Business

Stock market today: Wall Street slips ahead of Fed meeting

Published

3 years ago

May 2, 2023

NEW YORK (AP) — Stocks are falling Tuesday as shares of beleaguered banks tumble again and worries about the economy worsen.

Rising fear has yields sinking in the bond market, while Wall Street waits for the Federal Reserve’s latest move on interest rates and Washington edges closer to what would be a catastrophic default on U.S. government debt.

The S&P 500 was 1.7% lower and on pace for its worst day in nearly two months. The Dow Jones Industrial Average was down 545 points, or 1.6%, at 33,506, as of noon Eastern time, while the Nasdaq composite was 1.5% lower.

Some of the sharpest drops came from smaller- and mid-sized banks, which have been under heavy scrutiny as the banking system shows cracks under the weight of much higher interest rates. PacWest Bancorp dropped 25%, Western Alliance Bancorp fell 19% and Zions Bancorp. dropped 11.7%.

Three of the four largest U.S. bank failures in history have come since March, and investors have been on the hunt for what could be next to topple or suffer a debilitating exodus by customers.

Regulators seized First Republic Bank at the start of this week and sold most of it to JPMorgan Chase, which had raised hopes that the turmoil could ease.

Also pressuring stocks was a report that showed U.S. employers advertised less than 9.6 million job openings in March. That’s the lowest number in nearly two years and worse than economists expected. The job market has been one of the main pillars supporting a slowing economy, and a drop-off there would likely mean a recession.

Such pressure is raising the stakes for the Federal Reserve, which is beginning a two-day meeting on interest rates. The widespread assumption is that it will raise rates on Wednesday by another quarter of a percentage point. The widespread hope is that it will be the last increase for a long time.

The Fed has jacked up rates at a furious pace from early last year, up to a range of 4.75% to 5% from virtually zero. It’s trying to beat down high inflation, but high rates do that by taking a blunt hammer to the economy.

High rates have already hit the housing market sharply and hurt the banking system. Many investors are preparing for a recession to hit later this year.

That has many traders betting on the Fed halting its rate hikes and perhaps even cutting them later this year. That would offer the market more breathing room, and stocks have historically done well in the months immediately following the last rate hike.

Still, some investors are anticipating the Fed on Wednesday may not offer encouraging signals that rate hikes are definitely over, let alone open the door to rate cuts.

“Admittedly this is a 20:20 hindsight view and the Fed’s job is as tough as it has ever been, but while it would be nice to be finished with the Fed hiking cycle, too much caution in the past, among other factors, caused the current inflation overshoot and there remains a distinct possibility that it could accelerate again, especially given all the uncertain factors in the world today,” said John Vail, chief global strategist at Nikko Asset Management.

Australia’s central bank earlier Tuesday surprised markets by raising rates by a quarter of a percentage point and saying “some further tightening” may be needed to get inflation fully under control. It pointed to prices still rising too quickly for services, an area that the Fed has also been focused on.

Adding worries on top of that is the latest political spat over the nation’s debt limit. Treasury Secretary Janet Yellen said late Monday that the U.S. government could default on its debt as early as June 1 unless Washington allows it to borrow more. That’s an earlier “X-date” than previously thought.

A default could be disastrous because much of the financial system is built on the assumption that U.S. government debt is the safest investment available. Most of Wall Street believes Congress will come to a deal before the deadline, as it has many times before, because the alternative would be so dire.

While Yellen made the June 1 deadline sound like a flexible one, Wall Street will likely be treating it with more definitiveness. Any portfolio manager with instructions to avoid risks of getting payments delayed will be steering clear of June 1 bills, according to strategists at UBS.

With only weeks to go before June 1, Congress could be forced to kick the can down the road and agree to an extension of a few months, rather than a long-term deal.

“There could be a few debt ceiling deadlines prior to the 2024 elections,” the UBS strategists led by Michael Cloherty wrote in a report.

