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NVR may relocate Reston headquarters

NVR, a Fortune 500 company that is one of the nation’s largest homebuilding and mortgage banking companies, may be relocating from its headquarters.

The company is currently based at the 965,000-square-foot office campus in . However, has signed a new lease for 68,000 square feet at Reston’s 1910 , east of the Silver Line’s Reston Town Center Metro station, according to a report on the Northern Virginia office market by , a firm. The eight-story office building at Oracle Way is within walking distance of Plaza America.

NVR declined to comment.

In a 2025 filing with the U.S. Securities and Exchange Commission, NVR reported that its current corporate offices occupy 61,000 square feet of leased space in Reston and the lease expires in April 2026.

In July, United Kingdom-based Tamares Group, a private investment company, and Atlantic Realty, a Vienna-based real estate company, announced they were working with Iron Hound Management, a New York-based company that specializes in commercial debt and equity transactions and commercial loan restructuring, to transfer the loans on the Plaza America office campus to special servicing. A special servicer manages commercial real estate loans that are in distress.

“Plaza America remains a key asset within our portfolio, and we are committed to its long-term success,” David Ross, partner and president of Atlantic Realty, said in a statement in a July news release. “As we move through the loan extension process, we look forward to making additional capital investments that will further elevate the tenant experience and ensure the campus continues to meet the evolving needs of today’s office users.”

A request for comment from Atlantic Realty was not immediately returned.

The homebuilding segment of NVR sells and builds homes under the Ryan Homes, NVHomes and Heartland Homes names, and operates in 16 states and Washington, D.C. NVR reported $10.52 billion in 2024 revenue, an 11% increase from the previous year.

Federal workers face strain, layoffs as shutdown deepens

Summary

  • Shutdown enters third week with no deal between parties
  • begins amid funding impasse
  • sue to block firings and protect
  • Federal employees describe mounting bills and anxiety

WASHINGTON (AP) — With every passing day of the , hundreds of thousands of federal employees furloughed or working without pay face mounting financial strain. And now they are confronting new uncertainty with the Trump administration’s promised layoffs.

Little progress has been made to end the shutdown as it enters its third week, with Republicans and Democrats digging in and convinced their messaging is resonating with voters. The fate of the is among several pressure points that could eventually push the sides to agree to resolve the stalemate.

“Luckily I was able to pay rent this month,” said Peter Farruggia, a furloughed federal worker. “But for sure I am going to have bills that are going to go unpaid this month, and I really don’t have many options.”

The shutdown has a familiar feel for many federal employees who endured past stalemates — including during President Donald Trump’s first term — but this time, the stakes are higher. The White House is leveraging federal workers’ jobs to pressure Democrats to soften their demands.

The shutdown began on Oct. 1 after Democrats rejected a short-term funding fix and demanded that the bill include an extension of federal subsidies for health insurance under the Affordable Care Act. Trump and other Republican leaders have said the government must reopen before they will negotiate with Democrats on the health subsidies.

Trump administration launches wave of layoffs

Farruggia is the executive committee chair of the American Federation of Government Employees Local 2883, representing employees at the Centers for Disease Control and Prevention, an agency that faced a wave of layoffs over the weekend. Like 8,000 other CDC employees who have been furloughed from the agency, he was already living paycheck to paycheck, and the partial pay that arrived Friday was his last until the government comes back online.

With the agency’s leadership in turmoil and still rattled from a shooting, the shutdown and new firings mean “people are scared, nervous, anxious, but also really just exasperated,” Farruggia said.

After Russ Vought, the director of the Office of Management and Budget, said last week on social media that the “RIFs have begun,” referring to reduction-in-force plans aimed at reducing the size of the federal government, Vice President JD Vance doubled down on the threat Sunday, saying “the longer this goes on, the deeper the cuts are going to be.”

The layoffs have begun across federal agencies. Labor unions have already filed a lawsuit to stop the move by Trump’s budget office.

In a court filing on Friday, the Office of Management and Budget said well over 4,000 federal employees from eight departments and agencies would be fired in conjunction with the shutdown.

Jessica Sweet, an Albany, New York, Social Security claims specialist who is a union steward of Local 3343 in New York, said, “I, myself, have a backup plan” in case she is fired during the shutdown, “but I know most people don’t.”

She says the Social Security Administration is already so short-staffed from layoffs earlier this year brought on by the Department of Government Efficiency, she doesn’t fear a massive layoff during the shutdown.

“The one thing this administration has taught me is that nothing is ever for certain, even if it’s codified into law,” she said.

Having received a partial payment in her last paycheck, Sweet has begun reaching out to her local power companies to request that she not get charged late fees, since “my bills won’t wait for me to eventually get paid.”

