Markets

The turnpike authority brings a $1.3 billion new and refunding bond deal to market this week after a toll hike sparked a spate of bills to rein in its powers.

The Local Government Commission needs to approve the proposed competitive sale.

Tech stocks suffered on "worries that Beijing is becoming increasingly competitive in the high-stakes artificial intelligence race," said José Torres, senior economist at Interactive Brokers.

The Massachusetts Clean Water Trust has seen higher demand from local utilities for loans because of climate change threats and clean water regulations. 

Kroll Bond Rating Agency downgraded Chicago's general obligation bonds to A-minus from A, citing high fixed costs and one-time fixes. The outlook is negative.

Issuance for next week falls to an estimated $5.151 billion, with $3.959 billion of negotiated deals and $1.193 billion of competitive deals on tap.

The municipal bond market's initial negative reaction to this month's Southern California wildfires has eased, with secondary spreads starting to tighten.

Investors added $2.028 billion to municipal bond mutual funds in the week ending Wednesday, following $251.7 million of outflows the prior week, according to LSEG Lipper data.

The introduction of new engines in a northern power plant and the opening of a solar farm in the south have reduced the authority's operating costs.

Issuance was led by a $2 billion retail pricing from the University of California in the negotiated market and a $1.2 billion competitive deal from Washington.