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Thalhimer taps new commercial property services leader

Glen Allen-based firm announced that Jim Roman has joined the company’s office as and new leader of , which manages more than 28 million square feet across Virginia.

Roman, who started his new role Monday, is succeeding David P. Oddo, who retired on Aug 1.

“I’m incredibly humbled and excited to join the Thalhimer family,” Roman said in a statement. “I very much value Thalhimer’s market-leading presence, integrity, expertise and deep commitment to its clients and community. I look forward to making an impact and contributing to the firm’s continued growth and success.”

Roman has more than 25 years of experience working in the commercial real estate industry. He was most recently director of property management for CBRE in Greenville, South Carolina, where he provided leadership over more than 38 million square feet of commercial properties throughout South Carolina and coastal Georgia for the past 16 years.

He graduated from the Virginia Military Institute with a bachelor’s degree in economics and business.

Thalhimer President Eric Robison said the firm selected Roman after a nationwide search of property management leaders.

“Jim stood out above all of them with his even-keeled demeanor, commitment to best-in-class client service and proven track record of growing his business line,” Robison said.

Thalhimer praised the work of outgoing CPS leader Oddo, who joined the company in January 2024, saying that he helped secure more than 3.6 million square feet in new management accounts and fostered a culture of “outstanding client service.”

“It has been my honor to be associated with Thalhimer,” Oddo said. “I have truly enjoyed getting to know everyone and playing a small role in advancing the Thalhimer brand and legacy. I will deeply miss the culture and friendships that this organization has created and sustained for so long. Although I am retiring from the business after nearly 40 years, I couldn’t be prouder to have had my finale at Thalhimer. It will always hold a special place in my heart — both personally and professionally.”

Founded in 1913, Cushman & Wakefield | Thalhimer has offices across the state and has nearly 100 broker professionals and employs about 530 associates. In 2024, Thalhimer completed over 1,800 transactions with a transactional volume of more than $1.96 billion.

V2X wins $4.3B Air Force contract

Reston-headquartered aerospace and defense contractor announced last week that it has been awarded a potential nine-year, $4.3 billion contract by the U.S. for supply services supporting T-6 aircrafts.

The company will provide supply support to ensure the aircraft is safe, flyable and meets the daily flight schedules and depot requirements of the Air Force, and .

“We are honored by this award and for the trust placed in us by the U.S. Air Force,” V2X President and CEO Jeremy C. Wensinger said in a statement. “This contract reflects the dedication of our team and the pride we take in supporting the readiness of our nation’s aircraft. We are excited to begin this new work and look forward to serving the mission for years to come.”

The company will perform the work at various military bases across the United States and expects it to be completed by July 2034.

“This is a proud moment for our entire aerospace team,” said Vinny Caputo, V2X’s of aerospace systems. “The T-6 program is foundational to pilot training across the services, and we are committed to delivering the highest standards of performance, reliability and mission readiness. We’re excited to bring our proven supply chain expertise to this critical effort.”

V2X was formed by the $2.1 billion merger of Vertex and Vectrus in 2022 and has about 16,000 employees. The company reported $4.32 billion in revenue in 2024, up 9% from the previous year.

Solar-powered Flying Squirrels stadium on way


SUMMARY

  • to install over 1,700 solar panels at new stadium
  • Five solar-covered carports will also be installed in an adjacent parking lot
  • Installation will generate about one megawatt of electricity
  • Project will be the largest solar setup in pro baseball, pending approval

The Flying Squirrels will definitely be bringing the heat soon, as the Minor League Baseball team’s new stadium will have professional baseball’s largest solar panel array, subject to local and state approval.

Dominion Energy Virginia announced Tuesday it plans to install a solar array on the roof and parking lot of CarMax Park, the future home of the , the city’s Double-A team. The park is slated to open in spring 2026, but the installation of more than 1,700 solar panels will take place after the season.

The solar array will generate about 1 megawatt of electricity or enough to power 250 Richmond homes at peak output, according to the Richmond-based Fortune 500 utility.

“This project isn’t just about what happens inside the ballpark; it’s about stepping up as a community partner and using our platform to help bring clean energy to the city,” Lou DiBella, managing partner of the Flying Squirrels, said in a statement.

Dominion Energy’s Virginia solar fleet is the third largest in the nation, producing enough electricity to run more than 750,000 homes at peak output.

“We’re thrilled that such an iconic Richmond landmark will help deliver reliable, affordable and increasingly clean power for our customers,” said Ed Baine, Dominion Energy’s executive vice president of utility operations and president of Dominion Energy Virginia.

CarMax Park is under construction next to the city’s 41-year-old Diamond, the Squirrels’ home since 2010. After years of discussion, the city, team and developers finalized plans for the $2.44 billion, 67-acre Diamond District development, which is centered around the $117 million, 8,000-seat baseball stadium. A hotel with at least 180 rooms, 891 residential units and 30,000 square feet of commercial space are also on tap.

Dominion’s plans

Meanwhile, Dominion received baseline approval for its 2024 Integrated Resource Plan on July 15, as the Virginia State Corporation Commission called the document “legally sufficient.” Submitted in October 2024, the plan calls for more offshore wind and solar energy development, as well as small modular nuclear reactors starting in the mid-2030s.

Natural gas is still in play too, representing about 20% of all power generation for the next 15 years, even though the state’s Virginia Clean Economy Act enacted in 2020 requires 100% carbon-free sources for electricity generation by 2045. The current IRP, which is not binding but is supposed to indicate the utility’s direction for the next two years, received criticism from environmentalists.

“Dominion’s 2024 IRP effectively ignored the carbon-neutral requirements of the VCEA,” Peter Anderson, director of state energy policy for environment nonprofit Appalachian Voices, said in a statement to Virginia Business on Tuesday. “Any planning model that takes into account the VCEA’s 2045 carbon-free deadline — which was only 21 years away when Dominion published its IRP — would make significantly different investment decisions.”

While accepting the document, the SCC instructed Dominion to include at least one model that complies with VCEA regulations for future IRPs. However, under the Trump administration, solar and wind power is in disfavor, and many state political experts say that the VCEA’s rules may need to be adjusted to allow natural gas to remain part of the mix longer, especially with new data centers and AI use growing exponentially.

Trump narrows Fed chair candidates to four, excluding Treasury Secretary Bessent

  

SUMMARY:  

  • Trump names Warsh and Hassett among finalists 
  • Scott Bessent ruled out; two other candidates unnamed 
  • Decision follows ‘s resignation from the Fed 
  • Warsh has criticized Fed policy; Hassett backs Trump’s agenda 

 

WASHINGTON (AP) — President said Tuesday that he’s whittled down his list of potential chair candidates to four as he considers a successor to Jerome Powell — a choice that could reset the path of the U.S. economy.

Asked on CNBC’s “Squawk Box” for a future replacement to Powell, Trump named , director of the National Economic Council, and , a former member of the Federal Reserve Board of Governors.

“I think Kevin and Kevin, both Kevins, are very good,” Trump said during an interview on CNBC’s “Squawk Box.”

He said two other people were also under consideration, but Treasury Secretary Scott Bessent is not among them.

“I love Scott, but he wants to stay where he is,” Trump said. He did not name his other two top candidates but used the opportunity to disparage Powell, whom he has dubbed “too late” in cutting .

The news that Trump plans to make a decision on the Fed chair “soon” comes as the Republican president has been highly critical of current Powell, whose term ends in May 2026. Trump recently floated having the Fed’s board of governors take full control of the U.S. central bank from Powell, whom he has relentlessly pressured to cut short-term interest rates in ways that raise questions about whether the Fed can remain free from White House politicking.

Trump has openly mused about whether to remove Powell before his tenure as chair ends, but he’s held off on dismissing the Fed chair after a recent Supreme Court ruling suggested he could only do so for cause rather than out of policy disagreements. The president has put pressure on Powell by claiming he mismanaged the Fed’s $2.5 billion renovation project, but he’s also said that he’s “highly unlikely” to fire Powell.

One of the Fed’s governors, Adriana Kugler, made a surprise announcement last Friday that she would be stepping away from her role. That created an opening for Trump, who called her departure “a pleasant surprise,” to name a new Fed governor. Trump told CNBC it’s “a possibility” that his pick to replace Kugler could also be his choice to replace Powell.