Shutdown drags on, and frustration grows

For some federal workers, this isn’t their first shutdown — the last one, during Trump’s first term in 2019, stretched a record 34 days. But this time, federal employees are being used more directly as leverage in the political fight over government funding.

The Republican administration last week warned that there would be no guaranteed back pay for federal workers during a shutdown — a reversal of long-standing policy affecting roughly 750,000 furloughed employees, according to a White House memo. The move, which Trump later backtracked on, was widely seen as a strong-arm tactic.

Adam Pelletier, a National Labor Relations Board field examiner whose agency furloughed nearly all of its workforce on Oct. 1, going from roughly 1,100 workers to fewer than a dozen people, said he wouldn’t mind if the shutdown continued if it meant meaningful progress toward gaining health care protections for Americans across the country — a key demand by Democrats for ending the stalemate.

Pelletier, a union leader for NLRB local 3, said “right now, nothing is being investigated at the NLRB. There’s no elections for unions or elections for decertifications. Basically nothing is happening.”

As for the financial strain on workers, he said workers can’t even find alternate employment to weather the shutdown because “the ethics office that would approve of those requests is not staffed now.”

Workers used as ‘political pawns’

National Treasury Employees Union President Doreen Greenwald, which represents workers across dozens of federal agencies, said several of the union’s members had been laid off as of Friday. The Treasury Department would lose 1,446 workers, according to the filing.

Greenwald said it was unfortunate that the Trump administration was using “federal employees as political pawns by furloughing and proposing to fire them all to try to cause pressure in a political game of chicken.”

“This isn’t about one party or the other. It’s about real people,” said Everett Kelley, president of the American Federation of Government Employees.

“The correction officer worrying about his next paycheck. The TSA officer who still shows up to work because he or she loves their country, even though they’re not getting paid. No American should ever have to choose between serving their country and feeding their family,” Kelley said.

Kelley and other major federal worker union leaders gathered blocks from the Capitol last week, urging congressional leaders to find a solution and put “people over .” The event grew emotional at times, with union heads outlining the difficulties facing their members and the stakes growing daily.

Randy Erwin, president of the National Federation of Federal Employees, which represents 110,000 workers nationwide, called on both sides of to find a resolution. He said Trump appeared to aim to “degrade, frighten, antagonize hardworking federal employees.”

Chris Bartley, political program coordinator for the International Association of Fire Fighters, said thousands of firefighters were showing up for work without pay out of a sense of devotion but stressed that could have broader consequences.

“Families go without income,” Bartley said. “Morale and retention suffer. Public safety is compromised.”

Roanoke eyes casino at Berglund Center


SUMMARY:

  • Roanoke officials held news conference to discuss possible casino at civic center
  • Casino would require approval from and Roanoke voters
  • Virginia’s other localities with have seen strong financial returns

Roanoke city officials are exploring the possibility of locating a casino at the city’s civic center.

Mayor Joe Cobb and City Manager Valmarie H. Turner spoke at a news conference Tuesday about the possibility of locating a casino at the Special Events Center at the .

“The goal for this project is to inspire economic growth through increased entertainment, dining and lodging options with a refurbished civic center,” Cobb stated in a news release.

The idea was sparked partially by Gov. Glenn Youngkin attempting to create a gaming commission to oversee all forms of in Virginia. That effort didn’t make it through the General Assembly, but Roanoke officials thought there might be more appetite for forming the commission after this November’s elections, when Virginia will elect a new governor and new state delegates, according to Marc Nelson, the city’s director. With a gaming commission, the state might be more willing to entertain the idea of offering casino licenses in additional cities, he speculated.

Since the General Assembly first legalized casino gaming in a handful of approved cities back in 2020, casinos have already opened in Danville, Portsmouth and Bristol. And casinos in and Petersburg are in the works.

“Just reading the tea leaves,” Nelson said, “we thought that it might be a good time to put our hat in the ring.”

City officials did not offer a timeline for when they hoped a casino could open in Roanoke, a project that would require approval from the General Assembly and a local referendum for voters to have their say.

A casino at the Berglund Center could offer additional event spaces, restaurants, a hotel and added , Cobb said Tuesday.

“The Berglund Center has been underperforming for a couple of years,” Nelson added. “We just thought it would be a good thing to take a look at.”

State Sen. David Suetterlein, whose district includes Roanoke city, and Del. Joe McNamara, who represents part of the city, issued a joint press release Tuesday in opposition to the proposed casino. In it, they note that the civic center has a $2.5 million budget shortfall. Both McNamara and Suetterlein are Republicans.

