investors, this june got off to a decent start. the dow jones industrial average gained nearly 30 points to close at 1840. the nasdaq rose about 13 points and the s&p 500 was up 4 points. should investors expect a june swoon or surge? the bearer's will be in control. dominick chew has more. >> the broader stock market polished off may with gains. we may be in for a june swoon. june has typically been one of the worst months for stock market returns. on average over the past tenhe years, all three major stock indexes have posted losses during the month. the dow has finished lower in eight of the l 10 junes with an average loss of 100%. the s&p 500 has finished lower in six of the last 10 with an average loss of 1 and a 3rd%. and the nasdaq has finished lower in 7 of the last 10 times with an average loss of nearly 1%. as for what sectors managed to do during this time period try the s&p 500 utilities, outperforming an average of 1 and 1/3%. as for the worstor performing sector the industrial one. with an average loss of nearly 2k 1/2% and it's been a winning trade in 2 of the last 10 years. the stock market remains at near record levels for those who are looking to lighten up on stock exposure. recent history may be a factor to consider. past performance doesn't translate into future performance. many traders look toward history for patterns to help them play the odds. for nightly business report i'm dominick chiao. june starts with a big week of economic reports. a snap back following the lack of growth in the first quarter. it started today with an increase in construction spending in april to the highest level in 6 years. the commerce department reports that construction spending jumped 2.2% to an annual rate of $. another report today showed consumer spending stalled. steve liesman has more on what investors should watch for the rest o. >> it's a big week for economic data that means it's a big week for figuring out if the economy is bouncing back in the second quarter from the negative number we got on gdp for the first quarter. we got some decent data in the form of a poz differ manufacturing report. and better income numbers, though not very good spending numbers from the consumer. tuesday look for factory orders and vehicle sales. and on wednesday, look for the adp report along with an ism services report and the fed's book comes out in the afternoon. thursday claims and productivity enroute to the big day, which is friday where we get the employment report where 220,000 jobs were created in the month of may, afr t unemployment rates remain unchanged at 5.4%. all of this will figure into the fed's calculation about whether or not and when it will raise interest rates. for nightly business report steve liesman. >> steven friedman joins us now to discuss which economic report the markets will be watching most closely. >> the senior investment strategist at ubs wealth management. thanks for being here. >> which report to you is going to be the tell of the week, if you will? >> i think it's the immoment reports, it's been very critical reports for two reasons, it's e o factors that ultimately the federal reserve is going to be looking at closely, in terms of its assessment of the overall situation, the labor market being one of the key everyone greed currents into the equation. it's an important report because ultimately the labor markets is it one of the key pillars of consumption. and it's going to be one of the keys to see whether the consumer can reen gauge after the relatively sluggish phase we've seen in recent months. >> it comes in where economists are expecting and where you're expecting in the 200 plus arena. does that change your time r when the fed will move on interest rates? >> that would be broadly combatible with our expectation which is for a first hike in september. i think that's the likeliest outcome. the risks are skewed toward later. that's essentially what a 200 plus report would be would imply on friday. and i think that's also what the market is positioned for. i don't think that would be something which would be moving the market tremendously in one direction or the other. >> where do you put money to work in this market if you're a longer term investor. what sectors of the market do you like and what are you expecting overall from the market? >> for u.s. stocks at this point. we have to keep in mind that the market is no longer cheap, and you cannot expect the markets to perform strongly. just based on valuations becoming more and more expensive. there's a limit to that. but ultimately we think there's enough growth in earnings to be expected for this year for earnings growth to essentially allow for some high single digit returns if you take a 12 month view. within the u.s. stock market we would be favoring cyclical sectors. our preferred sector is where we have the rebound in capital expenditure. we also look like some of the other cyclical sectors such as consumer discretionary, industrials or financials. these are all places where we an opportunity to outperform the market. >> thank you very much appreciate it. steven friedman with ubs wealth management. > stanley fisher is telling investors and regulators to be on guard. speaking at the international monetary conference in toronto, fisher s a mistake to believe that new rules have put an end to financial crisis. despite there being no current threat to the financial system investors should not be complacent. >> when rooms are booked money is being spent either on vacations or for business. and many said just that today at the world's biggest lodging conference in new york some also warned that the tide could be turning. simon hobbs has more. >> an air of celebration here of the nyu hospital tailty conference. the days in new york during which the biggest names in lodging meet shareholders and analysts. it's a good time to be a hotelier allowing owners to raise room rates toward record profitability. of the big four brands hilton and marriott continue to execute at speed. signing up m hotel owners to open hotels under their branding run by their management teams. >> it's the highest we've ever had, 240,000 rooms. >> which will deliver half a billion dollars of operating revenue down the line? >> run rate ebitda is roughly half a billion yes. >> 25 30% in addition to what we have now. >> that is right, with little or no investment of ours. the problem is cyclical. the good times are set to enter hundreds of thousandsf of hotel rooms into the market. one analyst here thinks he's hearing rumbling drawbacks not necessarily with the big fall. >> you could almost hear in the audience the owners and the others are growning. that's competition am coulding on to them from next door. >> that's takeaway from the chair of this conference, just opened a 400 room loews hotel in chicago. >> demand is outpacing 134r50i. there are other hotels new hotels being built. 