In the bond market, the yield on the 10-year Treasury fell to 3.43% from 3.57% late Monday.

Some of the sharpest action in the stock market was among companies that reported results for the first three months of the year, as earnings season stays in high gear. It’s been mostly better than feared.

Arista Networks fell 15.3% despite reporting better profit and revenue than expected. Analysts said investors may have been disappointed it didn’t raise its forecast for upcoming results even more than it did.

On the winning side was Molson Coors Beverage, which reported adjusted earnings that more than doubled analysts’ expectations. It rose 8.8%.

Business

Dallas Mayor Eric Johnson Listed as Speaker for Global AI, Supply Chain Summit

Published

15 hours ago

October 9, 2026

FNN NEWS

Organizers say the Oct. 26–27 conference will bring together business leaders, policymakers and technology professionals for discussions on global commerce, digital transformation and industry innovation.

DALLAS, TX (FNN) — Dallas Mayor Eric L. Johnson is listed as an invited speaker for the Global Procurement, Supply Chain, AI & Logistics Summit and Global Recognition Awards 2026, scheduled for Oct. 26–27 in Dallas, according to an announcement from the event’s organizer.

The American Association of Procurement, Supply Chain and Tourism Management, known as AAPSCM, said the two-day summit will take place at the AC Hotel & Residence Inn Dallas by the Galleria, 5460 James Temple Drive.

The conference will focus on artificial intelligence, supply chain resilience, innovation and the future of global commerce.

Mayor listed among international speakers

Organizers identified Johnson among the invited speakers joining executives, policymakers, academics, consultants and professionals in procurement, supply chain management, technology and logistics.

The announcement describes participants as coming “from the United States and around the world.”

According to the release, Johnson is listed among speakers participating in the Oct. 27 program. The announcement does not specify the subject or time of his remarks.

AI, forecasting and digital transformation

The second day’s agenda includes a session on artificial intelligence and machine learning in inventory management, forecasting, and sales and operations planning.

An executive leadership session titled “Driving Innovation & Digital Transformation” is scheduled to follow.

The program will examine technology’s role in procurement, logistics and supply chain operations, with an emphasis on how leaders respond to changing business conditions.

Awards to recognize industry achievement

The summit will also include procurement and supply chain awards, followed by Global Excellence Awards recognizing individuals, organizations and industry leaders.

Organizers said the awards program includes more than 35 categories spanning procurement, supply chain management, artificial intelligence and logistics.

The announcement describes the awards as recognizing “achievement, innovation and leadership.”

Executives and decision-makers expected

AAPSCM said it expects attendees to include chief executives, chief procurement officers, chief supply chain officers, chief operating officers and technology leaders.

The anticipated audience also includes procurement directors, logistics professionals, government representatives and specialists in AI and digital transformation.

About the organizer

AAPSCM describes itself as a U.S.-based nonprofit professional organization that supports professional development through certification, education, training, membership, conferences and international collaboration.

Event and registration information

Event: 2nd Global Procurement, Supply Chain, AI & Logistics Summit & Global Recognition Awards 2026
Dates: Oct. 26–27, 2026
Venue: AC Hotel & Residence Inn Dallas by the Galleria
Address: 5460 James Temple Drive, Dallas, Texas 75240
Organizer: American Association of Procurement, Supply Chain and Tourism Management
Registration: aapscm-conferences.org
Organization: aapscm.org

Business

Hola at the Park Set for Oct. 3 in Altamonte Springs; Admission Free

Published

1 week ago

October 1, 2026

FNN NEWS

Florida National News and FNN News en Español will provide on-site coverage of the Hispanic Heritage Month celebration at Cranes Roost Park.

ALTAMONTE SPRINGS, Fla. (FNN) — Hola at the Park will bring Hispanic culture, local businesses and live entertainment to Cranes Roost Park on Saturday, Oct. 3, from 2 to 6 p.m.

