U.S., Labor Department, Netflix discussed on WSJ What's News
Labor Department says new unemployment claims jumped at the start of the year rising by 55,000 last week to 286,000. The highest level since October. Economists expect the numbers to fluctuate in the coming weeks with the recent surge in COVID-19 cases disrupting businesses. But few expect that to change the fundamentals of the labor market where demand for workers remains high. New data shows U.S. home sales surged to a 15 year high in 2021 fueled by low interest rates and remote work. The national association of realtors said there were more than 6.1 million sales of existing homes last year, up 8 and a half percent from a year earlier, but housing economists expect the frenzy to subside in 2022. Mortgage rates have risen to almost 3.6% in recent weeks. The highest level since March of 2020. U.S. stocks ended another day down on concerns about the Federal Reserve tightening monetary policy. The NASDAQ dropped 1.3% a day after falling into correction territory. The Dow lost more than 300 points or .9% and the S&P 500 fell 1.1%. After the bell Netflix said it added 8.3 million subscribers to its platform in the latest quarter, boosted by hits including don't look up and Cobra Kai. That was slightly lower than its own projections. Revenue rose 16% to more than $7.7 billion. Netflix shares fell more than 19% in early after hours trading. A bipartisan antitrust bill that would prohibit the largest tech platforms from favoring their own products and services over competing ones has cleared a Senate panel and will now move to the full floor. Supporters, including smaller companies, say the bill would benefit consumers by increasing competition on dominant platforms. Amazon, Google parent Alphabet, Apple and Facebook parent meta have been fighting the bill, saying it could disrupt popular services for businesses and consumers. And the U.S. is allowing three Baltic NATO members Estonia Lithuania and Latvia to send American made anti tank and air defense weapons to Ukraine. That's according to U.S. officials who also say the Biden administration intends to provide 5 transport helicopters. The decisions come as fears mount that Russian forces could attack Ukraine. Russia has moved an estimated 100,000 troops to its border with Ukraine. It's also moved forces to neighboring Belarus. The U.S. and its allies remain far apart from Russia on deescalating the situation. Secretary of State Antony Blinken is set to meet with Russia's foreign minister on Friday. Coming up after a broad elections bill failed in the Senate, where do efforts go from here? Hi, I'm Stephanie kelton, an economist and co host of the new market watch podcast the best new ideas in money. Money is an idea..