US equity benchmarks rose on Wednesday, with the Dow Jones Industrial Average notching its highest closing level in three weeks as fresh economic data bolstered expectations for a Federal Reserve interest rate cut next week. The Dow climbed 0.9% to 47,882.9, its strongest finish since Nov. 12.
Essex Property Trust (ESS) said Wednesday its operating partnership Essex Portfolio has priced an underwritten public offering of $350 million of 4.875% senior notes due 2036. The notes were priced at 99.093% of par value with a yield to maturity of 4.988%, the company said, adding the offering is expected to close on Dec. 12.
CFRA, an independent research provider, has provided MT Newswires with the following research alert. We increase our 12-month target price by CAD31 to CAD215, 17.8x our FY 26 EPS view, a premium to its five-year forward P/E of 10.6x given expected efficiency gains and improving revenue diversity. MT Newswires does not provide investment advice.
The muni market is dealing with elevated supply this week and secondary flows have "reacted in tandem," said Kim Olsan, senior fixed income portfolio manager at NewSquare Capital.
Carvana Co (CVNA) shares are trading higher on Wednesday as stocks across sectors gain on growing conviction that the Federal Reserve will cut interest rates at next week's policy meeting.
Financial stocks gained in late Wednesday afternoon trading with the NYSE Financial Index rising 0.7% and the Financial Select Sector SPDR Fund adding 1.4%. The Philadelphia Housing Index climbed 2.2%, and the Real Estate Select Sector SPDR Fund eased 0.2%. Bitcoin rose 1.8% to $92,958, and the yield for 10-year US Treasuries decreased 3.3 basis points to 4.062%. In economic news, the Institute...
Bank of America Global Research expects the global economy to enter 2026 with more momentum than investors anticipate, calling for stronger U.S. and China growth, continued AI-driven investment, and a shift in market leadership. After a strong 2025 across U.S. and international markets, investors are questioning how much fuel remains in the rally.
Fortress Investment Group bought the property in 2021 after it was largely destroyed by Hurricanes Irma and Maria and financed a major renovation that featured reinforcement standards designed to protect against a category 5 hurricane.
Gold traded higher midafternoon on Wednesday as the dollar and treasury yields fell after a report showed an unexpected drop in U.S. private-sector jobs last month, firming expectations the Federal Reserve will cut interest rates next week. Gold for February delivery was last seen up US$16.80 to US$4,237.60 per ounce.
Financial stocks were advancing in Wednesday afternoon trading, with the NYSE Financial Index rising 0.8% and the Financial Select Sector SPDR Fund ahead 1.2%. The Philadelphia Housing Index was climbing 2.2%, and the Real Estate Select Sector SPDR Fund was easing 0.2%. Bitcoin was increasing 1.9% to $93,102, and the yield for 10-year US Treasuries was decreasing 2 basis points to 4.07%. In eco...
The US services sector remained in growth territory last month, two surveys showed Wednesday, though there were some signs of demand pressure. The Institute for Supply Management's purchasing managers' index ticked higher at 52.6 last month, the highest reading since February, from 52.4 in October.
Financial stocks were advancing in Wednesday afternoon trading, with the NYSE Financial Index rising 0.7% and the Financial Select Sector SPDR Fund ahead 1.2%. The Philadelphia Housing Index was climbing 2.3%, and the Real Estate Select Sector SPDR Fund was easing 0.1%. Bitcoin was increasing 1.2% to $93,012, and the yield for 10-year US Treasuries was decreasing 2 basis points to 4.07%. In cor...
US equity indexes rose in midday trading on Wednesday as a surprise drop in private sector jobs sent government bond yields lower, which helped raise the odds of an interest rate cut next week.
CFRA, an independent research provider, has provided MT Newswires with the following research alert. We increase our 12-month target price by CAD30 to CAD280, 18.3x our FY 26 EPS view of CAD15.25, a wider risk premium than the peer average of 12.7x given its scale and superior earnings profile. MT Newswires does not provide investment advice.
CFRA, an independent research provider, has provided MT Newswires with the following research alert. We increase our 12-month target price by USD20 to USD200, 18.3x our FY 26 EPS view of CAD15.25, a wider risk premium than the peer average of 12.7x given its scale and superior earnings profile. MT Newswires does not provide investment advice.
India's real gross domestic product growth accelerated sharply to 8.2% year over year in Q3, up from 7.8% in 2Q, even as nominal GDP growth eased slightly to 8.7% year over year versus 8.8, said Societe Generale.
The European stock markets closed little changed in Wednesday trading as the Stoxx Europe was up 0.08%, Germany's DAX edged 0.1% lower, the FTSE 100 shed 0.1%, France's CAC increased 0.16%, and the Swiss Market Index was off 0.25%. The eurozone's private sector economy expanded for the sixth straight month in November, according to the HCOB Eurozone Composite PMI Output Index, which increased t...
After selling $260 million of voter-approved bonds for the project, county officials are eyeing a sales tax ballot measure in 2026 to cover the higher cost.
The crucial U.S. services sector maintained its expansion in November, according to two key survey reports, reinforcing the economy's surprising resilience in the fourth quarter. However, the data also highlighted lingering inflationary pressures and a softening labor market, setting a complex backdrop for Federal Reserve policy.
Employment in the US private sector surprisingly fell in November, ADP reported Wednesday, solidifying expectations that the Federal Reserve will cut interest rates again next week. Private jobs decreased by 32,000 last month, according to the payroll processing firm. The decline follows an increase in October that was revised to 47,000 from 42,000, the latest ADP report showed.