Here’s what to know about the two known candidates:

Kevin Hassett

Hassett, director of the White House National Economic Council, has been supportive of the president’s agenda — from his advocacy for income tax cuts and tariffs to his support of the recent firing of BLS Commissioner Erika McEntarfer.

Hassett served in the first Trump administration as chairman of the Council of Economic Advisers. He has a doctoral degree in economics from the University of Pennsylvania and worked at the right-leaning American Enterprise Institute before joining the Trump White House in 2017.

As part of Hassett’s farewell announcement in 2019, Trump called him a “true friend” who did a “great job.” Hassett became a fellow at the Hoover Institution, which is located at Stanford University. He later returned to the administration to help deal with the pandemic.

On CNBC on Monday, Hassett said “all over the U.S. government, there have been people who have been resisting Trump everywhere they can.”

Kevin Warsh

A former Fed governor who stepped down in 2011, Warsh is currently a fellow at the Hoover Institution. He has been supportive of cutting interest rates, a key goal of Trump’s.

“The president’s right to be frustrated with Jay Powell and the Federal Reserve,” Warsh said on Fox News’ “Sunday Morning Futures” last month.

Warsh has been increasingly critical of Powell’s Federal Reserve and in July, on CNBC, called for sweeping changes on how the Fed conducts business as well as a new Treasury-Fed accord “like we did in 1951, after another period where we built up our nation’s debt and we were stuck with a central bank that was working at cross purposes with the Treasury.”

He said the Fed’s “hesitancy to cut rates, I think, is actually quite a mark against them.”

“The specter of the miss they made on inflation” after the pandemic, he said, “it has stuck with them. So one of the reasons why the president, I think, is right to be pushing the Fed publicly is we need regime change in the conduct of policy.”

“He’s very highly thought of,” Trump said in June when asked directly about Warsh.

Palantir books its first $1 billion in quarterly sales and dodges DOGE axe

  

SUMMARY:  

  • posts $1B in quarterly sales for the first time 
  • Q2 profit rose 33% to $327M as AI demand drives growth 
  • Stock rose above $170 premarket, eyeing fifth 2025 record 
  • Company raises full-year outlook amid accelerating profits 


NEW YORK (AP) — Shares of Palantir Technologies sailed past previous record highs Tuesday after booking its first $1 billion sales quarter and raising its performance expectations for the year.

The stock rose above $170 Tuesday after breaking previous records four times this year in the global artificial intelligence race. The previous high for the stock was set just over a week ago when its stock closed at $158.80.

Since going public in 2020 when it posted a $1.17 billion annual loss, the artificial intelligence software company has swung swiftly to a profit and sales are booming. Profit rose 33% to $327 million in the second quarter.

Its $1 billion quarterly revenue haul was fueled by a 53% spike in government sales, despite massive spending cuts under President and his Department of Government Efficiency, once led by the world’s richest man Elon Musk.

“DOGE has had zero negative impact on Palantir’s U.S. government business, which achieved its fastest growth rate since the second quarter of 2021,” wrote William Blair analysts Louie DiPalma and Bryce Sandberg. “Palantir is clearly benefiting from AI industry momentum across its government and commercial customer bases.”

The company also recorded a 93% jump in business sales. Overall U.S. revenue surged 68% to $733 million.

Late Monday, Palantir raised its annual revenue expectations to between $4.14 billion and $4.15 billion. It also raised its U.S. commercial revenue guidance to more than $1.3 billion, which would mean that Palantir achieved a growth rate of at least 85%.

“This was a phenomenal quarter,” CEO Alex Karp said in a statement accompanying the earnings release. “We continue to see the astonishing impact of AI leverage.”

Karp believes AI will benefit everyone, saying during a call with industry analysts on Monday that Palantir is, “bullish on all aspects of American life, including and especially people in the blue collar.”

He said Palantir wants to “arm the working class or blue collar workers with AI agency enhancing skills,” and said that the company will reach out to labor leaders to help familiarize workers with the technology.

“People with less than a college education are creating a lot value and sometimes more value than people with a college education using our product,” Karp said.

Palantir, headquartered in Denver, specializes in software platforms that pull together and analyze large amounts of data.

Not wasting away: Hooker Furnishings to launch Margaritaville collection

SUMMARY:

A familiar brand is making its home furnishings debut at High Point Market in October.

Hooker Furnishings has announced that it is partnering with Margaritaville for a global launch in High Point, North Carolina, bringing a beloved consumer brand to home furnishings.

Inspired by musician and his signature iconic brand, the Margaritaville collection represents an exclusive licensing partnership that addresses consumer demand for home furnishings that provide a “full lifestyle experience,” according to company officials. The collection spans multiple Hooker Furnishings divisions including Sunset West, Hooker Furniture, Hooker Upholstery, HF Custom, Bradington-Young and H Contract.

“This isn’t just a furniture collection — it’s a fully immersive brand experience,” said Jeremy Hoff, CEO of Hooker Furnishings. “With nearly 80% unaided brand awareness among consumers, Margaritaville resonates deeply across nearly every demographic. We’ve captured that emotional connection and translated it into a fresh merchandising opportunity.

“It’s easy to think of Margaritaville as being only coastal, but that’s truly not the case. Fans of the brand embrace a spirit of escape and joy that translates to virtually any environment — whether it’s a mountain retreat, a city loft, or somewhere in between,” said Hoff.

The Margaritaville collection will feature four unique lifestyle aesthetics with a nod toward regional adaptability, officials said, noting that the lines within the collection include:

  • Island Reserve – Coastal casual styling with high-performance fabrics and artisan textures. Indoor-outdoor versatility included.
  • JWB Signature – Sophisticated comfort with elevated finishes. Woods, leathers and a nod to Jimmy Buffett‘s lifestyle passions.
  • Paradise Valley – Grounded, nature-inspired luxury for non-coastal markets. Rugged, relaxing and retail-ready, channeling the mountain lifestyle that Jimmy called heaven on earth.
  • Somewhere – Playful, colorful and expressive, this collection leans into the spirited Caribbean lifestyle. A standout story that makes a statement.

To support success at retail, Hooker Furnishings is launching an immersive Margaritaville Experiential Display Program that officials said is designed to foster an emotional connection with consumers, drive engagement and increase store traffic. The furniture collection will be merchandised alongside Margaritaville-branded products from additional sub-licenses including top-of-bed, lighting, décor, mirrors, rugs, wall art and mattresses.

To kick off High Point Market, Margaritaville and Hooker Furnishings will co-sponsor High Point Market Authority’s Saturday night concert featuring the legendary Coral Reefer Band, founded by Jimmy Buffett and highlighting Buffett’s easygoing, Caribbean-inspired music.

“Margaritaville is more than a destination; it’s a state of mind,” said Scott Coble, director of consumer products licensing at Margaritaville. “This new collection brings that lifestyle into the home like never before, delivering both design and comfort with the emotional resonance consumers have come to know and love. Whether you’re furnishing a coastal getaway, an urban retreat or your own personal oasis, Margaritaville captures the essence of escapism in every piece.”

The Margaritaville Collection will debut at High Point Market from Oct. 25–29 in Hooker Furnishings’ showroom on the third floor of Showplace, in a new 14,000-square-foot Margaritaville-branded space that was designed in conjunction with The McBride Design Group, which has partnered with Margaritaville for over 25 years.

Wall Street holds steadier following a whipsaw couple of days

  

SUMMARY:  

  • up 0.1%, Dow gains 77 points in early Tuesday trading 
  • , DuPont rise on strong earnings and forecasts 
  • Fed rate cut hopes grow after weak U.S.  
  • Tariff worries linger; India’s Sensex slips on U.S. tensions 

 

NEW YORK (AP) — U.S. stock indexes are slipping Tuesday following the latest discouraging signal on the U.S. economy.

The S&P 500 was down 0.4% in afternoon trading, coming off its best day since May, which followed its worst day since May. The Industrial Average was down 49 points, or 0.1%, as of 12:16 p.m. Eastern time, and the Nasdaq composite was 0.4% lower.

A weaker-than-expected report on activity for U.S. businesses in the transportation, retail and other services industries added to worries that President ‘s tariffs may be hurting the economy. But increased hopes for coming cuts to by the , along with a stream of stronger-than-expected profit reports from U.S. companies, are helping to keep the losses in check.

Edgewell Personal Care, the company behind the Schick, Playtex and Banana Boat brands, fell 21.3% after reporting lower profit and revenue for the latest quarter than analysts expected. CEO Rod Little said it was a very weak season for sun care in North America, while tariffs are acting as a drag on profits.

Caterpillar slipped 0.5% after likewise reporting a profit that fell short of analysts’ expectations. Its operating profit sank 18% from a year earlier, largely due to tariffs making its manufacturing costs more expensive.

All kinds of companies have been telling investors how much they expect tariffs to shave off their earnings this year, and trade policy was one of the most common topics U.S. services businesses talked about in the latest monthly survey compiled by the Institute for Supply Management about their activity.

“Tariffs are causing additional costs as we continue to purchase equipment and supplies,” one company in the health care and social assistance business said, for example. “Though we need to continue with these purchases, the cost is significant enough that we are postponing other projects to accommodate these cost changes.”

Another business in the , rental and leasing industry told the institute that economic “uncertainty remains the dominant theme. However, the tariff talk has turned out to be much more bluster than actual policy, and businesses have seemed to tune out the noise.”

Even the threat of tariffs isn’t seeming to slow the juggernaut of investment flowing into artificial-intelligence technology.

Palantir Technologies jumped 6.9% after the provider of AI platforms reported a stronger profit for the latest quarter than analysts expected. The AI darling also raised its forecast for revenue over the full year, and its stock climbed further after it had already doubled for the year so far coming into the day.

“We continue to see the astonishing impact of AI leverage,” CEO Alex Karp said.

Axon Enterprise leaped 14.7% after the company, which sells Tasers, body cameras and software to public safety departments, reported a much stronger profit than analysts expected. It also cited growth in its AI offerings, which can save time for transcriptions and other tasks, and raised its forecast for revenue this year.

On the losing side of was American Eagle Outfitters, which dropped 7.6% to give back some of its 23.6% jump from the day before. That’s when Trump weighed in on the debate surrounding the retailer’s advertisements, which highlight actor Sydney Sweeney’s great jeans.

Some critics thought the ad’s reference to the blonde-haired and blue-eyed actor’s “great genes” may be extolling a narrow set of beauty standards, while Trump said that being “WOKE is for losers.”

Yum Brands fell 3.7% after the company behind KFC, Taco Bell and Pizza Hut reported results for the latest quarter that came up just short of analysts’ expectations.

The pressure is on companies to report bigger profits after the U.S. surged to record after record from a low point in April. The big rally fueled criticism that the broad market had become too expensive.

For stock prices to look like better bargains, either companies need to produce bigger profits, or interest rates need to fall. The latter may happen in September, when the Federal Reserve has its next meeting.

Expectations have built sharply for a rate cut at that meeting since a report on the U.S. job market Friday came in much weaker than economists expected. Lower interest rates would make stocks look less expensive, while also giving the overall economy a boost. The potential downside is that they could push inflation higher.

Treasury yields sank sharply after Friday’s release of the jobs report, and they haven’t recovered. The yield on the 10-year Treasury eased to 4.20% from 4.22% late Monday and from 4.39% just before the release of the jobs report. That’s a significant move for the bond market.

In stock markets abroad, indexes rose across much of Europe and Asia.

India’s Sensex was an outlier and dipped 0.4% on concerns about trade tensions with the United States as the Trump administration pushes for cutbacks in the country’s oil purchases from Russia.

Virginians spend $478M in June sports wagers

Virginians bet about $477.85 million on sports in June, winning more than $417.09 million, according to recently released Virginia data. That’s about 15% more than they wagered in June 2024.

About $472.78 million of June’s gross sports revenues came from mobile operators, with the remaining roughly $5.07 million coming from casino retail activity. Virginia currently has three : the Hard Rock Hotel & Casino Bristol, Rivers Casino Portsmouth and Caesars Virginia in Danville. In June the state’s casinos reported a total of $78.5 million in adjusted gaming revenues.

Casino development continues in the commonwealth. Construction on the $750 million Norfolk casino began in February. In Petersburg, the $1.4 billion Live! Casino & Hotel Virginia held a groundbreaking in March. Rivers Casino Portsmouth and Rush Street Gaming have plans to begin building a $65 million hotel in Portsmouth this summer. S.B. Ballard Construction Co. was announced as the hotel’s general contractor in July.

The licensed operators included in June’s sports revenue reporting were:

  • Betfair Interactive US (FanDuel) in partnership with the Washington Commanders
  • Crown Virginia Gaming (Draft Kings)
    BetMGM
  • Rivers Portsmouth Gaming (Rivers Casino Portsmouth)
  • Caesars Virginia
  • Bally’s Interactive
  • Penn Sports Interactive
  • Colonial Downs Group
  • HR Bristol
  • Hillside (Virginia)
  • DC Sports Facilities Entertainment
  • Betr VA
  • PlayLive Virginia
  • Sporttrade Virginia

Virginia places a 15% tax on activity based on each permit holder’s adjusted gross revenue (total wagers minus total winnings and other authorized deductions). With 12 operators reporting net positive AGR for June, state taxes for the month totaled nearly $8.7 million.

Of that, 97.5% — about $8.46 million — will be deposited in the state’s general fund. The remaining approximately $216,860 will go to the Problem Treatment and Support Fund Allocation, which the Virginia Department of Behavioral Health and Developmental Services administers.

U.Va.’s new interim president is former law dean

Summary

  • Former law school dean named of U.Va.
  • He replaces short-term acting president Jennifer “J.J.” Wagner Davis
  • resigned as president in June under pressure from Trump administration

The has tapped former U.Va. School of Law Dean Paul G. Mahoney as the university’s interim president. Set to take office on Aug. 11, he is expected to serve until a permanent hire is made to replace former U.Va. leader Jim Ryan, who resigned in late June and left last month.

Mahoney is a David and Mary Harrison Distinguished Professor in the law school and was its dean from 2008 to 2016, according to U.Va.’s announcement Monday. He will succeed acting president Jennifer “J.J.” Wagner Davis, U.Va.’s executive vice president and chief operating officer. She took office following Ryan’s departure, which came under pressure from the Trump administration.

Mahoney inherits a university in turmoil, as the U.S. Department of Justice’s Civil Rights division, led by two U.Va. alumni, launched an investigation this spring into the university’s dismantling of its diversity, equity and inclusion initiatives, which was ordered by a board vote in March. According to letters and news reports, the DOJ accused Ryan of slow-walking the dissolution of DEI offices and programs, as well as simply renaming them and making other cosmetic changes, although critics of the Trump administration claim this was a ploy to drive out Ryan.

Mahoney joined U.Va.’s law school faculty in 1990 and is a member of the Council on Foreign Relations and the American Academy of Arts and Sciences, as well as a former member of the U.S. Securities and Exchange Commission’s Investor Advisory Committee. Before coming to U.Va., Mahoney worked for the New York law firm Sullivan & Cromwell and clerked for Justice Thurgood Marshall of the U.S. Supreme Court. He specializes in securities regulation, corporate finance and contracts, and earned degrees from Yale Law School and MIT.

“I am honored and humbled to serve as the interim president of the University of Virginia and to support the extraordinary students, faculty, staff, alumni and parents who make this institution great,” Mahoney said in a statement. “I thank the board for the trust they have placed in me, and for arriving at this decision in a manner consistent with the university’s core values of shared governance, academic freedom and student self-governance. As a longtime member of this community, I care deeply about U.Va’s education, research and patient-care mission and look forward to continuing that important work together.”

The board of visitors has named a committee to oversee the search for Ryan’s permanent replacement.

A school alum and former professor, Ryan said he was resigning as president to preserve federal funding for research and student financial aid, which he said was at risk if he remained president. Meanwhile, the governor-appointed board of visitors, which has hiring and firing power over the university’s president, has received criticism from state Democratic lawmakers for pushing ahead on its search for Ryan’s successor.

Nine state Senate Democrats sued U.Va.’s rector and the rectors of George Mason University and Virginia Military Institute to prevent them from seating eight appointees after they were rejected by a Senate committee in June. Last week, a judge ordered a temporary injunction against the three universities, although the state is appealing the decision.

House of Delegates Speaker Don Scott said during a news conference last month that U.Va.’s board “probably should put a freeze on any hiring, because we will not support whatever it is that they do,” calling the board “illegitimate,” and adding that the gubernatorial appointees have “been told that they will not be appointed permanently.”

Stocks rebound after jobs report, rate cut hopes rise

  

SUMMARY:  

  • rose 0.8%, Dow added 310 points, Nasdaq up 1.2% 
  • Market recovers from Friday’s steep losses after weak jobs data 
  • blamed for economic slowdown concerns 
  • Investors expect possible Fed rate cut in September 

 

U.S. stocks are rallying and recovering much of their sharp losses from last week, when worries about how President ‘s tariffs may be punishing the economy sent a shudder through .

The S&P 500 jumped 1.1% in midday trading to claw back more than two thirds of Friday’s drop. The Industrial Average was up 426 points, or 1%, as of 11:45 a.m. Eastern time, and the Nasdaq composite was 1.5% higher.

Idexx Laboratories helped lead the way and soared 26.6% after the seller of veterinary instruments and other health care products reported a stronger profit for the spring than analysts expected. It also raised its forecast for profit over the full year.

Tyson Foods likewise delivered a bigger-than-expected profit for the latest quarter, and the company behind the Jimmy Dean and Hillshire Farms brands climbed 4.1%.

They helped offset a 2.8% drop for Berkshire Hathaway after Warren Buffett’s company reported a drop in profit for its second quarter from a year earlier. The weakening was due in part to the falling value of its investment in Kraft Heinz.

The pressure is on U.S. companies to deliver bigger profits after their stock prices shot to record after record recently. The jump in stock prices from a low point in April raised criticism that the broad market had become too expensive.

Stocks just sank to their worst week since May not so much on that criticism but on worries that Trump’s tariffs may be hitting the U.S. economy following a longer wait than some economists had expected. Job growth slowed sharply last month, and the unemployment rate worsened to 4.2%.

Trump reacted to the disappointing jobs numbers by firing the person in charge of compiling them. He also continued his criticism of the , which could lower in order to shoot adrenaline into the economy. The Fed has instead been keeping rates on pause this year, in part because lower rates can send inflation higher, and Trump’s tariffs may be set to increase prices for U.S. households.

Friday’s stunningly weak did raise expectations on Wall Street that the Fed will cut interest rates at its next meeting in September. That caused Treasury yields to slump in the bond market, and they were mixed on Monday.

The yield on the 10-year Treasury eased a bit to 4.20% from 4.23% late Friday.

The two-year yield, which moves more closely with expectations for Fed action, held at 3.69%.

“In our view, if the Fed starts to cut rates at its September meeting, we believe this would be supportive for markets,” according to David Lefkowitz, head of US equities at UBS Global Wealth Management.

Such hopes, combined with profit reports from big U.S. companies that have largely come in better than expected, could help steady a U.S. that may have been due for some turbulence. Before Friday, the S&P had gone more than a month without a daily swing of 1%, either up or down.

This upcoming week may feature fewer fireworks on Wall Street following last week’s jobs report and profit updates from some of the U.S. stock market’s most influential companies. This week’s highlights will likely include from The Walt Disney Co., McDonald’s and Caterpillar, along with updates on U.S. business activity.

On Wall Street, Wayfair jumped 10.8% after the retailer of furniture and home decor said accelerating growth helped it make more in profit and revenue during the spring than analysts expected.

Tesla rose 1.6% after awarding CEO Elon Musk 96 million shares of restricted stock valued at approximately $29 billion. The move, coming six months after a judge ordered the company to revoke his massive pay package, could remove potential worries that Musk may leave the company.

CommScope soared 75% after reporting a stronger-than-expected quarterly profit and saying that it will sell its connectivity and cable business to Amphenol for $10.5 billion in cash. Amphenol rose 3.1%

They helped offset a drop of 10.2% for On Semiconductor, which only matched analysts’ expectations for profit in the latest quarter. The company, which sells to the auto and industrial industries, said it’s beginning to see “signs of stabilization” across its customers.

Boeing slipped 0.5% after workers who build fighter jets for the troubled aerospace giant went on strike overnight.

In stock markets abroad, indexes rose across much of Europe and Asia.

South Korea’s Kospi rose 0.9%, and France’s CAC 40 climbed 1.1%, while Japan’s Nikkei 225 was an outlier with a drop of 1.2%.

___

This version has been corrected to say that the U.S. stock market had its worst week last week since May, not April.