US equity indexes plunged as a strong jobs report slashed the odds for interest rate cuts this year, sending mega-cap chip names into a tailspin. The Nasdaq Composite slumped 3.8% to 25,818.6, with the S&P 500 down 2.4% to 7,399.8, and the Dow Jones Industrial Average lower by 1.3% to 50,908.5 ahead of Friday's close.
The letter from officials in Democrat strongholds asked the rating agencies to maintain their focus on financial analytics in viewing energy-dependence, rather than being swayed by the political winds.
The May employment report was generally strong, with payrolls growth much larger than expected, the unemployment rate steady, and hourly earnings growth faster than the previous month. Nonfarm payrolls rose by 172,000 in May after a 179,000 gain in April and a 214,000 increase in March, both revised higher from their previous estimates by a combined 93,000.
Financial stocks were higher in late Friday afternoon trading, with the NYSE Financial Index up 0.2% and the State Street Financial Select Sector SPDR ETF gaining 0.1%. The Philadelphia Housing Index was down 0.2%, and the State Street Real Estate Select Sector SPDR ETF was up 1.4%. Bitcoin was down 6.5% to $59,570, and the yield for 10-year US Treasuries rose 6.3 basis points to 4.54%. In corp...
* Indexes down: Dow 0.85%, S&P 1.82%, Nasdaq 3.07% * Semiconductors tank, set for biggest one-day drop since Liberation Day tariff announcement. * Nasdaq on course for largest single-day fall since October 10. * US adds 172,000 jobs in May, double analyst expectations. By Stephen Culp and Medha Singh.
AM Best has assigned a Long-Term Issue Credit Rating of ?a+? to Chubb INA Holdings LLC?s recently announced CAD 800 million issuance of senior unsecured notes in the Canadian market in two tranches, which are guaranteed by Chubb Limited: CAD 400 million issuance of 3.78% senior unsecured notes due 2031 and CAD 400 million issuance of 4.034% senior unsecured notes due 2033.
US benchmark equity indexes were lower intraday amid a technology sector-led sell-off, while Treasury yields jumped as markets parsed the latest official jobs report. The Nasdaq Composite was down 3.2% at 25,950.7 after midday Friday, while the S&P 500 fell 2% to 7,434.3. The Dow Jones Industrial Average shed 0.9% to 51,109, after closing at a record high in the previous session.
"My 10 years at Academy Securities building out the municipal platform while mentoring military veterans has been the highlight of my career," Kolman said.
AM Best has upgraded the Financial Strength Rating to B++ from B+ and the Long-Term Issuer Credit Rating to ?bbb? from ?bbb-? of East Caribbean Reinsurance Company Limited. The ratings reflect ECRC?s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
* US economy added 172,000 jobs last month. * Gold headed for weekly drop. * Markets see 72% chance of rate hike in December. * Silver, platinum, palladium headed for weekly declines. By Anjana Anil.
AM Best has assigned a Long-Term Issue Credit Rating of ?aa? to the recently announced $1.25 billion, 6.05% surplus notes, due 2056, issued by The Northwestern Mutual Life Insurance Company. The proceeds from the surplus notes offering will be used for general corporate purposes. This press release relates to Credit Ratings that have been published on AM Best?s website.
The rating agency gave the city a negative outlook in November 2024, following voter approval of a ballot measure requiring more public safety funding.
U.S. President Donald Trump said on Friday that he would like to see lower interest rates and will leave the decision on a possible rate cut to Federal Reserve Chair Kevin Warsh during the October meeting.
Financial stocks were mixed in Friday afternoon trading, with the NYSE Financial Index decreasing 0.1% and the State Street Financial Select Sector SPDR ETF gaining 0.1%. The Philadelphia Housing Index was down 0.5%, and the State Street Real Estate Select Sector SPDR ETF was up 1.1%. Bitcoin was down 4.4% to $60,654, and the yield for 10-year US Treasuries rose 5.3 basis points to 4.53%. In ec...
As budget reconciliation finally moves past the Senate, Aggie bond advocates are reintroducing the Modernizing Agricultural and Manufacturing Bonds Act.
US equity indexes sank amid a slide in mega-cap chip names and government bonds, as strong jobs slashed the odds for monetary policy easing this year. The Nasdaq Composite slumped 3% to 26,024.3, with the S&P 500 down 1.8% to 7,448.9, and the Dow Jones Industrial Average lower by 0.8% to 51,148.2 after midday Friday.
