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US stocks swoon, sending Dow down more than 650 points

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NEW YORK – U.S. stocks slumped Friday, and the market suffered its worst week in two years, as fears of inflation and disappointing quarterly results from technology and energy giants spooked investors. The Dow Jones industrial average dropped by more than 650 points.

Bond yields rose and contributed to the stock market swoon after the government reported that wages grew last month at the fastest pace in eight years. The Dow had its worst decline since June 2016, while the broader Standard & Poor’s 500 index had its biggest one-day percentage drop since September 2016.

“We’ve enjoyed low interest rates for so long, we’re having to deal with a little bit higher rates now, so the market is trying to figure out what that could mean for inflation,” said Darrell Cronk, head of the Wells Fargo Investment Institute.

The increase in bond yields hurts stocks in two ways: it makes it more expensive for companies to borrow money, and it also makes bonds more appealing to investors than riskier assets such as stocks.

Several major companies, including Exxon Mobil and Google’s parent company, Alphabet, sank after reporting weak earnings. Apple fell on concerns about iPhone sales.

The sharp decline in stocks this week short-circuited a robust start to the year that was spurred by strong global economic growth, solid company earnings and lingering enthusiasm for the GOP tax overhaul. Even with the pullback, the major indexes are still up more than 3 percent this year.

The downturn also follows a long period of unprecedented calm in the market. Stocks haven’t had a pullback of 10 percent or more in two years, and hit their latest record highs just one week ago.

The S&P 500 fell 59.85 points, or 2.1 percent, to 2,762.13. The index has lost 3.9 percent since hitting a record high a week ago.

The Dow lost 665.75 points, or 2.5 percent, to 25,520.96. The Nasdaq slid 144.92 points, or 2 percent, to 7,240.95. The Russell 2000 index of smaller-company stocks gave up 32.59 points, or 2.1 percent, to 1,547.27.

While interest rates are still low by historical standards, meaning borrowing is still relatively cheap for businesses and people, they’ve been rising more swiftly, and that’s what has markets on edge.

“The pace of rate increases is more important than the level,” said Nate Thooft, senior portfolio manager at Manulife Asset Management.

The increase in rates has been driven by the prospect of stronger economic growth, and higher inflation, in the U.S. and abroad.

Bond prices declined again Friday, pushing yields higher. The yield on the 10-year Treasury note, a benchmark for interest rates on many kinds of loans, including mortgages, climbed to 2.84 percent, the highest level in roughly four years. The rate was at 2.41 percent four weeks ago and 2.66 percent on Monday.

“Once we started going north of 2.5 percent, and you put that together with an overbought market, it had the ingredients of a sell-off, especially since January was so strong,” said Jeff Zipper, regional investment strategist at U.S. Bank Private Wealth Management.

The S&P 500, which many index funds track, soared 5.6 percent in January, its biggest monthly gain since March 2016.

One concern for investors is that the Federal Reserve will respond to higher inflation by raising its key interest rate more quickly than expected. The government’s latest job and wage data stoked those concerns Friday.

U.S. employers added a robust 200,000 jobs in January, slightly above market expectations for an 185,000 increase. Meanwhile wages rose sharply, suggesting employers are competing more fiercely for workers. The figures point to an economy on strong footing even in its ninth year of expansion, fueled by global economic growth and healthy consumer spending at home.

That’s good news for Main Street USA, but not for Wall Street. Some economists were predicting Friday that the central bank will raise its benchmark rate four times this year, rather than the three times most previously expected.

The market slide may have been overdue, particularly after the strong start for stocks this year where the S&P 500 had its best January in two decades. Some investors saw a potential buying opportunity.

The global economy is still strong, corporate profits and sales have been better than expected this reporting season and buyers for stocks still remain, all reasons to be optimistic about stocks, said Nate Thooft, senior portfolio manager at Manulife Asset Management.

“It’s appealing, these 2 to 3 percent pullbacks,” said Thooft, who had been trimming some of his stock holdings after the market’s big January gains. “We look at this and say, ‘Maybe it’s your first day to buy a little bit.’”

While earnings overall have been strong, some big companies have posted disappointing results.

