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Manufacturer to invest $4.9M in Franklin County expansion

Cornerstone Building Brands, a North Carolina-headquartered manufacturer of exterior building products, plans to invest $4.9 million to expand capacity at its campus, Gov. Glenn Youngkin announced Thursday.

The is expected to create 50 .

“ is proud to continue advancing American by expanding our operations in where we have a terrific team,” Gunner Smith, of Cornerstone Building Brands, said in a news release. “This investment increases our capacity and strengthens our ability to meet future demand for our Ply Gem windows and doors while creating new career opportunities for skilled manufacturing workers in Franklin County.”

In 2018, NCI Building Systems, a Texas-based manufacturer of exterior building products for commercial , and Ply Gem Building Products, a North Carolina-based manufacturer of exterior building products for residential construction, merged and began selling their exterior building materials under the Cornerstone Building Brands name.

The company sells vinyl windows and doors, vinyl siding, stone veneer, metal roofing, metal wall systems and metal accessories. Cornerstone Building Brands’ portfolio includes the brands Ply Gem, Simonton Windows and Doors, Mastic by Ply Gem and Mueller.

Cornerstone Building Brands did not immediately respond to a request for comment.

“Cornerstone Building Brands’ expansion builds on the proud manufacturing legacy of its Rocky Mount facility, which has been a cornerstone of Franklin County’s economy since 1939,” Regional Partnership CEO John Hull said in a news release. “The Roanoke region is home to a strong cluster of building products companies — from windows and glass to cement and materials — that continue to innovate, invest and create opportunity for our community.”

With 18,800 employees, Cornerstone Building Brands has close to 100 manufacturing facilities and more than 100 warehouses.

GMU law school dean leaving at end of academic year

SUMMARY: 

  • Scalia School Dean will step down at end of academic year
  • Randall testified to that George Mason’s retaliated against law school and sabotaged it in ABA audit
  • Law school associate dean says resignation not related to testimony

Two months after making accusations against ‘s president in congressional testimony, the dean of Mason’s Scalia Law School is leaving at the end of the academic year.

The university’s provost, James Antony, said this week at a meeting of George Mason’s academic affairs committee that Dean Ken Randall has tendered his resignation, and a search for his successor is underway. Randall, who was previously dean of University of Alabama’s law school, joined Scalia Law School in December 2020.

Ken Turchi, the law school’s associate dean for external affairs, said Randall was not available to comment Friday, and that he hasn’t commented much about the reasons for his decision to step down. However, the dean’s five-year contract is set to end this month, and he offered to extend it to the end of the 2025-26 academic year to give the university an opportunity to search for his successor, Turchi added.

Randall’s departure is not related to his testimony to the , Turchi said, and he will stay on as a tenured law school faculty member following a sabbatical.

The Republican-controlled congressional committee released a staff report last month finding that George Mason President lied to Congress in his testimony about alleged racial discrimination against white and Asian candidates in the university’s hiring practices. The report relied heavily on Randall’s Oct. 1 testimony to the committee, which provided transcripts of his and Washington’s testimony, as well as that of Naoru Koizumi, associate dean of research at Mason’s Schar School of Policy and Government, who was subpoenaed to testify.

“This is hearsay. I did not hear President Washington say this,” Randall testified about a Black job candidate hired for a university administrative position. “But … [Washington] wanted a candidate [for vice president for research] who did not make it to the short list, and … the comment that gets attributed to the president is he said … ‘Oh, come on. Just give the brother a chance.’ And then, ultimately this person was hired as the VP.”

According to the transcript, Randall also said that Washington retaliated against the law school for the dean’s decision not to appoint an equity adviser for hiring decisions, and Randall also accused Washington of apparently sabotaging an American Bar Association accreditation audit of Scalia Law School.

In 2022, Washington “appeared to sabotage a regular American Bar Association accreditation ‘inspection’ of Scalia Law School, telling ABA inspectors that George Mason may be unable to continue to financially support the law school,” Randall testified. “This jeopardized the law school’s accreditation and resulted in the ABA putting Scalia Law School on probation.”

According to the transcript, Randall said Washington, when speaking with ABA examiners, “volunteered that he didn’t know whether the university was going to be able to support the law school [financially] in the same manner it had previously supported the law school.”

