Average 401(k) balances drop 3% due to market volatility, Fidelity says
Retirement account balances fell in the first quarter of 2025, according to Fidelity Investments, the largest 401(k) provider in the U.S.
US: ISM Services Index Falls into Contractionary Territory in May
The ISM Services index fell 1.7 points to 49.9 in May, coming in well below expectations for a modest improvement to 52.0. This marked the first time that the index fell into contractionary territory since June 2024. Ten of eighteen industries reported growth in May, down from eleven in April and fourteen at the start […]
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Bank of Canada Holds Rates Steady, Offers More Forward Guidance
The Bank of Canada (BoC) held its policy rate at 2.75% for the second consecutive announcement. In justifying its stand-pat decision the Bank pointed to tariff uncertainty remaining high, the economy is softer, but not sharpy weaker, and there has been some unexpected firmness in inflation. In their calculus these changes netted out to keeping […]
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US ISM services falls to 49.9, prices jump to highest since late 2022
US ISM Services PMI slipped unexpectedly into contraction territory in May, falling from 51.6 to 49.9, its first sub-50 reading since June 2024 and well below market expectations of 52.0. The drop was driven by sharp declines in both business activity, which fell from 53.7 to the breakeven 50.0, and new orders, which plunged from […]
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Sunset Market Commentary
Markets The award for fastest analysis of today’s ADP employment report goes to… US President Trump. “ADP NUMBER OUT!!! “Too Late” Powell must now LOWER THE RATE. He is unbelievable!!! Europe has lowered NINE TIMES!” We break the analysis down into three parts. First we forgive him the mistake that Europe has lowered rates SEVEN […]
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Cramer calls Wells Fargo’s asset-cap removal a ‘watershed moment,’ raises price target on the stock
Morgan Stanley and Bank of America also raised their price targets after the Fed lifted the bank’s years-long lid on growth.
The euro zone is ready for a new member: Bulgaria
Bulgaria’s ascension to the euro would take the bloc to 21 members.
USD/JPY zig-zag continues this week
USD/JPY slumped 130 pips on Monday, rebounded 130 pips on Tuesday and fell 130 pips today.
These are wide moves in a pair that was once known as a sleepy pair. To start the week, trade was the driver but today the focus was on the US economy. Soft readings on ADP employment and ISM services were the catalyst for USD sales.
The selling didn’t kick off until the start of US trading as the data began to cross. To the downside, there is support at yesterday’s intraday low of 142.36 followed by last week’s low of 142.10.
Keep an eye on Treasury yields as US 10s have fallen to a one-month low of 4.35%. The market is fully priced for a September rate cut.
This article was written by Adam Button at www.forexlive.com.
OpenAI tops 3 million paying business users, launches new features for workplace
The users include ChatGPT Enterprise, ChatGPT Team and ChatGPT Edu customers, OpenAI said.
Trump says he spoke to Putin, predicts no ‘immediate’ peace for Russia and Ukraine
President Donald Trump said he spoke with Russian leader Vladimir Putin about Ukraine’s latest attack on Russian airplanes and nuclear talks with Iran.