Google’s parent company Alphabet slumped 5.3 percent after the search giant reported results that missed analysts’ forecasts. The stock slid $62.39 to $1,119.20.

Exxon Mobil dropped 5.1 percent, while Chevron lost 5.6 percent after the oil companies’ latest quarterly results fell short of forecasts. Shares in Exxon shed $4.54 to $84.53. Chevron gave up $6.99 to $118.58.

Apple declined 4.3 percent after the technology company said it sold 77.3 million iPhones in the last quarter, below the 80 million analysts expected. The stock slid $7.28 to $160.50.

Traders welcomed Amazon’s latest results. The e-commerce giant rose 2.9 percent after its fourth-quarter profit increased by more than $1 billion. Amazon shares gained $39.95 to $1,429.95.

Oil futures declined. Benchmark U.S. crude slid 35 cents, or 0.5 percent, to settle at $65.45 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, fell $1.07, or 1.5 percent, to close at $68.58 a barrel in London.

Wholesale gasoline fell 2 cents to $1.87 a gallon and heating oil fell 4 cents to $2.05 a gallon. Natural gas slipped 1 cent to $2.85 per 1,000 cubic feet.

Gold fell $10.60 to $1,337.30 an ounce. Silver dropped 45 cents to $16.71 an ounce. Copper lost 2 cents to $3.19 a pound.

The dollar rose to 110.28 yen from 109.42 yen on Thursday. The euro weakened to $1.2451 from $1.2502.

Major stock indexes in Europe also declined Friday. Germany’s DAX slid 1.7 percent, while France’s CAC 40 lost 1.6 percent. The FTSE 100 index of leading British shares gave up 0.6 percent.

In Asia, Japan’s benchmark Nikkei 225 fell 0.9 percent and South Korea’s Kospi slid 1.7 percent. Hong Kong’s Hang Seng index dipped 0.1 percent.

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Addition Financial Foundation Awards $175,000 to 10 Central Florida Nonprofits

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Members of the Addition Financial Foundation’s 2026 Community Giving Class are recognized during the fifth annual Community Giving Celebration at Addition Financial Arena in Orlando. The foundation awarded $175,000 in unrestricted grants to 10 Central Florida nonprofits supporting communities across the region.

Fifth annual Community Giving Celebration recognizes organizations serving families, students and communities across the region

ORLANDO, Fla. (FNN) — The Addition Financial Foundation honored 10 Central Florida nonprofit organizations Wednesday during its fifth annual Community Giving Celebration, awarding $175,000 in unrestricted grants and providing recipients with year-round organizational support.

The breakfast and awards ceremony was held at Addition Financial Arena on the University of Central Florida campus, bringing together representatives from the nonprofit, government, education and business communities.

Established in 2021, the foundation is the philanthropic arm of Lake Mary-based Addition Financial Credit Union. Each organization selected for the 2026 Community Giving Class was nominated by an Addition Financial team member based on its work in communities served by the credit union.

10 NONPROFITS RECEIVE COMMUNITY GIVING GRANTS

Three organizations — Central Florida Community Arts, Children’s Safety Village and Embrace Health — each received $20,000 grants. Seven additional nonprofits received $15,000 each: Empowered Girls Inc., First Tee Central Florida, Foundation for Foster Children, Gentian Creek Preserve, Prospera, Save a Life Pet Rescue and Tech Sassy Girlz.

The grants are unrestricted, allowing the organizations to direct the funding toward areas they determine will have the greatest impact.

“The Community Giving Celebration gives us an opportunity to shine a light on nonprofit organizations that are addressing important needs and creating meaningful change across our community,” said Cristina Lehman, executive director of the Addition Financial Foundation.

Lehman said the foundation’s involvement extends beyond the grants, including connecting organizations with volunteers, resources and opportunities throughout the year.

ADDITIONAL $5,000 AWARDS PRESENTED

Two additional $5,000 awards were presented during the celebration.

The Greatest Investment Girls Empowerment Program, a previous Community Giving Class participant, received one award. Save a Life Pet Rescue received another following a vote by Addition Financial team members who contribute to the foundation.

In addition to financial support, the 2026 class will receive volunteer assistance from Addition Financial employees, complimentary use of the organization’s community room and workshops on topics including media relations, fundraising and grant writing.

