The S&P 500 rose 8.56 points, or 0.2%, to 4,697.24 after drifting between small gains and losses through the day. It capped the first down week for the index in the last 10, after it roared into 2024 on hopes that inflation and the overall economy are cooling enough for the Federal Reserve to cut interest rates sharply through the year.

The Dow Jones Industrial Average rose 25.77, or 0.1%, to 37.466.11 and inched closer to its record set earlier in the week. The Nasdaq composite added 13.77, or 0.1%, to 14,524.07.

Treasury yields swung sharply in the bond market following the economic reports. They initially climbed after the latest monthly jobs report showed U.S. employers unexpectedly accelerated their hiring last month. Average hourly pay for workers also rose, when economists had been forecasting a dip.

Such strong numbers are good news for workers, and they should keep the economy humming. That’s a positive for corporate profits, which are one of the main factors that set prices for stocks.

But Wall Street’s worry is the strong data could also convince the Federal Reserve upward pressure remains on inflation. That in turn could mean the Fed will hold interest rates high for longer than expected. Interest rates affect the other big factor setting stock prices, with high ones hurting financial markets.

The jobs report briefly forced traders to push out their forecasts for when the Fed could begin to cut rates. But a report later in the morning showed that growth for finance, real estate and other companies in the U.S. services industries slowed by more than economists expected last month.

Following that report, traders quickly built bets back up for the Fed to begin cutting rates in March. They’re now forecasting a nearly two-in-three chance of that, similar to a day earlier, according to data from CME Group.

Altogether, the data could bolster Wall Street’s building hopes for a perfect landing for the economy, one where it slows just enough through high interest rates to stamp out high inflation but not so much that it causes a recession.

After climbing as high as 4.09% immediately after the jobs report, the yield on the 10-year Treasury fell to back to 3.96% following the weaker-than-expected report on services industries. It eventually pulled back to 4.04%, compared with 4.00% late Thursday.

On Wall Street, Constellation Brands climbed 2.1% after the seller of Corona and Modelo beers in the United States reported stronger profit for the latest quarter than analysts expected.

Travel-related companies were also strong and clawing back more of their losses from earlier in the week. Carnival rose 2.8%, and American Airlines gained 3.9%.

On the losing end was Apple, whose 0.4% dip Friday sent it to a 5.9% loss for the week, its worst since September. It’s a sharp turnaround from last year, when the market’s most influential stock soared more than 48%.

This week’s broad pullback for stocks was not a surprise for many on Wall Street, who had been calling its big run since autumn overdone. Critics say the six rate cuts traders are betting on for 2024 is unlikely unless a recession occurs. The Fed itself indicated in its latest summary of economic projections, or SEP, that three cuts may be more likely.

“Many who assume that the Fed will need to move faster and more aggressively than its SEP projections or recent statements likely received a dose of reality this week,” said Rick Rieder, chief investment officer of global fixed income at BlackRock. “Things are cooling, but in a more moderate way than historically, similarly to the weather these days. There are spurts of faster cooling in some areas, but generally nothing that people should panic about, or aggressively seek shelter from.”

In stock markets abroad, indexes were mostly lower in Europe after data showed showed inflation rose to 2.9% in December. The rebound after seven monthly declines fueled debate over how soon the European Central Bank could cut its own interest rates.

Indexes were also lower across much of Asia. Japan’s Nikkei 225 was an exception and rose 0.3%.

Japanese exporters are betting a boost from the falling value of the yen against other currencies. The yen has weakened in recent days amid speculation the Bank of Japan might go slowly on changing its ultra-aggressive policy on interest rates following Monday’s major earthquake in central Japan.

AP Business Writers Yuri Kageyama and Matt Ott contributed.

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“Last night, the Broadcasters Foundation and the broadcast industry lost a great man,” said Scott Herman, chairman of the Broadcasters Foundation. “As chairman of the Broadcasters Foundation for many years, Phil left an indelible mark. He was passionate about our mission and one of our biggest donors, giving both time and money to helping colleagues in need.”

“It would be impossible for me to quantify all that I learned from Phil Lombardo over the course of our nearly 40-year association,” said Ray Cole, president and COO, Citadel Communications. “Phil was a boss, a mentor, and a partner. Most of all, he was a dear friend who changed my life in immeasurable ways. While his impact on the broadcasting industry was vast and deep, Phil’s enduring legacy will be the vision and passion with which he led the Broadcasters Foundation of America. His contributions to its mission — helping fellow broadcasters in need — had no bounds. That commitment is sure to live on forever.”

NAB President-CEO Curtis LeGeyt said in a statement: “Phil Lombardo was a pioneer in the broadcasting industry; his contributions were immense and his influence widespread. His passion for broadcasting set a standard that will continue to inspire generations to come.

“Phil’s leadership extended beyond his business achievements. His service as NAB joint board chair helped shape the future of our association and left an indelible mark on our industry. But his legacy will certainly be his work to help broadcasters in their times of greatest need, through the Broadcasters Foundation of America (BFOA). I had the privilege of serving with him on the BFOA board and witnessing firsthand his unwavering dedication to the men and women of the broadcast industry, giving back to those who have given so much to our communities across the country.

“We extend our deepest condolences to Phil’s family, friends and colleagues during this difficult time. His legacy will live on, and he will be deeply missed.”

Lombardo’s impactful role as Broadcasters Foundation chairman from 2000 to 2015 was vital to the foundation’s ability to increase the amount of grants awarded annually to broadcasters in need from just over $60,000 in 2000 to nearly $2 million in recent years.

“Phil had a strong personality, but his heart was bigger,” added Tim McCarthy, president of the  foundation. “No one worked harder than Phil to raise money from our biggest donors. He gave more than anyone in our industry to colleagues who need it most.”

The family has requested that in lieu of flowers donations be made to the Philip J. Lombardo Memorial Fund, which will be established by the Broadcasters Foundation next week in honor of Lombardo’s dedication and service to the broadcasting industry and to the foundation’s charitable cause.

To honor his longstanding dedication to the Broadcasters Foundation, in 2000 the board passed a near unanimous vote to rename the annual golf tournament and fundraiser, held during the NAB Show in Las Vegas, to the Philip J. Lombardo Charity Golf Tournament. The one “no” vote was cast by Lombardo.

Lombardo always knew he wanted to go into broadcasting. Growing up in a neighborhood on Chicago’s near north side, radio was his companion. He began his career at WBBM-TV in Chicago as a production assistant and quickly rose to executive levels, earning a reputation for being a ‘turnaround’ manager.

The majority of Lombardo’s storied career was focused on buying, turning around, and selling TV stations for his privately held company, Citadel Communications. In 2003, Lombardo was elected to serve as joint board chairman of the National Association of Broadcasters. He was inducted into the Broadcasting + Cable Hall of Fame in October 2015.