13% increase over the next couple years in terms of inventory. but as a whole, we feel very good about the industry. >> but on the stock market in analyst patrick scholls is right, it could prove to be a timely call to action for investors. it's a negative for the hotel owners. a lot of new supply coming on. you don't want that. it's less negative because the new supply is a very high margin business that's coming into their system. >> a sober warning for the giant lodging industry. as the annual parties roll on tonight. for nightly business report i'm simon hobbs in new york. the chip deal that's long been rumored is done. intel said it would buy fellow semiconductor maker altera for $17 billion. the move will allow intel to expand beyond ships for pc's and into smart cars and cloud computing and other applications. the deal is intel's largest shares of ultera were nearly 6% higher. and intel fell 1 inform%. in washington today, a supreme court ruling in favor of the banks. the nation's highest court said struggling homeowners cannot get rid of a second mortgage using bankruptcy protections, even if they owe more on their first mort worth. the case involved second loans held by bank of america. and the ruling was unanimous among the justices. that wasn't the only business related ruling by the supreme court today. one case involved abercrombie and fitch and workplace discrimination. the other, posts on soci >> facebook claims 1.4 billion monthly active users world wide. today in another social media channel, heard the first ruling from the u.s. supreme court about possible boundaries on free speech. the high court through out the conviction of air pennsylvania man. prosecuted for making violent threats on facebook after his wife left him. the legal standard used to convict him was too low for a criminal case. chief justice john roberts. authority of the majority opinion wrote, our holding makes clear that negligence is not sufficient to support a conviction. roberts also said the court did not need to consider first amendment issues in deciding the case. a set back for civil liberties groups seeking broader protection from prosecution. >> the message to internet users, to facebook posters. it's not only that. it's people who use older forms of technology as well is you don't have a right to threaten people the message to the government is if you want to prosecute somebody for threats, you must do so in the appropriate way, and that is convincing the jury that they acted with a guilty state of mind. >> the supreme cou also ruled in favor of a young muslim woman who sued abercrombie and fitch when she was denied a job because she wore a head scarf in observant of her religion. they failed to corroborate her the case goes all the way back to 2008. abercrombie says it's granted numerous religious accommodations since then. consumer advocates say now employers and job applicants will h. >> what it means is that workers will be able to go into a job interview and get the protections of anti-discriminatn law without having to announce all of their religious beliefs, all of their religious practices that may need to be >> with one month to go until the end of the current term, nearly two cases are still undecided. at the top of the list. the future of same sex marriage and the affordable care act. for nightly business report i'm hampton pearson at the supreme court. > still ahead, what ceo's from the world's biggest drug companies say is their best weapon y. at the most important cancer drug development conference of the year ceo's of the some of the world's biggest drug companies presented their latest data. many agree on one thing. there's a big new hope for . meg terrell has more from. >> reporter: the biggest cancer research event in the world, it was abuzz with excitement about immuno therapy. bristol-myers is the leader in the state. with two medicines in the market in melanoma and lung cancer. merck has a drug approved for melanoma. >> abruptly we and others began to show that we could manipulate the immune system in such a way as to reveal the pre-existing ability to actually eliminate tumors in some patients. over the last couple of years, those results have expanded and increased in number. >> roche astrazeneca, pfizer and others are developing immunotherapie one major focus, using so-called biomarkers. signatures in patient's cancer cell that may determine who responds to which strategies. >> we are studying a broad population of patients in order to really understand the biomarkers. we discovering it's a continuum. it varies by tumor, by line of therapy. >> a concern about their costs. particularly as they're used in combination. both bristol-myers and merck's drugs are priced at more than $10,000 alone. astrazeneca ceo said he's considering new models of pricing cancer drugs. >> it becomes very cost effective. look at pricing for the treatment of a tumor type. instead of selling your three viles of products i will charge for the treatment of lung cancer and come up with a price that is sustainable. >> results were also presented on drugs for breast colon and other cancers. one experimental drug for ovarian cancer drove the company's dock up more than 70% midday showing the excitement spans not just the medical community, but the investment one as well. for nightly business report i'm meg terrell in chicago. om group surges on news it will be taken private. the specialty chemical maker will be bought by apollo global manageme the shares surged today up 28% to 3404. weak gambling revenue weighed on casi stocks in today's session. mgm resorts slipped on news revenue in the city was down almost 40%. and it's the 12th