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A potential U.S. move to block imports of some disposable vapes could cut the booming market for unregulated e-cigarettes by as much as a third, British American Tobacco's CEO told Reuters on Thursday, though any impact is unlikely before 2027.

Cameron Dawson says there are 2 key indicators to watch right now: market leadership and intermarket analysis, including high-yield spreads. She is closely watching the ratio between consumer discretionary and consumer staples stocks as she points out that consumer spending accounts for 2/3 of U.S. GDP.

Major brokerages, including Goldman Sachs and Morgan Stanley, expect the U.S. Federal Reserve to deliver its next interest-rate cut in June, while J.P. Morgan sees the next move as a hike in 2027.

Stock indexes surged pre-market on a strong jobs report, but rate cut expectations shifted to July amid labor market resilience. Manufacturing jobs grew for the first time since November 2024, while wage and workweek gains support robust consumer spending.

Businesses aren't hiring much, but they're not resorting to big layoffs, either

U.S. jobless claims fell last week as employers held onto their staff at stable levels.

The S&P 500 sectors that top investment newsletters currently like most are strongest at market peaks.

Wall Street broker Clear Street on Thursday cut the valuation it is seeking from its U.S. initial public offering to $7.2 billion, a big haircut from the initial target of $11.8 billion.

During times of turbulence and uncertainty in the markets, many investors turn to dividend-yielding stocks. These are often companies that have high free cash flows and reward shareholders with a high dividend payout.

A prospective SpaceX IPO is boosting enthusiasm on Wall Street, but all the current action in tech capital markets is on the debt side. UBS estimates that tech and AI-related debt issuance across the globe more than doubled to $710 billion last year and could soar to $990 billion in 2026.

2026 has started on a strong note for the jobs market, with a drop in the unemployment rate and a sharp pickup in increases to non-farm payrolls. The healthy labor market report only further convinces the market that the Fed won't cut rates in March.

Polymarket and Kalshi are less regulated than betting sites, but users can win or lose large sums on the platforms

Equity markets have been, and are likely to remain, driven by fundamentals rather than rates. Earnings performance and forward guidance provide strong support at the start of 2026.

Jobs report complicates Trump's rate-cut push, Ackman reveals new stakes in Meta, Amazon, and Hertz, McDonald's affordability push is paying off, and more news to start your day.

What matters in U.S. and global markets today

The most oversold stocks in the consumer discretionary sector presents an opportunity to buy into undervalued companies.

Current strives in AI technology may lead to societal changes similar to the Renaissance. The recent selloff in tech shows the importance of portfolio diversification through such a period.

Depreciation expenses are about to soar, making a lack of transparency a growing problem.

Stock futures pointed to a higher open and global markets mostly advanced after AI anxieties had dominated trading in the previous session.

Anna Edwards, Guy Johnson, Tom Mackenzie and Mark Cudmore break down today's key themes for analysts and investors on "Bloomberg: The Opening Trade."