Business
Gold and Silver Prices Tumble on Interest Rate Outlook
Front-month gold futures, which hit $5318.40 a troy ounce in late January, dropped 3.1% Friday to bring their year-to-date return to just 0.3%.
June silver futures shed 6.6% Friday to cap a four-week losing streak. Silver is off 49% from its January peak and after starting the year as one of the hottest investments is now down 1.7% in 2026.
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1510 ET – KPMG Canada’s chief economist Ali Jaffery says a dose of skepticism is appropriate when reviewing the federal government’s promise to increase the country’s GDP by 3% via over C$2 billion in spending on the domestic artificial-intelligence sector. The 3% rise in GDP, Canadian officials say, is linked to the unlocking gains in labor productivity through the federal AI strategy. That strategy’s centerpiece includes a C$500 million fund to help promising domestic AI companies, along with other expenditures. Jaffery says a long-term boost to Canada’s economy of 3% of GDP, or about C$200 billion, from a C$2-billion-plus in spending “seems like an extraordinary ROI,” or return on investment. He adds that if the C$2-billion-plus is aimed stimulating increased private-sector spending, “markets and businesses tend to reward credibility more than ambitious projections.” (Paul.Vieira@wsj.com, @paulvieira)
1236 ET – Thomson Reuters is showing that employment reality runs counter to recent AI-driven doom narratives in legal services, according to TD Cowen’s Vince Valentini. The analyst says in a note that AI adoption continues to scale rapidly among legal professionals, brushing aside fears that AI is taking services-sector jobs. “The data has yet to show that this increased adoption has led to a reduction in headcount,” he says. Valentini notes that Thomson Reuters’s peers are also showing healthy growth in their own legal segments. However, the analyst cautions that while the situation is positive for now, “the situation will need to be continuously monitored.” (adriano.marchese@wsj.com)
1230 ET – Oracle’s cloud-infrastructure ramp will be in focus ahead of the company’s fourth-quarter earnings report, Deutsche Bank analysts write in a note. So far, despite limited visibility, “Oracle appears to be delivering largely on schedule which should continue to build confidence in its execution as it aims to increase its pace ahead,” the analysts write. A healthy showing from the supply side should also prompt updated fiscal 2027 guidance, they write. “In our view, Oracle is entering the inflection point in its cloud buildout/investment cycle, which we expect to temporarily put pressure on margins and FCF over the next couple years,” they write, adding that investors are likely to have questions on financing and leverage. Oracle is down 8.5% to $216.30. (elias.schisgall@wsj.com)
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The parent of Saks and Neiman Marcus received approval of its reorganization plan on Friday from the U.S. Bankruptcy Court for the Southern District of Texas, paving the way for it to exit Ch. 11 in the coming weeks.
When Saks Global filed for bankruptcy in January, it threw the viability of luxury department store shopping into question. It owed suppliers, including European luxury houses such as Chanel and LVMH, tens of millions of dollars.
It has since mended relationships with suppliers and will emerge from court protection on stronger financial footing, having eliminated about 75% of its debt, the company said.
Bonterra Energy: Charlie Lake Is The New Core Area
The U.S. labor market has climbed out of a rut.
The country added more jobs than expected in May, posting strong payroll gains for the third month in a row. Despite uncertainties around the Iran war, inflation, trade and artificial intelligence, the report suggests the U.S. labor market is steadily recovering from its weak patch last fall and winter.
The numbers
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FedEx Freight Stock Is a Haven in the Market Selloff. Here’s Why.
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What Happened in Markets Today
Job growth booms while the stock market sinks. The Labor Department said Friday that the U.S. added a seasonally adjusted 172,000 jobs in May, which is more than twice as much as analysts had predicted. The surprisingly strong job growth dashed hopes for an interest-rate reduction and raised the possibility of a rate hike instead. Investors bailed on stocks, sending the Dow down nearly 700 points while the S&P 500 sunk by 2.7%.
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Paramount Skydance PSKY -4.31%decrease; red down pointing triangle is launching a videogame studio and appointing the executive overseeing the company’s integration planning with Warner Bros. Discovery to run it.
The new Paramount Games Studio will be helmed by Tony Driscoll as president. Driscoll, who serves as head of corporate strategy and development, will also continue leading the process of integrating Warner Bros. into Paramount, the company said Friday.
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Google has agreed to rent data-center capacity from SpaceX, expanding the rocket company’s artificial-intelligence business ahead of its initial public offering.
Google will pay SpaceX $920 million a month from October 2026 to June 2029 in a deal that includes the computing capacity of at least 110,000 Nvidia chips, according to a SpaceX securities filing on Friday.
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Tech, Media & Telecom Roundup: Market Talk
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