Financial stocks were lower in Friday afternoon trading, with the NYSE Financial Index decreasing 0.4% and the State Street Financial Select Sector SPDR ETF shedding 0.2%. The Philadelphia Housing Index was down 0.7%, and the State Street Real Estate Select Sector SPDR ETF was up 0.9%. Bitcoin was down 3.9% to $61,053, and the yield for 10-year US Treasuries rose 6.1 basis points to 4.536%. In ...
US equity indexes slumped amid a sell-off in mega-cap chip names and government bonds, as a strong jobs report lifted the odds for an interest rate increase this year. The Nasdaq Composite sank 2.4% to 26,209.1, with the S&P 500 down 1.4% to 7,478.3, and the Dow Jones Industrial Average lower by 0.6% to 51,277.2 in Friday's midday trading.
India has reappointed Swaminathan Janakiraman as its central bank deputy governor for a further period of two years, a Reserve Bank of India statement said on Friday. The reappointment will be with effect from June 26, the statement said.
AM Best has affirmed the Financial Strength Rating of B and the Long-Term Issuer Credit Rating of ?bb+? of Middle East Insurance Company Plc. The ratings reflect MEICO?s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
* Businessmen say authorities pushed economy into stagnation. * Uralchem owner likens central bank to hostile Western countries. * Sberbank CEO says some growth 'already a miracle' By Gleb Bryanski.
AM Best has affirmed the Financial Strength Rating of A- and the Long-Term Issuer Credit Ratings of ?a-? of Austral Resseguradora S.A. and Austral Seguradora S.A. Concurrently, AM Best has affirmed the Long-Term ICR of ?bbb-? of Austral Participa??es S.A. The outlook of these Credit Ratings is stable.
The European stock markets closed mixed Friday as the Stoxx Europe declined 0.2%, Germany's DAX was down 0.6%, the FTSE 100 gained 0.2%, France's CAC was off 0.3%, and the Swiss Market Index increased 0.3%. Seasonally adjusted GDP declined by 0.2% in the euro area and by 0.1% in the EU in Q1, compared with the previous quarter, according to estimates from Eurostat, the statistical office of the...
Market Intelligence analyst Jeff Lipton recaps May's muni outperformance versus Treasuries and broad fixed income, highlighting how carry, reinvestment demand and spread compression drove strong returns and helped A3 and Baa credits lead the market.
AM Best has affirmed the Financial Strength Rating of A+ and the Long-Term Issuer Credit Ratings of ?aa? of Mitsui Sumitomo Insurance Company, Limited and its subsidiaries. Lastly, AM Best has assigned an FSR of A+ and a Long-Term ICR of ?aa? to MSIG Specialty Insurance America, Inc. The outlook assigned to this rating is stable.
The US economy added more jobs than projected in May, while economists said upward revisions to payrolls growth in the two prior months indicated momentum in hiring activity. Total nonfarm payrolls rose by 172,000 last month, the Bureau of Labor Statistics said Friday, nearly double the 88,000 increase expected in a Bloomberg-compiled survey.
Major tech employment metrics show positive results in May DOWNERS GROVE, Ill. 1 An estimated 5.9 million people work in tech occupations across the country. The unemployment rate for tech occupations is 3.1%, a drop from April's 3.5% rate.
* Index on track to slip after two weeks of gains. * Canadian job growth beats expectations. By Tharuniyaa Lakshmi. Canada's main stock index fell more than 1% on Friday, tracking losses on Wall Street, as stronger-than-expected U.S. and domestic payrolls data fueled expectations of a tighter monetary policy.
* US economy added 172,000 jobs last month. * Gold headed for weekly drop. * Markets see 68% chance of rate hike in December. * Silver, platinum, palladium headed for weekly declines. By Anjana Anil.
Otter Tail Corp (OTTR): * OTTER TAIL - OTP ISSUES SERIES 2026B SENIOR UNSECURED NOTES FOR $70 MILLION ON JUNE 4, 2026 - SEC FILING. * OTTER TAIL - OTP AGREES TO ISSUE $100 MILLION OF 5.33% SERIES 2026A NOTES DUE MARCH 19, 2036 - SEC FILING Source text: Further company coverage:
The U.S. economy posted a third straight month of strong job gains in May, confirming the labor market was gaining traction after stumbling last year and giving the Federal Reserve more room to keep interest rates unchanged amid rising inflation due to the war in the Middle East. The closely watched employment report from the Labor Department on Friday painted an upbeat picture of the jobs market.
A blowout May jobs report is likely to further ease concerns among U.S. Federal Reserve officials about weakness in the labor market and focus attention on inflation risks, leaving incoming Chairman Kevin Warsh to manage growing support among his colleagues for possible rate hikes.