YEAR-ROUND COMMUNITY INVESTMENT

The Community Giving program is designed to build relationships between Addition Financial and nonprofit organizations beyond a single grant cycle.

This year’s recipients work across a range of areas, including arts and culture, child safety, health, youth development, education, foster care, environmental conservation, entrepreneurship, animal rescue and technology education.

Through unrestricted grants and continuing support, the foundation said the program is intended to help nonprofits strengthen their operations while expanding their impact throughout Central Florida.

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AdventHealth Recruiting Nurses, Technologists and Clinical Professionals at 8 Central Florida Locations

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The Sept. 9 regional hiring event will connect nurses, imaging and laboratory professionals, respiratory therapists and other clinical workers with hiring managers at eight AdventHealth locations.

ORLANDO, Fla. (FNN) — AdventHealth will hold a regional hiring event Wednesday, Sept. 9, at eight locations across Central Florida as the health system looks to expand its clinical workforce to meet growing demand for patient care.

The hiring events will run from 9 a.m. to 1 p.m. and give nurses, technologists and other clinical professionals an opportunity to meet directly with hiring managers and clinical leaders, participate in on-site interviews and potentially receive same-day job offers for select positions, according to AdventHealth.

The recruitment effort comes as Central Florida’s population growth continues to increase demand for health care services across hospitals, emergency departments and other care sites.

High-Demand Clinical Positions

AdventHealth said career opportunities are available across several high-need clinical areas, including:

  • Nursing
  • Imaging
  • Laboratory
  • Respiratory care
  • Surgical services
  • Other clinical specialties

The regional format allows applicants to explore opportunities at multiple AdventHealth facilities while connecting directly with the people responsible for hiring and clinical operations.

Eight Central Florida Hiring Locations

Hiring events will be held simultaneously at the following locations from 9 a.m. to 1 p.m. Wednesday, Sept. 9:

AdventHealth Altamonte Springs
601 E. Altamonte Drive, Altamonte Springs
Chatlos Classrooms

AdventHealth Apopka
2100 Ocoee Apopka Road, Apopka
Vyas Conference Rooms

AdventHealth Celebration
400 Celebration Place, Celebration
Mangrove Conference Rooms

AdventHealth East Orlando
7727 Lake Underhill Road, Orlando
Precedo Conference Rooms

AdventHealth Kissimmee
2450 N. Orange Blossom Trail, Kissimmee
Woodlands Conference Rooms

AdventHealth Orlando, AdventHealth for Women & Children
601 E. Rollins St., Orlando
Alden Conference Room

AdventHealth Winter Park
200 N. Lakemont Ave., Winter Park
First Floor Conference Center

AdventHealth Winter Garden
2000 Fowler Grove Blvd., Winter Garden
First Floor Conference Rooms

Central Florida Growth Driving Recruitment

AdventHealth said the regional recruitment initiative is designed to strengthen clinical teams as the health system expands access to care throughout Central Florida.

Hiring across multiple hospitals and specialties also reflects the range of health care workers needed to support growing communities — from bedside nurses and respiratory professionals to diagnostic imaging, laboratory and surgical-services teams.

For qualified candidates, the possibility of interviewing directly with hiring managers and receiving a same-day offer for select positions could also shorten the traditional hiring process.

How to Register

Health care professionals interested in attending can register through the official AdventHealth Central Florida Hiring Event page.

Event: AdventHealth Central Florida Regional Hiring Event
Date: Wednesday, Sept. 9, 2026
Time: 9 a.m.-1 p.m.
Locations: Eight AdventHealth facilities across Central Florida

FNN Community & Business

The regional hiring initiative represents a significant employment opportunity for Central Florida’s health care workforce while highlighting the continued demand for clinical professionals as the region’s population and health care needs expand.

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DOJ, DOT and DHS Launch Nationwide Crackdown on CDL Fraud, Trucking Schools and Unqualified Drivers

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Two 18-wheelers travel along a U.S. interstate. Federal authorities have launched a multiagency initiative targeting alleged commercial driver’s license fraud, improper training and testing practices, and other suspected violations involving the trucking industry. FNN Illustration

Federal agencies say the new Joint Task Force Crossroads of America will target fraudulent CDL training and testing, identity and document fraud, unauthorized employment and suspected criminal activity across the commercial trucking industry.

