Business

Stock market today: Wall Street slips ahead of Fed meeting

Published

4 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

Getty Images files for Chapter 11. What comes next for Florida photographers and videographers?

Published

2 days ago

November 9, 2026

FNN SPORTS

Getty expects licensing and contributor payments to continue as it seeks court approval for a restructuring. The case comes as AI puts pressure on generic stock imagery and verified coverage remains valuable to newsrooms.

Florida National News | Nov. 9, 2026

Getty Images is asking a federal bankruptcy court to approve a restructuring that would cut its debt and take the company private while it continues licensing photographs and video. For Florida photographers and videographers who sell work through Getty, the immediate question is whether royalties and assignment payments keep arriving on schedule. The longer-term question is which images and footage buyers will still pay to license as generative artificial intelligence makes some stock visuals easier to produce.

Getty Images Holdings Inc. and six subsidiaries filed for Chapter 11 protection Oct. 21 in Delaware. The company entered the case with support from major financial stakeholders and says it expects to continue serving customers and paying contributors in the ordinary course. The court is scheduled to hear several initial motions Nov. 17 and consider confirmation of the restructuring plan Dec. 15. Getty Images Chapter 11 filing and financing disclosure · Bankruptcy docket and Nov. 17 hearing notice · BankruptcyData on the Dec. 15 confirmation hearing

What drove Getty into bankruptcy?

The proposed plan includes up to $533 million in equity commitments from Getty family and Koch Equity Development affiliates. That amount includes financing and conversion of some existing debt into equity. The plan would cancel existing shares and put the reorganized company under the ownership of those investors. Getty Images restructuring agreement

Getty reported $2.1 billion in debt at the end of June. Its second-quarter results also showed $110.9 million in payments related to a warrant litigation judgment and interest, as well as higher interest costs tied in part to financing for the proposed Shutterstock acquisition. Getty abandoned that deal in July after Britain’s competition regulator conditioned clearance on the sale of Shutterstock’s editorial business. Getty Images second-quarter results · U.K. Competition and Markets Authority on the abandoned merger

Getty’s results show why the bankruptcy matters differently across the industry. Second-quarter creative revenue fell 2.6% from a year earlier to $127.4 million, while editorial revenue rose 9.2% to $96.5 million. The company did not quantify how much of the creative decline was attributable to AI. Getty Images second-quarter results

What Florida contributors should watch

Getty says it expects to maintain normal operations through the restructuring. For freelancers, the next royalty statement and deposit will give them a more direct view of whether the process is affecting their income. A contributor who licenses archive photos, a freelance crew that invoices for assignments and a production company that supplies footage may each have different payment terms. Getty Images restructuring announcement

Contributors can reconcile deposits against statements and keep copies of agreements, invoices and notices. An overdue balance or a notice naming a specific contract warrants a closer look at the applicable court documents and deadlines. After the case, the terms that could affect earnings include royalty rates, exclusivity, subscription payouts and how a distributor packages photos and video.

A hand holds a smartphone in front of a blue and purple network of glowing image thumbnails

An AI-generated illustration for Florida National News’ coverage of Getty Images’ Chapter 11 restructuring and competition from generative AI.

Which Florida assignments are most exposed to AI?

Generic office scenes, beach-themed backgrounds and short lifestyle clips face more direct competition from generative tools. A buyer who needs a mood or setting can generate several options without scheduling a shoot. A buyer who needs footage of a specific launch from Florida’s Space Coast, storm damage in a particular neighborhood or a decisive play at a Tampa Bay Buccaneers game still needs a verifiable record of that event.

Florida’s news, sports and entertainment calendar gives local crews opportunities to supply that record. A videographer covering a major convention in Orlando might have an interview or clean footage that a national outlet missed. A photographer covering a local election might have the only usable image of a concession speech. For archive sales, accurate dates, locations, names and captions help buyers find the material and establish what it shows. Event credentials, assignment agreements and existing licenses can limit which uses a contributor can offer.

