Federal Reserve Governor Stephen Miran said Thursday that he will resign from the Fed before or shortly before Kevin Warsh is sworn in as a governor and Fed Chair. Miran was filling a term that expired on Jan. 31, 2026, when he said that he would remain in the position until a successor was appointed.
Gold moved lower midafternoon Thursday as the dollar rose after a report showed U.S. retail-sales growth slowed in April. Gold for June delivery was last seen down US$22.20 to US$4,684.50. The U.S. Census Bureau reported retail sales roes by 0.5% last month, down from a revised 1.6% in March but matching expectations according to Marketwatch.
Financial stocks were higher Thursday afternoon trading, with the NYSE Financial Index rising 0.5% and the State Street Financial Select Sector SPDR ETF adding 0.6%. The Philadelphia Housing Index was climbing 0.8%, and the State Street Real Estate Select Sector SPDR ETF was down 0.4%. Bitcoin gained 2.6% to $81,414, and the yield for 10-year US Treasuries was decreasing 3 basis points to 4.45%...
Badger Infrastructure Solutions (BDGIF) closed a private-placement offering of $300 million aggregate principal amount of 5.375% senior unsecured notes due May 14, 2031, the company said on Thursday. The company will use proceeds to repay indebtedness under its credit facilities, including its term facility.
Financial stocks were advancing in Thursday afternoon trading, with the NYSE Financial Index rising 0.7% and the State Street Financial Select Sector SPDR ETF adding 0.6%. The Philadelphia Housing Index was climbing 0.8%, and the State Street Real Estate Select Sector SPDR ETF was down 0.4%. Bitcoin gained 2.6% to $81,414, and the yield for 10-year US Treasuries was decreasing 2.8 basis points ...
Weekly applications for unemployment insurance in the US increased more than estimated, while continuing claims also rose, government data showed Thursday. For the week through May 9, the seasonally adjusted number of initial claims grew by 12,000 to 211,000, the Department of Labor said.
National Bank of Canada on Wednesday reiterated its sector-perform rating on the shares of Hydro One (HRNNF) while raising its price target to C$56.00 from $55.00 following the company's first-quarter results. The bank raised the price target after incorporating the company's incremental capex guidance through 2027, as well as the Red Lake Transmission Line within longer-term estimates.
Canada's existing home sales rose 0.7% month over month in April, while new listings jumped 4.1% month over month, said TD. Canadian average home prices rose much more sharply in April, increasing 2.6% month over month, noted the bank after Thursday's release of data from the Canadian Real Estate Association.
US retail sales in April rose for the third straight month, with analysts saying the increase largely reflected higher prices as the war in Iran kept fuel costs elevated. Sales rose 0.5% in April following a revised 1.6% gain in March, the Census Bureau reported Thursday, matching the consensus in a survey compiled by Bloomberg.
National Bank of Canada on Wednesday raised Torex Gold Resources' (TORXF) price target to C$101 from $98 with an outperform rating. The higher price target was based on a higher NTM EBITDA window and using a 6.5x EV/EBITDA multiple, National Bank said.
Canadian existing home sales nudged up 0.7% month over month in April from March in seasonally adjusted terms, but no one is going to mistake this for a sign of spring for the chilly housing market, said Bank of Montreal on Thursday.
Gold edged higher early Thursday as treasury yields eased after a report showed U.S. retail-sales growth slowed in April. Gold for June delivery was last seen up $4.00 to US$4,710.70. The U.S. Census Bureau reported retail sales roes by 0.5% last month, down from a revised 1.6% in March but matching expectations according to Marketwatch.
The Bank of Canada's minutes for its April 29 rate decision were released on Wednesday, notes Rosenberg Research. "By far", it said, the most important quote was: "With slack in the labour market and excess supply in the economy, businesses would be less likely to pass higher costs on to consumers.
US retail sales rose by 0.5% in April, as expected in a survey compiled by Bloomberg as of 7:35 am ET and following the previous month's 1.6% gain. Excluding a 0.4% decrease in motor vehicle sales, retail sales were up 0.7%, also as expected. Removing both motor vehicles and a 2.8% gain in gasoline station sales, retail sales were up 0.5% in April after a 0.7% increase in March.