The Broadcasters Foundation has distributed more than $15 million dollars in aid over the past 20 years. This year, the foundation will award approximately $1.8 million. More information about the Broadcasters Foundation, including how to make a donation or apply for aid, is available at www.broadcastersfoundation.org, 212-373-8250, or info@thebfoa.org.

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Carter has worked as a producer, reporter, anchor and then news director at several stations before taking the helm as VP-GM of the CMG station in Pittsburgh. He then became regional vice president of five CMG stations before being named WSB VP-GM in 2019.

“Ray is one of the most impactful leaders in our industry. He brought an overwhelmingly positive energy to our business and deep passion for people and community he serves,” said Dan York, CMG’s president-CEO. “At the same time, he’s been an advocate for the value of local news and investigative journalism and the important impact of local broadcasting.”

Carter and the WSB team worked to inform, entertain and elevate viewers and Atlanta communities. In the last year alone, WSB team members packed nearly 40,000 pounds of food and prepared more than 32,000 meals during the MLK Day of Service; provided almost 6,000 backpacks with school supplies for students in foster care, homeless shelters or group homes as part of its annual “Stuff the Bus” initiative; gave over 22,000 gifts for children in foster care as a result of the yearly “Clark’s Christmas Kids” program; donated truckloads of food, water and provisions to support those impacted by natural disasters; and much more.

“I’m proud of what we’ve been able to accomplish as a team and the difference we’ve made for those we serve in and around our communities,” Carter said. “And let me be clear — this was absolutely always a team effort and a testament to what a group of people can do when they are focused on a shared purpose and reason for serving.”

In addition to their community impact, Carter and his team have been highly awarded. Over the last four years, the station earned 24 NATAS Southeast Emmys and 17 Georgia Association of Broadcasters Awards. WSB’s local and investigative reporting have also been the catalyst for positive changes in state and federal laws and other actions that have helped protect people. Carter was inducted into the NATAS Silver Circle in 2021, has served on the affiliate boards of ABC and NBC, and just completed a term as the chairman of the Georgia Association of Broadcasters.

“Ray is a terrific leader and strong ambassador for CMG and our industry,” York said. “As importantly, he’s a genuine, authentic and outstanding person. He lives what he believes, believes what he lives, and he’s a shining example of what true servant leadership is all about.”

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He has been with Coastal since November 2021 and has “played a significant role in Coastal’s leadership and revenue growth for its then existing portfolio of stations in Alaska and Wyoming, as well as the stations added with the portfolio of former Waypoint stations in Meridian, Miss.; Jonesboro, Ark.; Jackson, Ten.; Lafayette, Iind.; and Elmira-Corning, N.Y.”

Founder and CEO Bill Fielder said: “I have worked with Don since May 2002 and his leadership and experience represent exactly those skills Coastal needs to help move us to our next level. We are so proud he has agreed to immediately step into this leadership role.”

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HBCU GO has also secured distribution for the SIAC sporting events on the CBS owned-and-operated stations in New York, Los Angeles, Philadelphia, Dallas, Atlanta, Boston, San Francisco, Seattle, Detroit, Sacramento, Miami, Tampa and Pittsburgh.

“This is a historic moment,” said Byron Allen, founder/chairman/CEO of Allen Media Group. “The HBCU GO team is excited to partner with SIAC to distribute their conference games to a broader audience. We are committed to bringing the best of HBCU culture and sports to our global platforms.”

“We are thrilled to announce our partnership with HBCU GO,” said SIAC Commissioner Anthony Holloman. “Through this innovative streaming platform, we invite fans from around the world to join us in celebrating the indomitable spirit of SIAC sports and culture.  This new era of digital engagement opens doors to boundless opportunities and ensures that every thrilling moment will be etched in the memories of our dedicated supporters. We extend our sincere gratitude to HBCU GO for their invaluable collaboration, and we can’t wait to share the excitement and passion of SIAC sporting events with fans everywhere.”

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The unions will bring together notable labor and civil rights leaders, including AFL-CIO President Elizabeth H. Shuler, SAG-AFTRA National Executive Director & Chief Negotiator Duncan Crabtree-Ireland, AFT President Randi Weingarten, and President & CEO of the Leadership Conference on Civil and Human Rights Maya Wiley to address a critical gap in evolving technology and workers’ interests. The summit will highlight the importance of including workers in shaping the future of technology and innovation.

Select leaders will be available for interviews in person or by phone. A full list of attendees is available here.

The summit will take place at Horseshoe Las Vegas, 3645 Las Vegas Blvd. South, Las Vegas.

Media can attend the first day of the summit, Tuesday, Jan. 9, in person or virtually by RSVPing here.

The following panels will be presented at local Pacific time:

1–2 p.m.: Opening session and discussion: Worker Rights in the Age of Tech
2–2:45 p.m.: AI Goes to Hollywood 2024
2:45–3:30 p.m.: Workers Winning in the Age of Tech
3:45–4:30 p.m.: Technology in the Face of Worker and Civil Rights
4:30–4:15 p.m.: AI and Democracy
5:15–5:45 p.m.: When Workers Fight, We Win!
5:45 p.m.: Closing remarks with SAG-AFTRA National Executive Director and Chief Negotiator Duncan Crabtree-Ireland

The summit was co-founded by the AFL-CIO, the AFL-CIO Technology Institute and SAG-AFTRA and sponsored this year by AFGE, AFSCME, the American Federation of Teachers, the Air Line Pilots Association, the Amalgamated Transit Union, the Theatrical Stage Employees, National Nurses United, the Transportation Trades Department, the Transport Workers Union, the United Association of Union Plumbers and Pipefitters and Unite Here.

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The analysis examines broadcasting’s impact on the economy through direct employment, its ripple effect on other industries and as an advertising medium for messaging consumers. Radio and television stations’ influence on the national economy, as well as information by state, is provided in the study.

NAB President-CEO Curtis LeGeyt said: “From trusted local and national news, live sporting events and popular network programming to critical emergency information, broadcasters provide the content Americans rely upon each day. These local stations are also an engine for economic health and development keeping local dollars within our hometowns across the country. America’s broadcasters provide jobs, connect businesses with new customers through advertising and stimulate growth.”

The study found that direct employment from local commercial broadcasting, which includes jobs at local television and radio stations as well as in advertising and programming, is estimated at more than 314,000 jobs, generating more than $55 billion annually in economic impact. Broadcast television accounts for over 193,000 of these jobs, as well as more than $34 billion in GDP, while broadcast radio generates 121,000 jobs that result in more than $21 billion in GDP.

“Industries as varied as telecommunications, public utilities, manufacturing, transportation and retail trade provide inputs into the production of local television and radio broadcasting,” the study noted. “When measured with a technical input-output analysis an additional 99,000 jobs are supported in other industries because of the goods and services requirements of local television and radio broadcast stations.”

