Morning Business Report: Small business hiring plans hit six-year low as stocks surge

Small business hiring plans dropped to their lowest level in six years during May, according to new data from the National Federation of Independent Business.

(NBC)- Small business hiring plans dropped to their lowest level in six years during May, according to new data from the National Federation of Independent Business.

The report found that just 9% of small business owners plan to hire workers in the coming months. Analysts say high energy prices and broader economic uncertainty continue to weigh on expansion plans for many businesses.

Meanwhile, Americans have more wealth tied to the stock market than ever before.

Federal Reserve data shows a record one-third of all household wealth in the United States was invested in stocks at the end of 2025. Households and nonprofit organizations held nearly $67.8 trillion in directly and indirectly owned equities.

Wall Street continued its strong performance Thursday, with the Dow Jones Industrial Average soaring nearly 900 points.

While chip stocks declined, investors poured money into healthcare and banking shares, helping drive the broader market higher.

Artificial intelligence also remains a major focus for corporate America.

Verizon CEO Dan Schulman said AI is expected to replace a large percentage of the work currently performed by customer service representatives. However, he said human employees will continue to play a role in handling more complex customer needs.

To prepare workers for the transition, Verizon has set aside $20 million for retraining programs focused on AI skills, including prompt writing and building AI agents.

Consumer spending is also expected to remain strong ahead of Father’s Day.

The National Retail Federation projects Father’s Day spending will match last year’s record of $24 billion. Shoppers are expected to spend an average of $199.38 on gifts and celebrations.

Adults ages 35 to 44 are expected to spend the most, with an average budget of $278.90.

Father’s Day falls on June 21 this year.