“The city government’s endless pursuit of new money with a casino around the corner from where a gas station closed due to crime is completely misguided,” McNamara stated.

A casino could help with Roanoke’s money concerns, though. The city spent more than $5 million during the 2023-2024 fiscal year than City Council authorized.

City Manager Bob Cowell resigned in May 2024 amid claims of employees facing a toxic work culture. He was replaced by Turner in January.

Valmarie H. Turner, Roanoke's city manager. Photo courtesy City of Roanoke
Valmarie H. Turner, Roanoke’s city manager. Photo courtesy City of Roanoke

“As the new city manager, it was essential to begin assessing the city’s financial stability and overall assets, particularly the Berglund Center,” Turner said in a statement. “This initiative presents an opportunity to create an entertainment district that would significantly enhance , stimulate economic growth and generate increased revenue for both the city and the region — funds that can be reinvested in our neighborhoods, schools, public safety and infrastructure.”

Casinos in Virginia have proven a safe bet for localities’ bottom lines.

According to data provided by the Virginia Lottery and tabulated by Virginia Business, the state’s casinos in Bristol, Danville and Portsmouth brought in about $732.2 million in adjusted gaming revenues (wagers minus winnings) in 2024.

Virginia law assesses a graduated tax on a casino’s adjusted gaming revenue, with 6% of a casino operator’s AGR going to its host locality until the operator passes $200 million in AGR for the year, at which point the host locality’s tax rate rises to 7%. If an operator passes $400 million in AGR in the calendar year, the local tax rate rises to 8%.

For August alone, Portsmouth received 6% of the ‘s adjusted gaming revenues (wagers minus winnings), taking in roughly $1.8 million. Danville received 7% of the Caesars Virginia casino’s adjusted gaming revenue, amounting to roughly $2.41 million in August. For the Bristol casino, 6% of its adjusted gaming revenue — nearly $1.34 million last month — went to the Regional Improvement Commission, which the General Assembly established to distribute Bristol casino tax funds throughout Southwest Virginia.

And none of those figures include the ancillary economic impact from casino tourism and related spending.

The Virginia Lottery Board approved the casino license for Bristol’s Hotel & Casino in April 2022. The Bristol casino’s temporary facility opened in July 2022, making it the first operating casino in Virginia, followed by the permanent Hard Rock casino resort, which opened in November 2024.

Rivers Casino Portsmouth opened as Virginia’s first permanent casino in January 2023.

Caesars Virginia opened in December 2024. Before that, there was a temporary Caesars Virginia casino which received its casino license in April 2023 and opened in May 2023.

Two more casinos are on the horizon in Virginia.

Construction began on the long-awaited $750 million Norfolk casino by development partners Boyd Gaming and the Pamunkey Indian Tribe in February. A temporary casino, dubbed The Interim Gaming Hall, is expected to open in November.

In November 2024, more than 80% of Petersburg voters approved a casino referendum. Baltimore-based The Cordish Cos. and Virginia Beach developer Bruce Smith Enterprise broke ground on the $1.4 billion casino in March.

On Tuesday evening, Roanoke council member Nick Hagen said he had been hearing from constituents who had thoughts about the possibility of a casino opening in the Star City.

“It’s been relatively mixed, like there’s some people who are very much in support of it, [who] think that it’s a good idea,” he said. “There’s some [who] have concerns about the impact of crime … as well as what it will do to property values around the area.”

Virginia Beach considers another sports venue on Oceanfront

SUMMARY:

  • is seeking developer proposals for a new Oceanfront action
  • The site is 28.6 acres near the convention and sports centers
  • Proposals are due Dec. 5, must include costs, impacts and timelines

Virginia Beach wants another major sports venue near the Oceanfront and is asking developers to pitch ideas on how to proceed.

The city recently issued a request for proposals seeking a developer to build and operate a sports venue on a 28.6-acre property directly adjacent to the convention and sports centers along 19th Street between Parks Avenue and Birdneck Road. Potential uses for the “action sports facility” include skateboarding, rock climbing, BMX, indoor water and ice sports or other compatible indoor sports uses.

The proposed sites are currently used for surface , with 2,513 existing parking spaces.

The city is asking developers to submit a cost estimate for the design and construction of the site and to indicate whether they will request any city financial support. If the proposal anticipates city ownership and a private operator, the states that the proposal must indicate whether that operating model would put the operator at risk.

The city is also asking for proposals to state the proposed and economic impacts, a concept plan and a development description showcasing the size and placement of the facility. They also need to lay out a plan to address necessary parking and stormwater solutions, and provide an estimated timeline for the project.