Douglas Gansler, Washington’s attorney and a former Maryland attorney general, called the committee report following its Nov. 6 release “a political lynching,” adding that Washington “never discriminated against one human being over his five years at George Mason” and “did not utter one syllable that was not true to Congress.”

Antony, who credited Randall with boosting the law school’s reputation and national standing, said at Thursday’s meeting that the university expects to name a new dean by late spring 2026. Antony, too, will be leaving in March 2026 to become provost at the University of San Diego, he said.

This story has been updated since publication.

New York company buys Chesapeake apartments for $34.8M

New York-based company is investing $34.8 million to acquire and renovate Landmark , a 120-unit complex in .

The purchase marks Fairstead’s third Chesapeake acquisition this year, further expanding its presence in . Although the company did not name the seller, online Chesapeake records show the previous owner was Landmark Two Limited Partnership.

Located at 2900 Fireside Road, Landmark Apartments is a garden-style community with 15 two-floor buildings comprising 72 two-bedroom units and 48 three-bedroom units. All apartments are currently reserved for families earning 60% or less of the area median income, roughly $63,900 for a household of four.

Fairstead plans a comprehensive overhaul, investing over $100,000 per unit in interior and exterior upgrades. Renovations will include aesthetic and functional enhancements, including new kitchens and bathrooms, modern appliances and new flooring and lighting.

The community building, leasing office, laundry room and mailroom will also be improved. Harkins Builders is the project’s general contractor while Moseley Architects will lead the property’s design.

“This latest acquisition reflects the strong need for affordable housing across the region as well as statewide and serves as an example of how public-private partnerships can create long-term impact within the industry,” said Fairstead Jeffrey Goldberg in a statement.

According to Fairstead, renovation will be financed through a mix of Low Income Housing Tax Credit and Project-Based Voucher programs, supported by partners including U.S. Bank, Berkadia, , Virginia Housing and the Chesapeake Redevelopment and Housing Authority.

is expected to begin in January 2026 and wrap up by mid-2027.

Residents will be temporarily relocated during the renovation process. A spokesperson said Fairstead will be providing relocation assistance and support for all residents, and will be cover the cost of relocation assistance.

The acquisition follows Fairstead’s purchases of the 65-unit Peaceful Village Apartments and the 152-unit MacDonald Manor, both also located in Chesapeake, earlier this year. The company, which focuses on sustainable development and affordable housing, owns more than 26,000 apartments across 28 states and now has 1,300 residences across Virginia.

EU fines X €120M for breaking digital transparency rules

Summary

  • EU issues first non-compliance ruling under the .
  • fined €120M for deceptive blue checkmarks, weak ad transparency and data access barriers.
  • U.S. officials, including Rubio and Vance, criticize the decision as anti–free speech.
  • Regulators say the violations undermine user protection and platform accountability.

LONDON (AP) — regulators on Friday fined X, ‘s social media platform, 120 million euros ($140 million) for breaches of the bloc’s digital regulations, in a move that risks rekindling tensions with Washington over free speech.

The European Commission issued its decision following an investigation it opened two years ago into X under the 27-nation bloc’s Digital Services Act, also known as the DSA.

It’s the first time that the EU has issued a so-called non-compliance decision since rolling out the DSA. The sweeping rulebook requires platforms to take more responsibility for protecting European users and cleaning up harmful or illegal content and products on their sites, under threat of hefty fines.

The Commission, the bloc’s executive arm, said it was punishing X because of three different breaches of the DSA’s transparency requirements. The decision could rile Donald Trump, whose administration has lashed out at digital regulations, complained that Brussels was targeting U.S. tech companies and vowed to retaliate.

U.S. Secretary of State Marco Rubio posted on his X account that the Commission’s fine was akin to an attack on the American people. Musk later agreed with Rubio’s sentiment.

“The European Commission’s $140 million fine isn’t just an attack on @X, it’s an attack on all American tech platforms and the American people by foreign governments,” Rubio wrote. “The days of censoring Americans online are over.”

Vice President JD Vance, posting on X ahead of the decision, accused the Commission of seeking to fine X “for not engaging in censorship.”

“The EU should be supporting free speech not attacking American companies over garbage,” he wrote.

Officials denied the rules were intended to muzzle Big Tech companies. The Commission is “not targeting anyone, not targeting any company, not targeting any jurisdictions based on their color or their country of origin,” spokesman Thomas Regnier told a regular briefing in Brussels. “Absolutely not. This is based on a process, democratic process.”

