Municipal bonds rallied after weaker-than-expected job growth raised expectations that the Federal Reserve will lower interest rates this year to help stoke the economy.



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Lululemon’s rough year continued as the once fast-growing apparel chain slashed its outlook on weakening demand and the Trump administration’s tougher trade policies. The retailer’s shares tumbled 20% at the open of Friday trading, deepening a decline this year that had already erased $22 billion in market value. The Vancouver-based company warned Thursday that it will take a $240 million hit from President Donald Trump’s decision to end the de minimis exemption. The policy had helped Lululemon ship many of its US e-commerce orders under $800 duty-free from Canada.

The retailer now projects sales in the range of $2.47 billion to $2.5 billion for the third quarter, lower than Wall Street had anticipated. For the full year, Lululemon lowered both its revenue and earnings per share outlook.

Poonam Goyal, Senior Analyst for US Retailing, covers the stock for Bloomberg Intelligence. She speaks with Bloomberg’s Paul Sweeney and Scarlet Fu. (Source: Bloomberg)



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US Commerce Secretary Howard Lutnick says “it’s ridiculous” that India keeps buying sanctioned oil from Russia. “Either support the dollar, support the United States of America, support your biggest client, who is the American consumer, or, I guess you’re going to pay a 50% tariff,” Lutnick said on “Bloomberg Surveillance.” (Source: Bloomberg)



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