The study also examined the ripple effect employment in broadcasting has on local economies through the consumption of goods and services by industry employees. Local broadcasting has a ripple effect on other industries of nearly $139 billion in GDP and more than 784,000 jobs, the report concluded.

“The income from local television and radio broadcast jobs flows through the economy creating additional jobs and income in various economic sectors,” said the study. “A job in local television and radio broadcast stations multiplies itself by helping create jobs in construction, farming, mining, state and local government and all other economic sectors. The workers in the industries supplying goods and services to local television and radio broadcast workers in turn consume goods and services.”

Local broadcasting’s largest impact on the American economy stems from its role as a forum for advertising of goods and services that stimulates economic activity, Woods & Poole found. The study estimated local broadcast TV and radio advertising generated $1.03 billion in GDP and supports 1.42 million jobs. More than $630 billion in GDP and 875,000 jobs are attributed to the stimulative effect of broadcast television, and nearly $400 billion in GDP and over 540,000 jobs are attributed to radio.

“The primary role of broadcast television and radio is reducing the cost of product information through advertising,” the study said. “In this way, broadcast television and radio stations have their most significant impact on economic growth. Reaching all United States households, local broadcast television and radio stations provide consumers with highly valued marketplace information and businesses with immediate economic and competitive intelligence.”

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For NAB, there’s no other way to see the move than as a blow, and it’s one from which the organization must now pick itself up, dust itself off and regroup for next steps.

In this Talking TV conversation, Curtis LeGeyt, NAB’s president and CEO, says he’s “tremendously frustrated” with the FCC’s decision, and that the group is still weighing the next legal steps it can take to put broadcasters on a more level footing with its unregulated competitors.

LeGeyt also lays out NAB’s priorities for the year, which include an April conference that continues to expand its tent with CES-like ambitions for content creators from all media platforms to find a home.

Episode transcript below, edited for clarity.

Michael Depp: Happy New Year and welcome to our first 2024 edition of Talking TV. I’m Michael Depp, the editor of TVNewsCheck, and today I am with Curtis LeGeyt, the president and CEO of the National Association of Broadcasters. We’re going to be talking about that very unhappy holiday gift from the FCC to the broadcast industry, as well as the NAB’s priorities for TV broadcasters this year. We’ll be right back with that conversation.

Happy New Year, Curtis LeGeyt, and welcome to Talking TV.

Curtis LeGeyt: Great to see you, Michael. How are you? Happy New Year.

Thanks for joining me so soon in the new year. Curtis, the FCC gave broadcasters a very unwelcome Christmas present when it reaffirmed and then even tightened its network and TV station ownership limits. This was obviously a big blow, and it comes despite your lobbying efforts. So, what happens next? What’s your next move?

Well, as you point out, you know that the order from the FCC came out right before — or immediately during — the holiday week. And so, we are still spending the time going through the final item. But suffice it to say, we are very, very disappointed, and I’m confident that there are policymakers in Washington, D.C., especially on Capitol Hill, who are going to be disappointed as well.

I think there is significant awareness across Washington of the challenges facing local newsrooms across the country. We have been working with members on Capitol Hill for years on legislative efforts to level the playing field with big tech. You know, we are competing, both television and radio, in an environment where we’re competing for audience and advertising dollars with players all across the media landscape. Yet the FCC’s ownership rules are premised on the idea that broadcasters only compete against other broadcasters.

So, it’s tremendously disappointing that after sitting on this item — and let’s dwell on the fact that this is the 2018 Quadrennial Review — after sitting on this item for so many years that the FCC not only would have left the current rules intact, but in some ways use this opportunity to re-regulate in a way that is going to have a detrimental impact on smaller television markets. So, we’re tremendously frustrated.

Is your best hope here ultimately getting a Republican in the White House?

Well, I wouldn’t say that. There are people on both sides of the aisle — Democrats and Republicans — who are tremendously invested in ensuring that there is a viable business model for local newsrooms. If you look at the media landscape over the past decade, broadcasters are growing our newsrooms. We are investing in local communities and filling the void that has been created by the collapse of the local newspaper industry.

And so, I think members of Congress on both sides of the aisle see that. I have every belief that whether it’s a Democrat or a Republican administration, there is a real awareness of the need for local broadcasters to be able to compete. And in some cases, having increased scale is going to be a part of that.

So, we’re going to make our arguments at both the FCC, at the administration and the White House, regardless of which party is in power. But, you know, we are tremendously disappointed that the current FCC can’t see what I think is obvious even at the holiday dinner table when I talk to my mother or father, that the way that audiences are consuming our content has changed dramatically, yet the FCC’s rules haven’t kept up with it.

Well, preserving localism is ostensibly, for the Democrats on the FCC, that’s their prerogative here, and obviously the station owners are extremely concerned that this has exactly the opposite effect, that it’s going to be corrosive and damaging to local newsrooms. To your knowledge, is there any research about the impact that a lack of consolidation would have on local news production?

So, look, I think the newspaper industry speaks for itself. And what I’m focused on is ensuring that broadcasters have the ability, when audiences are cord cutting, to ensure viable revenue streams. We know that the major tech players, Facebook and Google, have absolutely eaten up the marketplace for digital advertising. And we see that audiences are fleeing the traditional ecosystem.

And in light of that, how do broadcasters compete, not go the way of the newspaper industry, without increasing where they choose to do it some scale, both in the local markets and in the national markets?

I think it is very, very difficult to justify how tightening the ownership rules is going to enable broadcasters to achieve the scale, to invest in the type of local journalism that our audiences have come to expect, as well as to innovate. So that’s really where we are focused right now, advocating for greater scale.

You know, we’re really heartened by the fact that looking up on Capitol Hill, the Journalism Competition and Preservation Act, which is legislation that would enable broadcasters to gain some scale when we’re negotiating with the tech platforms for our content when it’s accessed online. That passed the Senate Judiciary Committee last year and demonstrates, to your question of Republican versus Democrat, we can work with both sides of the aisle.

There are significant Democratic leaders on Capitol Hill who are behind that legislation, which aims in a different way to level the playing field with big tech. We wish the FCC would take an honest look at the marketplace in the same way that our friends on Capitol Hill have.

Well, so to that end, do we need a study or studies to quantify the real potential damage now wrought by this decision? And if we do, who would best execute that?

Well, we have put plenty of evidence in the record as to the state of the local broadcast marketplace and example after example where scale in local markets has resulted in increased investment in local journalism. So, the record, in our view, speaks for itself.

We are certainly examining our legal options, as are individual companies throughout the broadcast industry. But I would expect that there will be legal challenges brought to this order. And our hope is that the record will speak for itself in justifying that these rules no longer represent their stated objectives of the Communications Act.

