Treasury yields fell Wednesday after new data showed a surprise decline in private payrolls, while traders monitored the consequences of the government shutdown after lawmakers failed to reach an agreement on the federal funding bill.The 10-year Treasury yield traded nearly 5 basis points lower at 4.102%. The 30-year bond yield shed more than 3 basis points to 4.70%. One basis point equals 0.01% and yields and prices have an inverse relationship.Private payrolls declined by 32,000 in September, according to ADP. Economists polled by Dow Jones expected an increase of 45,000. August payrolls were also revised to show a loss of 3,000.…
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Microsoft Chief Technology Officer and Executive Vice President of Artificial Intelligence Kevin Scott speaks at the Microsoft Briefing event at the Seattle Convention Center Summit Building in Seattle, Washington, on May 21, 2024. Jason Redmond | AFP | Getty ImagesMicrosoft would like to mainly use its own chips in its data centers in the future, the tech giant’s chief technology officer said on Wednesday, in a move which could reduce its reliance on major players like Nvidia and AMD.Semiconductors and the servers that sit inside data centers have underpinned the development of artificial intelligence models and applications.Tech giant Nvidia has dominated…
Ford Mustang Mach-E and F-150 Lightning on display at the New York International Auto Show on March 28, 2024.Danielle DeVries | CNBCDETROIT – Sales of electric vehicles and large SUVs drove Ford Motor’s third-quarter sales up by 8.2%, the Detroit automaker reported Wednesday.Ford said sales of all-electric vehicles increased by 30.2% during the period to a new quarterly record of more than 30,600 units. Its “electrified” vehicles, including EVs and hybrids, increased 20% compared with the same period a year earlier.Sales of Ford’s SUVs increased nearly 10% during the quarter, including massive gains for its larger SUVs as well as the…
A view of the U.S. Capitol is seen at sunset on September 30, 2025, in Washington, DC. Mehmet Eser | Afp | Getty ImagesTraders in prediction markets are betting that the U.S. government shutdown could drag on for nearly two weeks, with odds rising that Congress will not reach a deal until at least mid-October.On Kalshi, a federally regulated prediction market, the current forecast implies the stoppage will last 11.1 days, up sharply in recent days as negotiations on Capitol Hill have stalled.Zoom In IconArrows pointing outwardsOn Polymarket, traders see the highest likelihood that the government won’t reopen until Oct.…
Wall Street banks largely told clients to expect a typical short shutdown and bet on a comeback in stocks if there’s any major weakness in equities. The stock market Wednesday was lower , but the losses were muted as investors waited to see more developments on the ongoing negotiations from Republicans and Democrats. (For the latest on the shutdown, see here .) The Street does fear that if President Donald Trump follows through with his threatened permanent layoffs that could add a new wrinkle to this stoppage and pressure an already fragile economy. An extended economic data blackout was another…
The dollar held on to steep gains on Friday after better-than-forecast U.S. data dampened expectations for further easing by the Federal Reserve this year.Jackal Pan | Moment | Getty ImagesThe dollar fell Wednesday after U.S. lawmakers failed to avert a government shutdown, raising questions from traders about the potential economic impact.The dollar index, which gauges the greenback’s performance against six rival currencies including the euro and the Japanese yen, lost 0.2% to trade at 97.61. The move put the benchmark down 10% for 2025. That would mark the U.S. currency’s biggest annual loss since 2003 — when it fell 14.6%.The U.S.…
Meta CEO Mark Zuckerberg holds a smartphone as he makes a keynote speech at the Meta Connect annual event at the company’s headquarters in Menlo Park, California, on Sept. 25, 2024.Manuel Orbegozo | ReutersMeta will soon show ads and other content to users based on their interactions with the company’s digital assistant and related products powered by generative artificial intelligence.The social media giant announced the update to its recommendation system on Wednesday, and said it will go into effect on Dec. 16. Users will receive notifications of the change starting on Oct. 7.The move underscores how Meta is attempting to…
Check out the companies making headlines before the opening bell. Lithium Americas — Shares jumped 32% after the Department of Energy said Tuesday it plans to take a 5% equity stake in the lithium miner. AES — The renewable and thermal power producer climbed 11% after a Financial Times report that Blackrock-owned Global Infrastructure Partners is in late-stage talks to acquire the Virginia-based utility. Bank stocks — Financials fell broadly as traders weighed the economic ramifications of the U.S. government shutdown. JPMorgan Chase and Goldman Sachs lost about 0.6%., Wells Fargo fell 0.8% and Citigroup shed 1%. Sunrun — The…
Here are Wednesday’s biggest calls on Wall Street: Seaport initiates Apple as buy Seaport said Apple products leaves the company well positioned for the long haul. “We expect Apple t o have a good year on this year’s product line-up, with Apple Air trending well and boding a stronger future for further price increases as an affordable phone (maybe) comes out next year.” Wells Fargo initiates Snowflake as overweight Wells said it sees a slew of catalysts ahead for the stock. “We see a favorable tactical setup for NOW shares into 4Q given a number of key catalysts, most notably…
Private payrolls saw their biggest decline in two-and-a-half years during September, a further sign of labor market weakening that compounds the data blackout accompanying the U.S. government shutdown.Companies shed a seasonally adjusted 32,000 jobs during the month, the biggest slide since March 2023, payrolls processing firm ADP reported Wednesday. Economists surveyed by Dow Jones had been looking for an increase of 45,000.In addition to the drop in September, the August payrolls number was revised to a loss of 3,000 from an initially reported increase of 54,000.The report comes as the funding impasse in Washington, D.C. has led to the first…
