US Stocks Hit Record Highs Amid Strong Labor Market
US stocks reached record highs on May 8, 2026, with the S&P 500 rising to 7,392 points and the Nasdaq gaining 0.5%, driven by strong performance in semiconductor stocks like Nvidia and Apple, alongside positive employment data showing higher-than-expected job gains. The Dow Jones Industrial Average also increased by over 100 points, reflecting investor confidence despite ongoing tensions between the US and Iran. The labor market's resilience, indicated by a stable unemployment rate of 4.3%, has bolstered expectations that the Federal Reserve will maintain interest rates in the current range through the end of the year.
Virginia Supreme Court Strikes Down New Congressional Map
Virginia's Supreme Court ruled in a 4-3 decision that the state's newly approved congressional map, which aimed to secure up to four additional seats for Democrats in the US House of Representatives, is unconstitutional. The court found that the general assembly did not adhere to the proper constitutional procedures in approving the map, thereby nullifying its legal efficacy. This ruling represents a significant victory for Republicans ahead of the November midterm elections.
US Adds 115,000 Jobs in April Amid Low Consumer Confidence
The United States added 115,000 jobs in April, exceeding Wall Street forecasts for the second consecutive month, while the unemployment rate remained steady at 4.3%, according to the US Bureau of Labor Statistics. Despite this job growth, consumer confidence hit an all-time low of 48.2, reflecting concerns over high prices and the impact of the US-Israel war on Iran. The data suggests a complex economic landscape, with mixed signals regarding the stability of the labor market and potential future challenges.
Trump administration proposes significant H-1B salary increases
The Trump administration has proposed raising the minimum salary requirements for H-1B visa eligibility, with entry-level software engineers needing to earn at least $162,000 in San Francisco, $113,000 in Dallas, and $132,000 in New York, reflecting nearly a 30% increase from current levels. This change, part of a broader revision of wage calculations for the H-1B and PERM visa programs, is expected to cost major employers at least $18 billion in the first year. The proposal aims to align wages more closely with market rates and reduce the incentive for hiring foreign workers over American candidates.
Trump considers firing FDA Commissioner amid abortion pressures
President Donald Trump is reportedly planning to dismiss Food and Drug Administration Commissioner Dr. Marty Makary, following ongoing frustrations with his performance amid rising pressure from anti-abortion advocates. Makary, who has served for just over a year, has faced criticism for delays in releasing a safety review of the abortion pill mifepristone and for the FDA's rejection of several drug applications. The decision to fire Makary has not yet been finalized, according to sources.
