992 stories from 26 sources
The month in U.S. Business and Markets
Longest running story: 26 days
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AI infrastructure demand drove stronger revenue, forecasts, and financing early in the month, then Nvidia and Salesforce extended the growth case. Investor scrutiny nevertheless shifted toward shipments, margins, recurring revenue, and cash flow rather than demand alone.
Early signs of weaker job openings and an outright employment loss gave way to downward revisions and a smaller labor force. Later data showed a materially weaker jobs baseline and fewer help-wanted ads, increasing the case for rate relief while threatening income and spending.
SpaceX's rapid revenue growth, continued losses, and expanding infrastructure spending made Starlink and newer businesses central to its valuation test. Shares later recovered through lockup-related selling and attention shifted to a proposed $100 billion Louisiana spaceport, keeping financing and execution in question.
Canada tariff talks moved from unresolved concessions to refunds and broader questions about domestic production. By the end of the month, announced 50% duties on Canadian vehicles, parts, and steel threatened integrated supply chains, jobs, and investment.
Stocks initially broadened as Big Tech strength and weaker jobs data raised hopes for rate relief. Higher oil prices, rising Treasury yields, and delayed cuts later exposed expensive equities to tighter financial conditions.
Retail results first showed households concentrating spending while favored retailers and dining concepts held up. The pattern sharpened into trade-down behavior, with shoppers choosing bargains, smaller projects, and lower-priced channels as major retailers slowed.
Scrutiny of Mark Walter's business empire progressed from investment cuts and pledged holdings to distressed loan pricing. Investigators then widened their focus to affiliated insurers and more than $20 billion in related loans, increasing risks for connected businesses.
Higher mortgage and development loan rates weakened housing activity, affordability, starts, and renovation demand while builders relied on incentives. Mortgage risk also became more concentrated in lenders such as UWM, where losses, financing needs, and legal scrutiny raised company-level liquidity concerns.
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