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Burst of Attacks in Gulf Heightens Fears Over Fragile Energy Trade
Strikes on tankers in the Strait of Hormuz and oil infrastructure in Saudi Arabia came as the region’s exporters were getting more oil to the world market.
Tech heavyweights push Nasdaq to record high close
The Nasdaq notched a record high close on Monday, lifted by Nvidia and Microsoft, as investors focused on a dip in oil prices and looked ahead to quarterly earnings reports. It was the Nasdaq's second day of sharp gains after weaker-than-expected jobs data on Friday dampened expectations for an interest rate hike from the US Federal Reserve at its policy meeting this month. The S&P 500 rose and was about 0.3 percent below its August 13 record high close. AI heavyweight Nvidia climbed 2.1 percent and also reached a record-high close, boosting its stock market value to US$5.76 trillion. Microsoft added 1.5 percent, while Meta Platforms and Tesla gained about 2 percent each. The Nasdaq's previous record high close was on September 22. Oil prices slipped after crude exports from the Middle East increased and the Group of Seven nations pledged to boost supplies. "With the economic data calendar being light and earnings about a week away, investors are really groping for anything positive to grab onto, and clearly they're looking at lower energy prices," said Art Hogan, chief market strategist at B Riley Wealth. Third-quarter earnings season kicks off next week with reports from large US banks. Analysts on average see S&P 500 earnings jumping over 30 percent year over year, thanks largely to AI-related stocks, according to LSEG data. Following jobs data on Friday that showed US job growth slowed more than expected in September, traders see a 24 percent chance of an interest rate hike at the Fed's October meeting, down from a 70 percent chance a week ago, according to CME's FedWatch tool. The Nasdaq rose 1.1 percent, to 27,477, the S&P 500 rose 0.7 percent, to 7,773, while the Dow rose 0.2 percent, to 51,267. (Reuters) Edited by Cecil Wong
House Democrat targets candidate prediction market trades after opponent’s Kalshi penalty
A new bill bans federal candidates from trading prediction market contracts related to their own elections and would result in a fine if violated.
Nashville Symphony Receives $10 Million Lifeline From Oracle
The symphony announced last week that it was pausing the rest of the season after disclosing financial trouble. The concerts are back on now, thanks to a tech company gift.
Brazilian stocks jump as Bolsonaro now seen as heavy favorite to win presidency
The moves come after the first round results of Brazil's presidential election on Sunday. Bolsonaro will face incumbent Lula da Silva in a runoff on Oct. 25.
High Interest Rates Aren’t Slowing the A.I. Boom. That’s a Problem for the Fed.
Rising borrowing costs are taking a toll on households and businesses. But they are doing little to dampen enthusiasm for investments in A.I. infrastructure, which are contributing to inflation.
CNN C.E.O. Mark Thompson Says He Will Stay On Under New Owner Skydance
Mark Thompson told the network’s employees that he had faith that David Ellison, the chief executive of Skydance, would support “independent news that CNN has always stood for.”
Cocoa prices are climbing again. Here’s why this time is different
Cocoa prices are rising again as El Niño threatens West African supplies. Chocolate makers have few easy fixes to absorb higher costs.
5 Challenges David Ellison Faces as Warner Bros. Discovery and Paramount Merge
The tech scion has given his combination of Warner Bros. Discovery and Paramount a new name: Skydance. Now he must make tough decisions about news, movies, streaming, sports and debt.
Shadow chancellor vows to cut at least one tax in every Tory budget
Shadow ministers unveiled a series of policies on day two of the Conservative Party conference in Birmingham.