
A jury on Wednesday found that Meta and YouTube are liable for creating products that led to harmful and addictive behavior by young users, a landmark decision that could set a legal precedent for similar allegations brought against social media companies. Edited by Alain Sherter and Aimee Picchi In:
"Today" show co-host Savannah Guthrie said her family is in agony as she made a tearful plea for someone "to do the right thing" nearly two months after her mother Nancy Guthrie disappeared from her Arizona home. In:
Washington — The Supreme Court on Wednesday ruled that internet service provider Cox Communications cannot be held liable for copyright infringement by its subscribers in a closely watched dispute over pirated music.
Joey Amor says his wife, Army Sgt. 1st Class Nicole Amor, was "the rock" and "the glue" for those around her — a role he says defined her life and service before she was killed earlier this month during the war with Iran. In: