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Mars completes $36B Kellanova acquisition

McLean-based candy and pet care giant announced Thursday that it has completed its $36 billion of , the maker of food products like Pringles, Pop-Tarts and Cheez-Its.

Now that the transaction has closed, Kellanova’s products — including Pringles, Rice Krispies Treats, Pop-Tarts and Cheez-Its — will fall under the Chicago-based Mars Snacking umbrella, along with Mars candy brands such as M&Ms  Skittles, Snickers and Twix.

The addition of Kellanova also expands the portfolio of Accelerator, a division of Mars Snacking, with brands like RXBAR, Nutri-Grain bars and Special K bars.

“Today marks a transformative moment, and I’m excited to welcome Kellanova to Mars,” said Global President of Mars Snacking Andrew Clarke in a statement. “United by more than a century of pioneering new categories and building iconic brands, Mars and Kellanova are joining forces to shape the future of snacking. With more than 50,000 Mars Snacking Associates and partners around the world, we’re now positioned to bring consumers more of the brands they love and new innovations — while continuing to advance our sustainability commitments and invest for the long term.”

Mars first announced the acquisition in August 2024 and it received Kellanova shareowner approval on Nov. 1, 2024.

The announced Sunday that its antitrust watchdog, the European Commission, concluded after an in-depth investigation that the acquisition would not raise competition concerns in Europe.

The acquisition received all required regulatory approvals by Dec. 8.

 

Avio USA picks Virginia for $500M solid rocket motor factory

Avio USA, the -based U.S. subsidiary of Italian rocket company Avio SpA, has chosen Virginia as the location for a $500 million advanced facility where it will produce solid rocket motors, announced late Wednesday.

The planned 860,000-square-foot facility will make motors for tactical and strategic propulsion as well as commercial space propulsion sectors. The site’s location is expected to be announced early next year.

Defense News previously reported on Nov. 14 that Avio had plans to build a solid rocket motor facility in the United States that would employ up to 1,500 workers and would be expected to open in 2028.

“Today’s announcement marks another exciting milestone for our and defense industry,” Youngkin said in a news release. “‘s decision to build a new rocket motor manufacturing facility here is both an important investment in America’s national security infrastructure and underscores Avio USA’s confidence in Virginia.”

The plant is supported by a recent capital raise of about 400 million euros by Avio SpA. Avio did not immediately respond to a request for comment.

“As we enter a new chapter for the commonwealth, Avio’s commitment to Virginia demonstrates the future we’re building — innovative, competitive, and rooted in strong partnerships,” stated in the release. “This kind of investment leverages Virginia’s strengths, and I’m committed to continuing the momentum of creating good jobs and fostering sustainable growth for the commonwealth.”

In November, Avio announced that it had signed a nonbinding term sheet with Maryland-based defense contractor to support the establishment of Avio USA’s solid rocket motor facility. The same month, Avio and Arlington County-based announced the companies had signed a memorandum of understanding to establish a solid rocket motor facility in the United States.

Founded in 1912, Avio SpA specializes in the design, development and production of space launch systems and propulsion components.

In 2022, the company launched Avio USA in Arlington. Since 2024, the company has operated under a special security agreement with the U.S. Department of Defense, branded by the as the Department of War.

The Avio group also has facilities in Italy, France and at the European Spaceport in French Guiana.

Spanberger stresses need for stable biz environment

SUMMARY:

  • Virginia told business leaders she would prioritize a stable, affordable business climate
  • She criticized uncertainty stemming from tariffs, layoffs and government shutdown as harmful to Virginia’s
  • Spanberger reaffirmed she won’t repeal Virginia’s right-to-work law

At a event at the Convention Center on Wednesday, Gov.-elect Abigail Spanberger said she will prioritize a business climate that is stable, predictable and affordable, and reiterated that she would not sign legislation repealing Virginia’s right-to-work law.

Spanberger framed her emphasis on stability against what she described as growing economic headwinds and barriers to growth driven by federal policies and dysfunction.

“Right now, we have chaos coming out of Washington that is damaging or challenging Virginia’s business environment,” she said.

She said she has heard from farmers, manufacturers and small business owners who said they are “feeling the pain” of President ‘s tariffs and from families who are “deeply concerned” about health care costs. Business leaders, she said, have told her they are worried about uncertainty stemming from , government contract cuts, and the record 43-day government shutdown that ended on Nov. 12.

“Not only does this chaos hurt businesses and workers alike, but it threatens to overshadow the opportunities that we have to work with our partners at the federal level to strengthen Virginia’s economy and to create lasting prosperity for Virginia’s communities,” Spanberger told the chamber audience. “My administration will be ready to work alongside the federal government to advance shared goals and benefit Virginia and Hampton Roads.”

In particular, she said, her administration would support advanced and military installations across the region, which she said “underpin our national security and strengthen our economic resilience.”

She said she intends to ensure stability and certainty across the business environment, which is why, she added, that she’s been “very clear” that she would not sign legislation that would repeal Virginia’s right-to-work law.

At the chamber event, she told hundreds of regional business leaders that Hampton Roads is one of the state’s most important economic engines and that it’s a priority for her cabinet to work closely with the business community. She said her team is working to ensure her incoming administration is “ready to hit the ground running” in January to address the state’s challenges and pursue opportunities to strengthen Virginia’s economy.

Over the next four years, Spanberger said, she will be “laser-focused” on attracting new businesses to the state and increasing affordability for Virginians. She said a strong economy requires Virginia workers to have the skills and education needed to “succeed in the jobs of tomorrow,” and that her administration will work with K-12 schools, community colleges, and four-year institutions to support career and technical programs and workforce development.

“We will provide students with meaningful, career-ready experiences and investments in internships and apprenticeships, which will be an essential part of this effort,” Spanberger said. “We need to make sure these opportunities will lead to good-paying jobs here in Virginia.”

She assured the audience she would work “aggressively to promote Virginia as the best state in the country to do business,” a likely reference to Virginia dropping from No. 1 to No. 4 this year in CNBC’s annual rankings.

US stocks rise after the Fed cuts rates and hopes build for more

Summary

  • rose 0.7%, nearing its all-time high.
  • Fed cut its key interest rate to support the .
  • Powell’s comments boosted hopes for additional cuts in 2026.
  • eased as markets reacted to the Fed decision.

NEW YORK (AP) — The U.S. rose to the edge of its record on Wednesday after the cut its main interest rate to bolster the job market, and hopes strengthened for more cuts to come in 2026.

The S&P 500 climbed 0.7% and finished just shy of its all-time high, which was set in October. The Dow Jones Industrial Average jumped 497 points, or 1%, and the composite rose 0.3%.

loves lower because they can boost the and send prices for investments higher, even if they potentially make inflation worse.

Wednesday’s cut to interest rates was widely expected and did not move markets much by itself. But some investors found encouragement from comments by Fed Chair , which they said were less forceful about shutting down the possibility of future cuts than they had been anticipating.

Powell said again on Wednesday that the central bank is in a difficult spot, because the job market is facing downward pressure when inflation is simultaneously facing upward pressure. By trying to fix one of those problems with interest rates, the Fed usually worsens the other in the short term.

Powell also said for the first time in this rate-cutting campaign that interest rates are back in a place where they’re pushing neither inflation nor the job market higher or lower. That gives the Fed time to hold and reassess what to do next with interest rates as more data comes in on the job market and on inflation.

“We are well positioned to wait and see how the economy evolves,” Powell said.

But he also said no one at the Fed is expecting a hike to interest rates in their “base case” anytime soon, and he spent much of his discussion in a press conference following the rate announcement talking about the job market.

After voting on Wednesday’s cut, Fed officials released projections for where they see the federal funds rate potentially ending 2026. The median member is penciling in one more cut by the end of next year, the same as three months earlier.

That projection is under the microscope because Fed officials had seemed unusually split about how much more help the economy may need from lower interest rates. With inflation stubbornly above the Fed’s 2% target, some officials had been saying it was the bigger threat for the economy rather than the job market.

In Wednesday’s vote, two Fed officials voted against the cut of a quarter percentage point because they did not want to reduce rates now. A third official, meanwhile, voted against Wednesday’s cut because he wanted a deeper reduction of half a percentage point.

In the bond market, Treasury yields eased as hopes rose for additional cuts to interest rates in 2026.

Traders are now betting on a 71% chance that the Fed will cut the federal funds rate at least twice next year. That’s up from the 64% chance seen shortly before the Fed announced its decision, according to data from CME Group.

The Fed also announced a program where it will buy shorter-term Treasurys to help keep the financial system running smoothly. It’s not a large-scale program like past efforts by the Fed to buy bonds to keep interest rates low and stimulate the economy, but it helps keep shorter-term rates lower than they otherwise would be.

The yield on the 10-year Treasury fell to 4.15% from 4.18% late Tuesday. The two-year yield fell more and sank to 3.53% from 3.61%.

On Wall Street, GE Vernova flew 15.6% higher after the energy company raised its forecast for revenue by 2028, doubled its dividend and increased its program to buy back its own stock.

Palantir Technologies added 3.3% after saying the U.S. Navy will use its artificial-intelligence platform as part of a $448 million program.

Cracker Barrel Old Country Store rose 3.5%. The restaurant chain caught up in a furor around its logo design reported better results for the latest quarter than analysts expected but also cut its forecast for revenue this fiscal year, as well as for an underlying measure of earnings.

On the losing end of Wall Street was GameStop, which fell 4.3% after reporting weaker revenue for the latest quarter than analysts expected. The video-game retailers’ profit topped forecasts, though.

All told, the S&P 500 rose 46.17 points to 6,886.68. The Dow Jones Industrial Average jumped 497.46 to 48,057.75, and the Nasdaq composite gained 77.67 to 23,654.16.

In stock markets abroad, indexes were mixed amid mostly modest movements across Europe and Asia.

Fed cuts rates again but signals pause ahead

Summary

  • Fed cuts its key interest rate by a quarter-point for the third straight meeting, to about 3.6%.
  • Officials signal only one rate cut likely next year amid deep divisions.
  • Powell says the may be weaker than data shows, with potential downward revisions.
  • Trump expected to name a new Fed chair soon, likely pushing for sharper cuts.

WASHINGTON (AP) — The reduced its key interest rate by a quarter-point for the third time in a row Wednesday but signaled that it may leave rates unchanged in the coming months, a move that could attract ire from President , who has demanded steep reductions to borrowing costs.

In a statement released after a two-day meeting, the Fed’s rate-setting committee suggested further would depend on signs that the is faltering. And in a set of quarterly economic projections, Fed officials signaled they expect to lower rates just once next year.

Wednesday’s cut reduced the rate to about 3.6%, the lowest it has been in nearly three years. Lower rates from the Fed can bring down borrowing costs for mortgages, auto loans, and credit cards over time, though market forces can also affect those rates.

Three Fed officials dissented from the move, the most dissents in six years and a sign of deep divisions on a committee that traditionally works by consensus. Two officials voted to keep the Fed’s rate unchanged, while Stephen Miran, whom Trump appointed in September, voted for a half point cut.

December’s meeting could usher in a more contentious period for the Fed. Officials are split between those who support reducing rates to bolster hiring and those who’d prefer to keep rates unchanged because remains above the central bank’s 2% target. Unless inflation shows clear signs of coming fully under control, or unemployment worsens, those divisions will likely remain.

At a press conference following the announcement of the rate cut, Powell signaled that the Fed’s key rate was close to a level that neither restricts or stimulates the economy. As a result, officials can now take a step back and evaluate where the economy heads next.

Powell did, however, rule out an increase in rates.

“What you see is some people feel we should stop here and we’re in the right place and should wait, and some people think we should cut more next year,” Powell said.

And Trump could name a new Fed chair as soon as later this month to replace Powell when his term ends in May. Trump’s new chair is likely to push for sharper rate cuts than many officials may support.

A stark sign of the Fed’s divisions was the wide range of cuts that the 19 members of the Fed’s rate-setting committee penciled in for 2026. Seven projected no cuts next year, while eight forecast that the central bank would implement two or more reductions. Four supported just one. Only 12 out of 19 members vote on rate decisions.

The Fed met against the backdrop of elevated inflation that has frustrated many Americans, with prices higher for groceries, rents, and utilities. Consumer prices have jumped 25% in the five years since COVID.

“We hear loud and clear how people are experiencing really high costs,” Powell said Wednesday. “A lot of that isn’t the current rate of inflation, a lot of that is imbedded high costs due to higher inflations in 2022-2023.”

In a delayed report last week, the government said the Fed’s preferred inflation gauge remained high in September, with both overall and core prices rising 2.8% from a year earlier. That is far below the spikes in inflation three years ago but still painful for many households after the big run-up since 2020.

The Fed typically keeps its key rate elevated to combat inflation, while it often reduces borrowing costs when unemployment worsens to spur more spending and hiring.

Adding to the Fed’s challenges, job gains have slowed sharply this year and the unemployment rate has risen for three straight months to 4.4%. While that is still a low rate historically, it is the highest in four years. Layoffs are also muted, so far, as part of what many economists call a “low hire, low fire” job market.

Still, Powell said the committee reduced borrowing costs out of concern that the job market is even weaker than it appears. While government data shows that the economy has added just 40,000 jobs a month since April, Powell said that figure could be revised lower by as much as 60,000, which would mean employers have actually been shedding an average of 20,000 jobs a month since the spring.

“It’s a labor market that seems to have significant downside risks,” Powell told reporters. “People care about that. That’s their jobs.”

At the same time, Powell noted that there are signs inflation is continuing to cool. Tariffs have made many goods more expensive, but that could peak early next year, he said, while the cost of services — hotel rooms, entertainment, and restaurant meals — has been flat.

“If you get away from tariffs, inflation is in the low 2s,” Powell said, near the Fed’s target.

The lack of economic data since the government shutdown ended Nov. 13 has contributed to the divisions at the Fed. But when Fed officials next meet in late January, they’ll have up to three months of backlogged reports to consider. If those figures show that the job market has worsened, the Fed could reduce rates again in January.

By contrast, if hiring has stabilized while inflation remains elevated, they may hold off on additional cuts for several months.

The Fed met against the backdrop of Trump’s move to name a new Fed chair to replace Powell in May.

In an interview with Politico published Tuesday, Trump said “yes” when asked if reducing rates “immediately” was a litmus test for a new Fed chair. Trump has hinted that he will likely pick Kevin Hassett, his top economic adviser.

Hassett has often called for lower borrowing costs, but this week has been more circumspect. In an interview Tuesday on CNBC, when asked how many more rate cuts he would support, Hassett did not give a specific answer and said, “What you need to do is watch the data.”

Elon Musk says DOGE was only ‘somewhat successful’ and he wouldn’t do it again

Mega billionaire Elon Musk, in a friendly interview with his aide and conservative influencer Katie Miller, said his efforts leading the Department of Government Efficiency were only “somewhat successful” and he would not do it over again.

The Tesla and SpaceX CEO, who also owns the social media platform X, still broadly defended ‘s controversial pop-up agency that Musk left in the spring before it shuttered officially last month. Yet Musk bemoaned how difficult it is to remake the federal government quickly, and he acknowledged how much his businesses suffered because of his DOGE work and its lack of popularity.

“We were a little bit successful. We were somewhat successful,” he told Miller, who once worked as a DOGE spokeswoman charged with selling the agency’s work to the public.

When Miller pressed Musk on whether he would do it all over again, he said: “I don’t think so. … Instead of doing DOGE, I would have, basically, built … worked on my companies.”

Almost wistfully, Musk added, “They wouldn’t have been burning the cars” — a reference to consumer protests against Tesla.

Still, things certainly have turned up for Musk since his departure from Trump’s administration. Tesla shareholders approved a pay package that could make Musk the world’s first trillionaire.

Musk was speaking as a guest on the “Katie Miller Podcast,” which Miller, who is married to top Trump adviser Stephen Miller, launched after leaving government employment to work for Musk in the private sector. The two sat in chairs facing each other for a conversation that lasted more than 50 minutes and spanned topics from DOGE to Musk’s thoughts on AI, social media, conspiracy theories and fashion.

Miller did not press Musk on the innerworkings of DOGE and the controversial manner in which it took over federal agencies and data systems.

Musk credited the agency with saving as much as $200 billion annually in “zombie payments” that he said can be avoided with better automated systems and coding for federal payouts. But that number is dwarfed by Musk’s ambitious promises at one time that an efficiency commission could measure savings in the trillions.

Paramount says China’s Tencent withdrew from its Warner Bros bid to avert national security issues

BANGKOK (AP) — Paramount Skydance says the Chinese gaming and social media giant Tencent Holdings withdrew from its bid to buy Warner Bros Discovery to avert a possible national security review.

Paramount’s revised filing with the U.S. Securities and Exchange Commission of its takeover bid said the Chinese company had dropped its $1 billion financing commitment out of concern, since it would be a “non-U.S. equity financing source,” that its bid might be subject to a review by the Committee on Foreign Investment in the United States, known as CFIUS. That was even though approval by CFIUS or by the Federal Communications Commission was not a condition of the bid.

The SEC filing, dated Monday, said that foreign sovereign wealth funds of Saudi Arabia, Abu Dhabi and Qatar, which are providing $24 billion for Paramount’s bid, had agreed to give up a right to participate in Warner Bros’ management to avoid the additional scrutiny.

On Monday, Paramount launched a hostile $77.9 billion takeover offer for Warner Bros. Discovery, competing with rival bidder Netflix to buy the company behind HBO, CNN and a famed movie studio.

Big deals that involve foreign companies are sometimes subject to national security reviews by CFIUS, a U.S. government group chaired by the Treasury Secretary that studies mergers for national-security reasons. It has the power to force companies to change ownership structures or divest completely from the U.S.

Under former President Joe Biden as well as President , the Treasury Department has sought to strengthen its powers as national security concerns related to foreign investment have increased.

Tencent is among dozens of Chinese companies that the U.S. Department has included in a list of companies it said have ties to China’s military. Tencent, whose shares are listed in Hong Kong, denies that.

Based in the southern technology and financial hub of Shenzhen, Tencent owns the League of Legends developer Riot Games and has ties with other big U.S. entertainment brands. It also has a streaming deal with the National Basketball Association.

It is the world’s largest equity investor in online games and a major entertainment and social media company, operating the WeChat messaging and payments service in popular China and with Chinese emigrants abroad. Tencent has a market capitalization of over $700 billion, according to Hong Kong’s stock exchange.

There was no immediate comment from Tencent.

Chesterfield County administrator to retire in 2026

Joseph P. Casey plans to retire July 1, 2026, the 10th anniversary of the day he went to work as ‘s administrator, according to a Tuesday announcement.

Under Casey’s leadership, Chesterfield landed major projects such as ‘s $1 billion toy factory, ‘ nearly $3 billion commercial fusion power plant and Danish electrolyzer manufacturer ‘s $400 million manufacturing plant.

Projects during Casey’s tenure represented $12 billion in capital investment and the addition of 10,200 jobs, while also expanding and diversifying the county’s commercial tax base, according to a county news release.

The fourth most populous county in Virginia, Chesterfield saw its population rise by 8.3% between 2020 and 2024. Over the past decade, the county has invested more than $1 billion in public facilities, including 12 new schools, three new fire stations and a new library.

In his role, Casey oversees more than 4,000 full-time employees and a $2.4 billion budget.

“No one works harder than Joe at taking Chesterfield forward,” Kevin Carroll, supervisor for the Matoaca District, said in a statement. “He truly cares about the community and understands the importance of improving service and infrastructure to provide the best place to live work and raise a family. He will be missed.”

As a public servant, Casey held many statewide leadership roles, including serving as president of the Virginia Management Association and the Virginia Government Finance Officers’ Association. He was also a member of the national GFOA’s executive board.

A CPA, Casey began his career as an accountant at KPMG, one of the Big Four accounting firms. In 1990, he took a job as deputy county manager for Hanover County, beginning a public service career that would last more than three decades.

In 2013, Casey moved to , where he served as county deputy manager for more than three years before succeeding James J.L. Stegmaier as Chesterfield’s county administrator.

A graduate of the University of Richmond, Casey also earned a master of public administration and a doctorate in public policy from Virginia Commonwealth University.

Casey is retiring to focus on his personal life.

“The longing I have for time to spend with Suzanne, and to be more available for memories with my sons and their plus ones, plus the role of being a good caretaker son to an aging mother, has led me to the difficult decision to retire,” he said in a statement.

The Board of Supervisors will select Casey’s successor.

Eaton to invest $50M in Henrico expansion, adding 200 jobs

Global power management company Corp. will invest over $50 million to expand its existing footprint in eastern and create 200 jobs, announced Wednesday.

According to the governor’s office, the involves the Dublin, Ireland-headquartered company opening a new campus near the Richmond International Airport, more than doubling its regional footprint. The aim is to increase the manufacturing of advanced power management equipment.

As part of the expansion, Eaton will occupy a to-be-built 350,000-square-foot facility at 6380 Miller Road, with production expected to start in 2027, according to the company. With the creation of 200 jobs, the company’s Henrico area team will reach nearly 500 employees. A spokesperson said that the new facility will replace three current nearby locations, with those employees moving to the Miller Road plant, part of the Sauer Industrial Center. Eaton plans to begin hiring more employees in 2026.

“Eaton’s latest investment in Henrico is proof that Virginia companies and workers are stepping up to meet our growing power needs,” said Youngkin in a statement. “The only thing better than bringing a new business to Virginia is watching an existing Virginia business expand.”

According to Youngkin, the expansion will support production of static transfer switches, power distribution units and remote power panels. These technologies are designed to provide reliable, uninterrupted power.

“Eaton is continuing to invest in U.S. manufacturing and is thankful for the strong collaboration and support in Virginia,” Aidan Graham, Eaton’s senior vice president and general manager of critical power solutions, said in a statement. “Our latest manufacturing expansion builds on our history in the region and reflects on the incredible abilities of our longtime local employees. We’re uniquely positioned to help our customers meet the rapidly increasing power requirements for AI factories through our expansive manufacturing footprint and our focus on innovation and engineering excellence.”

Youngkin approved a $1 million performance-based grant to support Eaton’s investment.

Headquartered in Dublin and with a U.S. base in Ohio, Eaton sells products to customers in more than 160 countries and has more than 93,000 employees worldwide. In 2024, the company generated sales of $25 billion. Eaton provides power management services for data center, , industrial, commercial, machine building, residential,  and mobility markets.

Stocks slip as Wall Street awaits Fed rate decision

Summary

  • Stocks were mostly flat as investors awaited Wednesday’s rate decision.
  • and Toll Brothers dragged markets with weaker outlooks.
  • Treasury yields rose after job openings hit their highest level since May.
  • Nvidia dipped after Trump allowed advanced chip sales to approved customers in China.