X did not respond immediately to an email request for comment.

EU regulators had already outlined their accusations in mid-2024 when they released preliminary findings of their investigation into X.

Regulators said X’s blue checkmarks broke the rules because on “deceptive design practices” and could expose users to scams and manipulation.

Before Musk acquired X, when it was previously known as Twitter, the checkmarks mirrored verification badges common on social media and were largely reserved for celebrities, politicians and other influential accounts, such as Beyonce, Pope Francis, writer Neil Gaiman and rapper Lil Nas X.

After he bought it in 2022, the site started issuing the badges to anyone who wanted to pay $8 per month.

That means X does not meaningfully verify who’s behind the account, “making it difficult for users to judge the authenticity of accounts and content they engage with,” the Commission said in its announcement.

X also fell short of the transparency requirements for its ad database, regulators said.

Platforms in the EU are required to provide a database of all the digital advertisements they have carried, with details such as who paid for them and the intended audience, to help researches detect scams, fake ads and coordinated influence campaigns. But X’s database, the Commission said, is undermined by design features and access barriers such as “excessive delays in processing.”

Regulators also said X also puts up “unnecessary barriers” for researchers trying to access public data, which stymies research into systemic risks that European users face.

“Deceiving users with blue checkmarks, obscuring information on ads and shutting out researchers have no place online in the EU. The DSA protects users,” Henna Virkkunen, the EU’s executive vice-president for tech sovereignty, security and democracy, said in a prepared statement.

The Commission also wrapped up a separate DSA case Friday involving TikTok’s ad database after the video-sharing platform promised to make changes to ensure full transparency.

Appalachian Community Capital announces new CEO

Appalachian Community Capital, a Christiansburg-based financial institution that supports small-business and across the Appalachian region, has named Daniel Wallace its next and .

He will take over on Jan. 2, 2026, succeeding Donna Gambrell, who is retiring at the end of the year after nearly a decade of leading the organization’s growth.

“I’m honored to step into this role at such a pivotal moment for ,” said Daniel Wallace in a statement. “Across the region, there is a powerful opportunity to strengthen the economic backbone of our communities, expand flexible capital for underserved entrepreneurs and build the long-term capacity that makes resilience possible.”

Wallace, who has almost 30 years of experience in rural business development and nonprofit leadership, joins from the Green Bank for Rural America, an ACC subsidiary he has led since its launch last year.

The Green Bank was established to accelerate investment in rural enterprises, community projects and energy-resilient infrastructure. It was launched with a $500 million award from the Environmental Protection Agency. Under Wallace’s leadership, the subsidiary identified more than $328 million in energy-related businesses and projects.

Before joining Green Bank, Wallace was chief investment officer at Coastal Enterprises, Inc. (CEI), where he led efforts to develop new financing tools to expand access to capital for low-income communities and entrepreneurs often overlooked by traditional financial markets. CEI’s loan and investment portfolio grew to a record $78 million during that period.

In a statement, Interim ACC Board Chair Marten Jenkins said the institution was “thrilled” to welcome Wallace as its president and CEO.

“His catalytic leadership in development finance — and his deep commitment to building pathways to durable prosperity — align perfectly with ACC’s vision and the momentum we are building for the future,” Jenkins said.

Wallace said he’s excited to work alongside the organization’s community development financial institution members and partners “to advance a more prosperous future for Appalachia and rural America.”

Based in Christiansburg, ACC is a lending intermediary created to raise capital for its 43 members. The members then use ACC’s capital to fund small businesses in underserved areas in Appalachia. The members and their affiliates manage $4.5 billion in assets.

Fed’s preferred inflation gauge stayed elevated in September as spending weakened

Summary

  • Fed’s preferred gauge rose 0.3% in September, unchanged from August.
  • up 0.2%, keeping pressure toward the 2% target.
  • Steady inflation strengthens expectations for a rate cut on Dec. 9–10.
  • Mixed economic signals: slower spending, higher unemployment, rising AI investment, and emerging job cuts.

WASHINGTON (AP) — The ‘s preferred measure of inflation changed little in September, likely easing the way to a widely expected interest rate cut by the central bank next week.

