The jobs report on Friday was the first of the summer to support the case Mr. Biden and his economic aides have been making for months: that the economy is beginning to step down from a high-growth, high-inflation expansion coming out of the pandemic recession but avoiding another recession.
The report showed the country added 315,000 jobs in August, down from 526,000 in July. The unemployment rate ticked up slightly, to 3.7 percent.
…
. The labor force participation rate grew by 0.3 percentage points in August, matching its highest rate in the recovery from the pandemic.
…
Average hourly earnings rose 0.3 percent in August, down from a gain of 0.5 percent in July. Over the past year, hourly earnings are up 5.2 percent.
Europe’s energy crisis loomed larger Friday after Russian energy giant Gazprom said it couldn’t resume the supply of natural gas through a major pipeline to Germany for now. The company cited what it said was a need for urgent maintenance work to repair key components — in an announcement made just hours before it had been due to restart deliveries.
The Russian state-run energy company had shut down the Nord Stream 1 pipeline on Wednesday for what it said would be three days of maintenance.
It said in a social media post Friday evening that it had identified “malfunctions” of a turbine and added that the pipeline would not work unless those were eliminated.
Wall Street opened sharply higher after the August U.S. payrolls report showed stronger-than-expected hiring but a climb in the unemployment rate to 3.7% eased some concerns about the Federal Reserve being overly aggressive in raising interest rates as it attempts to bring down high inflation.
However, gains were erased after Gazprom, the state-controlled firm with a monopoly on Russian gas exports to Europe via pipeline which were due to restart on Saturday, said it could not safely restart deliveries until it had fixed an oil leak found in a vital turbine and did not give a new time frame.
…
The Dow Jones Industrial Average fell 337.98 points, or 1.07%, to 31,318.44; the S&P 500 lost 42.59 points, or 1.07%, to 3,924.26; and the Nasdaq Composite dropped 154.26 points, or 1.31%, to 11,630.86.Energy was the only major S&P sector to end the session in positive territory, up 1.81%.
All the three main indexes suffered their third straight weekly loss, as the Dow fell 2.99%, the S&P 500 declined 3.29% and the Nasdaq dropped 4.21%.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
|||||||
| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2307 % | 2,505.4 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2307 % | 4,805.4 |
| Floater | 6.31 % | 6.42 % | 53,173 | 13.19 | 2 | 0.2307 % | 2,769.4 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0360 % | 3,475.2 |
| SplitShare | 4.89 % | 5.18 % | 33,281 | 3.02 | 8 | 0.0360 % | 4,150.1 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0360 % | 3,238.1 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.5336 % | 2,821.9 |
| Perpetual-Discount | 6.04 % | 6.21 % | 61,485 | 13.57 | 35 | -0.5336 % | 3,077.2 |
| FixedReset Disc | 4.73 % | 6.35 % | 92,511 | 13.37 | 58 | -0.0785 % | 2,502.2 |
| Insurance Straight | 6.07 % | 6.09 % | 79,585 | 13.83 | 19 | -0.5198 % | 2,964.9 |
| FloatingReset | 7.59 % | 7.74 % | 37,642 | 11.74 | 2 | -0.1546 % | 2,621.7 |
| FixedReset Prem | 5.12 % | 4.90 % | 98,897 | 1.80 | 6 | -0.2302 % | 2,587.4 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0785 % | 2,557.7 |
| FixedReset Ins Non | 4.77 % | 6.70 % | 54,044 | 13.25 | 14 | -1.3418 % | 2,558.6 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| MFC.PR.N | FixedReset Ins Non | -15.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 7.35 % |
| CU.PR.J | Perpetual-Discount | -11.94 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 6.77 % |
| BMO.PR.W | FixedReset Disc | -4.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 6.50 % |
| BAM.PF.F | FixedReset Disc | -3.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 7.76 % |
| BIP.PR.A | FixedReset Disc | -2.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 19.45 Evaluated at bid price : 19.45 Bid-YTW : 8.09 % |
| TD.PF.C | FixedReset Disc | -2.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 20.73 Evaluated at bid price : 20.73 Bid-YTW : 6.46 % |
| BAM.PR.M | Perpetual-Discount | -1.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 19.36 Evaluated at bid price : 19.36 Bid-YTW : 6.26 % |
