Stocks close mixed; Chicago Fed president says inflation progress has stalled; American Express profits rise; Netflix to stop reporting quarterly membership numbers.

Fed leaders echo calls for caution

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The Labor Department reported today that 231,000 people filed new claims for jobless benefits in the week ending May 4; TikTok says it will start automatically labeling AI generated content when it’s uploaded from other platforms; backlash develops against a new Apple ad; GM will stop manufacturing the Chevy Malibu.

Unemployment claims jump more than expected

A new class of weight loss drugs known as GLP-1s, like Wegovy and Zepbound, helped grow the weight loss industry to nearly $90 billion last year. Now, weight loss companies, apps and fitness companies are adapting their to programs include the drugs, as well. Also, allegations of serious fraud threaten a big U.S.-U.K. soccer deal, and China’s latest trade data showed a return to growth in April.
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How weight loss drugs are transforming the weight loss industry

A recent TransUnion report shows borrowers aged 22 to 24 are carrying an average of roughly $2,800 in credit card debt — adjusted for inflation, that’s more than millennials in the same age range a decade ago. Then, an ad for Apple’s latest iPad has gone viral … for the wrong reasons. And what might America’s next economy look like? We discuss what achieving an economic framework that works for everyone might entail.
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Gen Z is starting out with more debt

From the BBC World Service: The European Union plans to use profits from frozen Russian assets to fund arms to Ukraine, which could be worth around $3 billion a year. Plus, the head of public relations at China’s biggest search engine, Baidu, apologized after glorifying a work-till-you-drop culture. And as China’s President Xi Jinping concludes his European tour in Hungary, we look at the country’s growing EV battery industry.
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How frozen Russian assets could fund Ukraine’s war effort

Today’s episode of Marketplace Tech is all about financial scams: how they work, what kinds of technology scammers use, and how to spot a scam before you fall victim to one. We’re passing the microphone to victims of scams to tell their stories and then breaking down how the scammers pulled it off with Marketplace’s Lily Jamali and Selena Larson, staff threat researcher at Proofpoint.
Support our nonprofit newsroom today and pick up a fun thank-you gift like our new Shrinkflation mini tote bag or the fan favorite KaiPA pint glass!

Fed leaders echo calls for caution

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