Proposals are due Dec. 5. Erin Goldmeier, director of media relations with Virginia Beach’s Department of , said the city decided to pursue the project after completing the Central Beach Small Area Plan earlier this summer. The plan, intended to guide future developments, outlined the potential for athletic and recreational venues in the Central Beach region of the city, near the Oceanfront and ViBe Creative District.

Goldmeier said the action sports facility project would complement the burgeoning industry in Virginia. For instance, the Virginia Beach Sports Center, a $68 million multipurpose indoor sports facility that opened in 2020, was designed to boost the city’s sports tourism industry and has since become a significant economic driver for Oceanfront hotels, restaurants and local businesses.

The Virginian-Pilot reported last year that, after financial troubles and mounting debt led the city to buy out the contract of the original operator, Eastern Sports Management, the facility is now managed by Sports Facilities Cos. Based in Florida, the firm oversees multiple sports and recreation venues in other tourist cities. In 2024, it entered a seven-year contract with the city that requires regular financial reporting and more city oversight.

The Virginia Beach Sports Center, one of the largest indoor sports venues on the East Coast, features 12 basketball courts that can be converted into 24 volleyball courts and has hosted NCAA events and indoor track championships.

In August, Atlantic Park Surf opened as the centerpiece of the $350 million project developed by Venture Realty Group and . The Dome concert venue opened earlier this year as part of the development, too.

According to an economic impact study by Tourism Economics, 26% of the city’s tourism activity in 2023 was tied to sports, significantly above the national average of 20%. That year, all Virginia Beach tourists spent $2.5 billion, and city-related tourism generated a total economic impact of $3.8 billion.

Goldmeier stressed that the current RFP is not binding upon the city or the potential developer, and that the city is not required to make an award based on responses to the RFP.

The city will likely decide by the first quarter of 2026 whether to accept any proposals for further review or advancement. It will evaluate proposals on anticipated fiscal impact, respondent credentials and compatibility with the existing market and area land uses.

Spanberger, Earle-Sears speak on right-to-work, talent pipelines

SUMMARY:

  • Virginia gubernatorial candidates delivered speeches at state chamber conference
  • Spanberger said Virginia needs to top CNBC’s business-friendly state rankings again; Earle-Sears touts Youngkin administration’s achievements
  • Earle-Sears says Spanberger’s record on right-to-work legislation differs from rhetoric
  • Spanberger focuses on federal job layoffs hurting Virginians

Following a fiery debate last week, Virginia’s gubernatorial candidates discussed business and how to strengthen the state’s workforce pipeline at a Richmond conference hosted by the Virginia Chamber Foundation on Tuesday.

Speaking a few hours apart at the 2025 Virginia Education and Workforce Conference, former U.S. Rep. , the Democratic candidate, outlined her agenda to strengthen Virginia’s educated workforce, while Republican candidate highlighted her background and achievements of Gov. Glenn Youngkin.

While both said Virginia has a competitive workforce — Earle-Sears said the current gubernatorial administration had made Virginia the No. 1 state for workforce training and teacher excellence without specifying the ranking organization, while Spanberger cited CNBC ranking Virginia first for education this year — Spanberger pointed out that Virginia dropped from No. 1 in 2024 to No. 4 this year in CNBC’s Top States for Business ranking.

“In that ranking, they were clear about one major factor: Federal job cuts are disproportionately impacting Virginia’s economy,” Spanberger said. “And the chaos coming out of Washington isn’t just bad policy; it is creating real harm for Virginia families and businesses.”

When CNBC released the Top States rankings in July, the network said of Virginia, “All that business might is no match for the mighty budget cuts coming from across the Potomac, not to mention the tariffs.”

Federal job cuts also affect Virginians in manufacturing, food service and contracting, Spanberger added. “We need real plans to support displaced workers, attract new investment and show businesses and talent that Virginia is a reliable place to build a career and a company.”

Earle-Sears, however, never mentioned in her speech the federal administration’s job cuts or the current government shutdown, during which President Donald Trump has said furloughed may not receive back pay, and Office of Management and Budget Director Russ Vought has started mass layoffs — actions that Democrats have blasted and that federal workers’ have sued to prevent.

Instead, the lieutenant governor touted the accomplishments of Youngkin’s administration, saying that it had helped create 265,000 jobs since 2022, as well as providing $9 billion in tax relief, reducing or streamlining more than 100,000 regulations, and securing $140 billion in business investments.

Earle-Sears added that Virginia has to maintain its domestic and international competitive advantages, especially as continues to make advances in engineering and manufacturing.

