All three major U.S. averages closed trading in the red Thursday after spending most of the day in the red.
The Dow Jones Industrial Average led the way lower, but did close above session lows. The Dow fell 0.22%, or 56 points to 24,713, while the Nasdaq declined 0.21%, or 16 points to 7,382, while the S&P 500 fell 0.09%, or 2 points to 2,720.
CBS Shares Tank After Judge Rules in Favor of Shari Redstone
Redstone holds significant stakes in both companies.
"The court's ruling today represents a vindication of National Amusements' right to protect its interests," the company said in a statement.
CBS was looking to dilute Redstone's voting share to 17% from 80%.
The TSA Expects This Summer's Travel Season to Be the Busiest Ever
The summer travel season officially begins next week, and the TSA believes that this summer's travel season will be the busiest ever with 243 million passengers and crew expected to pass through TSA security checkpoints over the next few months.
239 million passengers and crew passed through checkpoints last summer with the TSA averaging more than 2.6 million passengers on the busiest travel days of the season.
U.S. Jobless Claims Rise Even as Unemployment Falls
The number of Americans filing for jobless benefits for the first time rose 11,000 to a seasonally adjusted average of 222,000, topping analysts polled by Reuters expectations of an average of 215,000.
However, the total number of unemployed Americans fell to its lowest level since 1973 as the U.S. economy maintained its 3.9% unemployment rate. The current rate is a 17 and a half year low.
The U..S. Federal Reserve has targeted a 3.8% unemployment rate as one of its benchmarks for U.S. economic health.
Wells Fargo Employees Reportedly Altered Corporate Customers' Documents
Employees in Wells Fargo's (WFC) wholesale unit changed information on its corporate customers' documents without their knowledge or consent, the Wall Street Journal reported Thursday citing sources.
The information that was added ranged from social security numbers to addresses to dates of birth for people associated with business-banking clients.
These activities reportedly took place between 2017 and 2018, while the bank was still in the midst of attempting to regain public trust amid numerous federal investigations into its banking practices.
Wells Fargo reportedly found out about the activities in recent months and is still investigating the matter.
YouTube Launches Tiered Streaming Services
YouTube Red (GOOGL) is breaking up into two-tiered payment options for users who want to watch YouTube videos without ads.
YouTube Music will offer a free version with ads and a pay version for $9.99 per month, while YouTube Premium for original video content, at a cost of $11.99 per month.
YouTube music will integrate Google's AI program to suggest new music to users based on listening history.
JCPenney Falls on Slim Profit Guidance
Shares of JCPenney (JCP) were down double digits ahead of the opening bell Thursday after the company reported a net loss of $78 million, or 25 cents per share, after reporting a loss of $187 million, or 60 cents per share, a year ago.
Net sales for the period fell 4.3% year over year to $2.58 billion while overall revenue fell 4.1% to $2.67 billion.
The sticker for the company however, was that the company lowered its earnings guidance to a loss between 7 cents per share and 13 cents per share vs its previous expectation of a profit between 5 cents and 25 cents a year.
Brent Crude Prices Climb to $80 a Barrel Amid Middle Eastern Turmoil
Brent crude prices rose to $80 a barrel Thursday as concerns over Iranian output following the U.S. backing out of the economic and nuclear pact that was signed under the previous administration.
European companies have followed the U.S. lead, with Total SA, France's oil giant, halting work on an Iranian natural-gas project and warned that it may pull out of a $1 billion joint venture with the country.
International benchmark oil is trading at three and a half year highs in London while West Texas crude rose 0.8% to $72.11 Thursday morning.
U.S. futures were falling ahead of the opening bell for the second straight day Thursday, with Nasdaq futures leading the way lower.
Dow Jones futures were falling 0.04%, indicating an open 10 points lower, while S&P futures declined 0.12%, indicating an open 3 points lower, and Nasdaq futures declined 0.31%, indicating an open 21 points lower.
In Asia, the Hang Seng and Shanghai Composite declined 0.54% and 0.48% respectively while the Nikkei rose 0.53%.
In Europe, the FTSE 100 rose 0.26%, the Dax gained 0.32% and the CAC 40 rose 0.47% with about four hours left in trading.