Could Connor McDavid Be Broadway-Bound?
MORE: Maple Leafs reportedly interesting in aquiring Jordan Kyrou from the Blues
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Connor McDavid, one of the best players in the NHL, is entering the final year of his contract with the Edmonton Oilers. There's been chatter that he could test free agency if the situation in Edmonton doesn't meet his expectations. If that happens, the Rangers are already being mentioned as a possible destination.
Bleacher Report's Adam Gretz recently named New York as a strong landing spot for McDavid. He pointed out that the league would probably welcome the idea of its biggest star playing in one of the league's biggest markets. From the Rangers' perspective, adding a player like McDavid would be a dream scenario that could re-energize fans and the franchise alike.
'The NHL would love to see its biggest star playing in its biggest market, and the Rangers would undoubtedly love to have a franchise-changing player at the top of their lineup,' Gretz said. 'It would go a long way to kick-start excitement in Manhattan, especially after everything went so far off the rails during the 2024-25 season.'
McDavid would give the Rangers the kind of elite talent that changes everything, both on the ice and at the box office. His arrival would instantly boost the team's profile and give them a legitimate shot at contending for the Stanley Cup.
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Does the Money Work?
Financially, the timing might work out for New York. Several contracts are set to expire after this season, potentially freeing up the kind of cap space needed to make a run at McDavid. A player of his caliber is going to command a massive salary, and there will be no shortage of teams lining up to make their pitch. Still, the allure of New York, the spotlight of Madison Square Garden, and the promise of being the face of the Rangers could be a compelling combination.
There's still a lot of hockey to be played between now and next July, and a lot can change. But if McDavid does decide to move on from Edmonton, the Rangers will almost certainly be in the mix.
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Because for whatever reason, they can be easy to forget when you're in the throes of some new market rout or some new economic were several notable data points and macroeconomic developments since our last review: 👍 The labor market continues to add jobs. According to the BLS's Employment Situation report released Friday, U.S. employers added 147,000 jobs in June. The report reflected the 54th straight month of gains, reaffirming an economy with growing demand for labor. (Source: BLS via FRED) Total payroll employment is at a record 159.7 million jobs, up 7.4 million from the prepandemic high. (Source: BLS via FRED) The unemployment rate — that is, the number of workers who identify as unemployed as a percentage of the civilian labor force — declined to 4.1% during the month. The metric continues to hover near 50-year lows. (Source: BLS via FRED) While the major metrics continue to reflect job growth and low unemployment, the labor market isn't as hot as it used to be. For more on the labor market, read: 💼 and 📉 💸 Wage growth could be lower. Average hourly earnings rose by 0.2% month-over-month in June, down from the 0.4% pace in May. On a year-over-year basis, June's wages were up 3.7%. (Source: BLS via FRED) For more on why policymakers are watching wage growth, read: 📈 💼 Job openings tick higher. According to the BLS's Job Openings and Labor Turnover Survey, employers had 7.77 million job openings in May, up from 7.39 million in April. (Source: BLS via FRED) During the period, there were 7.24 million unemployed people — meaning there were 1.07 job openings per unemployed person. This continues to be one of the more obvious signs of excess demand for labor. However, this metric has returned to prepandemic levels. (Source: BLS via FRED) For more on job openings, read: 🤨 and 📈 👍 Layoffs remain depressed, hiring remains firm. Employers laid off 1.60 million people in May. While challenging for all those affected, this figure represents just 1.0% of total employment. This metric remains below prepandemic levels. (Source: BLS via FRED) For more on layoffs, read: 📊 Hiring activity continues to be much higher than layoff activity. During the month, employers hired 5.50 million people. (Source: BLS via FRED) That said, the hiring rate — the number of hires as a percentage of the employed workforce — has been trending lower, which could be a sign of trouble to come in the labor market. (Source: BLS via FRED) For more on why this metric matters, read: 🧩 🤔 People are quitting less. In May, 3.29 million workers quit their jobs. This represents 2.1% of the workforce. While the rate is above recent lows, it continues to trend below prepandemic levels. (Source: BLS via FRED) A low quits rate could mean a number of things: more people are satisfied with their job; workers have fewer outside job opportunities; wage growth is cooling; productivity will improve as fewer people are entering new, unfamiliar roles. For more, read: ⚙️ 📈 Job switchers still get better pay. According to ADP, which tracks private payrolls and employs a different methodology than the BLS, annual pay growth in June for people who changed jobs was up 6.8% from a year ago. For those who stayed at their job, pay growth was 4.4%. For more on why policymakers are watching wage growth, read: 📈 💼 New unemployment claims tick lower. Initial claims for unemployment benefits rose to 233,000 during the week ending June 28, down from 237,000 the week prior. This metric remains at levels historically associated with economic growth. (Source: DoL via FRED) For more context, read: 💼 💳 Card spending data is mixed. From JPMorgan: "As of 26 Jun 2025, our Chase Consumer Card spending data (unadjusted) was 0.8% above the same day last year. Based on the Chase Consumer Card data through 26 Jun 2025, our estimate of the US Census June control measure of retail sales m/m is 0.40%." (Source: JPMorgan) From BofA: "Total card spending per HH was up 0.2% y/y in the week ending Jun 28, according to BAC aggregated credit & debit card data. Relative to last week, in our sectors, department stores, general merchandise & clothing saw the biggest rise in y/y spending. Meanwhile, entertainment, lodging and transit saw the biggest decline relative to last week." (Source: BofA) For more on consumer spending, read: 🛍️ 👍 Manufacturing surveys improve. From S&P Global's June Manufacturing PMI: "June saw a welcome return to