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NEW YORK (AP) — U.S. stock indexes fell Thursday following some potentially discouraging data on the economy . The S&P 500 slipped 0.5% for its fourth loss in the last six days. It’s a pause for the index, which has been rallying toward one of its best years of the millennium . The Dow Jones Industrial Average lost 234 points, or 0.5%, and the Nasdaq composite sank 0.7% from its record set the day before. A report early in the morning said more U.S. workers applied for unemployment benefits last week than expected. A separate update, meanwhile, showed that inflation at the wholesale level, before it reaches U.S. consumers, was hotter last month than economists expected. Neither report points to imminent disaster, but they dilute one of the hopes that’s driven the S&P 500 to 57 all-time highs so far this year : Inflation is slowing enough to convince the Federal Reserve to keep cutting interest rates, while the economy is remaining solid enough to stay out of a recession. Of the two reports, the weaker update on the job market may be the bigger deal for the market, according to Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley. A surge in egg prices may have been behind the worse-than-expected inflation numbers. “One week doesn’t negate what has been a relatively steady stream of solid labor market data, but the Fed is primed to be sensitive to any signs of a softening jobs picture,” he said. Traders are widely expecting the Fed will ease its main interest rate at its meeting next week. If they’re correct, it would be a third straight cut by the Fed after it began lowering rates in September from a two-decade high. It’s hoping to support a slowing job market after getting inflation nearly all the way down to its 2% target. Lower rates would give a boost to the economy and to prices for investments, but they could also provide more fuel for inflation. A cut next week would have the Fed following other central banks, which lowered rates on Thursday. The European Central Bank cut rates by a quarter of a percentage point, as many investors expected, and the Swiss National Bank cut its policy rate by a steeper half of a percentage point. Following its decision, Switzerland’s central bank pointed to uncertainty about how U.S. President-elect Donald Trump’s victory will affect economic policies, as well as about where politics in Europe is heading. Trump has talked up tariffs and other policies that could upend global trade. He rang the bell marking the start of trading at the New York Stock Exchange on Thursday to chants of “USA.” On Wall Street, Adobe fell 13.7% and was one of the heaviest weights on the market despite reporting stronger profit for the latest quarter than analysts expected. The company gave forecasts for profit and revenue in its upcoming fiscal year that fell a bit shy of analysts’. Warner Bros. Discovery soared 15.4% after unveiling a new corporate structure that separates its streaming business and film studios from its traditional television business. CEO David Zaslav said the move “enhances our flexibility with potential future strategic opportunities,” raising speculation about a spinoff or sale. Kroger rose 3.2% after saying it would get back to buying back its own stock now that its attempt to merge with Albertsons is off . Kroger’s board approved a program to repurchase up to $7.5 billion of its stock, replacing an existing $1 billion authorization. All told, the S&P 500 fell 32.94 points to 6,051.25. The Dow Jones Industrial Average dropped 234.55 to 43,914.12, and the Nasdaq composite sank 132.05 to 19,902.84. In stock markets abroad, European indexes held relatively steady following the European Central Bank’s cut to rates. Asian markets were stronger. Indexes rose 1.2% in Hong Kong and 0.8% in Shanghai as leaders met in Beijing to set economic plans and targets for the coming year. South Korea’s Kospi rose 1.6% for its third straight gain of at least 1%, as it pulls back following last week’s political turmoil where its president briefly declared martial law. In the bond market, the 10-year U.S. Treasury yield rose to 4.33% from 4.27% late Wednesday. AP Business Writers Matt Ott and Elaine Kurtenbach contributed.09 jili 。

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Semiconductor manufacturer SkyWater Technology will receive up to $16 million in federal funding to upgrade its Bloomington facility, yet another Minnesota business tapped to help increase domestic production of the critical technology. Officials announced the funding as part of a preliminary agreement with the U.S. Department of Commerce as part of the CHIPS and Science Act, passed in 2022 to strengthen the U.S.’s semiconductor industry and supply chains. Bloomington-based SkyWater will use a total of $127 million — including $19 million in matching funds from the state — through the next five years to improve its infrastructure and cybersecurity systems, among other upgrades, CEO Thomas Sonderman said during a news conference Friday at the company’s headquarters. The funding will enable SkyWater to increase its production capacity by 30% and create an estimated 70 jobs, he said. The company’s semiconductors are parts of cutting-edge technologies in computing, biomedical and thermal imaging. “With these awards, we’re enhancing our capabilities to invest in the future,” Sonderman said. “SkyWater is helping to strengthen U.S. supply chains, develop new technologies and create a resilient infrastructure that supports both national security and commercial progress. The CHIPS Act is the United States’ attempt to combat China’s efforts to dominate the global semiconductor market, a prospect that policymakers fear could jeopardize national security and the economy. The U.S. now accounts for 12% of global chip manufacturing, down from 37% in 1990. In addition to billions of dollars in direct aid to manufacturers, the legislation offers a 25% tax credit to companies that invest in chip plants in the U.S., which officials said SkyWater plans to claim. Earlier this year, SkyWater pulled the plug on plans to build a $1.8 billion semiconductor production and research facility in Indiana, a project that sought CHIPS support. The company cited concerns of potential financial and operational risks in an earnings report at the time. A month later in May, Bloomington-based Polar Semiconductor r eceived $120 million in CHIPS funding for an expansion. U.S. Sen. Amy Klobuchar, who worked on the CHIPS Act as a senior Democrat on the Senate Committee on Commerce, Science and Transportation, said several other Minnesota companies have applied for funding. As U.S. President Joe Biden’s tenure at the White House winds down, she said she is unsure which firms — if any — could be next in line for direct aid. “This is a major win for Minnesota, once again,” she said. “But we also know that we can expand. And that we shouldn’t just be thinking tech in California and tech in New York. We should also be thinking Minnesota.” When Biden announced the bill, Klobuchar added, he held a chip from SkyWater. Sonderman said the funding will complement more than $320 million in ongoing facility and equipment upgrades planned to run through 2026. The company expanded its facility in 2020 with the help of a $170 million grant from the Department of Defense to boost production of chips for the military. Control Data, one of the nation’s leading makers of mid-range and mainframe computers and Minnesota’s dominant technology firm for decades, originally built SkyWater’s plant in the 1980s. It later sold the plant to Cypress Semiconductor, which sold it to the private investors who formed SkyWater in 2017. Since then, SkyWater has grown from 280 to more than 700 employees and listed as a publicly traded firm in 2021. The Commerce Department announced two other awards Friday, both to companies in Texas. Coherent will receive up to $33 million to modernize its facility in Sherman, and X-Fab will receive up to $50 million to improve and expand its silicon carbide plant in Lubbock. “The Biden-Harris Administration’s bipartisan CHIPS and Science Act is making targeted investments to meet market demands for technology critical to our national and economic security,” U.S. Secretary of Commerce Gina Raimondo said in a statement. “Today’s proposed investments across Texas and Minnesota would help bolster domestic chip production and help secure our supply chain for decades to come.”Washington visits New Jersey after shootout win