Prices rose 0.3% in September from August, the Commerce Department said Friday, in a report that was delayed five weeks by the government shutdown. It matched the increase recorded during the previous month. Excluding the volatile food and energy categories, core prices rose 0.2% in September from August, the same as August, and a pace that if it continued for a year would bring inflation closer to the Fed’s 2% target.

Compared with a year ago, overall prices rose 2.8%, up slightly from 2.7% in August. Core prices also rose 2.8% from a year earlier, a small decline from the previous month’s figure of 2.9%.

The data indicate that core inflation was muted in September and will bolster the case for a cut to the Fed’s key interest rate at its next meeting Dec. 9-10. Inflation remains above the central bank’s 2% target, partly because of Donald Trump’s tariffs, but many Fed officials argue that weak hiring, modest economic growth, and slowing wage gains will steadily reduce price gains in the coming months.

At the same time, there were some warning signs in the figures. Omair Sharif, chief economist at Inflation Insights, said that Friday’s report overall will likely reassure the Fed that core inflation is mostly cool. But he noted that a measure of services inflation in the report remains elevated and could raise concerns among some Fed policymakers, since the higher figure doesn’t stem from tariffs, but instead broader inflationary pressures.

“It hasn’t really shown any sign of slowing down,” Sharif said. “That has to be concerning for them.”

The Fed is facing a tricky decision next week: It would typically keep rates high to fight inflation. At the same time, it is worried about weak hiring and a slowly rising unemployment rate. It hopes that reducing rates will spur more borrowing and boost the economy.

Friday’s report also showed that grew, though at a slower monthly pace in September than the previous month, suggesting Americans were willing to spend despite high prices and stagnant hiring. Spending rose 0.3% in September, down from 0.5% in August.

More recently, Americans appeared to step up their spending on Black Friday and the weekend after Thanksgiving, which could boost growth in this year’s fourth quarter. Online spending jumped 7.7% during the five days after Thanksgiving, compared to the same period last year, according to Adobe Analytics.

Incomes, meanwhile, rose at a solid 0.4% in September for the second straight month.

The economy is sending unusually mixed signals, as growth appears solid even as the unemployment rate has ticked up to a four-year high of 4.4%. Home sales are moribund and factories have been cutting , yet a boom in investment in artificial intelligence data centers has boosted the broader economy.

But on Wednesday, payroll processor ADP said that businesses shed 32,000 jobs in November, a sign that companies are starting to lay off workers. Should job cuts continue, consumers would likely rapidly dial back their shopping, weakening the economy.

The government will issue its own for November on December 16, which for now is forecast to show a small gain, according to data provider FactSet.

Netflix to buy Warner Bros. Discovery in $72B deal

Summary

  • Netflix strikes $72B deal to buy Warner Bros. Discovery.
  • Merger brings Netflix, HBO Max and major studios under one roof.
  • Industry experts predict major antitrust scrutiny and market shakeup.
  • Theatrical exhibitors warn the deal could harm movie theaters and .

NEW YORK (AP) — Netflix struck a deal Friday to buy Warner Bros. Discovery, the Hollywood giant behind “Harry Potter” and HBO Max, in a $72 billion deal that would bring together two of the biggest players in television and film and potentially reshape the entertainment industry.

If approved by regulators, the merger would put two of the world’s biggest streaming services under the same ownership — and join Warner’s television and motion picture division, including DC Studios, with Netflix’s vast library and its production arm, which has released popular titles such as “Stranger Things” and “Squid Game.”

“For more than a century, Warner Bros. has thrilled audiences, captured the world’s attention, and shaped our culture,” David Zaslav, of Warner Bros. Discovery, said in a statement. “By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come.”

The cash and stock deal is valued at $27.75 per Warner share, giving it a total enterprise value of $82.7 billion, including debt. The transaction is expected to close in the next 12 to 18 months, after Warner completes its previously announced separation of its cable operations. Not included in the deal are networks such as CNN and Discovery.

The proposed merger could draw intense antitrust scrutiny, particularly for its effects on movie making and streaming subscriptions.

“Netflix is the top streaming service today. Now combined with HBO Max, it will absolutely cement itself as the Goliath in the streaming industry,” said Mike Proulx, vice and research director at Forrester, a market research company.

Will streaming services stay separate or combine?

One of the big unanswered questions, Proulx added, is whether HBO Max and Netflix would “stay as separate streaming services or combine into a mega streaming service.”