Well, moving past this, which is sort of like saying: “Other than that, Mrs. Lincoln, how was the play?” I wonder what else is on the NAB’s agenda this year? What are you prioritizing?

Absolutely. Well, first and foremost is the further growth of the NAB Show. You know, we are just thrilled with the way that the show has bounced back. We’ve now had two shows coming out of the pandemic and the fact that we had 65,000 people in Las Vegas last year, another 12,000 people in New York. We’re obviously building a digital platform to connect our NAB community the other 358 days of the year where they’re not in Las Vegas and they’re not in New York.

We’re gonna be building some additional opportunities to come together around that. I think it demonstrates that with all of this disruption that we are talking about here, that our business leaders and the technology companies that really enable us to create content, distribute it, monetize it, they’ve got real reason to be in person together. And so, we are thrilled with what lies ahead. You know, we’re three months out now from the 2024 show in Vegas. Expect that to be an even larger experience, new innovative experiences on the show floor. So, we’re excited for that.

You know, on the advocacy front, we are going to continue the deployment of ATSC 3.0. The FCC took a huge step last year in its Future of Television initiative, which the NAB has been asked to lead, and we are doing that. Really, this agency putting its imprimatur through that initiative on the fact that this transition needs to go from where it is right now, where you’ve got roughly 60% of the country with access to an ATSC 3.0 signal, to a full nationwide deployment.

This is very, very complicated. You know, we are not the wireless industry where any one individual company can just decide to upgrade. This requires an entire industry rowing in the same direction with the cooperation of the set manufacturers and the consumer groups, as well as our partners on the pay TV side, and I think you’re going to see real continued progress thanks to NAB’s leadership in that regard.

Just to jump in on that one, are we talking there about the task force that [FCC] Chair Jessica Rosenworcel talked about at last year’s NAB Show?

We are. Yes, so immediately following the NAB Show that task force was initiated. You know, there are three different working groups within that task force, each of which has held several meetings and will be issuing a report back to the FCC on the status of any number of issues relating to this deployment.

But I think the importance of this is rather than trying to get to a nationwide transition through just comment filing at the FCC on an issue specific basis, what that initiative enables us to do is really come together and talk about what are the technological hurdles, how do we get through them, what is the policy need to look like in a post 3.0 landscape?

And how do we ensure that no consumers are left behind? Broadcasters are absolutely vested in making sure that every consumer that wants to access a free over-the-air signal has the ability to do it, and they’re going to have an even more enhanced set of programing and a better experience through 3.0.

So, this initiative is a huge part of our agenda for 2024, as is, you know, further progress on ensuring that when our content is used, whether it’s by the large tech platforms or through the emerging generative AI technologies that are relying on news content to fuel their systems and their benefits to consumers and businesses, that local broadcasters are fairly compensated for the use of our content.

So, we’ve got a full plate here. You touched on the Quadrennial Review and the work that we need to do there to ensure a level playing field for broadcasters, But we’ve got a full agenda on Capitol Hill as well as it relates to our TV membership.

Let me just circle back to the shows for a second. In April. I should mention, of course, that TVNewsCheck is a conference partner with our Programing Everywhere event for April 14th there, which we’re very much looking forward to bringing back. Register now.

I wonder — your expectations seem to … I mean the show is bouncing back from the pandemic. Can you ever scale those 100,000-plus attendee heights again? Is that possible anymore?

I think it is possible. The response — and this is across the trade show industry — but I think the demonstrated bounce back of trade shows following the pandemic illustrates that you know, in spite of our increasingly online and digitally connected world, there is a unique value proposition to being together in person, especially when it comes to innovations.

And so, there’s no doubt in my mind that this model of bringing folks together, whether it’s predominantly in Las Vegas or spread across a number of different, more geographically centered events, that there is a demand for it.

We are still trying to make a determination on how we best cater to the NAB audience on an ongoing basis. But I think there is no doubt that given all of the evolution happening in media, you know, in some ways this industry, much in the same way that, you know, the consumer electronics industry became the nexus for, you know, a whole bunch of ancillary players, whether you’re talking about health care or auto, to convene and talk about what innovation meant for those spaces.

I think the NAB Show provides a real opportunity as content production is happening not just at NBC, CBS, Disney, Fox, but instead it’s happening, you know, at major streaming services, but also, you know, in the living room, a place where you can convene and learn about the latest technologies in content creation, the latest trends.

It has broad appeal, it has cross-sector appeal, and we’re going to continue to expand that. So, I’m not sure if the 100,000 will necessarily be simply in Las Vegas, but I think spread across the full NAB portfolio that we plan to grow over the next several years, we see real opportunities to cater to the space.

It sounds like you have a kind of CES-style vision for the thing becoming more expansive then, in that way.

Yeah, I just think that right now we do a great job of servicing broadcasters. You know, this show was created by broadcasters, has really fostered innovation in broadcast, but the reality of this show over the last decade in its growth is to the larger media landscape. And as you know, that landscape is only becoming more complicated, it’s only becoming more significant.

There are such real dramatic questions about some of the business models that are out there in media right now. And the NAB Show is going to be the place where business leaders can explore all of it, where technologists can come together. We’re really excited.

And it sounds like you’re still pretty firmly behind the NAB New York show as well, that that’s fixed on the calendar. I know it is for this year, obviously going ahead. But in the long term, do you see that show as having longevity?

I do see it as having longevity because, you know, what it allows is for those companies who have demoed particular products out in Las Vegas, it allows for them to create a more hands-on experience, a practical one in New York. It also provides us access to a very, very different audience. Yes, just geographically it’s on a different coast. But I think beyond that, the access to Madison Avenue to Wall Street opens up opportunities for our industry that we can’t just necessarily get in Las Vegas. So, there’s a lot of real potential for how we continue to build out NAB New York.

Do you see other regional shows in the mix potentially as well?

Well, I think we’ve got to continue to evaluate where those needs are. But I certainly think, you know, there is major content creation happening in emerging markets across the country. That is something that we can certainly capitalize on. You know, we are continuing to look overseas as to what opportunities might exist there. This is about expanding the NAB Show community.

And, you know, we’re not looking to create redundant experiences where we recapture the same audiences in different places. It’s about expanding our footprint and I think there’s real opportunities to do it, both by increasing our geographic diversity, but also by offering something that’s maybe a little different, more specific than what you can get at a huge show in Las Vegas.

One last thing I want to ask you: The vMVPD issue was a bruising one for broadcasters last year, with both the affiliates and the networks launching their separate respective lobbying efforts over negotiating rights. What is the NAB’s role in this? Can you serve as a mediator in this dispute?

Well, listen, I’m tremendously disappointed that the FCC hasn’t acted to refresh the record in the vMVPD proceeding. Now, this goes back to the points we were discussing with regard to the Quadrennial Review. The world around local broadcasters has changed dramatically over the last two decades, and yet the FCC pretends it is the status quo, and audiences have dramatically changed the way they’re accessing broadcast content.