Right-to-work

Both candidates spoke about maintaining Virginia’s status as a right-to-work state, a view shared by many local and state chamber officials.

“I’ve said it before, and I will say it again: As governor, I will not sign a bill that repeals Virginia status as a right-to-work state,” Spanberger said in her morning address. “But let me also say this: I believe that we can do more to support working people, both in the business community and at the state level.”

Supporting working people would include establishing statewide paid and family medical leave, increasing the supply of affordable housing and child care, and raising the minimum wage, she said.

In her early afternoon speech, Earle-Sears said: “ is an issue for me about liberty and about freedom. I will always defend Virginia’s right to work. It’s not an abstract policy to me.”

Earle-Sears also brought in Spanberger’s congressional record, saying, “By contrast, my opponent says one thing, when we know for a fact she not only co-sponsored the legislation to get rid of right to work, but she voted to get rid of it as well,”

Spanberger voted for the Protecting the Right to Organize Act of 2021, which passed the House but not the Senate. The act would have expanded protections for employees to organize and collectively bargain.

The lieutenant governor also said that Spanberger has received more than $1.4 million in donations from labor unions, while she has received none. According to the Virginia Public Access Project, Spanberger’s gubernatorial campaign has received $1.31 million from organized labor, receiving $500,000 from the American Federation of Teachers.

“I know there are those who think you can be pro-business or pro-worker, and I wouldn’t be surprised if there’s some people in this room that hold that opinion, but I reject that idea,” Spanberger said. “We can do both.”

Strengthening the talent pipeline

Both candidates also spoke about strengthening early childhood education and growing real-world experience opportunities for students in Virginia.

“We must strengthen workforce development from early childhood through career training. That starts with child care,” Spanberger said.

As governor, she said, she would work to invest in Virginia’s child care subsidy program, incentivize employers to provide child care assistance and cut red tape. She’d also focus on dual-enrollment classes and career and technical education for students to earn industry credentials, Spanberger added.

Also, Spanberger said, she would increase funding for job-training programs like G3 and FastForward, and help expand access to internships and apprenticeships for college students, as well as connecting middle and high school students to apprenticeship programs.

Advocating for opportunities for students of all ages, Earle-Sears said, “From early childhood education to career and technical training, every stage of learning plays a role in building a stronger Virginia.

“That’s why we focused on building a seamless system of opportunity,” she added later in her speech. “What am I talking about? Strengthening early childhood education so every child starts strong. Empowering K-12 pathways through rigorous academics and career pathways. Expanding dual enrollment and industry-recognized credentials.”

Earle-Sears cited the Youngkin administration’s lab schools for secondary students at state colleges and universities, as well as her work with the Chamber of Commerce, where she managed Leadership Hampton Roads.

“If I’m so honored to be your next governor, I intend to go even further by launching a bold step to strengthen our workforce and empower students,” Earle-Sears said. “I’m talking about what I’ve seen northeastern universities doing, where students alternate between academic study and professional employment and graduate not just with knowledge, but with confidence, with connections, with job offers.”

A retired U.S. Marine, Earle-Sears added that Virginia needs to create more career paths for veterans and military families, and spoke about partnering with HBCUs and minority-serving institutions “to expand equity in education.”

For its part, the is prepared for either candidate to win the governorship, said Keith Martin, the chamber’s interim president and .

“We’re working with both candidates for governor, focusing them on [workforce development] being the No. 1 issue for [the] business community and also the No. 1 issue for their candidacies,” he said. “We’re optimistic on the partnership we’ll have with next governor, and the collaboration we have with the business community and moving forward.”

The final day to vote in Virginia’s elections, which will determine the next governor, lieutenant governor, attorney general and party control of the Virginia House of Delegates, is Nov. 4.

Powell signals more Fed rate cuts amid hiring slowdown

Summary

  • Fed Chair Powell says job market weakness heightens economic risks
  • Central bank likely to cut rates twice more this year, once in 2026
  • at 2.9% but no “broader pressures,” Powell says
  • Powell defends past bond purchases, concedes they lasted too long

WASHINGTON (AP) — A sharp slowdown in hiring poses a growing risk to the , Chair said Tuesday, a sign that the Fed will likely cut its key interest rate twice more this year.

Powell said in a speech in Philadelphia that despite the federal  cutting off official economic data, “the outlook for employment and inflation does not appear to have changed much since our September meeting,” when the Fed reduced its key rate for the first time this year.

Fed officials at that meeting also forecast that the central bank would reduce its rate twice more this year and once in 2026. Lower rates from the Fed could reduce borrowing costs for mortgages, car loans, and business loans. Powell spoke before a meeting of the National Association of Business Economics.

