Morning Business Report: Markets slide, recession signals from contractors, Walmart layoffs
Stocks, bonds, and the dollar all fell on Wednesday as concerns grew over the long-standing dominance of American financial assets.
(LILAMAX)- Stocks, bonds, and the dollar all fell on Wednesday as concerns grew over the long-standing dominance of American financial assets. A key driver of the market downturn was a disappointing auction of 20-year Treasury notes, which saw weak demand. Investors appear to be demanding higher yields to hold U.S. debt, signaling increased concerns about its risk. The Dow closed down 817 points, with other indexes also sinking. All three major indexes posted their worst single-day performance in a month.
In economic signals, a new survey suggests that contractors might be able to predict a recession before economists. The study, conducted by Talker Research on behalf of Built, surveyed 250 U.S. general contractors and subcontractors. It found that 73% believe they can forecast the broader economy based on how fast projects are moving. While it typically takes about 15 days to receive payment after invoicing, 70% reported experiencing delays—potential signs of tightening cash flow and slowing activity in the construction sector.
In corporate news, Walmart plans to eliminate approximately 1,500 jobs as part of a restructuring effort aimed at cutting costs and accelerating decision-making. According to The Wall Street Journal, the layoffs will affect teams in global technology operations, e-commerce fulfillment managers who support U.S. stores, and Walmart Connect, the company’s advertising division.
Finally, a lighter note on dating and money habits: Is it okay to use a coupon on a first date? A majority of Americans say yes. According to a Talker Research survey commissioned by TopCashback, 56% said using a coupon is perfectly acceptable, and 61% find frugality to be an attractive trait in a partner. As for the financial boundary of romance, $125 is the max most people feel comfortable spending on a first date before it starts to feel excessive.