Broadcasters are competing with large tech companies for market share, for advertising dollar. Yet these rules are premised on a 1990s and 2000-era media landscape. So, as it relates to vMVPD, we’re simply asking the FCC to take a look at the changes in the way that consumers are accessing broadcast content increasingly through these over-the-top streaming services. What impact is that having on local broadcast? We’ve asked them to refresh the record.

We obviously have support on Capitol Hill for that. You know, 21 Senate Democrats, including the chair of the Senate Commerce Committee, Maria Cantwell, have written to Chair Rosenworcel and asked her to refresh the record in this proceeding, and we’re waiting on a response there. So, I’m tremendously frustrated.

At the same time, the relationship between the networks and the affiliates is a very, very important partnership, NAB is going to help to facilitate that partnership, that we have an unbeatable combination when the networks and the affiliates are aligned within our big tent producing, you know, must have sports journalism, national and local combined with the most-watched programing. And that is how we compete in a media landscape with Apple, Amazon and I’m going to continue to urge my networks and my affiliates to invest in that partnership.

It’s not good for anyone when mom and dad are fighting all the time, is it?

That is certainly one way to put it. I’m grateful for the service that both the affiliates and the networks are providing to communities across this country. I think those ingredients are tremendously important in a world in which we’re just overrun by tech misinformation.

Well, Curtis LeGeyt, you’ve got a busy year ahead of you, an important year for yourself and the NAB. So, thanks so much for joining me today. I appreciate it.

All right, Michael, thank you so much for the time.

And thanks to all of you for watching and listening. You can catch past episodes of Talking TV at TVNewsCheck.com and on our YouTube channel as well as an audio version of the podcast available most places you get your podcasts. We are back most Fridays with a new episode. Thanks for watching this one and see you next time.

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The S&P 500 slipped 16.13, or 0.3%, to 4,688.68 and is on track for its first losing week in the last 10. The Dow Jones Industrial Average eked out a gain of 10.15 points, or less than 0.1%, to 37,440.34, and the Nasdaq composite fell 81.91, or 0.6%, to 14,510.30.

Walgreens Boots Alliance sank 5.1% after it nearly halved its dividend so it could hold onto more cash. That helped overshadow gains for airlines and cruise-ship operators, which recovered some of their sharp losses from earlier in the week. Carnival steamed 3.1% higher, and United Airlines got a 2.4% lift.

U.S. stocks have broadly regressed this week after rallying into the end of last year toward record heights. Critics said the market was due for at least a breather following its big run, which fed on hopes inflation has cooled enough for the Federal Reserve to cut interest rates sharply this year.

Rate cuts give a boost to prices for stocks and other investments, while also relaxing the pressure on the economy and financial system. Treasury yields in the bond market have already eased since autumn on expectations for such cuts, releasing pressure on the stock market.

But Treasury yields rose Thursday following reports showing the job market may be stronger than expected. The economy is in a delicate phase where investors want it to remain solid, but not too hot.

A healthy job market is of course good for workers and stamps out worries about an imminent recession. But too much strength could prod the Federal Reserve to keep interest rates high because it could keep upward pressure on inflation. And the Fed has already hiked its main interest rate to the highest level since 2001.

One report from the U.S. government on Thursday showed fewer U.S. workers filed for unemployment benefits last week than expected. Another from ADP Research Institute said private employers accelerated their hiring last month by more than economists expected.

A more comprehensive report on the jobs market from the U.S. Labor Department will arrive on Friday. Economists expect that to show U.S. hiring slowed to 160,000 jobs last month from 199,000 in November.

“If tomorrow’s numbers show the same kind of strength and the economy keeps rolling along, it’s fair to wonder why the Fed would be in a rush to cut rates,” said Chris Larkin, managing director, trading and investing at E-Trade from Morgan Stanley.

Traders are betting the Federal Reserve will cut interest rates by twice as much this year as the central bank has indicated. Wall Street is also thinking the first cut could come as soon as March, and a stronger-than-expected economy makes such predictions less realistic. Critics had already called them overly aggressive.

A third report from S&P Global said that growth for financial businesses and others in U.S. services industries was a touch stronger last month than expected.

Following Thursday’s data reports, the yield on the 10-year Treasury rose to 3.99% from 3.91% late Wednesday. The yield on the two-year Treasury, which more closely tracks expectations for the Fed, climbed to 4.39% from 4.33%.

Stocks have already rallied in part on expectations for sharp cuts coming to interest rates soon. If the Fed doesn’t cut as deeply and as quickly as expected, prices for stocks and other investments could be in jeopardy.

On Wall Street, Peloton Interactive jumped 13.9% after it announced a partnership to bring its workout content to TikTok.

APA fell 7.3% after it said it will buy Callon Petroleum in an all-stock deal valued at roughly $4.5 billion, including debt. Callon Petroleum gained 2.9%.

In stock markets abroad, indexes were modestly higher in much of Europe and a bit lower in much of Asia.

In Tokyo, the mood was somber as the market reopened from the New Year holidays with a moment of silence after a major earthquake Monday left at least 77 people dead and dozens missing.

Dark-suited officials bowed their heads in a ceremony that usually features women clad in colorful kimonos. Japan’s benchmark Nikkei 225 fell 0.5%.

AP Business Writers Yuri Kageyama and Matt Ott contributed.

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NCAA President Charlie Baker told The Associated Press the deal has an average annual value of $115 million, an increase of more than 300% per year on what the previous 14-year deal with ESPN was paying the association.

“Yes, it’s a bundle, but it’s a bigger bundle and it’s a bigger bundle that will be much better,” Baker said.

The deal covers 21 women’s and 19 men’s sports, adding tennis, track and field, men’s gymnastics, the women’s Division II and III volleyball and basketball championships and the men’s DII and DIII basketball championships.

The deal guarantees national championship events in Division I women’s basketball, women’s volleyball, women’s gymnastics, and the second-tier of Division I football known as FCS will be aired on ABC, though it does not guarantee any start times.

ESPN will also air selection shows for at least 10 championships on its linear networks.

“We had lots of conversations with lots of third parties and lots of interested parties, but we stayed with ESPN as long as they continued to make progress on the deal,” Baker said. “I do believe this was the best deal that was available.”

Baker said the NCAA’s media consultant, Endeavor’s IMG and WME Sports, has estimated about 57% of the value of the deal — or $65 million annually — is tied to the women’s March Madness tournament.

The popularity of the women’s tournament has steadily increased during its time as an exclusive ESPN property, setting viewership records last year. The title game between LSU with Angel Reese and Iowa with Caitlin Clark drew nearly 10 millions viewers.