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PGA Tour Commissioner Jay Monahan is out-driving many of his fellow sporting league commissioners when it comes to his paycheck. The golf executive earned a reported staggering $23 million paycheck in 2023. Monahan plays from the fairway in the competitive field of sports executives, with only the NFL's Roger Goodell outpacing him in the race for the highest-paid commissioner. That's not bad considering the current state of golf compared to the state of the NFL. Sportico's deep dive into the PGA Tour’s 2023 tax return lifts the veil on Monahan's earnings, comprising a base, bonuses, retirement benefits, and long-term incentives. It’s a package that sings to the tune of more than double the compensation of NBA commissioner Adam Silver , placing Monahan second only to Goodell’s eye-watering $63.9 million annual haul . Monahan's journey doesn’t end at the bank. His leadership tenure has also been marked by significant business maneuvers, like the $3 billion investment with Strategic Sports Group. Such moves are not just strokes on the course but swings for the financial future of the PGA Tour, a future that has also become rather murky under Monahan's tutelage. The inception of LIV Golf and the declining viewership of the product over the past few seasons have left the sport in a constant state of disarray. While fans and Tour pros alike have clamored for a deal that will once again unify the game, Monahan has yet to secure a deal that will likely define his legacy within the sport. This article first appeared on On Tap Sports Net and was syndicated with permission.

What to Know About Brooke Rollins, Trump's Pick for Agriculture SecretaryMaharashtra Election Result: As the BJP-led NDA is poised for a landslide victory in Maharashtra, experts have started mulling its impact on the Indian stock market when it resumes trade activity on Monday. NDA's victory in the Maharashtra Assembly Election would positively impact investors, expecting investors to switch strategy from defensive to aggressive. Reaction from stock market experts Speaking on the impact of a possible landslide victory of the BJP-led NDA in the Maharashtra Assembly Election , Palka Arora Chopra, Director of Master Capital Services, said, "In Maharashtra, the BJP-led Mahayuti alliance is poised to form the government. This result is expected to provide political stability, positively impacting investor sentiment, especially in infrastructure, urban development, and manufacturing sectors aligned with BJP policies." Will the pullback rally continue? "The stability in Maharashtra could trigger a rally in the stock market , boosting investor confidence due to the continuity of pro-business policies, especially after uncertainty following previous coalition shifts. Furthermore, with a clear mandate, the government will likely push forward with infrastructure projects, a key focus of the BJP, which would benefit the construction, real estate, and related sectors," said Palka Arora. Expecting a boost for the Indian stock market sentiments post-Maharashtra Election Result, Santosh Meena, Head of Research, Swastika Investmart, said, "On Friday, the Indian stock market witnessed a strong rally after the prediction of NDA's victory in Maharashtra. Now, after possibly looking at the one-sided victor of the BJP-led NDA Government in Maharashtra, it is likely to boost the market sentiments further." Stock market strategy Expecting a change in investors' stock market strategy, Mahesh M Ojha, AVP—Research at Hensex Securities, said, “After the Lok Sabha Election Results, Indian stock market investors went defensive and started looking at FMCG and pharma stocks. However, after the Maharashtra Assembly Election Results, they may start looking at railway, infra, and banking stocks, changing their investment strategy from defensive to aggressive.” Avinash Gorakshkar, Head of Research at Profitmart Securities, said, "The Maharashtra Election Results have established that momentum is still with the incumbent government (both at New Delhi and Maharashtra). So, investors are expected to look at the rail and infra segment as the Government of India (GoI) and Maharashtra State Government have showcased a special focus on the infrastructure segment. As infra sector companies would go for credit lines from the banks, banking stocks may also see some buying interest when the market opens on Monday." Indian stock market outlook “Nifty found strong support at 23,200, which aligns with the 61.8% retracement of its previous rally from the election-day low of 21,281 to the high of 26,277. The index reclaimed its 200-DMA with a bullish harami candlestick formation, signalling a potential trend reversal. Immediate resistance is at the 20-DMA of 24,030, and a breakout above this level could push Nifty toward 24,550/25000 levels. On the downside, 23,500, near the 200-DMA, remains a critical support level. Similarly, Bank Nifty has held firm at its 200-DMA, with immediate resistance at 51,300–52,000 and a higher resistance zone at 52,600–53,300,” Santosh Meena of Swastika Investmart said. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.