Powell reiterated a message he first delivered after the September meeting, when he signaled that the Fed is slightly more worried about the job market than its other congressional mandate, which is to keep prices stable. have lifted the Fed’s preferred measure of inflation to 2.9%, he said, but outside the duties there aren’t “broader inflationary pressures” that will keep prices high.

“Rising downside risks to employment have shifted our assessment of the balance of risks,” he said.

Economists said Powell’s remarks solidified expectations for further , starting at its next meeting Oct. 28-29.

“While there was little doubt the (Fed) was angled to cut rates at its next meeting, today’s remarks were strong confirmation of that expectation,” Michael Feroli, chief U.S. economist at JPMorgan Chase, said in a note to clients.

Powell also said that the central bank may soon stop shrinking its roughly $6.6 trillion balance sheet. The Fed has been allowing roughly $40 billion of Treasuries and mortgage-backed securities to mature each month without replacing them.

“We may approach that point in coming months,” Powell said.

The shift could slightly lower borrowing costs over time. Economists at BMO Capital Markets estimated that the yields on Treasury securities ticked down slightly after Powell’s remarks.

Separately, Powell spent most of his speech defending the Fed’s practice of buying longer-term Treasury bonds and mortgage-backed securities in 2020 and 2021, which were intended to lower longer-term and support the economy during the pandemic.

Yet those purchases have come under a torrent of criticism from Treasury Secretary Scott Bessent, as well as some of the candidates floated by the Trump administration to replace Powell when his term as Chair ends next May.

Bessent said in an extended critique published earlier this year that the huge purchases of bonds during the pandemic worsened inequality by boosting the , without providing noticeable benefits to the economy.

Other critics have long argued that the Fed kept implementing the purchases for too long, keeping interest rates low even as inflation began to spike in late 2021. The Fed beginning in 2021 stopped the purchases and then sharply boosted borrowing costs to combat inflation.

“With the clarity of hindsight, we could have—and perhaps should have—stopped asset purchases sooner,” Powell said. “Our real-time decisions were intended to serve as insurance against downside risk.”

Yet Powell said that moving earlier would not have prevented the COVID-era inflation spike: “Stopping sooner could have made some difference, but not likely enough to fundamentally alter the trajectory of the economy.”

Powell also said the purchases were intended to avoid a breakdown in the market for Treasury securities, which could have sent interest rates much higher.

The Fed chair also addressed a move by a bipartisan group of senators to stop the central bank from paying interest on the cash reserves banks park at the Fed. A measure to prevent the Fed from doing so was defeated in the Senate last week by the lopsided vote of 83-14.

Still, it garnered support from both parties, including senators Rand Paul from Kentucky and Ted Cruz from Texas, as well as Massachusetts Democratic Sen. Elizabeth Warren.

Powell said that without the ability to pay interest on reserves, the Fed “would lose control over rates” and wouldn’t be able to carry out its mission. The Fed lifts the short-term interest rate it controls when it wants to cool borrowing and spending and slow inflation, while it cuts the rate to encourage borrowing, growth, and hiring.

Wall Street rebounds as investors shrug off trade tensions

Summary

  • up 0.2% after earlier 1.5% slump; Dow gains 366 points
  • Tech stocks lag as trade worries hit chipmakers like
  • bans dealings with five South Korean shipbuilder units
  • Fed Chair Powell signals rising concern about job market

NEW YORK (AP) — Stocks recovered from an early slump and gained ground on Tuesday as investors brushed off escalating between the U.S. and China.

The S&P 500 rose 0.2% in afternoon trading after slumping as much as 1.5% earlier. Big technology stocks with outsized values initially pushed the index down, but broader gains from other sectors eventually countered that weight.

The Industrial Average rose 366 points, or 0.8%, as of 2:45 p.m. Eastern time. The composite slipped 0.3%.

The big swings from morning to afternoon mark yet another sharp twist for markets over the last few days. Wall Street tumbled on Friday for its worst day since April and bounced back on Monday for its best day since May. The swings were prompted by shifting trade sentiment between the U.S. and China.

The latest swing follows China’s Commerce Ministry banning dealings by Chinese companies with five subsidiaries of South Korean shipbuilder Hanwha Ocean, swiping at President Donald Trump’s efforts to rebuild the industry in America. European markets were mixed and Asian markets fell.

Technology stocks are particularly sensitive to trade issues involving China. Big chipmakers and other companies rely on China for raw materials and manufacturing. China’s large consumer base is also important for sales growth. Chipmaker Nvidia slumped 2.6%.