But either way, he said, customers could see some price relief in the form of a single subscription bill or bundle promotions, which would be a welcome change as streaming prices continue to rise and consumers feel the pinch of paying for multiple services.

Of course, that all depends on whether the deal goes through. Netflix on Friday maintained that the addition of HBO and HBO Max programming will give its members “even more high-quality titles from which to choose” and “optimize its plans for consumers.”

Others warned that a Netflix-Warner combo could create an even bigger entertainment titan with ramifications for both consumers and people working across the film and TV industry. Critics said the consequences could include job losses and a reduced variety of content.

Gaining Warner’s legacy studios would mark a notable shift for Netflix, particularly its presence in theaters. Under the proposed acquisition, Netflix has promised to continue theatrical releases for Warner’s studio films, honoring Warner’s contractual agreements for movie releases.

Netflix has kept most of its original content within its core online platform. But there have been exceptions, including qualifying runs for its awards contenders, including this year’s “Frankenstein,” limited theater screenings of a “KPop Demon Hunters” sing-a-long and its coming “Stranger Things” series finale.

“Our mission has always been to entertain the world,” Ted Sarandos, co-CEO of Netflix, said in a statement, adding that merging with Warner will “give audiences more of what they love.”

Critics question potential effect on movie theaters and filmmakers

Critics said a Netflix-Warner combo would be bad news for people who love to go to movie theaters and for those who work in them. Cinema United — a trade association that represents more than 30,000 movie screens in the U.S. and another 26,000 screens internationally — was quick to oppose the deal, which it said “poses an unprecedented threat to the global exhibition business.”

“Netflix’s stated business model does not support theatrical exhibition. In fact, it is the opposite,” Michael O’Leary, CEO of Cinema United, said Friday. “Theaters will close, communities will suffer, jobs will be lost.”

The Writers Guild of America sound a similar alarm and called for the merger to be blocked. The Producers Guild of America said the Netflix deal must prove that it protects workers’ livelihoods and theatrical distribution.

“Legacy studios are more than content libraries — within their vaults are the character and culture of our nation,” it added.

Warner Bros., which is 102 years old, is one of the “big five” studios left in Hollywood. If the Netflix sale goes through, the remaining legacy studios would be Disney, Paramount, Sony Pictures and Universal.

Friday’s announcement arrived after a monthslong bidding war for Warner. Rumors of interest from Netflix, as well as NBC owner Comcast, started bubbling up in the fall. Skydance-owned Paramount, which completed its own $8 billion merger in August, also reportedly made several all-cash offers.

Paramount seemed like the front-runner for some time, and unlike Netflix or Comcast, it was reportedly vying to buy Warner’s entire company, including its cable networks and news business.

Beyond combining two of Hollywood’s legacy studios, that would have brought Paramount-owned CBS and Warner’s CNN under the same roof. Such sizeable consolidation would have vastly reshaped America’s TV media landscape, and perhaps raised questions about shifts in editorial control — as seen at CBS News both leading up to and following Skydance’s purchase of Paramount.

Paramount did not immediately respond to a request for comment Friday from The Associated Press.

Regulators and politics could decide fate of deal

While Netflix’s bid won over Warner’s approval, experts stressed that a bumpy regulatory road lies ahead.

“No doubt politics are going to come into play,” Proulx said. He pointed particularly to the Trump administration’s relationship with the family of Larry Ellison, whose son David runs Paramount, and reports of that company’s frustrations over Warner’s sale process — both of which, he noted, “can’t be ignored as part of the calculus as to the outcome of all of this.”

Christina DePasquale, a Johns Hopkins University professor who specializes in antitrust issues, said the government might be skeptical of a streaming behemoth controlling both the production and distribution of content.

Warner Bros. Discovery, which was formed just three and a half years ago, announced its intention to split its streaming and studio operations from its cable business back in June. The move arrived as more and more consumers continue to “cut the cord” and rely almost entirely on streaming.

The company outlined plans for HBO, HBO Max, as well as Warner Bros. Television, Warner Bros. Motion Picture Group and DC Studios, to become part of a new streaming and studios company. That is what Netflix is now acquiring. Meanwhile, networks such as CNN, Discovery and TNT Sports and other digital products will make up a separate cable counterpart called Discovery Global.

Warner signaled that it was open to a sale of all of parts of its business back in October, citing “unsolicited interest” it had received. Now that it’s agreed to Netflix’s bid, Discovery Global is set to become a new publicly traded company by the third quarter of 2026.

