Ticker: Tech stocks lead a rally on Wall Street

The day\\\'s business news at a glance

Stocks rose on Wall Street as bond yields eased further and a rally in big technology companies helped the market recoup its losses from earlier in the week.

The S&P 500 rose 1.1% Thursday, with technology stocks powering much of the gains. The Dow climbed 1.2%, and the Nasdaq composite rose 1.4%.

Volkswagen cuts 50,000 more jobs

Volkswagen's board has approved a major cost-cutting plan to counter low-cost competition in China and U.S. tariffs.

The plan, presented by CEO Oliver Blume, includes cutting 50,000 jobs, halving the model line, and ending production at four German plants. The board overcame resistance from employee representatives and the regional government. The plan aims to make Volkswagen's brands more attractive and competitive.

US hits Cuba with new sanctions

The U.S government has hit Cuba with new sanctions in a fresh push to strangle the island's economy and deepen its multiple crises. Among those hit with sanctions are Fidel Ernesto Castro, grandson of former President Raul Castro, and Cuba's Oil Industry Supply Import Company, known as Abapet.

The company is responsible for importing special equipment and spare parts needed to sustain Cuba's crumbling power grid. An expert said the sanctions announced Thursday aim to push Cuba's critical machinery offline and exacerbate its energy crisis.

Thousands of kids waiting for childcare assistance

Childcare costs are straining families. An analysis by The Associated Press found hundreds of thousands of kids who qualify for federal childcare subsidies are sitting on waitlists.

The analysis showed eligible children waiting for aid in 23 states and the District of Columbia as of this spring. Funding shortfalls worsened after pandemic aid expired in 2024, causing waitlists to balloon. While they wait for childcare assistance, families face tough choices, with some parents sidelined from work or education.

Morning host Bartiromo out at Fox News

Fox News Media has announced that Maria Bartiromo is no longer with the company. The company thanked her for her work and wishes her well in her next chapter.

The statement Thursday does not specify the reasons for her departure. Bartiromo hosted "Mornings with Maria" on Fox Business Network, with the last episode airing Thursday morning. She also hosted "Maria Bartiromo's Wall Street." Bartiromo has frequently earned praise from President Donald Trump, who has granted her multiple interviews over the years.

Nvidia to spend $13B on Hugging Face

Nvidia is buying artificial intelligence software platform Hugging Face for $13 billion.

Jensen Huang said in a post on Thursday that more than 18 million developers, researchers and creators use Hugging Face to share more than 3 million models, 500,000 data sets and 1 million applications. More than 200,000 companies also use the platform, he said.