The ongoing trade war between the U.S. and the world has been an unpredictable weight on the market. The trade conflict between the U.S. and China is potentially the most economically consequential, owing to those nations’ positions as the two largest economies in the world.

International shipping and shipbuilding have become a major source of friction between Washington and Beijing, with each side imposing new port fees on each others’ vessels. Those fees went into effect on Tuesday.

“We remain cautiously optimistic that both sides will ultimately pursue a negotiated resolution, given the significant economic stakes,” said Ulrike Hoffmann-Burchardi, chief investment officer for the Americas and global head of equities at UBS Global Wealth Management.

The  has so far dodged any major impact from the frequently shifting U.S. tariff policies. That could change if nations fall back into a cycle of retaliatory and companies pass along more of the higher costs to consumers.

The U.S. government shutdown has put a halt to the usual economic updates on , consumer spending and employment. That has made it more difficult for investors and economists to continue gauging the economic impact from tariffs. Wall Street is looking toward the latest round of company earnings and forecasts to get a better sense of the broader economic picture.

Upcoming profit reports will also help Wall Street gauge the broader market’s value amid criticism that it has become too expensive after prices rose much faster than corporate profits. For stocks to look less expensive overall, either prices need to fall, or companies’ profits need to rise.

Banks were the first big sector to kick off the latest round of earnings reports and the results hint at Wall Street notching one of its most profitable quarters ever. Still, executives from major banks expressed various degrees of caution about markets and the economy. JPMorgan Chase slipped 1.3%, Wells Fargo rose 7.6% and Citigroup rose 4.3%.

Industrial firms and retailers were among the other companies making some of the biggest gains. Caterpillar rose 5% and Walmart rose 5.6%.

On the losing end, health care giant Johnson & Johnson fell 1.1% after announcing that it will separate its orthopedics business into a standalone company.

A lack of updates about the U.S. economy has also left the Federal Reserve without much of the information it uses to make policy decisions. The central bank cut its benchmark interest rate by a quarter of a percentage point in September amid worries that unemployment could worsen. That marked its first cut of the year and Wall Street expects similar cuts at the Fed’s meetings in October and December.

Lapses in data about employment and inflation makes it more difficult for the central bank to balance its tasks of both helping to maintain strong employment while keeping prices stable. On Tuesday, Fed Chair Jerome Powell again signaled that the Fed is slightly more worried about the job market.

“Rising downside risks to employment have shifted our assessment of the balance of risks,” he said, at a meeting of the National Association of Business Economics in Philadelphia.

Treasury yields held relatively steady. The yield on the yield on the 10-year Treasury slipped to 4.03% from 4.05% late Friday. Bond markets were closed in the U.S. on Monday for a holiday.

Gold rose 0.8% and remains above $4,100 per ounce. The precious metal has soared 57% in 2025 amid a long list of uncertainties, including tariffs and the economy.

Salem book distribution center sells for $11.55M

A 170,000-square-foot distribution facility in that has served as a book distribution hub for about 25 years has sold for $11.55 million.

On Oct. 9, the Capital Markets Group of | Thalhimer announced that the 8.65-acre property at 1100 Intervale Drive, fully leased by Distribution Services, has been sold to , a Short Pump-based investment firm with a portfolio of and multifamily assets. The Illinois book distributor bases its Northeast and mid-Atlantic distribution business out of the facility.

“They’ll continue to lease through the end of their lease term,” Matt Raggi, a principal at Thalhimer Realty Partners, said of ReaderLink. “We’ve got a while, seven years or so.”

Distributing to nontrade channel booksellers, ReaderLink lists Target, Kroger and Walmart among its clients.

In February, Publishers Weekly reported that ReaderLink would stop distributing mass market paperbacks at the end of the year. ReaderLink had been expected to acquire Baker & Taylor, a Charlotte-based wholesaler for academic and public libraries, but the deal fell through in September, according to news reports. Baker & Taylor later announced it was shutting down.

EQT Real Estate, a Pennsylvania-based real estate investment management firm, purchased the Salem facility in November 2024 from Raith Capital Partners, a New York-based investment firm, and Equity Industrial Partners, a Massachusetts-based developer and operator of industrial real estate, for $13.75 million, according to property records and a report by Cushman & Wakefield | Thalhimer.

“This building was part of a 33-building portfolio that they purchased around the country, and so this was just one small building within that portfolio that they kind of peeled off,” Raggi said. “We view it as a good long-term investment.”

ReaderLink and EQT Real Estate did not respond to requests for comment.

Bo McKown, senior vice president of Thalhimer’s Capital Markets Group, represented the purchaser. Davis Stoneburner with Thalhimer’s Industrial Services Group will provide leasing advisory for new ownership.

