Bonds & Stocks
The seemingly unstoppable stock rally lost some traction on Friday after a worrisome outlook from a chipmaker and fears that the market has gone up too far, too fast given the set of economic risks. The S&P 500 struggled for direction after Micron Technology Inc. said that it sees about half of its China-based customer revenue at risk.
Economy
Workers and employers announced a tentative agreement ton a new six-year contract that will cover employees at all 29 West Coast ports, a major step toward averting fresh supply-chain troubles for the US economy. The talks dragged on for more than a year to replace the previous pact that expired July 1. Both parties must now ratify the agreement.
World
Expectations are growing that China's government will boost spending on infrastructure as part of a broader stimulus push following the central bank's interest rate cuts. Authorities may increase the quota for local government special-purpose bonds to finance infrastructure investment, according to Nomura Holdings Inc, Standard Chartered Plc and Morgan Stanley.