US initial jobless claims rose to a level of 211,000 in the week ended May 9 from a downwardly revised 199,000 level in the previous week, compared with expectations for a smaller increase to 205,000 in survey of analysts compiled by Bloomberg. The four-week moving average rose by 750 to 203,750 after decreasing by 4,750 to a level of 203,000 in the previous week.
The US dollar rose against its major trading partners early Thursday ahead of a busy day of economic releases, starting with weekly jobless claims, April retail sales, and April import and export price data, all at 8:30 am ET.
Willis Lease Finance (WLFC) said Thursday it priced a $200 million public offering of 2.50% convertible senior notes due 2031, up from $175 million earlier. The company said it also plans to give underwriters a 30-day option to buy up to an additional $30 million in notes to cover over-allotments.
Commerzbank in its "European Sunrise" note of Thursday highlighted: Markets: United States Treasuries better supported in the late New York session and Asia. --Fed: Kevin Warsh is confirmed as Federal Reserve chair in a 54-45 Senate vote. --Fed: Federal Reserve Bank of Boston President Susan Collins argues that rates should remain on hold for "some time."
Canada will release the consumer price index data for April on Tuesday, said Bank of Montreal. The bank expects Canada's CPI to hit 3% year over year in April, up from 2.4% in March. MT Newswires does not provide investment advice.
Advanced Energy Industries (AEIS) priced a private offering of $1 billion total principal amount of 0% convertible senior notes due 2031, the company said late Wednesday. The firm has provided a 13-day option to the initial purchasers to acquire up to an additional $150 million total principal amount of the notes, it said. The offering is expected to close on Monday, according to the company.
US equity indexes closed mixed on Wednesday, as communication services and technology led sectors amid the fastest annual pace of growth in producer prices in four years, signaling the strength of the so-called AI trade.
Financial stocks fell Wednesday with the NYSE Financial Index dropping 0.8% and the State Street Financial Select Sector SPDR ETF shedding 1.1%. The Philadelphia Housing Index declined 1.4%, and the State Street Real Estate Select Sector SPDR ETF lost 0.8%. Bitcoin fell 1.2% to $79,517, and the yield for 10-year US Treasuries rose 1.8 basis points to 4.48%. In economic news, the US producer pri...
The Senate confirmed Kevin Warsh as the next Federal Reserve chair in a 54-45 vote on Wednesday. Warsh is US President Donald Trump's pick to replace Jerome Powell, whose term as Fed chief expires on Friday. The Senate on Tuesday approved Warsh as a governor on the Fed board, bringing Stephen Miran's term to an end. Warsh served as a governor on the central bank's board from 2006 to 2011.
US equity indexes were mixed ahead of Wednesday's close as communication services and technology topped sector charts, while producer prices grew at the fastest annual pace in four years. The Dow Jones Industrial Average fell 0.1% to 49,707.1, trading off session lows.
Financial stocks were lower in late Wednesday afternoon trading, with the NYSE Financial Index decreasing 0.8% and the State Street Financial Select Sector SPDR ETF shedding 0.9%. The Philadelphia Housing Index was falling 1.4%, and the State Street Real Estate Select Sector SPDR ETF was down 0.8%. Bitcoin was declining 1.2% to $79,517, and the yield for 10-year US Treasuries rose 1.8 basis poi...
The US Senate approved Kevin Warsh as the Federal Reserve chair for a term of four years by a vote of 54-45, the US Senate Daily Press reported Wednesday. Only one democratic senator, John Fetterman of Pennsylvania, voted in favor of Warsh succeeding Jerome Powell, the report added. The Republican-majority body on Tuesday confirmed Warsh to a 14-year term on the Fed's board of governors.
Financial stocks were lower in Wednesday afternoon trading, with the NYSE Financial Index decreasing 0.7% and the State Street Financial Select Sector SPDR ETF shedding 1%. The Philadelphia Housing Index was falling 1.8%, and the State Street Real Estate Select Sector SPDR ETF was down 0.7%. Bitcoin was declining 1.4% to $79,278, and the yield for 10-year US Treasuries was rising 2 basis points...
Financial stocks were lower in Wednesday afternoon trading, with the NYSE Financial Index decreasing 0.7% and the State Street Financial Select Sector SPDR ETF shedding 1%. The Philadelphia Housing Index was falling 1.8%, and the State Street Real Estate Select Sector SPDR ETF was down 0.7%. Bitcoin was declining 1.4% to $79,278, and the yield for 10-year US Treasuries was rising less than one ...