Editor’s note: This story has been updated. 

Qantm Creative taps new CEO

Norfolk-based marketing agency Creative announced Tuesday that it has appointed Nicole Newsome as its new .

Newsome succeeds Jean Matacunas, who is transitioning into an advisory role where she will provide guidance and mentorship. Matacunas remains the owner of the firm.

Newsome was most recently Qantm’s chief strategy & growth officer, where she served as the primary liaison between the agency’s directors and its CEO and president. She was also the point person for many of its largest accounts.

She has nearly 25 years of experience in leadership in the marketing industry and was an early adopter and promoter of search engine optimization, search engine marketing, social media and web development strategies.

“I’m honored to lead this talented team into Qantm’s next chapter,” said Newsome in a statement. “Qantm will continue to lead with a cutting-edge approach by using data science and art to produce unforgettable experiences. I look forward to continuing that mission with the same energy and integrity that define our work.”

In 2023, -based investment firm Five Hill Capital — the parent company of Norfolk marketing and communications firm WB Marketing — acquired Meridian Group, a agency. In 2024, the two shops were combined to create Qantm. The company says Newsome “played an integral role” in the merger of Meridian and WB Marketing, where she was director of digital marketing.

“Nicole has been instrumental in advancing Qantm’s mission and leading with clarity, creativity and purpose,” Matacunas said in a statement. “Her leadership reflects the values our agency was built on — collaboration, creativity, innovation and community impact.”

A native of , Newsome is engaged in the community, serving on the board of Hampton Roads Pride and mentoring students at the Entrepreneurship & Business Academy at Kempsville High School. In October, she was named one of Virginia Business’s annual Women in Leadership honorees, recognizing top female throughout the state.

Based in Norfolk, Qantm provides branding, digital marketing, social media, market strategy and public relations services.

GM to take $1.6B hit after US cuts EV tax incentives

Summary

  • GM to record $1.6B impact after U.S. ends EV tax credits
  • $1.2B tied to EV capacity adjustments, $400M to cancellations
  • rollbacks ease pressure on automakers to go electric
  • GM says Chevrolet, GMC and Cadillac EVs remain in production

will record a negative impact of $1.6 billion in its next quarter after tax incentives for were slashed by the U.S. and rules governing emissions are relaxed.

Shares fell less than 2% before the opening bell Tuesday.

The  ended last month. The clean vehicle tax credit was worth $7,500 for new EVs and up to $4,000 for used ones.

Meanwhile, the Environmental Protection Agency has been working on easing rules aimed at cleaning up auto tailpipe emissions as the move to undo incentives for automakers to go electric. President Donald Trump has also challenged federal EV charging infrastructure money and blocked California’s ban of new gas-powered vehicle sales. It adds up to less pressure on automakers to continue evolving their production away from gas-burning vehicles.

General Motors, which had led the way among U.S. automakers with plans to convert production to an electric fleet of vehicles, said in a regulatory filing on Tuesday that it will have to book charges that include non-cash impairment and other charges of $1.2 billion due to EV capacity adjustments. There’s also $400 million in charges mostly related to contract cancellation fees and settlements associated with EV-related investments.

GM warned that it may take additional hits as it adjusts production, with non-cash charges potentially impacting operations and cash flow in the future.

The company said that its EV capacity realignment doesn’t impact its portfolio of Chevrolet, GMC and Cadillac EVs currently in production, and that it expects those models to remain available to consumers.

EVs were considered to be the future of the US automotive industry. GM had announced in 2020 that it was going to invest $27 billion in electric and autonomous vehicles in the next five years, a 35% increase over plans made before the pandemic.

In 2021 GM said that it planned to have more than half of its North American and factories be capable of making electric vehicles by 2030. It also pledged at the time to increase its investment in EV charging networks by nearly $750 million through 2025.

A year later, GM   said that the automaker would sell more electric vehicles in the U.S. than Tesla by the middle of the decade. GM also had a goal of making the vast majority of the vehicles it produces electric by 2035, and the entire company carbon neutral, including operations, five years after that.

Yet U.S. automakers are being hampered in some of their long-term planning, with drastic changes in economic and environmental policy from one administration to the next. The automakers are also facing increased competition from automakers such as China’s BYD, which announced in July that its sales grew 31% in the first six months of the year to 2.1 million cars.

BYD’s sales have skyrocketed on the back of a government-driven EV boom in China. The rise of BYD and other Chinese electric vehicle makers is a challenge for Tesla and the world’s other major automakers as Chinese competitors push into Europe, Southeast Asia and other overseas markets with a relatively affordable option for drivers who want to go green.