Jean-Luc Ichard/iStock Editorial via Getty Images Microsoft ( MSFT ) said Wednesday it does not believe U.S. Immigration and Customs Enforcement (ICE) is using its technology for mass surveillance of civilians, though it confirmed providing cloud-based productivity and collaboration tools to the agency. The response followed a Guardian report claiming ICE increased its reliance on Microsoft’s clou...
Jean-Luc Ichard/iStock Editorial via Getty Images Microsoft ( MSFT ) said Wednesday it does not believe U.S. Immigration and Customs Enforcement (ICE) is using its technology for mass surveillance of civilians, though it confirmed providing cloud-based productivity and collaboration tools to the agency. The response followed a Guardian report claiming ICE increased its reliance on Microsoft’s cloud platform as arrest and deportation operations expanded. Citing leaked documents, the report said ICE significantly boosted data storage in Azure and appeared to be using a range of Microsoft's productivity tools, including AI products, to search and analyze that data. “As we've previously said, Microsoft provides cloud-based productivity and collaboration tools to DHS (Department of Homeland Security, of which ICE is a part) and ICE, delivered through our key partners,” a Microsoft spokesperson said in a statement. “Microsoft policies and terms of service do not allow our technology to be used for the mass surveillance of civilians, and we do not believe ICE is engaged in such activity.” The company added that Congress, the executive branch and the courts should draw “clear legal lines” on how law enforcement can use emerging technologies. ICE declined to comment on specific tools used in investigations but said it relies on various technologies to support criminal enforcement. The issue comes amid criticism of President Donald Trump’s immigration crackdown, which his administration says is aimed at strengthening domestic security and curbing illegal immigration. Microsoft ( MSFT ) has previously faced scrutiny over government use of its technology, including last year when it disabled certain services used by an Israeli military unit following reports of mass surveillance of Palestinian phone calls. More on Microsoft Microsoft's Azure Reacceleration Could Shock Wall Street Microsoft: Cloud And AI-Driven Stability Microsoft's Lack Of Leadership In AI, Wait Bill Gates with...
Zhanna Hapanovich/iStock via Getty Images Commentary as of 12/31/25 The fund posted returns of 0.96% (Institutional shares) and 0.90% (Investor A shares, without sales charge) for the fourth quarter of 2025. Global rates strategies were the main drivers of the fund's weak relative performance during the quarter. The fund maintained its overweight positions in investment-grade and high yield securi...
Zhanna Hapanovich/iStock via Getty Images Commentary as of 12/31/25 The fund posted returns of 0.96% (Institutional shares) and 0.90% (Investor A shares, without sales charge) for the fourth quarter of 2025. Global rates strategies were the main drivers of the fund's weak relative performance during the quarter. The fund maintained its overweight positions in investment-grade and high yield securities, where it selectively added risk through new issues and took advantage of concessions amid expectations of elevated supply in early 2026. During the quarter, the fund had a neutral position in duration (interest rate sensitivity). Contributors Detractors Asset allocation was the main contributor to performance, mainly due to securitized carry and the overweight positions in investment grade and high yield securities. Credit security selection was additive, particularly in the communications, banking, and energy sectors. Global rates strategies were the main detractor, particularly the global cross-market rates swaps strategy's long positioning in Korea, New Zealand, and Singapore versus the United States and Hong Kong in November. The global cross-market inflation strategy's long U.S. breakeven (the difference in yield between nominal U.S. Treasuries and Treasury inflation-protected securities with comparable maturities) positioning weighed on returns at the start of the quarter. Mortgage security selection detracted due to mortgage-backed security pool selection. Click to enlarge Further insight Consumer and corporate balance sheets remain robust heading into 2026, providing support for credit. Jobs data softened during the quarter, though resilient consumer spending data helped to ease investor concerns. We expect mild disinflation, fiscal stimulus, and gains from artificial intelligence to broaden out to be tailwinds in the months ahead. The Federal Reserve vowed after recent interest rate cuts to "wait and see", though we believe it will have a somewhat dovish bias...
Fiserv (NASDAQ: FISV) has been one of the worst-performing fintech stocks during the past year. It's down by more than 70% during that stretch. Growth has slowed, but the company continues to gain ground as a popular merchant service provider. The stock's growth days seem to be over, but a price-to-earnings (P/E) ratio of 9 warrants some attention. These are some of the things investors should kee...
Fiserv (NASDAQ: FISV) has been one of the worst-performing fintech stocks during the past year. It's down by more than 70% during that stretch. Growth has slowed, but the company continues to gain ground as a popular merchant service provider. The stock's growth days seem to be over, but a price-to-earnings (P/E) ratio of 9 warrants some attention. These are some of the things investors should keep in mind before buying Fiserv stock. Image source: Getty Images. Continue reading
Hamas is cementing its hold over Gaza by placing loyalists in key government roles, collecting taxes and paying salaries, according to an Israeli military assessment and sources in the Palestinian enclave. Hamas’ continuing influence over key Gaza power structures has fuelled widespread scepticism about the prospects of US President Donald Trump’s peace plan, which requires the militant group to g...
Hamas is cementing its hold over Gaza by placing loyalists in key government roles, collecting taxes and paying salaries, according to an Israeli military assessment and sources in the Palestinian enclave. Hamas’ continuing influence over key Gaza power structures has fuelled widespread scepticism about the prospects of US President Donald Trump’s peace plan, which requires the militant group to give up its weapons in exchange for an Israeli military withdrawal from the territory. Trump’s...