Getty is also selling generative AI tools. The company says its image generator is trained on licensed creative content and proprietary data and that licenses carry indemnification under the applicable agreement. That gives Getty a way to sell generated visuals to commercial buyers while continuing to license photographs and footage of real events. Getty Images generative AI terms and training FAQ

Where AP and Reuters fit

The Associated Press and Reuters overlap most directly with Getty in editorial coverage. Both can serve publishers that want additional sources of news photographs and video. Reuters Connect also offers live video and individual picture licensing. AP says its standards prohibit the use of generative AI to create, alter or enhance news photography. Associated Press AI standards · Reuters Connect licensing

AP and Reuters could gain business if publishers add a second supplier or Getty changes its prices, packages or service. Getty’s plan also leaves open a different outcome. If the company emerges with less debt and can invest more in editorial coverage, the two agencies could face a stronger competitor.

What comes next

The December hearing will determine whether Getty can move forward with the proposed plan, subject to the court’s ruling and remaining conditions. Getty has said it expects to complete the restructuring by year-end. For Florida contributors, the near-term measures are whether payments arrive, assignments continue and licensing terms change. The longer-term test is whether distributors and newsrooms will pay enough for distinctive, verified Florida coverage to sustain the people who produce it. Getty Images restructuring announcement · BankruptcyData on the Dec. 15 confirmation hearing

Business

New AdventHealth Middleton Clinic Brings Pediatric Specialists, Urogynecology Near The Villages

Published

2 weeks ago

October 30, 2026

FNN NEWS

The multispecialty clinic features 24 treatment rooms, pediatric imaging and services designed to bring care closer to Middleton families.

MIDDLETON, Fla. (FNN) — Families in Middleton have a new option for pediatric and women’s specialty care with the opening of the AdventHealth Middleton Multispecialty Clinic, according to an Oct. 29 news release from AdventHealth.

Located at 2274 Alder Ave., the clinic brings together pediatric primary care, pediatric cardiology, pediatric orthopedics and women’s urogynecology services. The facility includes 24 treatment rooms, a pediatric X-ray room and spaces for children’s heart screenings.

Bringing care closer to families

Middleton, a master-planned community along Central Parkway, is home to approximately 1,200 families and households, many with residents who work in and around The Villages, according to the release.

For Jenny Trew, whose family was the first to move to Middleton, the new clinic could mean fewer long trips for routine appointments. She has been driving nearly an hour to Clermont for pediatric care for her 13-year-old twin sons, Jasen and Jackson.

“Going to the pediatrician usually means pulling both boys out of school, taking time away from work and making a day out of something that should be pretty simple,” Trew said in the release.

Having a pediatrician in the neighborhood will make it easier to balance health care appointments with work, school, sports and other activities, she said.

Dr. Vanessa Carroll, chief medical officer of AdventHealth for Children, said proximity matters when families are seeking care for a sick or injured child.

“Parents don’t want to take their child to just any doctor. They want someone they can trust, right around the corner,” Carroll said in the release. “Because when your child is sick or injured, an hour-long drive can feel even farther.”

Expanding women’s specialty services

The clinic also provides urogynecology services, including care for urinary incontinence and pelvic floor conditions.

The location gives women a nearby option for specialized treatment aimed at improving comfort, health and quality of life, according to AdventHealth.

“Women spend so much of their lives caring for others, and it can become very easy to put their own health last,” Kristen Toth, vice president of AdventHealth for Women, said in the release. “We want women to know there is care here for them, too.”

The clinic brings AdventHealth for Children and AdventHealth for Women together at one location to serve families through different stages of life.

Supporting students and schools

Middleton’s early childhood centers, two K-8 schools and high school collectively enroll more than 3,000 students, according to the release.

LeAnne Yerk, principal of The Villages Charter Elementary School, said access to nearby pediatric care supports students’ health and readiness to learn.

“As educators, we see firsthand that a child’s ability to learn, grow and thrive in the classroom is deeply connected to their health and well-being,” Yerk said in the release.

