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Trump says U.S. could join TPP under better terms

President Donald Trump said the U.S. could join the Trans-Pacific Partnership, but under terms that are better for the nation. Speaking at a news conference with Australian Prime Minister Malcolm Turnbull, Trump said “there’s a possibility we would go in,” but “they would be offering us a much better deal.” Nearly half of the Senate’s 51 Republicans have urged Trump to revive talks with other countries on the trade pact, which Trump rejected last year.

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Nordstrom shares up after new reports it will go private

Nordstrom Inc. shares are up 4.6% in Friday trading after a Reuters report that the luxury retailer is finalizing plans to go private. The Nordstrom family has met with investment banks and could submit the offer next month. Nordstrom suspended previous talks to go private after talks for a $10 billion deal with private-equity firm Leonard Green & Partners faltered. Nordstrom shares are up 19.6% for the past year while the S&P 500 index is up 15.4% for the last 12 months.

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Gwyneth Paltrow, SoulCycle founder among investors in plus-size brand Universal Standard

Universal Standard, a women’s fashion brand that describes itself as “size-inclusive,” said Friday that it has closed a $7 million round of Series A funding. The funding round was led by Imaginary Ventures with additional participation from actress and Goop founder Gwyneth Paltrow, Elizabeth Cutler, co-founder of SoulCycle, and Blake Mycoskie, founder of the Toms brand of shoes, apparel and accessories. Universal Standard says it will use the money to extend its range to sizes 6 to 32. Currently, it offers sizes 10 to 28. The company also plans to make executive hires, build showrooms nationwide and grow into new categories. Universal Standard launched an eight-piece collection in fall 2016, and now offers workwear, coats, activewear, and more. The SPDR S&P Retail ETF is up 9.2% for the last three months while the S&P 500 index is up 5% for the period.

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Gold closes lower for the session to post weekly loss of 1.7%

Gold closed marginally lower Friday, logging it biggest weekly drop this year as the U.S. dollar recovered from its earlier weakness. April gold fell $2.40 or 0.2%, to settle at $1,330.30 an ounce, falling 1.7% for the week, while March silver lost 10 cents, or 0.6%, to $16.48 an ounce, posting a weekly decline of 0.8%. The dollar stabilized on a belief that investors will continue to bid up the buck in anticipation of the Federal Reserve raising interest rates which tend to result in the currency strengthening. The ICE U.S. Dollar Index edged up 0.1%.

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Bank of America sees cryptocurrencies as one of many significant and increasing’ competitors

The financial services industry is “highly competitive” and subject to stark disruptions, including from cryptocurrencies, Bank of America said in its annual filing with the Securities and Exchange Commission Thursday. The bank referred to cryptocurrencies as “other market participants who engage in business or offer products in areas we deem speculative or risky.” It was the first time the bank had acknowledged crypto as a risk factor. Shares are up more than 29% over the past 12 months, nearly double the return for the S&P 500 .

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Gwyneth Paltrow, SoulCycle among investors in plus-size brand Universal Standard

Universal Standard, a women’s fashion brand that describes itself as “size-inclusive,” said Friday that it has closed a $7 million round of Series A funding. The funding round was led by Imaginary Ventures with additional participation from actress and Goop founder Gwyneth Paltrow, Elizabeth Cutler, co-founder of SoulCycle, and Blake Mycoskie, founder of the Toms brand of shoes, apparel and accessories. Universal Standard says it will use the money to extend its range to sizes 6 to 32. Currently, it offers sizes 10 to 28. The company also plans to make executive hires, build showrooms nationwide and grow into new categories. Universal Standard launched an eight-piece collection in fall 2016, and now offers workwear, coats, activewear, and more. The SPDR S&P Retail ETF is up 9.2% for the last three months while the S&P 500 index is up 5% for the period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Fed balance sheet should end up higher than $2.9 trillion, Dudley says

The Federal Reserve should stop shrinking its balance sheet when it gets down to a level somewhere higher than $2.9 trillion, said New York Fed President William Dudley on Friday. During comments at a Chicago Booth monetary policy forum, Dudley said he thought the Fed needed a large balance sheet to set a floor for short-term interest rates. The Fed has started to slowly shrink its balance sheet from $4.5 trillion but has not yet specified at what level it would stop. Dudley may not have a say in the final decision as he is set to retire later this year. But the New York Fed’s views carry a lot of weight at the central bank as they are in charge of the market implementation of central bank policy.

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Trump says schools should be protected like banks, government buildings

President Donald Trump said Friday that it’s time to make schools harder targets for potential mass shootings. “Why do we protect our banks and government buildings, but not our schools?” Trump said at the Conservative Political Action Conference. Trump said making schools what he called gun-free zones puts students in more danger and reiterated a call for “gun-adept” teachers to carry firearms.

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Fed says it is still planning to raise interest rates gradually

The Federal Reserve is planning further gradual interest-rate increases but still plans to keep the federal funds rates on the low side, the central bank said Friday in its monetary policy report to Congress. The report, which Chairman Jerome Powell will testify about next week, couched monetary policy in very similar terms to the statement the Fed gave at its last policy meeting in January. The Fed didn’t seem alarmed about recent pay developments, saying the “growth of labor compensation has been moderate.” On the stock market, the Fed said valuation pressures remain elevated and that there are signs nonbank financial leverage has been building, including to hedge funds that invest in stocks.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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