US stocks traded mixed on Tuesday as investors digested fresh jobs data and waited for new Fedspeak to cement or dent growing hopes for future interest rate cuts.
The S&P 500 (^GSPC) fell about 0.2%, while the tech-heavy Nasdaq Composite (^IXIC) hugged the flat line in late morning trade, coming off fresh records for the two gauges. The Dow Jones Industrial Average (^DJI) reversed earlier gains to fall roughly 0.4%.
Job openings rose by 372,000 to 7.74 million in October compared to estimates of 7.52 million, according to BLS data released on Tuesday.
The Job Openings and Labor Turnover Survey (JOLTS) also showed fewer hires were made during the month while the quits rate, a sign of confidence among workers, rose to 2.1% from 1.9% in September.
The JOLTS data serves as the first in a wave of key signals this week that culminates in Friday’s all-important monthly US payrolls report.
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Traders are now pricing in about a 69% chance that the Fed lowers rates by a quarter percentage point at its Dec. 18 meeting, compared with 62% a day ago, per the CME FedWatch tool.
Those odds could shift after Fed policymakers Austan Goolsbee and Adriana Kugler appear later on Tuesday, which will set the stage for Fed Chair Jerome Powell’s panel discussion on Wednesday.
On the corporate front, Tesla (TSLA) stock slipped in early trading after shipments of the EV maker’s China-built models fell again, putting sales targets in doubt. In addition, CEO Elon Musk’s $56 billion pay deal was rejected again by a judge.
Meanwhile, shares in US Steel (X) fell about 8% on the heels of President-elect Donald Trump’s promise to “block” its $15 billion takeover by Japan’s Nippon Steel (5401.T, NPSCY). Trump said tax incentives and tariffs will enable the American steel giant to thrive on its own.
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Sector check: Communication Services gain while Industrials lag
Communication Services (XLC), Health Care (XLV), and Energy (XLE) led Tuesday’s sector action. Markets traded mixed as traders assessed new jobs data and awaited more Fedspeak.
Oil prices stood out, with WTI crude (CL=F) climbing 3% to trade above $70 a barrel. Brent crude (BZ=F), the international benchmark, also rose to trade just below $74 a barrel.
Industrials (XLI) was the day’s biggest laggard, dragged down by shares of Aflec (AFL), which fell 4% as investors weighed disappointing outlook. Financials (XLF) and Consumer Staples (XLP) also fell.
US economy poised for ‘solid’ growth in 2025 as America ‘doesn’t import recessions’: BofA
The US economy is on solid footing right now. Economists at Bank of America expect it to stay that way through next year.
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In a research note released to reporters on Monday, BofA’s economics team led by Claudio Irigoyen projected the US economy will grow at an annualized rate of 2.4% in 2025, higher than current forecasts for 2% growth, according to the latest Bloomberg consensus estimates.
This comes despite uncertainties surrounding the economic policies of President-elect Donald Trump, including campaign promises of tariffs on imported goods, tax cuts for corporations, and curbs on immigration, which economists have viewed as inflationary.
Higher rates, coupled with a hawkish tariff policy, would strengthen the US dollar and create spillover effects to global financial conditions, representing “a major shock, not only for the US economy but the rest of the world,” according to BofA.
But there’s one important caveat: The US is best prepared to weather any economic storm that follows Trump’s agenda.
“We like to say that the US imports a lot of stuff, but it doesn’t import recessions,” Aditya Bhave, senior US economist at Bank of America, told Yahoo Finance in a separate press briefing on Monday. “It only exports recessions.”
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Read more here.
Job openings rise more than expected in October
Job openings rose more than expected in October as investors continue to dissect the pace of the labor market slowdown seen in the back half of 2024 amid questions over how much further the Federal Reserve will slash interest rates over the next year.
New data from the Bureau of Labor Statistics released Wednesday showed 7.74 million jobs were open at the end of October, an increase from 7.37 million in September.