“From Day 1, we made it very clear to Charlie and team that we were interested in an extension on the exclusivity side as well as the fact that we were interested in acquiring more rights, not less,” ESPN chairman Jimmy Pitaro said.

Baker said NCAA membership will discuss creating performance units paid out to conferences for success in the women’s tournament similar to those paid out for the men’s tournament.

The rights to the NCAA men’s basketball tournament are owned by CBS and Warner Brothers Discovery, a deal that pays the association about $900 million per year and runs through 2032.

After being criticized for having inequitable resources and facilities at the the 2021 men’s and women’s single-site basketball tournaments, the NCAA — under previous president Mark Emmert — commissioned a law firm to do an outside review of gender equity throughout the association.

Among the numerous recommendations in the Kaplan report was to consider unbundling the women’s basketball tournament from the rest of the championships. Within that report, there was an estimate from Desser Sports Media that the tournament could be worth worth between $81 and $112 million annually beginning in 2025, when the new deal begins.

Hillary Mandel and Karen Brodkin, executive vice presidents for Endeavor, said those estimates set unrealistic expectations.

“We thought that there was a lot of flaws in that report,” Brodkin told the AP. “We think that every media partner we’ve ever spoken to thought that when it came out, they didn’t change their mind at any point in time, notwithstanding their interest in the property or properties.”

Endeavor modeled valuations for the women’s basketball tournament both bundled and unbundled, Mandel said.

“It’s important to know that the exercise was done, and it was looked at and they were open to (unbundling) and there were no sacred cows in this whatsoever. And where they landed is because ESPN came up with the best package for the women’s basketball championship,” Mandel said.

Patrick Crakes, a media consultant and former Fox Sports executive, said he was skeptical of the estimated values for the women’s tournament as a standalone property considering the uncertainty traditional media companies are dealing with due to consumers moving away from cable TV.

“Some of these numbers people were talking about, were not realistic,” Crakes said. “They just weren’t.”

Crakes said ESPN, with ABC broadcast, multiple cable networks, and a subscription streaming service, was the most sensible partner for the NCAA.

“This is worth more to ESPN as a bundle than it would be if the women’s basketball tournament was probably broken out and offered to fill in the blank (network),” he said. “Where’s it going to go? There’s not a lot of programming windows available for it. Who’s going to program that and pay?”

The deal was also struck within ESPN’s exclusive negotiating window and never brought to the open market.

“We had a good sense of who was interested in what, where they were going to put it and, generally speaking, what it would garner financially, production, promotion, distribution,” Brodkin said.

Brodkin and Mandel said the changing media landscape makes bringing a property to the open market riskier and cited the Big 12 moving quickly to extend partnerships with ESPN and Fox while the Pac-12 went to market and failed to find a deal that could keep the conference together.

“There is a more conservative approach right now because the simple economics are changing,” Mandel said.

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The S&P 500 lost 38.02, or 0.8%, to 4,704.81, though it remains within 2% of its record set exactly two years ago. The Dow Jones Industrial Average dropped 284.85 points, or 0.8%, from its own record to 37,430.19. The Nasdaq composite led the market lower with a drop of 173.73, or 1.2%, to 14,592.21.

Some of last year’s biggest winners again gave back some of their gains to weigh on the market. Tesla fell 4% after more than doubling last year, for example. It and the other six “Magnificent 7” Big Tech stocks responsible for the majority of Wall Street’s returns last year have regressed some following their tremendous runs.

The question hanging over the market is whether all the enthusiasm that sent stocks broadly rallying for nine straight weeks into the start of this year was warranted. It was built on expectations that inflation has cooled enough for the Federal Reserve to not only halt its hikes to interest rates but to cut them several times this year. Hopes are also high the economy can escape a recession, even after the Fed hiked its main interest rate to the highest level since 2001.

A couple of reports released Wednesday morning indicated the overall economy may indeed be slowing from its strong growth last summer, which the Federal Reserve hopes will keep a lid on inflation. A big danger is if it slows too much and begins shrinking.

One report showed U.S. employers were advertising nearly 8.8 million job openings at the end of November, down slightly from the month before and the lowest number since early 2021. The report also showed slightly fewer workers quit their jobs during November.

The Fed is looking for exactly such a cooldown, which it hopes will limit upward pressure on inflation without necessitating widespread layoffs across the economy.

“These data will be welcome news for policymakers,” said Rubeela Farooqi, chief U.S. economist at High Frequency Economics.

A second report from the Institute for Supply Management showed the U.S. manufacturing industry is improving by a touch more than economists expected, but it’s still contracting. Manufacturing has been one of the hardest-hit areas of the economy recently, while the job market and spending by U.S. households have remained resilient.

Treasury yields slumped immediately after the reports and then yo-yoed though the day. The yield on the 10-year Treasury eventually slipped to 3.91% from 3.94% late Tuesday. It’s been generally falling since topping 5% in October, when it was putting strong downward pressure on the stock market.

In the afternoon, yields swung again after the Federal Reserve released the minutes from its latest policy meeting. It was at that meeting in December that policy makers hinted their dramatic campaign to hike interest rates to get inflation under control may be over. They also released projections showing their median official expects the federal funds rate to fall by 0.75 percentage points through 2024.

The minutes from the meeting revealed “almost all participants” indicated a drop in rates this year would likely be appropriate. But they also said their forecasts were hampered by an “unusually elevated degree of uncertainty.” A reacceleration of inflation, which is still a possibility, could push them to actually raise rates further.

Fed officials also noted in their meeting how stock prices have rallied recently and Treasury yields have eased. Such conditions can rev up the economy and add upward pressure on inflation.

While the Fed doesn’t like that, “the worst they’ll do is push out the date when they first cut,” said Brian Jacobsen, chief economist at Annex Wealth Management.

Traders are largely betting the first cut to rates could happen in March, and they’re putting a high probability on the Fed cutting its main interest rate by least 1.50 percentage points through the year, according to data from CME Group. The federal funds rate is currently sitting within a range of 5.25% to 5.50%.

Critics say that’s likely too bold a prediction. “The only way the Fed will cut more than four times in 2024 is if the economy is skidding out of control” into a recession, Jacobsen said.

Even if the Federal Reserve pulls off a perfect landing to shimmy away from high inflation without causing an economic downturn, some critics also say the stock market has simply run too far, too fast in recent months and is due for at least a pause in its run.

In stock markets abroad, indexes fell across much of Europe and Asia. Losses were particularly sharp in France, where the CAC 40 fell 1.6%, and in South Korea, where the Kospi sank 2.3%. Stocks in Shanghai were an outlier, rising 0.2%.

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“As the largest NBC affiliate group among independent station groups, we are proud of our longstanding partnership that enables us to serve local communities,” said Dave Lougee, president-CEO, Tegna. “This new multi-year agreement allows our stations to continue providing consumers and advertisers with premium network content such as Today, Sunday Night Football and this summer’s Paris Olympic Games alongside our award-winning local news, weather and sports.”