growth for US manufacturing production after three months of decline, with higher workloads driven by rising orders from both domestic and export customers. Reviving demand has also encouraged factories to take on additional staff at a rate not seen since September 2022. However, at least some of this improvement has been driven by inventory building, as factories and their customers in retail and wholesale markets have sought to safeguard against tariff-related price rises and possible supply issues. It therefore seems likely that we will get pay-back in the form of slower growth as we head into the second half of the year." (Source: S&P Global) The ISM's June Manufacturing PMI reflected further contraction in the sector, but improved since May. (Source: ISM) 👍 Services surveys signal growth. From S&P Global's June Services PMI: "The US service sector reported a welcome combination of sustained growth and increased hiring in June, but also reported elevated price pressures, all of which could add to pressure on policymakers to remain cautious with regard to any further loosening of monetary policy." (Source: S&P Global) ISM's June Services PMI also signaled growth in the sector. (Source: ISM) Keep in mind that during times of perceived stress, soft survey data tends to be more exaggerated than actual hard data. For more on soft sentiment data, read: 📊 and 🙊 🏭 Business investment activity improves. Orders for nondefense capital goods excluding aircraft — a.k.a. core capex or business investment — increased 1.7% to $75.9 billion in May. (Source: Census via FRED) Core capex orders are a leading indicator, meaning they foretell economic activity down the road. For more on core capex, read: ⚠️ 🔨 Construction spending ticks lower. Construction spending decreased 0.3% to an annual rate of $2.138 trillion in May. (Source: Census) 🏢 Offices remain relatively empty. From Kastle Systems: "Peak day office occupancy was 62.4% on Tuesday last week, down 1.8 points from the previous week. Dangerously hot weather affected occupancy on Monday and Tuesday in some Eastern cities, led by New York, where Tuesday occupancy fell 6.2 points to 64.2%. The average low was on Friday at 32%, down 2.2 points from the previous week, as many workers scheduled a long weekend following the Juneteenth holiday on Thursday. Washington, D.C. was the only tracked city to experience an increase on Friday after mass protests the previous week, up 3.4 points to 30.4%, although still much lower than the city's typical Friday occupancy of about 36%." (Source: Kastle) For more on office occupancy, read: 🏢 🏠 Mortgage rates tick lower. According to Freddie Mac, the average 30-year fixed-rate mortgage declined to 6.67%, down from 6.77% last week. From Freddie Mac: "The average 30-year fixed-rate mortgage decreased for the fifth consecutive week. This is the largest weekly decline since early March. Declining mortgage rates are encouraging and, while overall affordability challenges remain, more sellers are entering the market giving prospective buyers an advantage." (Source: Freddie Mac) There are 147.8 million housing units in the U.S., of which 86.1 million are owner-occupied and about 34.1 million are mortgage-free. Of those carrying mortgage debt, almost all have fixed-rate mortgages, and most of those mortgages have rates that were locked in before rates surged from 2021 lows. All of this is to say: Most homeowners are not particularly sensitive to the small weekly movements in home prices or mortgage rates. For more on mortgages and home prices, read: 😖 📈 Near-term GDP growth estimates are tracking positively. The Atlanta Fed's GDPNow model sees real GDP growth rising at a 2.6% rate in Q2. (Source: Atlanta Fed) For more on GDP and the economy, read: 📉 and 🤨 🚨 The Trump administration's pursuit of tariffs threatens to disrupt global trade, with significant implications for the U.S. economy, corporate earnings, and the stock market. Until we get more clarity, here's where things stand: Earnings look bullish: The long-term outlook for the stock market remains favorable, bolstered by expectations for years of earnings growth. And earnings are the most important driver of stock prices. Demand is positive: Demand for goods and services remains positive, supported by healthy consumer and business balance sheets. Job creation, while cooling, also remains positive, and the Federal Reserve — having resolved the inflation crisis — shifted its focus toward supporting the labor market. But growth is cooling: While the economy remains healthy, growth has normalized from much hotter levels earlier in the cycle. The economy is less "coiled" these days as major tailwinds like excess job openings and core capex orders have faded. It has become harder to argue that growth is destiny. Actions speak louder than words: We are in an odd period, given that the hard economic data decoupled from the soft sentiment-oriented data. Consumer and business sentiment has been relatively poor, even as tangible consumer and business activity continues to grow and trend at record levels. From an investor's perspective, what matters is that the hard economic data continues to hold up. Stocks are not the economy: There's a case to be made that the U.S. stock market could outperform the U.S. economy in the near term, thanks largely to positive operating leverage. Since the pandemic, companies have aggressively adjusted their cost structures. This came with strategic layoffs and investment in new equipment, including hardware powered by AI. These moves are resulting in positive operating leverage, which means a modest amount of sales growth — in the cooling economy — is translating to robust earnings growth. Mind the ever-present risks: Of course, we should not get complacent. There will always be risks to worry about, such as U.S. political uncertainty, geopolitical turmoil, energy price volatility, and cyber attacks. There are also the dreaded unknowns. Any of these risks can flare up and spark short-term volatility in the markets. Investing is never a smooth ride: There's also the harsh reality that economic recessions and bear markets are developments that all long-term investors should expect as they build wealth in the markets. Always keep your stock market seat belts fastened. Think long-term: For now, there's no reason to believe there'll be a challenge that the economy and the markets won't be able to overcome over time. The long game remains undefeated, and it's a streak that long-term investors can expect to continue.A version of this article first appeared at Sign in to access your portfolio