PM ‘delighted’ to fill position with ‘outstanding public servant’ – who becomes first woman to hold cabinet secretary role UK politics live: latest news updates Keir Starmer has appointed Antonia Romeo as cabinet secretary, the UK’s most senior civil servant. Romeo, the first woman to hold the post in the role’s 110-year history, has been a key figure behind the scenes in multiple government depar...
PM ‘delighted’ to fill position with ‘outstanding public servant’ – who becomes first woman to hold cabinet secretary role UK politics live: latest news updates Keir Starmer has appointed Antonia Romeo as cabinet secretary, the UK’s most senior civil servant. Romeo, the first woman to hold the post in the role’s 110-year history, has been a key figure behind the scenes in multiple government departments including spells as permanent secretary at the Home Office, International Trade and the Ministry of Justice. Continue reading...
SOMKID THONGDEE/iStock via Getty Images January Retail Sales was the big data point to kick off the holiday-shortened trading week on Wall Street... just kidding... at least it was in an alternate, non-government-shutdown universe! Alas, it appears we won’t get the first complete consumer read for a few more weeks. But that doesn’t mean there isn’t a busy data slate for the balance of this week. L...
SOMKID THONGDEE/iStock via Getty Images January Retail Sales was the big data point to kick off the holiday-shortened trading week on Wall Street... just kidding... at least it was in an alternate, non-government-shutdown universe! Alas, it appears we won’t get the first complete consumer read for a few more weeks. But that doesn’t mean there isn’t a busy data slate for the balance of this week. Let me toss another curveball your way. Stocks are up big to start the year - international stocks, that is. The often-unsung MSCI All-Country World ex-USA Index ( ACWX ) sports its best return relative to the S&P 500 in data going back to at least 1995. A three-decade alpha sprint to begin 2026 comes as the U.S. large-cap index drifted into the red YTD this past Tuesday morning. Indeed, “the stock market” is not a monolith. Rotation Nation Diversification and dispersion are the asset allocation passwords at the moment. Domestic “SMID” caps have been outperforming, along with defensive sectors like Consumer Staples and the embattled Real Estate niche. Energy and Materials, presumed “late-cycle” plays, remain best among the 11 S&P 500 sectors through the year’s first 31 trading days. And it’s that combination - defensives and late-cycle names - that makes some market technicians nervous. Seasonal Jitters and AI’s Heel Turn The anxiety hits during a notorious calendar period. Recall that equities topped on February 19th in 2020 and 2025. Three’s a charm if you’re a bear. Just as COVID-19 and the tariff meltdown were downside drivers in past years, a new bugaboo could be spooking investors this go-round. Call it the “software-as-a- dis service” trade, or AI turning heel . No matter the moniker, former stalwart high-margin, high-ARR tech plays have come under attack by AI’s deflationary vigilantes. More than a handful of top holdings in the iShares Expanded Tech-Software Sector ETF ( IGV ) are relegated to mid-teens P/E multiples. With valuations being halved, bottom-pickers in ...
Sizzling hot. That's the best way to describe Micron Technology (NASDAQ: MU) right now. The memory chipmaker's business is booming. Its stock is soaring. However, some investors may worry that Micron's momentum could stall after its shares have more than quadrupled over the last 12 months. Is Micron stock a buy? Any discussion of Micron will almost certainly point out that it's a cyclical stock . ...
Sizzling hot. That's the best way to describe Micron Technology (NASDAQ: MU) right now. The memory chipmaker's business is booming. Its stock is soaring. However, some investors may worry that Micron's momentum could stall after its shares have more than quadrupled over the last 12 months. Is Micron stock a buy? Any discussion of Micron will almost certainly point out that it's a cyclical stock . This is arguably the main knock against Micron. And it's true. Micron's business has been notoriously cyclical in the past. Continue reading
Pakorn Supajitsoontorn/iStock via Getty Images For most of the final quarter of 2025, the macroeconomic landscape was shaped as much by what investors couldn't see as by what they could. The U.S. government shutdown—lasting a record 43 days—created a significant information vacuum just as markets sought clarity on growth, inflation, and policy trajectories. Despite the data fog, the global macro b...
Pakorn Supajitsoontorn/iStock via Getty Images For most of the final quarter of 2025, the macroeconomic landscape was shaped as much by what investors couldn't see as by what they could. The U.S. government shutdown—lasting a record 43 days—created a significant information vacuum just as markets sought clarity on growth, inflation, and policy trajectories. Despite the data fog, the global macro backdrop proved “good enough” for risk assets. Global growth held firm, inflation stayed sticky but avoided more disruptive outcomes, and most central banks leaned more accommodative than hawkish. In the U.S., elevated downside labor market risk kept U.S. Federal Reserve (“Fed”) easing in play, leading to rate cuts even as the economy expanded. However, policymaker dissents emerged as the Fed Funds rate approached the Federal Open Market Committee’s neutral estimate. International markets—particularly Japan and parts of Europe—offered broadly supportive signals, though political uncertainty occasionally weighed on European sentiment. Since mid-2024, most major developed market central banks have cut rates by 150-200 basis points (1.50%-2.00%) or more, meaning some could be close to the end of their easing cycle. The Bank of Japan remains on a separate trajectory with a gradual pace of rate hikes from a highly accommodative starting point, including two in 2025 and two more expected in 2026. Overall, the global tariff environment proved less disruptive than earlier fears. U.S. monthly tariff collections rose but remained well below levels implied by announced policies, while statutory rates edged lower as deals and exemptions took hold. Still, investors monitored persistent trade-related risks alongside other potential headwinds, including slower AI investment, labor market softening, bond market volatility tied to inflation or fiscal stress, and ongoing risk of geopolitical shocks. Financial markets capped a strong 2025 with 4Q gains across both equities and fixed income. Ma...