Wall Street falls to worst day in weeks

U.S. stocks slumped after a Federal Reserve official raised the possibility of delivering none of the cuts to interest rates this year that Wall Street has been banking on, if inflation worsens. The S&P 500 dropped 1.2% Thursday for its worst day since February. It erased an earlier gain of nearly 1% that had brought it to the cusp of its record. The Dow swung 1.4% lower, and the Nasdaq composite lost 1.4%. Markets were already unsettled before Minneapolis Fed President Neel Kashkari expressed concern about inflation. Friday’s U.S. jobs report could shake the market further. Oil prices jumped, and Treasury yields sank.

Itemize or take the standard deduction?

When you’re doing your taxes, it can sometimes be hard to know whether to itemize or take the standard deduction. Tax pros say itemizing generally only makes sense if your itemized deductions together add up to more than the current standard deduction. The three biggest potential deductions for most people are mortgage interest, charitable donations in cash or in property, and eligible state and local taxes. In some cases, like student loan interest, you can claim a deduction even without itemizing.

Artists’ music catalogs sell for big money

Kiss agreed to sell their catalog, brand name and IP to Swedish company Pophouse in a deal estimated to be over $300 million. They’re the latest to participate in an ongoing trend of blockbuster acts and their rights holders inking deals to sell their back-catalogs, often for impressive sums. It’s big business, especially considering that two-thirds of all music streamed is made up of catalog music, and that streaming accounts for 84% of all music industry revenue. AP looks at deals struck by Bruce Springsteen, David Bowie, Taylor Swift and other notable artists.

Average mortgage rate rises modestly this week

The average long-term U.S. mortgage rate rose modestly this week, holding below 7% as it has for much of this year. The average rate on a 30-year mortgage rose to 6.82% from 6.79% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.28%. Mortgage rates have been drifting higher and lower in recent weeks, often from one week to the next. The average rate is just below where it was two weeks ago. Many economists expect that mortgage rates will ease moderately this year. Current indications are mortgage rates will remain higher for a while longer.

— Bulletin wire reports