The September figure was revised lower from the 7.44 million open jobs initially reported. Economists surveyed by Bloomberg expected Tuesday’s report to show 7.51 million openings in October.
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The Job Openings and Labor Turnover Survey (JOLTS) also showed 5.31 million hires were made during the month, down from 5.58 million hires made during September. The hiring rate fell to 3.3% from 3.5% in September. Also in Tuesday’s report: The quits rate, a sign of confidence among workers, rose to 2.1% from 1.9% in September.
Read more here.
Stocks hold near records
US stocks opened mostly higher on Tuesday, hovering near all-time highs.
The S&P 500 (^GSPC) and the tech-heavy Nasdaq Composite (^IXIC) each opened close to the flat line, coming off fresh records for the two gauges. The Dow Jones Industrial Average (^DJI) ticked up about 0.1%.
Investors are bracing for a reading later on JOLTS job openings in October, the first in a wave of key data this week that culminates in Friday’s all-important monthly US payrolls report.
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Good morning. Here’s what’s happening today.
Intel, day two
Lots of analysis on the CEO shake-up at Intel (INTC) has been released, but this is not a one-day story.
The path forward for Intel is vitally important for the country — the chip supply chain must be diversified beyond a singular reliance on Taiwan Semiconductor (TSM).
But that path forward for Intel will be brutal, at best.
Here are a couple of good points this morning from Evercore ISI analyst Mark Lipacis:
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Below are some of my initial insights on Intel CEO Pat Gelsinger’s departure:
SixCap Healthcare Finance added Dan Carroll as senior relationship manager, reporting to the company’s co-founder and chief investment officer, Dan Whitwer.
Carroll brings more than 20 years of commercial finance, portfolio management and healthcare asset-based lending experience to SixCap. Throughout his career, he has managed complex healthcare lending relationships, led portfolio management teams, overseen loan closings and partnered closely with borrowers to support growth while maintaining disciplined credit management.
Most recently, Carroll held leadership positions at Siena, CNH Finance and Triumph Healthcare Finance, building extensive expertise in healthcare lending, credit analysis, loan structuring, risk management and client relationship management.
In his new role, Carroll will oversee borrower relationships across SixCap’s growing healthcare portfolio, working closely with clients to provide proactive portfolio management, responsive service and financing solutions that evolve alongside their businesses.
“We’re thrilled to welcome Dan to the SixCap team,” Whitwer said. “I’ve had the privilege of working alongside Dan and have seen firsthand the integrity, experience and thoughtful approach he brings to every client relationship. He understands healthcare, he understands asset-based lending and, most importantly, he understands the value of building lasting partnerships. As our portfolio continues to grow, Dan’s leadership and commitment to exceptional client service make him a tremendous addition to our team.”
Two of Chicago’s most pivotal but challenging undeveloped sites — Foundry Park on the North Side and the vacant South Loop parcel known as The 78 — moved forward in a big way Wednesday before the City Council adjourned for a summer recess.
Mayor Brandon Johnson introduced a $201.6 million tax increment financing subsidy for JDL Development’s scaled back vision for North Side industrial land along the Chicago River that once was supposed to be home to the Lincoln Yards megaproject.
And despite a slew of concerns from Council members, the full Council approved a $425 million TIF for The 78, a reference to Chicago’s unofficial 78th community area. The subsidy will bankroll public improvements needed for the South Loop development, anchored by a $750 million soccer stadium privately financed by Chicago Fire billionaire owner Joe Mansueto.
Downtown Ald. Bill Conway (34th), whose adjacent TIF is being raided to help The 78, again refused to go along with the $250.1 million piece of the infrastructure package that will primarily be used to build a 1,200-space parking garage. The $216 million garage will serve as the “podium” for an open-air plaza and future high-rise development on the air rights above the garage.