US equity indexes traded mixed after midday Wednesday as a hot producer price inflation print failed to restrain technology bulls. The Dow Jones Industrial Average fell 0.2% to 49,596.1, while the Nasdaq jumped 1.2% to 26,409.3 and the S&P 500 climbed 0.6% to 7,445.5. Utilities, financials, and real estate led the decliners.
Wells Fargo (WFC) is marketing investment-grade bonds in as many as three parts, with maturities between three and six years, Bloomberg reported Wednesday, citing a person familiar with the matter. The longest-maturity bond is being offered with a spread of about 1 percentage point above US Treasuries, the report said, adding proceeds are for general corporate purposes.
Given the elevated pace of inflation, it may be necessary to hold the federal funds rate at its current level for a period of time, or possibly move higher, Boston Federal Reserve Bank President Susan Collins said Wednesday at the Boston Economic Club.
US equity indexes traded mixed in midday trading on Wednesday amid a hot producer price inflation print. The Dow Jones Industrial Average fell 0.5% to 49,532.5, while the Nasdaq rose 0.8% to 26,304.2 and the S&P 500 climbed 0.3% to 7,424.8. Utilities, financials, and real estate led the decliners.
The Dow Jones Industrial Average was down, while the Nasdaq Composite and the S&P 500 Index were up in late-morning trading Wednesday after another hotter-than-expected inflation report and as President Donald Trump prepares for his summit with Chinese President Xi Jinping.
The shock to global energy prices from the Iran war has complicated outlooks for central bank policy, said TD. Before the conflict, labor markets had cooled visibly, and an array of uncertainties weighed on demand, wrote the bank in a note to clients.
US producer prices in April rose at the fastest pace in four years as broad-based increases in services and goods signaled intensifying inflation pressures. The producer price index increased 1.4% on the month, the biggest gain since March 2022, after a 0.7% rise in March, Bureau of Labor Statistics data showed Wednesday.
The Bank of Canada releases its Summary of Deliberations at 1:30 p.m. ET on Wednesday, said Scotiabank. The Summary attempts to reflect the dialogue that was conducted in the lead-up to the April 29 policy decision, noted the bank.
Wells Fargo (WFC) is marketing investment-grade bonds in as many as three parts, with maturities between three and six years, Bloomberg reported Wednesday, citing an unnamed source. The longest-tenored bond is being offered with a spread of about 1 percentage point above US Treasuries, the report said, adding proceeds from the bonds are for general corporate purposes.
The US Producer Price Index rose by 1.4% in April following a 0.7% gain in March, well above the 0.5% gain expected in a survey compiled by Bloomberg as of 7:35 am ET. Energy prices increased by 7.8% in the month, slower than a 10.1% gain in March. After excluding food and energy prices, core PPI jumped by 1.0% from 0.2% gain in the previous month, well above the 0.3% gain expected.
Advanced Energy Industries (AEIS) plans a $1 billion private offering of convertible senior unsecured notes due May 15, 2031, the company said Wednesday. Advanced Energy expects to grant initial purchasers an option to buy up to an additional $150 million of the notes. The company plans to use part of the net proceeds to fund certain capped call transactions, among other things.
The main US stock measures were mostly pointing higher in Wednesday's premarket activity as traders await the latest data on wholesale prices and focus on President Donald Trump's visit to China.
Given weak Canadian growth, soft labor-market dynamics and a benign core inflation backdrop, Morgan Stanley doesn't see the Bank of Canada rushing to normalize policy further. The bank expects the BoC to be on hold over the course of this year and 2027, maintaining the view that policy is "in the right place."
Societe Generale in its early Wednesday economic news summary pointed out: -- 10-year United States Treasury consolidates after its highest close of 4.463% since July 2025, following an upside surprise for April core consumer price index on Tuesday.
Algonquin Power & Utilities (AQNB) said Tuesday its Liberty Utilities unit priced a sale of $1.15 billion in senior unsecured notes consisting of $650 million in 5.1% notes due 2031 and $500 million in 5.65% notes due 2036. The company will use the capital to repay intercompany loans, enabling the parent firm to refinance $1.15 billion of debt due in 2026, it said.
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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