Two surveys released Tuesday painted a mixed picture of the US manufacturing sector for June, with Institute for Supply Management data showing a fourth straight monthly contraction and S&P Global (SPGI) indicating faster expansion month on month. The ISM purchasing managers' index edged up to 49 last month from 48.5 in May. A reading below 50 indicates the manufacturing sector is generally contracting.
US equity indexes traded mixed while most government bond yields rose in midday trading on Tuesday. The Nasdaq fell 0.8% to 20,208.1 after hitting an all-time high of 20,418.31 on Monday. All sectors except for communication services and technology rose intraday.
The S&P 500 and the Nasdaq Composite fell in late morning trading, while the Dow Jones Industrial Average rose as investors assessed remarks by Federal Reserve Chair Jerome Powell. Powell said President Donald Trump's sweeping tariffs prompted the Fed to hold off on cutting interest rates this year.
Issuance this year has been "relentless" since the start of the year, while historically the "new-issue machine" takes a while to get rolling, said Scott Diamond, co-head of AM Municipal Fixed Income at Goldman Sachs.
The Dallas Federal Reserve's monthly general business services index rose to a reading of minus 4.4 in June from minus 10.1 in May, indicating contraction. There were gains in the readings for revenue, input prices, selling prices and capital expenditures, partly offset by declines in the readings for employment and wages.
US construction spending fell by 0.3% in May, compared with a 0.2% decrease expected in a survey compiled by Bloomberg as of 7:35 am ET and following an upward revised 0.2% decrease in April. Private residential construction fell by 0.5%, with single-family home construction down 1.8% and multi-family construction flat.
The Institute for Supply Management's US manufacturing index rose to 49.0 in June from 48.5 in May, compared with expectations for a smaller increase to a 48.8 reading in a survey compiled by Bloomberg as of 7:35 am ET. There were gains in the readings for production and prices, but declines in new orders, employment and order backlogs.
Federal Reserve Chairman Jerome Powell said Tuesday at a conference he would neither rule out nor forecast a July rate cut, though he said most members of the Fed's rate-setting committee expect to begin reducing rates again in the remaining four meetings this year. "I really can't say," Powell said in response to a question on the chances of a July rate cut.
Federal Reserve Chairman Jerome Powell said Tuesday that President Donald Trump's rollout of widespread tariffs caused the central bank to hold off on lowering interest rates so far this year. "Effectively, we went on hold when we saw the size of the tariffs," Powell said at a European Central Bank panel discussion with other central bankers.
Questions over what to disclose in the bond document's risk section has concerned issuers for years, through issues like the pandemic to climate change, and now potential federal funding cuts.
Navios South American Logistics Inc., one of the largest infrastructure and logistics companies in the Hidrovia region of South America, successfully priced a US$400 million senior secured bond due 14 July 2030 at par with interest at 8.875%. The Bonds and the Issuer are rated B by S&P, with a positive outlook.
B. Riley Financial (RILY) said Tuesday it entered into an exchange agreement with an institutional investor that will reduce its outstanding debt by about $15 million. The investor agreed to exchange roughly $28 million in outstanding senior notes for $13 million in newly issued 8% senior secured second lien notes due Jan. 1, 2028, the company said.
Tempus AI (TEM) said Monday it has priced a private placement of $650 million of its 0.75% convertible senior unsecured notes due July 15, 2030. The initial conversion rate is 11.8778 shares of class A common stock per $1,000 of notes, equivalent to an initial conversion price of about $84.19 per share. The offering, upsized from $400 million, is set to close Thursday.
New York Mortgage Trust (NYMT) said late Monday it has priced a public offering of $85 million of 9.875% senior notes due 2030. The company said it offered underwriters a 30-day overallotment option to buy up to an additional $12.75 million of the notes. Net proceeds of the offering, expected to be completed July 8, will be used for general corporate purposes, the company said.