Referring to the Bears’ long-running stadium saga, Conway said Wednesday he appreciates the Fire “not trying to move to Hammond, Indiana, and become the Hammond Sparks.” But he said he “cannot look the taxpayers in the eye and tell them” he supported spending “$250 million to build a stadium parking garage and plaza.”
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Finance Chair Pat Dowell, whose 3rd Ward includes The 78, has argued that the podium “brings the site to grade at Roosevelt Road” and is the key to “unlocking the site from the isolation that has stalled every previous development proposal.”
Deputy Planning Commissioner Jeff Cohen made that same point Wednesday, with a new wrinkle.
“The idea here is to incorporate that garage into the podium,” Cohen said. “It’s addressing a design and development plan that allows for all of the land within The 78 to be open for investment, rather than having to have either temporary or permanent surface parking lots to accommodate the car traffic.”
An artist’s rendering of the planned Chicago Fire soccer stadium at The 78 in the South Loop.
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The $201.6 million subsidy proposed for Foundry Park pales by comparison to the $1.3 billion that former Mayor Rahm Emanuel once proposed for Lincoln Yards. That massive subsidy became a political lightning rod, with the avalanche of criticism led by the Chicago Teachers Union and then-union organizer Brandon Johnson.
The $201.6 million subsidy that Johnson introduced at Wednesday’s Council meeting is more likely to be criticized for being too little.
It will support just over 25% of the $800 million worth of roads, bridges, utilities and mass transit improvements that 2nd Ward Ald. Brian Hopkins has said were mandated as part of the Lincoln Yards plan.
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Foundry Park developer Jim Letchinger acknowledged that there is “other infrastructure that the neighborhood would like to see done that is not possible right now.”
But Letchinger added it’s a start that includes the long-promised extension of the popular 606 Trail. “If you don’t start with something that’s achievable, you can’t achieve anything.”
“We have a plan to actually start building and creating revenue right away in conjunction with building our infrastructure … A lot of parks. Massive riverwalk. Ten acres of public open space. Very usable, very engaging,” Letchinger said Wednesday.
“As we continue to build, since we’re not using anywhere near all the increment that we’re creating, the other increment can go toward other projects that the neighborhood would like to see — whether it’s to build a bridge or fixing Elston Avenue, or anything else that they’re anxious about,” he said.
Public improvements promised to residents, but not covered by the $201.6 million subsidy, include another bridge crossing the Chicago River and a realignment of Elston Avenue, which Letchinger called a positive move in the long run, but a “massive undertaking” complicated by cost and property control.
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“No private developer can realign Elston. It’s impossible. The city is the only one that can do that, and they’re working on it. There’s plans for it. But it will take a very long time,” Lechtinger said.
Ald. Scott Waguespack (32nd) said there is “one bridge that a lot of people still want,” but it goes through private properties owned by Ozinga Ready Mix Concrete and several other owners.
“The city would have to do it as a taking [of property], and that would be in the hundreds of millions of dollars. So they took that off the table because … that bridge wasn’t necessary at this time,” Waguespack told the Chicago Sun-Times.
Letchinger’s plan for roughly 34 vacant acres of the site calls for up to 3,737 residences, 20% of them designated as affordable to comply with the city’s set-aside rules. The new design includes low- to mid-rise buildings, some for offices, grouped near open space and riverfront access. Buildings would get ground-floor retail, and one is slated as a boutique hotel.
The project’s reduced density has drawn praise from residents. And Waguespack said he’s satisfied with the reduced public subsidy.
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“In the future if there’s more needed, we could go back and do it. But this is much more grounded in a realistic infrastructure project that will still satisfy all the needs of connecting the neighborhoods,” Waguespack said.
Hopkins said he views the scaled-down subsidy and the infrastructure projects as “wholly inadequate” and a broken promise to Lincoln Park and Bucktown residents.
