TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Google’s environmental goals are in danger.
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00:00I'm Conway Gibbs reporting from the New York Stock Exchange.
00:03Here's what we're watching on the street today.
00:05It was an early close on Wall Street,
00:06with the trading floor staying dark Thursday
00:08for the 4th of July holiday.
00:10Ahead of that, the NASDAQ and the S&P 500
00:13set fresh all-time highs,
00:15despite signs of economic softness.
00:18The massive services sector shrank in June,
00:21its biggest slump in four years,
00:23according to data from the Institute for Supply Management.
00:26Private hiring slowed for the third straight month in June,
00:29according to ADP,
00:30and a separate report from the Labor Department showed
00:33it's taking longer for unemployed Americans
00:35to land a new gig.
00:37The stage is now set for the June jobs report,
00:40which will be released before markets reopen on Friday.
00:44In other news, Google is having trouble
00:46reaching its carbon neutrality targets,
00:48and it's pinning the blame
00:49on the rise of artificial intelligence.
00:52The massive computers behind AI suck up a lot of power,
00:56and that's causing a spike in Google's carbon footprint.
00:59Google revealed in its environmental report
01:02that its greenhouse gas emissions rose 13% in 2023
01:06compared to the prior year,
01:08and spiked 48% since 2019.
01:12Google's efforts to become carbon neutral by 2030
01:15are now in jeopardy.
01:17Chief Sustainability Officer Kate Brandt said in the report,
01:20quote, we face significant challenges
01:23that we're actively working through,
01:25which she blamed on, quote,
01:26increased data center energy consumption
01:29and supply chain emissions.
01:31Alphabet-owned Google says it is making progress
01:34in using alternative energy sources in the U.S. and Europe,
01:37but finding clean energy in other parts of the world
01:40is proving to be difficult.
01:43That'll do it for your daily briefing
01:44from the New York Stock Exchange.
01:45I'm Conway Gittens with The Street.