Wall Street Reacts to April Jobs Report

📉The US economy added 175,000 jobs in April, below expectations, indicating a potential slowdown.

💰Apple announces a $110 million share buyback, the largest in US corporate history, boosting investor confidence.

🔍The Internal Revenue Service plans to increase audit rates for high-income individuals and corporations.

💼The IRS intends to focus compliance resources on taxpayers with positive incomes over $10 million and corporations with assets over $250 million.

💵In 2021, the IRS examined less than 1% of tax returns, but closed over 580,000 audits, resulting in $31.9 billion in recommended additional taxes.

Why did the April jobs report fall short of expectations?

—The April jobs report fell short of expectations due to a notable slowdown in job growth and a rise in the unemployment rate.

What does Apple's share buyback mean for investors?

—Apple's share buyback, worth $110 million, indicates that the company believes its stock is undervalued and boosts investor confidence in the company's future performance.

Who will be affected by the IRS's increased audit rates?

—The IRS plans to increase audit rates for high-income individuals with positive incomes over $10 million, as well as corporations with assets over $250 million.

Will small businesses and taxpayers making under $400,000 face increased audit rates?

—No, the IRS has stated that it will not increase audit rates for small businesses and taxpayers making under $400,000.

How many audits did the IRS conduct in 2021?

—In 2021, the IRS examined less than 1% of tax returns, but closed over 580,000 audits.

00:00Wall Street reacts to the April jobs report and other key developments.

00:04The US economy added 175,000 jobs in April, below expectations.

00:16Apple announces a $110 million share buyback, the largest in US corporate history.

00:29The Internal Revenue Service plans to increase audit rates for high-income individuals and corporations.

01:00The IRS will focus on taxpayers with positive incomes over $10 million and corporations with assets over $250 million.