I'm Conway Gibbs reporting from the New York Stock Exchange.
Here's what we're watching on the Street today.
Wall Street is reacting to the April jobs report.
the US economy added 175,000 jobs in April,
which was way below Wall Street expectations and a notable
slow down from the gain of 303,000 in March.
The unemployment rate rose to 3.9%
from 3.8%. This report could be a sign that the
Federal Reserve's eleven rate hikes have finally started to dampen
labor demand.
Separately, Apple shares saw a major pop in early morning
trading after the tech giant announced a $110 million share
buyback,
marking the largest share buyback in US corporate history.
In other news, the Internal Revenue Service plans to more
than double its audit rate of the country's wealthiest taxpayers
by 2026.
The agency says the artist will pertain to taxpayers with
a positive income of more than $10 million.
It also intends to nearly triple the audit rate on
corporations with more than $250 million in assets of the
new plan,
IRS Commissioner Danny Warfel said quote This update also reflects
our ongoing effort to make sure we focus compliance resources
where they need to be.
However, the commissioner made sure to point out that the
IRS will not increase audit rates for small businesses and
taxpayers making under $400,000.
Between 2013 and 2021, the IRS examined less than 1%
of tax returns, both individual and corporate.
And according to its most recent data book,
the IRS closed more than 580,000 tax return audits last
year.
That led to $31.9 billion in recommended additional taxes owed.
That'll do it for your daily briefing from the New
York Stock Exchange.
I'm Conway Gittens with the street.