straight month of declines. sharesl three casino operators were off by more than 1 1/2%. management changes at disney the company's chief financial officer will step down at the end of june. the media and entertainment giant hasn't named a successor yet, but rosullo will stay on to help in that igs. shares of disney were a fraction higher to close at 110-96. strong results from pvh corp. after the close. the company behind retailers like calvin klein and tommy hilfiger reported earnings that topped estimates and hiked its profit outlook for the year. the firm also announcing a $500 billion share buy back. the stock was a fraction higher at 104.68. elan musk is one of the most well known entrepreneurs. according to the los a times his companies were developed with the help of about $5 billion in government subsidies. y he called the article one sided and deceptive and made it clear that his companies provide economic benefits such as jobs. >> by adding up anything that's ever happened and things that will take the next 20 years to happen and putting that into a single number it makes it sound as though my company's getting some huge check. >> musk isn't alone. many big corporations receive a lot of money in government subsidies. aman jabbers has more on the financial relationship between private companies and public money. >> it won't shock you to find out that elan is not the only ceo to go around the country sidsdys and tax breaks. the study in 2012 looked at corporate welfare, they called it about $100 billion just in that year 2012 alone. they said one of the biggest areas was agriculture. the u.s. government paid out about $25 billion in corporate welfare to agriculture interest just that year. >> you know states have been offering subsidies and tax brakes to lure companies for years now. the question is whether that's hurting their competition, hurting themselves or is it actually a benefit in creating jobs in those states? >> that's why they do it. politicians like to have the ribbon cutting ceremony. they like to announce the big new company coming to town. there are arguments that these states are hurting themselves they're in a bidding war with each other. what you'd like to see is getting together in some kind of cartel with all the states banning together and saying they're not going to do this. competition being what it is that's what we don't see. companies take advantage of that. as they shop around for opportunities to open their new plants or their new offices hiring a lot of local workers. that's a real temptation for local politicians and they usually go for it. is the reason part of the reason maybe that this is coming up is because the debate on taxes and companies taking some of their businesses overseas and using money that's overseas not bringing it back here is it just the environment that is engendering this kind of discussion right now? >> that's definitely part of it? and part of it is elan musk himself. he's a big fascinating figure on the scene right now. people are interested in him, and his companies and what they'r doing. when it's about him, can shed some light on this broader issue as well. >> thanks,. coming up to lease or to buy? why a record number of americans are choosing one over the other whenio. here's what to watch tomorrow we'll have motorcycle sales numbers from may. also on the data front, factory orders. and the senate finance committee will have a hearing on the recent data hack. gas prices edging higher, the average price of gasoline has increased four cents a gallon to $2.84 a gaon. that's according to the lundberg survey. it is a small increase compared to the 35 cent jump over the previous five weeks. gas prices may be at or near their peak for the year. auto sales as we mentioned for may are due out tomorrow and the industry is on track to deliver 17 million new vehicles this year the most since 2001. car buyers in america are also borrowmore while looking to keep their monthly payments as low as possible. which is. why a record number are now leasing a new vehicle. phil lebeau has more. when it comes to picking out a new car or truck, almost one in every three company is . all new vehicles financed in the first quarter were leases. with an average monthly payment of $405. slightly lower than a year ago. >> leasing allows you to get a little more vehicle than you would get than if you would traditionally finance. >> leasing has risen along with the cost of new vehicles. why? partially because automakers are offering to put more tech features in our dashboards if we pay for i and we are paying for it. the average auto loan has jumped more than $1,000 to an all time high of just under 29 grand. and the average monthly payment is a r of $488. spread out on average over 67 months. buyers are illing to take out longer loans if it means bigger monthly payments. >> i think you've seen people upgrade to larger vehicles. to get that they know they have to pay more a way to mitigate that payment is to sign up for longer loan terms. >> despite more people borrowing more money. the more loans going into default has dropped last year. the primary reason why auto dealers and banks are more willing than ever to write auto loans. finally tonight it doesn't always pay to clean out your garage. a silicon valley recycling plant is looking for an unidentified woman who unknowingly donated a vintage apple 1 computer worth $200,000. she didn't leave her name or get a receipt. the recycling company sold the piece of apple history for $200,000 and since the policy is to split the proceeds with the owner, the plant is looking to give the mystery woman her $100,000 back. that's nicely business report for tonight. thanks so much for watching. this is the time of year your public television station seeks your support. on behalf of your public television station, thank you for that support. we'll se [ train whistle blows ] >> ♪ get on board, we're ready to go ♪ ♪ see the world from the scenic railroad ♪ ♪ from the snowcapped mountains to the sunny coast ♪ ♪ on the great scenic railway journeys ♪ ♪ hey, that train that carried my girl from town ♪ ♪ hey, hey, hey ♪ welcome to "great scenic railway journeys." i'm david holt. you know, north america has more railway adventures than any other place in the w