Jobs report dents stocks as Fed rate path tightens
Markets fell broadly on Thursday with the S&P 500 down 1.2 percent, the Dow off 1 percent, and the Nasdaq 1.5 percent as stronger job data push up fears of sustained Fed rate increases. Microsoft UnitedHealth and Honeywell weighed on declines while ExxonMobil rose. The two year and 10 year yields rose on the data, fueling concerns about higher borrowing costs and stubborn inflation ahead of December jobs and earnings reports.
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Biden tightens border policy as asylum limits expand
President Biden announced immediate moves to turn away Cubans Haitians and Nicaraguans who enter from Mexico illegally and to deny asylum to those who bypass legal routes. The plan caps new arrivals at 30000 per month for two years from four nations, with work eligibility for sponsors who pass vetting. Critics call it a continuation of harsh Trump era practices despite asylum rights concerns.
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FTC proposes sweeping noncompete ban workers can switch jobs easier
The FTC urges a rule to bar employers from enforcing noncompete clauses, aiming to boost wages and labor mobility across industries. The plan, backed by Chair Lina Khan, could affect about 30 million Americans and may raise wages by hundreds of billions yearly, with 60 days for public comment. The move comes amid a tight job market and ongoing debates over retention versus competition.
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