UPDATES: with more reaction from unions, comment from antitrust expert and other details. Adds new video.

Finish Strong, Start Smarter: How Virginia Businesses Are Closing 2025 with Cox Business

 

As December arrives, businesses face a familiar challenge: balancing the urgency of year‑end deadlines with the excitement of planning for the year ahead. From retailers managing holiday rushes to professional firms finalizing reports, reliable technology is the backbone of success. Cox Business is helping companies across the Commonwealth finish 2025 strong, and start 2026 smarter.

Meeting the Demands of Year‑End

The final weeks of the year are often the busiest. Retailers see surging foot traffic and online orders, hospitality venues welcome holiday travelers, and service providers race to close projects before January. In this environment, downtime is not an option. Cox Business delivers high‑speed internet, secure cloud solutions, and managed IT services that keep operations running smoothly. For Virginia businesses, that reliability means confidence during peak season.

Driving Digital Transformation

2025 has been a year of rapid digital adoption. Hybrid work models, e‑commerce growth, and customer expectations for seamless digital experiences have reshaped the business landscape. Cox Business has been a trusted partner in this transformation, offering scalable connectivity and cybersecurity solutions that empower companies to adapt. Whether it’s a local retailer managing online sales alongside in‑store traffic or a professional firm collaborating across offices, Cox Business ensures that digital tools work without interruption.

Preparing for 2026

December isn’t just about closing the books, it’s about setting the stage for the future. Virginia businesses are looking ahead to 2026 with goals of efficiency, resilience, and growth. Cox Business provides solutions that scale with ambition, from fiber internet that supports expanding teams to cloud services that safeguard critical data. Cybersecurity, in particular, is top of mind as companies prepare for new challenges. With Cox Business, organizations can enter the new year ready to innovate and compete.

Supporting Local Success

What sets Cox Business apart is its commitment to local communities. Virginia businesses aren’t just customers; they’re partners in growth. From small startups to established enterprises, every company benefits from a provider that understands the pace and pressure of local business.

As 2025 draws to a close, Virginia businesses are reflecting on achievements and preparing for opportunities ahead. With Cox Business solutions, they can finish strong, meeting the demands of the season with confidence, and start smarter, equipped with the tools to thrive in 2026.

Ready to take the next step? Visit CoxBusiness.com today to explore solutions tailored to your business and get started on a smarter tomorrow.

 

US stocks hover near records as S&P 500 edges up

Summary

  • rose 0.1% and sits just 0.5% below its all-time high.
  • Dow dipped 0.1%, while the gained 0.2%.
  • rallied on stronger-than-expected profit; Kroger fell on weak revenue.
  • climbed as European markets advanced.

NEW YORK (AP) — The held near its records in a quiet day of trading on Thursday, continuing its relatively calm run following weeks of sharp and scary swings.

The S&P 500 inched up by 0.1% and is just 0.5% below its all-time high. The Industrial Average dipped 31 points, or 0.1%, and the Nasdaq composite rose 0.2%.

Dollar General helped lead the market and rallied 14% after reporting a stronger profit for the latest quarter than analysts expected. More customers shopped at its stores, and it also squeezed more profit out of each $1 in sales that it made.

Hormel rose 3.8% after likewise reporting a better profit than expected, thanks in part to strength for its Planters nuts and Jennie-O turkey offerings. It also gave a forecasted range for profit in the upcoming year whose midpoint was above analysts’ forecasts.

Salesforce, meanwhile, climbed 3.7% after swinging between gains and losses earlier in the morning. It delivered a better profit for the latest quarter than analysts expected, though its revenue fell just short.

Marc Benioff extolled how Salesforce is “uniquely positioned for this new era” of artificial-intelligence technology, even if worries continue that all the world’s spending on AI may not end up worth it.

Besides such worries about potential overinvestment in AI, concerns about what the will do with  had sent U.S. stocks on sharp swings since it set its all-time high in late October.

After some back and forth, the general expectation on Wall Street is now that the Fed will indeed cut its main interest rate next week in hopes of shoring up the slowing job market. If it does, that would be the third such cut this year.

Investors love lower interest rates because they boost prices for investments and can juice the economy. The downside is that they can worsen , which is stubbornly remaining above the Fed’s 2% target.

