Markets

Nonfarm productivity fell by 0.6% in the preliminary estimate for the first quarter, compared with a 0.2% decline expected.

Initial claims for U.S. state unemployment benefits fell 19,000 to 238,000 in the April 29 week.

The U.S. international trade gap narrowed in March to $43.7 billion, smaller than the $44.4 billion gap expected and following a slightly wider $43.7 billion gap in February, data released by the Commerce Department Thursday morning showed.

Milwaukee takes competitive bids on $270 million of debt Thursday.

Ohio's Wright State University was dropped to Baa2 from A2 by Moody's Investors Service.

Municipal bonds ended stronger on Wednesday, traders said, as new issuance swept into the market and federal policy makers took no action on interest rates.

S&P Global Ratings said it has lowered its issuer credit rating (ICR) on the State of Wyoming to AA-plus from AAA, and lowered its associated school district guarantee program rating on Fremont County School District No. 1 to AA-plus from AAA.

Municipal bonds were stronger at mid-session, traders said, as they prepared for a second wave of new issuance to sweep into the market on Wednesday.

Fitch Ratings said it has downgraded Puerto Rico Aqueduct and Sewer Authority bonds to C from CC.

Louisiana’s GOP-led Legislature wants severe cuts to balance the state budget instead of state tax reform.