U.S. businesses hired fewer workers than expected last month. Automatic Data Processing reported private sector employers added 179,000 jobs in May. Economists expected 210,000 jobs would be created. ADP also revised April’s number to 215,000. The figures come ahead of May's employment data which will be released Friday.
One of the stocks we're watching today is Tesla (TSLA) after the company's shareholder meeting yesterday where CEO Elon Musk said he will stay on as chief executive for another four or five years. Musk also said that the location for the company's "gigafactory," where it hopes to mass-produce lithium-ion batteries at a reduced cost, will be decided by the end of the year. Tesla is considering locations in California, Arizona, Nevada, New Mexico and Texas for the plant. The factory is expected to require 1,000 acres, or about two square miles, and employ as many as 6,500 people.
The G7 nations are meeting in Belgium today without Russia for the first time in 17 years. The world's seven leading industrialized nations are keeping Russia out due to its annexation of Crimea. The G7 meeting was also moved to Brussels, Belgium from the Russian city of Sochi. Vladimir Putin will still hold sideline talks with leaders of Germany, France and Britain during the anniversary of D-Day later this week.
Tariffs over solar panels may be heating up a trade war between the U.S. and China. Yesterday, the Commerce Department is expected to impose duties on importers of Chinese solar panels saying they benefit from subsidies. The tariffs will range from 18.56% to 35.21%. The Chinese aren't happy about the duties. A statement from the Chinese ministry of commerce said the tariffs, “will inevitably lead to the escalation of trade disputes between China and the U.S.”