Amazon to retrain 10K workers
United States stocks ended the week on a high note, lifted by Federal Reserve Chairman Jerome Powell's testimony that the central bank could cut rates as soon as this month. The DOW broke through 27,000 and the S&P 500 topped 3,000, both for the first time. Traders are expecting a rate cut just as earnings season kicks off in the coming weeks ? a combination that has the potential to send stocks even higher going into late summer.
Ford and Volkswagen are moving deeper into electric vehicle development. The two automakers announced a partnership to invest billions in EVS and autonomous vehicles. Ford will be able to use Volkswagen’s platform to power the dozens of electric vehicles it plans to bring to market in the coming years. Volkswagen will also invest in Argo AI, a firm specializing in autonomous vehicle development.
Amazon announced it will retrain a full third of its U.S. workforce. The e-commerce giant plans to spend $700 million to train 10,000 workers over the next five years. The training is all voluntary and will be in skills and fields ranging from nursing to machine learning. Amazon's fifth annual Prime Day is right around the corner, and its sales could top $6 billion. The shopping event runs through July 15 and 16, and is offering over one million deals.