DETROIT (FNN) — The Justice, Transportation and Homeland Security departments have launched a sweeping federal initiative targeting alleged fraud and public-safety violations in the commercial trucking industry, including questionable driver training, commercial driver’s license testing, identity fraud and suspected criminal activity.

Eight U.S. attorneys joined federal transportation and homeland security officials Aug. 31 to announce Joint Task Force Crossroads of America, a multistate law enforcement partnership initially bringing together U.S. attorney’s offices in Illinois, Indiana, Michigan and Ohio with federal, state and local agencies.

The initiative brings together DOJ, the Department of Transportation, Department of Homeland Security, Federal Motor Carrier Safety Administration and other law enforcement agencies.

Among the most immediate actions, FMCSA announced the emergency removal of more than 110 commercial driver training providers associated with more than 5,000 drivers who failed federal English-language proficiency requirements. The agency is also proposing removal of more than 160 additional training providers and launching a nationwide audit of third-party CDL skills testers.

DHS, meanwhile, announced enforcement activity involving more than 200 driving schools and related businesses across 23 states.

Federal Government Targets CDL Fraud

Federal officials say the initiative is designed to identify fraudulent training and licensing practices while determining whether trucking companies, schools, testing operations or other businesses are circumventing federal requirements.

Attorney General Todd Blanche said DOJ will work with federal, state and local partners to investigate and prosecute alleged fraud affecting highway safety.

“The safety of American roadways affects everyone across the country,” Blanche said in the federal announcement.

Transportation Secretary Sean P. Duffy said federal transportation regulators need law enforcement support to pursue suspected fraud involving training schools and other participants in the commercial licensing system.

The government’s announcement also included broader claims by administration officials concerning immigration enforcement and highway safety. Those statements represent the administration’s characterization of the problem; the specific enforcement actions announced by FMCSA focus on compliance with federal commercial-driver training, testing and qualification requirements.

110 CDL Training Providers Face Emergency Removal

FMCSA said it examined roadside inspection records involving commercial drivers cited for failing federal English-language proficiency requirements and compared those records with its Training Provider Registry.

That analysis identified training providers that repeatedly certified drivers who subsequently failed the federal requirement, according to the agency.

FMCSA said it will emergency-remove more than 110 Entry-Level Driver Training providers from its registry. The affected providers must cease federally recognized training operations, including classroom and behind-the-wheel instruction.

The government says those schools are associated with more than 5,000 drivers who failed English-language proficiency tests.

Removal from the federal registry is an administrative action and should not, by itself, be characterized as a criminal conviction or finding of criminal fraud.

40-State Investigation Finds Training Problems

The enforcement campaign extends beyond the 110 providers.

FMCSA said it deployed 175 investigators across 40 states in July to conduct nearly 400 investigations of entry-level driver training providers.

According to the agency, investigators identified problems including instructors who lacked appropriate licenses, inadequate facilities for required driving maneuvers and missing assessment records.

One provider allegedly claimed its classroom operated from a school bus located inside the back of a trailer, according to FMCSA.

The investigations resulted in more than 160 notices of proposed removal from the federal Training Provider Registry.

FMCSA further said drivers certified by those providers have been linked to 239 commercial motor vehicle-related fatalities.

That figure warrants careful distinction: the agency’s release describes the drivers as linked to those fatalities; it does not establish from that statistic alone that training deficiencies caused each crash.

Nationwide Audit of CDL Skills Testers

Federal regulators are also turning their attention to the people and organizations administering commercial driving tests.

FMCSA announced a nationwide audit of third-party CDL skills testers and state oversight of those testers.

The agency said more than 28,000 commercial drivers have been placed out of service for English-language proficiency violations since June 2025. FMCSA argues that the number raises concerns about whether testing and state oversight are consistently enforcing federal requirements.

States found substantially out of compliance with federal CDL requirements can face corrective action and, eventually, financial consequences.

