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After marathon talks, Labor Department negotiators, rail operators and union representatives reached a tentative agreement early this morning that may avert a debilitating nationwide train strike. S&P 500 futures ticked up initially on the news.

With less than 24 hours left, Labor Secretary Marty Walsh tweeted at 5:08 a.m. Eastern that a crisis had been avoided. “Our rail system is integral to our supply chain, and a disruption would have had catastrophic impacts on industries, travelers and families across the country,” he said. 
Rail unions had been negotiating for more pay, sick leave and safer working conditions; their members must still approve the deal.
Trouble is brewing in the investment banking sector as clients stay wary about the current economic environment. An aggressive Fed and the potential for a recession are weighing on corporate dealmaking, while soaring inflation continues to dim the outlook. IPOs have also hit the brakes this year as the market recorded its worst first half to a year since 1970.

House speaker Nancy Pelosi said she would bring legislation meant to curb trading by lawmakers to the House floor this month. The announcement comes a day after The Times reported that nearly 100 lawmakers had reported trades that posed potential conflicts of interest.

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