New York Mortgage Trust, Inc. (NYMT) announced today the pricing of an underwritten public offering of $85 million aggregate principal amount of its 9.875% senior notes due 2030.
Delek Logistics Partners (DKL) said Monday it closed the $700 million upsized offering of 7.375% senior notes due 2033. The company previously said that it plans to use the net proceeds to repay part of the outstanding borrowings under its revolving credit facility. MT Newswires does not provide investment advice.
This week has the July 4th holiday, with only $2.5 billion on tap in the primary bond market, though investors have tens of billions in reinvestment cash.
Financial stocks advanced in late Monday afternoon trading, with the NYSE Financial Index rising 0.5% and the Financial Select Sector SPDR Fund gaining 0.7%. The Philadelphia Housing Index edged up 0.1%, and the Real Estate Select Sector SPDR Fund climbed 0.4%. Bitcoin shed 0.8% to $107,520, and the yield for 10-year US Treasuries dropped 5.3 basis points to 4.23%. In economic news, Canada resc...
Financial stocks advanced in late Monday afternoon trading with the NYSE Financial Index rising 0.5% and the Financial Select Sector SPDR Fund gaining 0.7%. The Philadelphia Housing Index edged up 0.1%, and the Real Estate Select Sector SPDR Fund climbed 0.4%. Bitcoin shed 0.8% to $107,520, and the yield for 10-year US Treasuries dropped 5.3 basis points to 4.23%. In economic news, Canada resci...
The Texas manufacturing sector's contraction eased less than projected in June, while uncertainty grew amid shrinking demand, data from the Federal Reserve Bank of Dallas showed Monday. The general business activity index improved to minus 12.7 this month from minus 15.3 in May. The consensus was for a minus 10 reading in a survey compiled by Bloomberg.
Financial stocks were advancing in Monday afternoon trading, with the NYSE Financial Index rising 0.4% and the Financial Select Sector SPDR Fund ahead 0.5%. The Philadelphia Housing Index was up 0.2%, and the Real Estate Select Sector SPDR Fund was shedding 0.4%. Bitcoin was adding 0.2% to $107,626, and the yield for 10-year US Treasuries was dropping 4.5 basis points to 4.24%. In economic news...
Financial stocks were advancing in Monday afternoon trading, with the NYSE Financial Index rising 0.5% and the Financial Select Sector SPDR Fund ahead 0.6%. The Philadelphia Housing Index was up 0.2%, and the Real Estate Select Sector SPDR Fund was shedding 0.3%. Bitcoin was up 0.3% at $107,725, and the yield for 10-year US Treasuries was dropping 4 basis points to 4.24%. In economic news, Cana...
Employment gains in the US are likely to slow down in June sequentially, though not enough to put pressure on the Federal Reserve to ease monetary policy at its next meeting, UBS Securities said in a note e-mailed Monday.
University of Virginia president James Ryan resigned under White House pressure as the Trump administration pushes higher education to comply with its ideology.
The European stock markets closed lower in Monday trading as The Stoxx Europe 600 fell 0.37%, Germany's DAX lost 0.44%, the FTSE 100 was down 0.43%, France's CAC 40 was off 0.33%, and the Swiss Market Index declined 0.49%. In the UK, the gross domestic product grew an estimated 0.7% in Q1, up from 0.1% the previous quarter, according to the Office for National Statistics.
National Bank of Canada over the weekend maintained a sector-perform rating and $23.00 price target on the shares of TELUS (TU), as the bank provided a second-quarter earnings preview for the company.
National Bank of Canada over the weekend initiated coverage of Strathcona Resources (STHRF) with an outperform rating and $42.00 price target. The bank said the price target implies a total return of 42% including the base dividend, and was based on its 2026 annual estimates that capture the recent divestiture of the company's natural gas and Montney portfolio.
The Institute for Supply Management's Chicago purchasing managers' index reading fell slightly to 40.4 in June from 40.5 in May, compared with an expected increase to a reading of 42.9 in a survey compiled by Bloomberg as of 7:50 am ET.