“Tegna continues to be an important partner to NBC, bringing our loved, must-see programming to top markets across the United States,” said Philip Martzolf, president, NBC Affiliate Relations. “This renewal comes at the perfect time as NBC returns to primetime with midseason programming this week, as well as prepares for two of TV’s biggest moments in the election and Summer Olympics later this year.”

The new agreement includes full carriage of the NBC broadcast network, including NBC Nightly News with Lester Holt, Sunday Night Football, the Summer and Winter Olympic Games, The Voice, The Tonight Show Starring Jimmy Fallon and more.

The agreement includes renewals for these Tegna-owned NBC affiliates: WXIA Atlanta, Ga.; KPNX-KNAZ Phoenix, Ariz.; KING Seattle, Wash.; KARE Minneapolis, Minn.; KUSA Denver, Colo.; WKYC Cleveland, Ohio; KGW Portland, Ore.; WCNC Charlotte, N.C.; KSDK St. Louis, Mo.; WTHR Indianapolis, Ind.; WTLV Jacksonville, Fla.; WGRZ Buffalo, N.Y.; WBIR Knoxville, Tenn.; WCSH Portland, Maine; KCEN-KAGS Waco, Texas; KTVB Boise, Idaho, along with KTFT Twin Falls, Idaho; KWES Odessa-Midland, Texas; KBMT Beaumont, Texas; and WLBZ Bangor, Maine.

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The agreement also extends Fubo’s carriage of Nexstar’s national cable news network, NewsNation.

Financial terms were not disclosed.

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Samba TV’s depth and breadth of the company’s measurement capabilities, powered by its first-party data, were key components of Snap selecting Samba TV, the company said. As a result of the partnership, media and entertainment brands advertising on Snapchat can measure conversion outcomes using Samba TV’s currency-grade VTR solution “to gain a clear understanding of how their campaigns drive new viewers to linear and streaming programs, and measure lift across their media strategies.” Snapchat advertisers can also use Samba TV’s data to make more holistic and data-driven decisions to optimize their spending on the social media platform.

Ashwin Navin, Samba TV Co-founder and CEO, said: “As a world-renowned social platform with a devoted audience, Snapchat is a powerful medium for promoting new entertainment options and brands in general. Our measurement reveals the best practices for how to leverage Snap for discoverability and brand engagement with a unique demographic accessible on the platform. With over three quarters of Gen Z and millennials discovering new shows and movies from these platforms alone, Snapchat has emerged as an essential partner in marketers’ overall media strategy.”

Christopher Plambeck, Snap Inc. head of marketing science, said: “Companies around the world are tapping into the unique audience and value of Snap as an advertising channel for media and entertainment brands. Therefore, it’s crucial we have accurate and holistic measurement of the impact of advertising on tune-ins for our brands. By leveraging Samba TV’s television and streaming measurement capabilities, our advertisers can better optimize their tune-in campaigns to more fully understand campaign impact and [return on ad spend].”

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Harry Jessell

It’s 2024 … except at the FCC where it’s still 1964 and regulating broadcasting is all the rage.

Drawing on the prevailing belief of that time that broadcasting was too powerful and concentrated not to be constrained and managed by the federal government, the agency — by a vote of its three-person Democratic majority — last week bucked the decades-long trend of loosening TV regs by affirming and tightening its Top-Four TV duopoly rule.

The rule says that broadcasters can’t own and operate more than one ABC, CBS, Fox or NBC affiliate in a market. In recent years, with the tacit blessing of the FCC staff, broadcasters have been able to circumvent the rule, mostly in 100-plus markets, by airing one or more stations on an LPTV station or multicast channel.

No more. The rule stays and the “loophole” is closed, the FCC Chair Jessica Rosenworcel and other FCC Dems proclaimed. Existing so-called virtual duopolies will be grandfathered, but they can’t be sold to another broadcaster without official FCC dispensation, which will cause all kinds of M&A complications.

The FCC says it will continue to consider Top-Four duopolies on a case-by-case basis, but we learned that’s a tease earlier this year when the FCC killed a proposed combo of two affils in Fargo, N.D., through one of Rosenworcel’s favorite tactics, bureaucratic indifference. Like the parties involved, I could see nothing wrong with the deal when I plugged in the FCC’s own criteria for granting them.

The ruling is a blow to broadcasters who see ownership of multiple affiliates as an effective way of achieving news economies of scale and preserving, and sometimes expanding, local news in the market.

It’s also a loss for the NAB, which argued for relief. Cable and satellite operators, organized under the banner of the American TV Alliance, pushed long and hard for keeping the lid on Top-Four duopolies, contending they gave broadcasters undue leverage in retrans negotiations that would result in higher fees for cable subs.

“We applaud the FCC’s efforts to help consumers by closing loopholes in its broadcast ownership rules,” the ATVA said in a statement following the vote. “For too long, these loopholes have allowed broadcasters to control distribution of two, three, or even all four major networks in markets throughout the country…. Today’s action promises some long-awaited relief for consumers and their pocketbooks.”

The FCC order swallows the ATVA argument whole, saying the tougher duopoly rule advances its long-standing goal of ensuring robust competition not only in retrans negotiations, but also in the local advertising market.

“Promoting competition among local television stations prevents local broadcasters from demanding higher retransmission consent fees and charging higher rates for local businesses seeking to purchase advertising time on local stations, costs that may be passed on to consumers,” the order says.

I concede that the ATVA had the higher ground in the battle since rising retrans fees no doubt put upward pressure on what consumers (i.e., constituents) have to pay for cable and satellite service. However, NAB should be able to fight uphill and win. The scores of cable networks that also demand fees from operators also drive up consumer prices.

In addition to preserving competition, the FCC also cites its long-standing goals of ensuring local programming (localism) and diversity of viewpoints or voices (separately owned stations) in justifying the duopoly rule. On paper, these are laudable, but they no longer make sense in today’s media ecosystem where there are literally hundreds of TV channels vying for attention and dollars, not to mention traditional media like newspapers as well as other relative newcomers like social media.

The FCC’s misguided obsession with broadcasters’ competitive clout may be detrimental to localism. Broadcasters need retrans dollars, as many as they can get, if they are to maintain and expand their news and offer other local programming. As I have argued here many times before, the FCC needs to get out of the way and let the market set the retrans fees.

And, of course, broadcasters also need advertising dollars to fuel their newsrooms. Is it really the job of the FCC to structure markets so that auto dealers, PI lawyers and home improvement outfits don’t pay too much for spots and pass the cost on to their customers and clients?

For the record, TV stations’ share of the local ad market shouldn’t sound alarms. According to BIA Advisory Services’ forecast, stations will reap just 13% of the $175.6 billion in local advertising spending this year, a presidential election year in which stations’ share is greater than in other years.

