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Nonfarm jobs data will help determine whether the Federal Reserve will begin lowering rates later this year after an aggressive cycle of rate hikes aimed at curbing inflation. Investors looking for positive catalysts are counting on the data to balance the best of his two worlds. Boosting expectations for Fed rate cuts may require numbers to show that the labor market is growing steadily, but not rapidly enough to cause prices to rise. Economists polled by Dow Jones expect employment to rise by 170,000.
Danish shipping giant Maersk said it would divert ships from the Red Sea “for the time being.” The decision comes after attacks by Yemen-based Houthi rebels forced various airlines to take alternative routes. Shipping companies have diverted more than $200 billion in goods from vital trade routes in recent weeks, raising concerns about inflation and supply chain disruptions. “The situation is constantly evolving and remains highly volatile, and all available information at hand indicates that the security risks remain at an extremely high level,” Maersk said in a statement. We are confirming it.”
Huge amounts of money have been injected into college sports. The NCAA and ESPN have reached an eight-year, $920 million media rights deal that will see the Disney-owned network broadcast 40 championships, including football and women’s basketball. The deal’s annual value of $115 million is nearly triple the current 14-year agreement between the NCAA and ESPN. The deal would be a boon for women’s sports, whose TV ratings have increased in recent years. The NCAA is exploring ways to allocate more of its revenue to women’s basketball after players complain that they are treated unequally compared to their male counterparts.
Peleton is becoming more social. The fitness company’s stock soared after announcing its partnership with TikTok. The deal will create a hub for Peloton content, including short-form fitness videos and classes, on the social media platform. Peloton is trying to grow subscribers to its fitness content beyond expensive equipment in a bid to reverse declining sales.
– CNBC’s Jesse Pound, Jeff Cox, Jenny Reid, Jessica Golden and Gabrielle Fonrouge contributed to this report.
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