Sanchez said the GFOA's debt committee in particular is a place where there could be discussion about what kind of controls are necessary to address the situation.?
Shigeru Ishiba, the Prime Minister of Japan, is contemplating a proposal from President?Donald Trump?to purchase American oil to address the trade imbalance between the two nations. What Happened: Ishiba acknowledged the suggestion but emphasized the need for a more detailed assessment. The Japanese PM stated, ?It is a possibility that requires further, more detailed consideration.
Strategists from?JPMorgan (JPM) have voiced concerns that the much-awaited Federal Reserve interest-rate cuts might not be as beneficial for stocks as investors hope. What Happened: ?JPMorgan (JPM) strategists, led by Mislav Matejka,?observed a growing anticipation of interest rate cuts from the Fed. The strategists outlined three possible scenarios for the rate cuts.
Multiple municipal bond offerings this week have a high exposure to climate risk, specifically high Flood and Wildfire Scores, according to ICE Climate Data. A $7 million offering from Kings Point, N.Y., records a Flood Score of 4.6 out of 5.0, ICE reports.
Consumer stocks were mixed premarket Monday, with the Consumer Staples Select Sector SPDR Fund (XLP) down 0.2% and the Consumer Discretionary Select Sector SPDR Fund (XLY) 0.1% higher recently. Carnival shares were up more than 1% after the company said it launched a private offering of 1 billion euros of new senior unsecured notes due 2031.
Consumer stocks were leaning lower premarket Monday with the Consumer Staples Select Sector SPDR Fund down 0.3% and Consumer Discretionary Select Sector SPDR Fund declining 0.02% recently. Carnival shares were up more than 1% after the company said it launched a private offering of 1 billion euros of new senior unsecured notes due 2031. MT Newswires does not provide investment advice.
Working out the differences between the Senate and House budget bills might result in lawmakers reaching for ways to pay for extending tax cuts and finance new programs which could put tax-exempt munis back on the negotiating table.
Tempus AI (TEM) said Monday it plans to offer $400 million of convertible senior unsecured notes due July 15, 2030, in a private placement. Initial purchasers have been granted a 13-day option to purchase up to $60 million in additional notes.
Major US bank stocks were up pre-bell Monday after the Federal Reserve said they passed the central bank's annual stress test. "Large banks remain well capitalized and resilient to a range of severe outcomes," Fed Vice Chair for Supervision Michelle Bowman said Friday.
Vodafone Group (VOD) launched an up to 2 billion euro multi-currency debt tender and released initial terms for a multi-tranche offering of euro and sterling benchmark bonds, Bloomberg News reported Monday. The company wants to raise three benchmark bonds in euros and one sterling-denominated benchmark note, a person familiar with the matter told Bloomberg.
Asian stock markets fluctuated on Monday as traders weighed central bank outlooks, Chinese manufacturing data, and signals from New York. Tokyo and Shanghai finished in the green, while Hong Kong fell back. In Japan, the Nikkei 225 finished up 0.8% as traders weighed comments from US central bankers that monetary easing could be in the cards.
US equity investors will focus on the jobs data in this holiday-shortened week, apart from keeping an eye on President Donald Trump's trade deals and the passage of his 'Big Beautiful Bill' tax-cut bill. * Nonfarm payrolls and related labour market readings for June are due Thursday because of the July 4 holiday.
Carnival said Monday it launched a private offering of 1 billion euros of new senior unsecured notes due 2031. The company expects to use the proceeds to fully repay the borrowings its first-priority senior secured term loan facility maturing in 2027 and to repay part of the borrowings under its first-priority senior secured term loan facility maturing in 2028.
Issuance for the week of June 30 is estimated at $2.495 billion, with $2.039 billion of negotiated deals and $456.3 million of competitive deals on tap, according to LSEG.
In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.
Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.
Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
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