Hosted by the Hispanic Chamber of Metro Orlando and presented by AdventHealth, the event celebrates National Hispanic Heritage Month through food, entertainment, entrepreneurship and community connections.

According to the chamber’s event announcement, admission is free, the celebration is open to the community and no registration is required.

FNN to Spotlight Businesses and Community Voices

Florida National News and FNN News en Español, official media sponsors, will be on location covering the festivities.

The FNN team will spotlight chamber representatives, sponsors, participating businesses and community leaders, while sharing attendees’ perspectives throughout the afternoon.

Coverage will highlight the people, businesses and cultural traditions contributing to the celebration.

Photo: Florida National News

Food, Entertainment and Family Activities

The chamber’s announcement lists authentic cuisine, live entertainment, local businesses, wellness experiences, community resources, networking and family-friendly activities among the event’s offerings.

Attendees will have opportunities to explore Hispanic traditions, connect with entrepreneurs and learn about organizations serving Central Florida.

Photo: Florida National News

A Waterfront Setting in Uptown Altamonte

Cranes Roost Park, located in Uptown Altamonte, features a waterfront setting with scenic walkways around Cranes Roost Lake and the Eddie Rose Amphitheater and floating stage.

The park will serve as the gathering place for an afternoon celebrating Hispanic heritage and the connections between culture, business and community.

Event Details

Date: Saturday, Oct. 3, 2026
Time: 2–6 p.m. EDT
Location: Cranes Roost Park, Altamonte Springs
Host: Hispanic Chamber of Metro Orlando
Presenting sponsor: AdventHealth
Admission: Free and open to the community
Registration: Not required

Photo: Florida National News

Vendor Inquiries

For information about vendor opportunities, contact the Hispanic Chamber of Metro Orlando at info@hispanicchamber.com or events@hispanicchamber.com.

Business

ALDI to Launch Seven Ready-Made Meals in October, With Single-Serve Dishes Under $8

Published

2 weeks ago

September 29, 2026

FNN NEWS

The refrigerated lineup includes five single-serve dishes and two family-size meals.

BATAVIA, Ill. (FNN) — ALDI will begin rolling out seven ready-made meals in select stores in early October, with single-serve dishes priced under $8 and family-size options under $15. The grocer expects the full lineup to be available nationwide by January 2027.

The collection includes five single-serve meals: beef Bolognese spaghetti, beef brisket with white mac and cheese, butter chicken and rice, a chicken burrito bowl, and chicken fettuccine Alfredo. The two family-size dishes are chicken and bacon mac and cheese and a meat lovers pizza bake.

“Our shoppers are looking for meals that fit into busy lives,” said Joan Kavanaugh, vice president of national buying for ALDI U.S. She said the company developed the lineup with shoppers’ budgets and demand for convenient meals in mind.

Price and preparation

ALDI said the single-serve meals contain 30 to 46 grams of protein each. The family-size dishes contain 16 to 22 grams per serving. The company announced price limits for the two sizes but did not list a price for each individual meal.

“We tested hundreds of recipes as we developed this collection,” said Terry Jackson, head of food at Kitchen Food Company, ALDI’s supplier for the meals. Jackson said the team focused on flavor and ingredients while developing the dishes.

The meals are refrigerated, not frozen. ALDI says the single-serve dishes can be heated in a microwave, while the family-size meals are prepared in an oven. Shoppers should follow the directions on each package.

2026 Hispanic Chamber Hola at the Park. Uptown Altamonte Springs, Florida at beautiful Cranes Roost Park Saturday, October 3, 2026 (2:00 PM – 6:00 PM) (EDT)

When and where to find them

The meals will be stocked in the refrigerated meals section near the front of ALDI stores. Availability will vary during the rollout, which begins in select markets in early October and expands through the fall. ALDI also plans to offer additional meals through its limited-time ALDI Finds assortment each month over the following year. corporate.aldi.us