“Lincoln Yards provided for two bridges with the possibility of a third. Foundry Park has zero,” Hopkins said. “I don’t want to move on a vague verbal promise that we might consider adding a bridge later. The time to add it is now while the redevelopment agreement is still pending. And the fact that it was omitted is tragic. Also, the [Elston-Armitage] intersection redesign and the new Metra station seems to have fallen by the wayside.”
Also at Wednesday’s meeting, Johnson proposed a tax break for Chicago’s booming film and television industries — by reducing the 15% personal property lease transaction tax to 11%.
The tax has been raised twice in recent years and was the biggest piece of the revenue package that helped balance the $16.7 billion budget for 2026. It has exceeded revenue projections by $40.3 million through June 30, allowing Johnson to offer the break in hopes of attracting more film and TV productions to Chicago.
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The City Council also followed a trail blazed by Gov. JB Pritzker and his counterparts in six other states by prohibiting present and former city employees — and elected officials — from using insider information to bet on prediction markets. Apps including Kalshi and Polymarket are used to place bets on everything from election winners and the number of candidates entering a specific race for office, to budgetary and foreign policy decisions by elected officials.
Championed by Ald. Timmy Knudsen (43rd), the ordinance prohibits current or former city officials, appointees and employees from using “confidential information or any non-public information, including the identity of the subject of an investigation” to either participate in prediction markets or “assist any other person” placing those bets.
The Council also confirmed Johnson’s appointment of Dr. Garth Walker as the city’s public health commissioner.
Covering the cost of fertility treatment can feel like yet another hurdle in a process that is already physically and emotionally draining. Not only do you have to go through the testing and medical procedures involved, you can also end up paying tens or even hundreds of thousands of dollars.
For families who want to have kids or women who want to afford themselves a little more time, though, this can feel like a price well worth paying. But the process may necessitate some financial planning. Research can also go a long way, as insurance companies increasingly offer coverage.
How much can fertility treatments cost?
The cost of fertility treatments can vary widely depending on the specific treatment that is necessary. A “typical egg preservation cycle is about $10,000,” while a frozen embryo transfer “could total about $2,500,” said The Bump. Meanwhile, a procedure like in vitro fertilization (IVF) “could add up to a total of $13,000 to $14,000.” Opting for a surrogate, meanwhile, can run anywhere from $80,000 to $100,000.
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There is also the reality that a fertility treatment is not always a one-time thing. In fact, “most people will need more than one cycle to achieve pregnancy,” said The Wall Street Journal.
Can insurance help cover fertility treatments?
Over the past decade, “more companies have already stepped up to help employees,” said Jaime Knopman, a reproductive endocrinologist for CCRM Fertility of New York, to the Journal. Now, said the outlet, “more than 40% of companies offer overall fertility benefits, according to a 2024 survey of employee benefits plans from the International Foundation of Employee Benefit Plans.”
Still, this does not mean you will get full coverage, and certain parts of the treatment process may not be covered. For example, “your plan may cover fertility medications, but only those of a specific brand. Or it may cover routine lab work, but only at designated labs,” said Discover. This makes it absolutely vital to do in-depth research and ask questions.
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If your company does not offer coverage, it could be worth asking HR. “Some patients even successfully lobbied their human-resources departments to change a company’s policies and benefits plans,” said the Journal.
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What are other options for covering the cost of treatments?
There are options besides your own bank account or insurance for helping to cover the cost of fertility treatments. Some alternatives include:
FSA or HSA funds: Flexible spending accounts, or FSAs, and health savings accounts, or HSAs, “may be used to help pay for IVF and other fertility treatments,” said First Citizens Bank.
Provider payment plans or financial assistance: Your doctor “may offer a payment plan, discounts for uninsured patients or even a shared-risk program,” said Discover.
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Nonprofits and charities: There are many “national and local nonprofit organizations that support fertility treatments and related costs,” said Discover. They may have eligibility requirements, however, as some are “established to assist with specific types of patients, while many include income thresholds.”