| GWO.PR.Q | Insurance Straight | -1.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 20.69 Evaluated at bid price : 20.69 Bid-YTW : 6.24 % |
| GWO.PR.S | Insurance Straight | -1.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 21.03 Evaluated at bid price : 21.03 Bid-YTW : 6.25 % |
| SLF.PR.E | Insurance Straight | -1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 18.81 Evaluated at bid price : 18.81 Bid-YTW : 5.99 % |
| CM.PR.O | FixedReset Disc | -1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 21.45 Evaluated at bid price : 21.45 Bid-YTW : 6.32 % |
| MFC.PR.B | Insurance Straight | -1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 19.35 Evaluated at bid price : 19.35 Bid-YTW : 6.03 % |
| BAM.PF.D | Perpetual-Discount | -1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.25 % |
| FTS.PR.J | Perpetual-Discount | -1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 20.06 Evaluated at bid price : 20.06 Bid-YTW : 5.96 % |
| SLF.PR.D | Insurance Straight | -1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 6.03 % |
| RY.PR.O | Perpetual-Discount | -1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 23.35 Evaluated at bid price : 23.67 Bid-YTW : 5.20 % |
| GWO.PR.Y | Insurance Straight | -1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 18.56 Evaluated at bid price : 18.56 Bid-YTW : 6.07 % |
| CU.PR.F | Perpetual-Discount | -1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 18.95 Evaluated at bid price : 18.95 Bid-YTW : 5.98 % |
| CU.PR.G | Perpetual-Discount | -1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 18.95 Evaluated at bid price : 18.95 Bid-YTW : 5.98 % |
| MFC.PR.Q | FixedReset Ins Non | -1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 21.95 Evaluated at bid price : 22.50 Bid-YTW : 6.44 % |
| MFC.PR.C | Insurance Straight | -1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 6.01 % |
| ELF.PR.F | Perpetual-Discount | -1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 21.52 Evaluated at bid price : 21.78 Bid-YTW : 6.17 % |
| BAM.PF.B | FixedReset Disc | 1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 7.24 % |
| BIP.PR.F | FixedReset Disc | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 22.63 Evaluated at bid price : 23.08 Bid-YTW : 6.61 % |
| BAM.PR.X | FixedReset Disc | 1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 6.97 % |
| PWF.PR.O | Perpetual-Discount | 1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 23.14 Evaluated at bid price : 23.40 Bid-YTW : 6.27 % |
| GWO.PR.N | FixedReset Ins Non | 1.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 14.10 Evaluated at bid price : 14.10 Bid-YTW : 6.99 % |
| NA.PR.W | FixedReset Disc | 2.94 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.35 % |
| TD.PF.D | FixedReset Disc | 7.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 21.87 Evaluated at bid price : 22.15 Bid-YTW : 6.33 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| FTS.PR.J | Perpetual-Discount | 30,106 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 20.06 Evaluated at bid price : 20.06 Bid-YTW : 5.96 % |
| TD.PF.K | FixedReset Disc | 30,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 23.19 Evaluated at bid price : 23.70 Bid-YTW : 6.18 % |
| TD.PF.B | FixedReset Disc | 28,273 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 6.33 % |
| BAM.PF.D | Perpetual-Discount | 26,351 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.25 % |
| TRP.PR.C | FixedReset Disc | 17,441 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 13.35 Evaluated at bid price : 13.35 Bid-YTW : 7.85 % |
| BMO.PR.E | FixedReset Disc | 16,450 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-02 Maturity Price : 24.04 Evaluated at bid price : 24.45 Bid-YTW : 6.06 % |
| There were 4 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| MFC.PR.N | FixedReset Ins Non | Quote: 18.00 – 22.30 Spot Rate : 4.3000 Average : 2.7555 YTW SCENARIO |
| MFC.PR.L | FixedReset Ins Non | Quote: 18.45 – 24.35 Spot Rate : 5.9000 Average : 4.6532 YTW SCENARIO |
| CU.PR.J | Perpetual-Discount | Quote: 17.70 – 20.49 Spot Rate : 2.7900 Average : 1.6304 YTW SCENARIO |
| IFC.PR.K | Perpetual-Discount | Quote: 22.01 – 23.95 Spot Rate : 1.9400 Average : 1.2891 YTW SCENARIO |
| MFC.PR.M | FixedReset Ins Non | Quote: 19.13 – 22.00 Spot Rate : 2.8700 Average : 2.2958 YTW SCENARIO |
| BMO.PR.W | FixedReset Disc | Quote: 20.50 – 21.90 Spot Rate : 1.4000 Average : 0.9651 YTW SCENARIO |