But Treasury yields ticked higher Thursday following another rise for Japanese government bonds. Expectations for a coming Fed cut to rates also took a very slight hit after reports suggested the U.S. job market may be a bit better than expected.

One report said fewer U.S. workers filed for unemployment last week. The number was the lowest in more than three years.

A separate report said that the number of layoffs announced last month fell by more than half from October’s surge. It still was above year-ago levels, though, according to outplacement and executive coaching firm Challenger, Gray & Christmas.

While better-than-expected data on layoffs is of course good news for U.S. workers, it could also indicate the job market doesn’t need as much help from lower interest rates.

The yield on the 10-year Treasury rose to 4.10% from 4.06% late Wednesday. While the move was relatively modest, increases in yields can discourage some buyers from buying stocks and other investments instead of bonds.

Among the stocks falling on Wall Street was Kroger, which dropped 4.6%. The grocer reported weaker revenue for the latest quarter than analysts expected, though its profit beat forecasts. It also lowered the top end of its forecasted range for an important measure of revenue this year, while raising the bottom end by less.

Snowflake sank 11.4% despite topping analysts’ expectations for profit and revenue in the latest quarter. Analysts at UBS said the company’s stock may be feeling a letdown after excitement grew so much after it blew past expectations in the quarter just before. Growth in product revenue also decelerated a bit in the latest quarter.

All told, the S&P 500 rose 7.40 points to 6,857.12. The Dow Jones Industrial Average dipped 31.96 to 47,850.94, and the Nasdaq composite gained 51.04 to 23,505.14.

In stock markets abroad, indexes rose modestly in Europe following a mixed finish in Asia.

Japan’s Nikkei 225 index jumped 2.3%, while South Korea’s Kospi slipped 0.2%.

US mortgage rates fall to 6.19%, nearing yearly low

Summary

  • Average 30-year U.S. mortgage rate fell to 6.19%, near its yearly low.
  • 15-year mortgage rate also declined, dropping to 5.44%.
  • Falling rates improve ‘ purchasing power amid affordability challenges.
  • Economists expect to stay slightly above 6% next year.

The average rate on a 30-year U.S. mortgage fell again this week, slipping close to its low point so far this year.

The decline brings the average long-term mortgage rate to 6.19% from 6.23% last week, mortgage buyer said Thursday. A year ago, the rate averaged 6.69%.

This is the second straight weekly drop in the average rate after three straight increases. It’s now at the lowest level since Oct. 30, when it was at 6.17%, the lowest level in more than a year.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell this week. The rate averaged 5.44%, down from 5.51% last week. A year ago, it was 5.96%, Freddie Mac said.

Mortgage rates are influenced by several factors, from the ‘s interest rate policy decisions to bond market investors’ expectations for the economy and . They generally follow the trajectory of the , which lenders use as a guide to pricing home loans.

The 10-year yield was at 4.1% at midday Thursday. That’s up from about 4% last Wednesday.

Declining mortgage rates boost homebuyers’ purchasing power.

Easing mortgage rates this fall helped lift sales of previously occupied U.S. homes in October on an annual basis for the fourth straight month.

Still, affordability remains a challenge for many aspiring homeowners after years of skyrocketing prices. Uncertainty over the economy and job market are also keeping many would-be buyers on the sidelines.

While U.S. economic growth appears solid, hiring is sluggish and the unemployment rate has ticked up.

Mortgage rates began declining this summer ahead of the Federal Reserve’s decision in September to cut its main interest rate for the first time in a year amid signs the labor market was slowing. The Fed lowered its key interest rate again in October, and the general expectation is now that the central bank will cut its main interest rate when its policymakers meet again next week.

“A December rate cut, which the market widely expects, could take further pressure off of mortgage rates as the year comes to a close, boosting buying power as the new year approaches,” said Hannah Jones, senior economic research analyst at Realtor.com.

The Fed doesn’t set mortgage rates, and even when it cuts its short-term rates that doesn’t necessarily mean rates on home loans will necessarily decline.

Last fall after the Fed cut its rate for the first time in more than four years, mortgage rates marched higher, eventually reaching just above 7% in January this year. At that time, the 10-year Treasury yield was climbing toward 5%.

Economists at Realtor.com, Zillow and Bright MLS generally forecast that the average rate on a 30-year mortgage will remain slightly above 6% next year.