Wall Street slides as jobs data raise rate fears 2026
Wall Street fell as strong U S job data fueled expectations the Federal Reserve will keep interest rates higher, with the S P 500 down 0 8 percent to 4411 59 the Dow off 1 1 percent to 33922 26 and the Nasdaq slipping 0 8 percent to 13679 04. The ADP report showed private payrolls rising sharply even as unemployment claims remained low, suggesting resilience in the labor market and potential for delayed rate cuts. Analysts warned the data are volatile but the broad takeaway is monetary policy may stay restrictive longer, potentially weighing on equities and boosting recession risk. Megan Horneman cautioned the labor market remains a lagging indicator and may weaken if rates stay elevated.
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Companies rein in rewards programs
Washington reports companies are tightening birthday rewards and minimum purchases amid inflation and shifting consumer behavior. Dunkin stopped a free birthday drink for triple loyalty points. Sephora enforces a $25 online minimum for a free gift and 250 points. Red Robin requires dine-in and a $4.99 purchase. Starbucks tightened the birthday window over time. Experts say costs and usage drive changes, while some brands keep in-person freebies.
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Biden touts jobs in GOP states with inflation act gains
In South Carolina President Biden argues Republican led states gain factory jobs from his economic measures. He cites investments in chips batteries and EVs to out compete China. Enphase Energy and Flex Ltd plan 600 jobs in state and 1,200 nationwide under new clean energy manufacturing partnerships.
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Biden faces renewed legal fight over student debt relief plan
Washington amid a fresh push by President Biden to revive sweeping student loan relief. Legal experts warn lawsuits likely as authorities rely on the Higher Education Act after the Supreme Court rejected broader relief under the Heroes Act. Court indications suggest limits on executive action and possible continued challenges.
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