NEW YORK (AP) — U.S. stocks largely held in place on Tuesday as waits to hear what the Federal Reserve will say Wednesday about where interest rates are heading.

The edged down by 0.1% and remained near its all-time high set in October. The Industrial Average dipped 179 points, or 0.4%, and the Nasdaq composite added 0.1%.

JPMorgan Chase was the heaviest weight on the market after a top executive, Marianne Lake, said the bank’s expenses could rise to $105 billion next year.

That would be up 9% from an estimated $95.9 billion in expenses this year, though Lake also said JPMorgan Chase is “feeling pretty good about the underlying financial health of the borrowers in our portfolio.” Its stock fell 4.7%.

Another drop came from Toll Brothers, which lost 2.4% after the homebuilder reported weaker results for the latest quarter than analysts expected.

CEO Douglas Yearley Jr. said demand for new homes remains soft across many markets, and he talked about “affordability pressures” that could be affecting potential homebuyers.

One big factor in that affordability question is mortgage rates. They’re cheaper than they were at the start of the year, though they perked up a bit after October. That’s largely because of questions in the bond market about how much more the Federal Reserve will cut its main interest rate.

The widespread expectation is that the Fed will cut interest rates Wednesday afternoon, which would be the third such easing of the year. Lower interest rates can give the and prices for investments a boost, though the downside is they can worsen .

The U.S. has run to the edge of its records in part because of the growing assumption that the Fed will cut rates again on Wednesday.

The big question is what the Fed will say about where interest rates will go after that. Many on Wall Street are bracing for talk aimed at tamping down expectations for more cuts in 2026.

Inflation has stubbornly remained above the Fed’s 2% target, and Fed officials are notably split in their opinions about whether high inflation or the slowing job market is the bigger threat to the economy.

Treasury yields climbed in the bond market after a report on Tuesday showed that U.S. employers were advertising 7.7 million job openings at the end of October. That’s up a smidgen from the month before and the highest number since May.

If the job market is not worsening, it may not need as much help from the Fed through more cuts to rates.

After the report on job openings came out, the yield on the 10-year Treasury erased what had been an earlier dip and rose to 4.18% from 4.17% late Monday.

The yield on the two-year Treasury, which moves more closely with expectations for what the Fed will do, rose to 3.60% from 3.57% late Monday.

Elsewhere on Wall Street, Exxon Mobil climbed 2% after increasing its forecast for profit over the next five years, thanks in part to strength for its fields in the Permian basin in the United States and off Guyana’s shore.

Ares Management rallied 7.3% after S&P Dow Jones Indices said the investment company will join its widely followed S&P 500 index. It will replace , the maker of Pringles and Pop-Tarts, which is being bought by , the company behind Snickers and M&Ms.

CVS Health rose 2.2% after unveiling new financial forecasts, including expectations for annual compounded growth in earnings per share at a “mid-teens” percentage over the next three years.

Home Depot fell 1.3% after flipping between gains and losses. It gave a preliminary forecast for 2026 that said the broad home improvement market may shrink by up to 1%. But it also gave a separate set of forecasts saying its earnings per share could grow in the mid- to high-single digit percentages if the housing market recovers.

The market’s most influential stock, Nvidia, slipped 0.3% after President Donald Trump allowed it to sell an advanced chip used in artificial-intelligence technology to “approved customers” in China. The H200 is not Nvidia’s top product.

All told, the S&P 500 fell 6.00 points to 6,840.51. The Dow Jones Industrial Average dipped 179.03 to 47,650.29, and the Nasdaq composite rose 30.58 to 23,576.49.

In stock markets abroad, indexes were mixed Europe and Asia.

Indexes fell 1.3% in Hong Kong and 0.7% in Paris for two of the world’s bigger moves.