Intense competition, by the way, is not necessarily the path to better journalism. In fact, less of it can enhance it, producing fat profits and extra resources for newsrooms. I would say the Golden Age of Newspapers stretched from 1970 to the early 2000s when single papers emerged to dominate markets and did great things. The Times in Los Angeles, the Tribune in Chicago, the Globe in Boston, the Post in Washington all come to mind.

Newspaper publishing offers another lesson. Hundreds have withered or died over the past two decades from the onslaught of digital media. TV stations have been suffering from the same heat. That they have been holding their own so far does not mean they will continue to do so. Think what would happen if political media buyers discover a better way to reach likely voters.

Yes, the FCC is right to be concerned about the loss of a voice in the market, which is the natural consequence of duopolies, but losing a voice is better than losing an entire news operation because of regulatory hobbles.

Some markets simply can’t sustain three or four independent news operations anymore. Last spring, Sinclair shut down its local news operations in five small markets. (Here in Pittsburgh, DMA 28, where I live, Sinclair doesn’t even bother with producing its own news, although it carries newscasts of Cox’s crosstown WPXI.)

Broadcasters may be able to overturn the FCC action in the courts, but that is a long, costly and laborious process with no guarantees. Their best hope now for relief is the return of a Republican chairperson, one with faith in the marketplace and a belief that regulation is not the default, but the last resort.

Both FCC Republicans, Brendan Carr and Nathan Simington, voted against the measure. “The FCC has every reason to update this outdated set of broadcast radio and television rules,” said Carr in his dissenting statement. “The law compels us to do so. The facts tell us to do so. And the public interest in promoting local news and information counsel in favor of doing so. Yet the rules will remain in place — impervious to those compelling forces.”

I should caution that a Republican FCC might come with a lot of baggage, namely Donald Trump. He is no friend of news media that criticize him, and the FCC is a perfect tool to punish any outlet under its jurisdiction that does.

Carr, a likely FCC chairman in a Trump second term, is just the guy to wield that tool on Trump’s behalf. In May 2020, after Twitter tagged one of his posts as possibly misleading, Trump urged the FCC to look into regulating social media just as it used to regulate broadcasting via the Fairness Doctrine. Carr enthusiastically embraced the idea, First Amendment be damned. As far as I know, he is still a member of the Trump politicult.

The FCC needs a major attitude adjustment. It has to stop thinking of TV as indestructible and dominating players that must be controlled by wise heads in Washington, lest the broadcasters turn their newsroom over to AI-driven avatars, crush local economies with incessant spot increases and spawn a cable-deprived underclass.

If the FCC is truly interested in broadcast localism, the FCC needs to get its head out of ’60s and into the ’20s. I can suggest a few ways: give stations the right to negotiate directly with vMVPDs rather than having to rely on the sticky-fingered networks; facilitate ATSC 3.0 where it can; and, most important, lighten up, don’t tighten up, on the duopoly rule and other anachronistic structural regulations.

Harry A. Jessell is editor at large of TVNewsCheck. He can be contacted here. You can read earlier columns here.

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The S&P 500 slipped 27.00 points, or 0.6%, to 4,742.83 after coming into the year at the brink of its all-time high. The Dow Jones Industrial Average edged up 25.50, or 0.1%, to 37,715.04, and the Nasdaq composite led the market lower with a drop of 245.41, or 1.6%, to 14,765.94.

Some of the market’s sharper drops came from stocks that were last year’s biggest winners. Apple lost 3.6% for its worst day in nearly five months, and Nvidia and Meta Platforms both fell more than 2%. Tesla, another member of the “Magnificent 7” Big Tech stocks that drove well over half of Wall Street’s returns last year, swung between losses and gains after reporting its deliveries and production for the end of 2024. It ended the day down by less than 0.1%.

Netherlands-based ASML sank after the Dutch government partially revoked a license to ship some products to customers in China. The United States has been pushing for restrictions on exports of chip technology to China. ASML’s U.S.-listed shares fell 5.3%, and U.S. chip stocks also weakened.

Health care stocks held up better after Wall Street analysts upgraded ratings on a few, including a 13.1% jump for Moderna. Amgen’s 3.3% gain and UnitedHealth Group’s 2.4% climb were two of the strongest forces lifting the Dow.

Much of Wall Street had been preparing for at least a pause in the big rally that carried the S&P 500 to nine straight winning weeks and within 0.6% of its record set almost exactly two years ago. That big surge came on hopes the Federal Reserve may have engineered a perfect escape from high inflation: one where high interest rates slow the economy enough to cool inflation but not so much that they cause a painful recession.

Now, the hope is that the Fed will shift sharply in 2024 and cut interest rates several times. Cuts can relax the pressure on the economy and boost prices for investments. But even though such hopes are high, it’s still not assured. And prices for stocks and bonds have already rallied hard on expectations for them.

At Deutsche Bank, the main expectation among economists is for the Federal Reserve to cut its main interest rate by 1.75 percentage points this year, from its current range of 5.25% to 5.50%. That’s a shade more than the majority of traders on Wall Street are betting.

But the Deutsche Bank economists led by Matthew Luzzetti also expect a mild recession to weaken the job market more than the Federal Reserve and much of Wall Street expect. That’s partially because the Deutsche Bank economists expect the Fed to “be adamant to not repeat the mistakes of the 1970s, namely avoiding cutting rates prematurely.”

That would give more time for the rate hikes already instituted by the Fed to fully work their way through the system and grind down the economy. The Fed’s main interest rate is at its highest level in decades, up from virtually zero two years ago.

A report on Tuesday showed that the U.S. manufacturing industry may be weaker than thought. It contracted by more last month than an earlier, preliminary reading indicated, according to S&P Global, as new sales dropped because of weakness both abroad and at home. Business confidence, though, did pick up to a three-month high.

A separate report showed that growth in construction spending slowed by a touch more in November than economists expected.

Like stocks, Treasury yields in the bond market also regressed a bit on Tuesday following their big moves since autumn. The yield on the 10-year Treasury rose to 3.94% from 3.87% late Friday.

More high-profile reports on the economy will arrive later this week. On Wednesday, the Federal Reserve will release the minutes from its last policy meeting, one that sparked hopes for a series of rate cuts coming this year.

Another report on Wednesday will show how many job openings U.S. employers were advertising at the end of November, data that the Federal Reserve follows closely. Friday will bring the U.S. government’s monthly tally of job growth across the country.

In stock markets abroad, indexes fell 1.5% in Hong Kong and 0.4% in Shanghai amid worries about the Chinese manufacturing and property sectors.

South Korea’s Kospi gained 0.5%, and indexes were mixed across much of Europe. Japan’s markets were closed for a holiday.

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