She described the clinic’s proximity to schools as an important resource for students and families, helping connect health care with educational support.

Location and appointments

The AdventHealth Middleton Multispecialty Clinic is located at 2274 Alder Ave., Middleton, Florida.

To schedule an appointment, call:

Pediatric primary care: 352-467-7862
Pediatric cardiology: 352-353-2788
Pediatric orthopedics: 407-303-5687
Women’s urogynecology: 407-303-1380

For online appointment information, visit MyMiddletonPediatrics.com for children’s services or MiddletonUrogyn.com for women’s services.

Business

GOAA Highlights Airport Improvements, Approves New Small Business Policies

Published

3 weeks ago

October 22, 2026

FNN NEWS

Gate Link train on an elevated guideway at Orlando International Airport, with palm trees, airport buildings and a control tower behind it.

A Gate Link train travels along an elevated guideway at Orlando International Airport, with the airport’s control tower in the background. Photo courtesy of the Greater Orlando Aviation Authority.

Terminal upgrades, parking projects and international connections mark the authority’s fiscal year review.

ORLANDO, Fla. (FNN) — The Greater Orlando Aviation Authority highlighted terminal improvements, expanded international connections and parking projects during its fiscal 2026 review, while its board adopted changes to a local business program and announced a new statewide small business initiative.

The updates affect Orlando International Airport and Orlando Executive Airport, which GOAA operates.

“We are undertaking an ambitious effort to redefine what it means to deliver a world-class airport experience,” GOAA CEO Lance Lyttle said in the authority’s announcement.
“As we welcome more visitors, more airlines, more routes, and new programs, our responsibility is to elevate every part of the journey — making it more welcoming, intuitive, and connected.”

A Gate Link train travels along an elevated guideway at Orlando International Airport, with the airport’s control tower in the background. Photo courtesy of the Greater Orlando Aviation Authority.

Terminal Improvements Focus on Connections and Families

Among the completed projects was an enclosed pedestrian bridge with moving walkways connecting Orlando International Airport’s train station and Terminal C.

Terminal C also opened a new wing serving gates 250–254, providing additional capacity and becoming the new home for Virgin Atlantic’s airport operations.

Three new Family Zones — one in each terminal — offer spaces for children and families to play, read and recharge. GOAA also highlighted improvements to directional signs along airport roads, in parking areas and throughout the terminals.

Parking Expansion and $40 Million Improvement Program

GOAA reported progress on a parking guidance system at Terminal C, with phased activation across all garages planned through mid-2027.

Dedicated employee parking areas are intended to free additional spaces for travelers. Planning is also underway for two new garages expected to add 8,000 public parking spaces over the next few years.

Separately, the authority’s $40 million Beautiful Airports Program targets safety, functionality and appearance across garages, terminals and other airport areas.

Aviation Investments and International Service

The fiscal year review highlighted a $50 million investment by dnata, a $26 million redevelopment by Signature Aviation at Orlando International Airport and groundbreaking for Sky Harbour’s $40 million campus at Orlando Executive Airport.

International service developments included ZIPAIR’s nonstop passenger charter flights between Orlando and Tokyo and Iberia’s launch of nonstop service to Madrid.

GOAA described ZIPAIR’s service as the first passenger charter connection between Florida and the Asia-Pacific region.

Business Policy Changes Broaden Eligibility

The board adopted revisions to GOAA’s Local Developing Business program following research, town halls and discussions with internal experts.

The changes increase the allowable personal net worth threshold and clarify how assets are excluded from that calculation, including primary residence equity, business equity, retirement assets and certain nonliquid holdings.

Business size standards were also revised to account for inflation and increased operating costs. The announcement did not specify the updated financial thresholds.

A new Small Business program will complement the local program and extend eligibility to qualifying businesses throughout Florida. Under the announced framework, participating businesses must fall within 50% of the applicable U.S. Small Business Administration size standard.

GOAA said detailed guidelines for both programs would be posted on its website. Those guidelines will provide businesses with the information needed to assess eligibility.