According to FMCSA, unresolved substantial noncompliance can result in withholding of federal highway funds—up to 4% initially and potentially 8% in subsequent years. Serious deficiencies can also lead toward decertification of a state’s CDL program.

DHS Targets More Than 200 Driving Schools

DHS is conducting a parallel criminal-investigation and immigration-enforcement effort.

Homeland Security Investigations said its initiative is examining suspected CDL fraud, unauthorized employment, identity-document fraud, financial crimes, money laundering and labor exploitation, along with potential connections to human smuggling, drug trafficking and cartel activity.

Those categories describe investigative targets and potential violations identified by DHS; they do not mean every school, trucking company or driver contacted by investigators has committed a crime.

According to the federal announcement, HSI planned coordinated activity involving more than 200 driving schools across 23 states and said more than 1,000 business leads had been distributed to investigators.

Field offices had also issued more than 80 notices of inspection and opened multiple investigations, according to DHS.

Investigations Include DMV Employees, Medical Certifications and Trucking Companies

Federal authorities disclosed several categories of ongoing investigations.

HSI said investigators are examining allegations that some state motor vehicle employees accepted payments to help applicants circumvent driver’s license and CDL requirements.

Other investigations involve suspected misuse of B-1/B-2 visa holders for domestic cargo transportation, potentially improper medical certifications, identity fraud and alleged labor exploitation involving visa holders.

DHS also said investigators are examining possible shell companies, financial crimes and transportation businesses potentially connected to broader criminal activity.

Because many of these matters remain investigations, allegations of misconduct have not necessarily resulted in criminal charges or convictions.

Federal Trucking Enforcement Reaches Florida

The federal initiative also includes activity in Florida.

According to the government’s announcement, DHS’s Enforcement and Removal Operations Miami Field Office coordinated an operation with the Florida Department of Transportation, FMCSA and commercial vehicle enforcement authorities during the week of Aug. 24.

Other coordinated operations were identified in Illinois, Indiana, Maine, Michigan and Wisconsin.

DHS also identified several broader enforcement initiatives involving commercial transportation, including Operation ICE Wall, Operation Guardrail and Operation Freightliner.

What It Means for Trucking Companies and CDL Schools

The initiative significantly expands federal scrutiny beyond individual commercial drivers.

Training schools could face removal from FMCSA’s registry, while third-party testers will face a nationwide audit. State licensing agencies could also come under federal review if regulators identify systemic compliance failures.

Trucking companies may face additional scrutiny involving driver qualifications, employment authorization, federal employment records and compliance with commercial vehicle regulations.

At the same time, the government’s actions distinguish between administrative enforcement and criminal prosecution. A provider’s removal from a federal training registry does not automatically establish criminal fraud, while criminal cases require prosecutors to establish violations under applicable law.

Joint Task Force Brings Multiple Agencies Together

Joint Task Force Crossroads of America combines the U.S. attorney’s offices in Illinois, Indiana, Michigan and Ohio with agencies including FMCSA, FBI, Drug Enforcement Administration, Homeland Security Investigations, Immigration and Customs Enforcement and Bureau of Alcohol, Tobacco, Firearms and Explosives.

Eight U.S. attorneys participated in the announcement, representing federal districts in Michigan, Indiana, Ohio and Illinois.

Federal officials say the task force’s goals include reducing highway fatalities and serious injuries, identifying criminal networks, deterring fraudulent trucking practices and improving coordination among federal, state and local authorities.

What’s Next?

FMCSA is expected to proceed with the emergency removal of the identified training providers while continuing proposed-removal proceedings involving more than 160 others.

Federal transportation officials will also conduct the nationwide examination of third-party CDL skills testers and state oversight programs.

DHS and HSI investigations into suspected licensing fraud, unauthorized employment, document fraud and related financial crimes are continuing, while the newly established DOJ task force provides a mechanism for federal prosecutors and law enforcement agencies to coordinate potential criminal cases.

The next major question will be how many of the regulatory investigations ultimately produce administrative sanctions, license actions or federal criminal charges.

For drivers, trucking companies and CDL schools, the announcement signals that federal enforcement is expanding from roadside driver inspections into the broader system responsible for training, testing, licensing and employing commercial drivers.

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