The Institute for Supply Management's US services index rose to a reading of 52.6 in November from 52.4 in October, compared with expectations for a decrease to a reading of 52.0 in a survey compiled by Bloomberg as of 7:30 am ET.
Gold traded higher early on Wednesday as the dollar and treasury yields fell after a report showed an unexpected drop in U.S. private-sector jobs last month, firming expectations the Federal Reserve will cut interest rates next week. Gold for February delivery was last seen up US$34.60 to US$4,255.40 per ounce.
China's PMIs for November, published over the past couple of days, confirm a further weakening in growth momentum, on balance, said ABN Amro. To start with the manufacturing side, the official index published by NBS on Sunday rose modestly to 49.2, from October's 49.0, but a bit less than expected, with consensus at 49.4, wrote the bank in a note.
U.S. private employers unexpectedly cut jobs in November, signaling fresh weakness in the labor market and reinforcing expectations for another Federal Reserve rate cut next week. Private payrolls fell by 32,000, according to ADP's National Employment Report released Wednesday. ADP said job creation has been flat through the second half of 2025, while pay growth continues to cool.
The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.3% and the actively traded Invesco QQQ Trust was 0.2% higher in Wednesday's premarket activity amid important economic data releases. US stock futures were also higher, with S&P 500 Index futures up 0.2%, Dow Jones Industrial Average futures advancing 0.2%, and Nasdaq futures gaining 0.2% before the start of regular trading.
ADP's monthly measure of private payrolls showed a decrease of 32,000 jobs in November, compared with expectations compiled by Bloomberg as of 7:30 am ET for an increase of 10,000. The November drop followed an upwardly revised 47,000-jobs increase in October.
Canada will publish Q3 labor productivity figures at 8:30 a.m. ET on Wednesday, said Scotiabank. The data could post a gain for a change, noted the bank. The Q3 GDP beat won't translate through very well to productivity, given the import distortions, stated Scotiabank. Also, the bank will watch revisions to the 2022-24 period after GDP was revised substantially higher last Friday.
Five weeks ago, the Bank of Canada effectively declared its easing cycle was over, said National Bank of Canada. To the BoC, the policy rate is "at about the right level" to keep inflation on target and help the economy through a "structural adjustment." At the time, there was skepticism that the BoC's job was done, and to some extent, there still is, noted the bank.
The county treasurer's new report describing large hikes in Chicago residential tax bills effectively takes property tax hikes off the table for the city.
The US dollar fell against its major trading partners early Wednesday ahead of a busy economic release day, starting with ADP private payrolls data for November at 8:15 am ET and delayed import and export price data for September at 8:30 am ET.
The main US stock measures were trending higher in Wednesday's premarket activity as investors await a key employment report from Automatic Data Processing (ADP) to gauge the health of the labor market ahead of the Federal Reserve's monetary policy meeting next week. The S&P 500, the Dow Jones Industrial Average and the Nasdaq edged up 0.1% each before the opening bell.
Canada will release labor productivity data for Q3 at 8:30 a.m. ET on Wednesday, the sore spot of Canadian economic data, said Bank of Montreal. However, given the rebound in real gross domestic product growth in the quarter, the bank is looking for a "firm" 0.5% increase in the quarter.
The main economic data release overnight Tuesday was the latest gross domestic product report from Australia, which revealed the economy expanded less than expected by 0.4% in Q3, MUFG noted.
Wall Street futures pointed modestly higher pre-bell Wednesday as traders continued to expect easing from the Federal Reserve and await a report on the nation's employment scene.
IREN Limited (IREN) today announced the pricing of its offering of $1 billion aggregate principal amount of 0.25% convertible senior notes due 2032 and $1 billion aggregate principal amount of 1.00% convertible senior notes due 2033 in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended.
Bank of America India has received approval from the country's central bank for the appointment of Vikram Sahu as its chief executive, Reuters reported Wednesday, citing an internal memo it has seen. Bank of America India named Sahu as CEO in March, though a formal Reserve Bank of India approval was pending, according to the report.
The transaction, which supports the Navajo community in Ganado, Arizona, represents a major landmark in furthering Native American health care infrastructure, overcoming hurdles tribal governments typically face in issuing municipal debt to open a replicable path to market other indigenous health systems can follow.
Kevin Hassett has emerged as the leading candidate to replace Federal Reserve Chair Jerome Powell, signaling a potential shift toward sharply easier monetary policy next year.
Herc (HRI) said late Tuesday it priced $600 million of 5.75% senior unsecured notes due 2031 and $600 million of 6% senior unsecured notes due 2034. The offering is expected to close on Dec. 16.
Ventas (VTR) said late Tuesday its subsidiary, Ventas Realty, has priced an underwritten public offering of $500.0 million of 5.000% senior notes due 2036 at 99.510% of the principal amount. The company said it expects to close the offering Dec. 4, with proceeds to be used for general corporate purposes. MT Newswires does not provide investment advice.
American Tower (AMT) said late Tuesday it priced an $850 million offering of senior unsecured notes due 2032. The notes carry a 4.7% interest rate per year and were issued at 99.685% of face value. MT Newswires does not provide investment advice.
Check Point Software Technologies Ltd. (CHKP), a pioneer and global leader of cyber security solutions, today announced its intention to offer, subject to market conditions and other factors, $1.5 billion aggregate principal amount of 0.00% Convertible Senior Notes due 2030 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended.
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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