Canadian economic activity expanded at a faster pace in May and inflation pressures heated up, Ivey Purchasing Managers Index data showed on Friday. The seasonally adjusted index rose to 58.2 from 57.7 in April, marking the highest level since September. The Ivey PMI measures the month to month variation in economic activity as indicated by a panel of purchasing managers from across Canada.
* Indexes down: Dow 0.25%, S&P 0.85%, Nasdaq 1.39% * Semiconductors slide after strong rally. * U.S. jobs increase more than expected in May. * S&P Global to not change index entry eligibility for megacap IPOs. By Medha Singh and Twesha Dikshit.
The 2026 FIFA World Cup will inject billions of dollars into host economies, driven by a massive consumption surge that will benefit sectors as varied as tourism to retail and athletic wear, according to analysts. The iconic tournament, scheduled for June 11 to July 19 and set to be the largest soccer event ever, could power consumer spending at a time when broader demand remains fragile.
The 2026 FIFA World Cup will inject billions of dollars into host economies, driven by a massive consumption surge that will benefit sectors as varied as tourism to retail and athletic wear, according to analysts. The iconic tournament, scheduled for June 11 to July 19 and set to be the largest soccer event ever, could power consumer spending at a time when broader demand remains fragile.
KBRA releases the May 2026 issue of CMBS Trend Watch. Private label commercial mortgage-backed securities continued its steady issuance pace in May, with 16 deals closing, compared to 17 in April. The forward issuance pipeline across both CMBS and CRE CLOs remains busy as the market heads into its midyear CREFC conference in New York City next week.
AM Best has affirmed the Financial Strength Rating of B+ and the Long-Term Issuer Credit Rating of ?bbb-? of Victoria Insurance Company JSC. The ratings reflect Victoria?s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and weak enterprise risk management.
AM Best has revised the outlook to stable from negative for the Long-Term Issuer Credit Rating and affirmed the Financial Strength Rating of B++ and the Long-Term ICR of ?bbb+? of Korea P&I Club.
Member Banks Can Use VantageScore 4.0 to Originate Loans for 4 Million New, Creditworthy Borrowers Members of the Federal Home Loan Bank of Des Moines can now pledge mortgage collateral using VantageScore 4.0 credit scores, effective immediately. This press release features multimedia. ?The mortgage industry has rapidly transitioned to the VantageScore 4.0 credit score.
* May jobs report shows 172,000 jobs added, double expectations, jobless rate steady at 4.3% * Analysts say strong labor data increases likelihood of Fed rate hike by December. * 2-year Treasury yield hits 15-month high, yield curve flattens to narrowest since March. By Karen Brettell.
* US economy added 172,000 jobs last month. * Gold headed for weekly drop. * Markets see 68% chance of rate hike in December. * Silver, platinum, palladium headed for weekly declines. By Anjana Anil.
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B++ and the Long-Term Issuer Credit Rating of ?bbb+? of Aseguradora General, S.A.. The Credit Ratings reflect AGen?s balance sheet strength, which AM Best assesses as strongest, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management.
The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.5%, and the actively traded Invesco QQQ Trust retreated by 1.3% in Friday's premarket activity, after the May jobs report. US stock futures were mixed, with S&P 500 Index futures down 0.5%, Dow Jones Industrial Average futures gaining 0.1%, and Nasdaq futures retreating 1% before the start of regular trading.
The Canadian labor market sparked back to life in May, with the 88,000 gain in jobs well above consensus expectations and taking the unemployment rate back down to 6.6%, said CIBC after Friday's Labour Force Survey.
U.S. interest rate futures on Friday increased the chances that the Federal Reserve will raise interest rates by the December policy meeting after a blockbuster payrolls number for May, which sharply exceeded market expectations. The rate futures market has now priced in a 68.4% chance of Fed tightening in December, compared with 52% late on Thursday, according to CME's FedWatch.
U.S. interest rate futures on Friday increased the chances that the Federal Reserves will raise interest rates by the December policy meeting after a blockbuster payrolls number for May, which sharply exceeded market expectations. The rate futures market has now priced in a 65% chance of Fed tightening in December, compared with just 48% before the jobs report, according to LSEG estimates.
The May employment report showed nonfarm payrolls rose by 172,000, well above the 88,000 jobs increase expected in a survey compiled by Bloomberg as of 7:30 am ET, while April payrolls were revised upwards to a 179,000 increase and March payrolls were revised upwards to a 214,000 increase, for a net upward revision of 93,000 jobs.
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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