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☆ Chinese EV startups are spending more on research than Tesla is
▼ + stars: | 2024-07-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

CNBC | Evelyn ChengBEIJING – U.S.-listed Chinese electric car companies are spending more on research as a ratio to sales than Tesla , according to CNBC analysis of the four automakers' first-quarter earnings. Of the four U.S.-listed Chinese electric car companies, Nio ranked first, spending nearly 29% of revenue in the first three months of the year on research and development. He was referring to a popular term in China to describe fierce competition, especially in the electric car industry. She noted that can help Chinese electric car companies respond more quickly to customers and market needs than traditional automakers. Geely has also released an electric car architecture called SEA that it says allows for quicker production of different sized vehicles.

Persons: Evelyn Cheng, Paul Gong, Nio, Elon, Feng Shen, Shen, William Li, Li, Jing Yang, Zeekr's, Parent, Ren Xiangfei, Ren, Geely, Tesla, Taylor Ogan Organizations: CNBC, UBS, Elon Musk's, Ford Motor, China's Ministry of Industry, Information Technology, Fitch, China Passenger Car Association, Snow Bull, Tech Locations: Hefei, Evelyn Cheng BEIJING – U.S, U.S, China, Nio, Hefei city, Anhui, Shanghai, Asia, Pacific, Zhejiang province, Hong Kong, Shenzhen

☆ Apple wants to put a friendlier spin on artificial intelligence, but many users could miss out
▼ + stars: | 2024-06-11 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at all the takeaways from Apple's big event , including its friendlier spin on artificial intelligence . Related VideoBut first, it's not AI; it's Apple Intelligence. Apple Intelligence — it's AI, just not that AI — is the company's first big swing in the space. Data is the name of the game when it comes to AI, and Apple's iPhones are full of it. However, the Apple Intelligence news and partnership with OpenAI is what really set the billionaire off.

Persons: —, we've, it's, Andrew Burton, Justin Sullivan, Rebecca Zisser, Tim Cook, Apple, Apple's, Insider's Jordan Hart, Katie Notopoulos, Pro Max, BI's Peter Kafka, Max —, wasn't, Elon Musk, Chelsea Jia Feng, Grzegorz Wajda, Elon, Bernstein, Toni Sacconaghi, Point72, Steve Cohen's, WallStreetBets, Tyler Le, OpenAI, Sarah Friar, Kevin Weil, who's, Sam Altman's, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Annie Smith Organizations: Service, Business, Tech, Apple Intelligence, Washington, Getty, Apple, Pro, Elon, OpenAI, Academy Investment, GameStop, Planet Labs, Oracle Locations: Apple's, Chelsea, Silicon, New York, London

☆ How Mark Zuckerberg is reimagining the classroom
▼ + stars: | 2024-04-15 | by ( Clare Duffy | ) edition.cnn.com time to read: +7 min

Later this year, Meta will launch new software for educators that aims to make it easier to use its VR headsets in the classroom. The tools will let teachers manage and program multiple Quest headsets at once, give them access to a range of education-related apps and provide greater oversight and control of how students are using the devices. CNN reporter Clare Duffy interviews Meta President of Global Affairs Nick Clegg in virtual reality, using a Meta Quest 3 headset, alongside Meta spokespeople, on Wednesday, April 10, 2024. Questions about VR in the classroomThe cost to incorporate VR headsets in the classroom could be a hurdle to adoption for the many schools already struggling with limited resources. While cheaper than some other headsets on the market, Meta’s Quest 3 devices still start at $499 each.

Persons: Shakespeare, ”, Global Affairs Nick Clegg, Clegg, Vincent Quan, Abdul Latif Jameel, ” Quan, Clare Duffy, Meta spokespeople, ” Clegg, “ Organizations: New, New York CNN, Magic School, Meta, Globe Theatre, Global Affairs, VR, CNN, New Mexico University, Morehouse College, Quest Locations: New York, Ancient Rome, Meta, Manhattan, London, “

☆ Meta's CTO replaced his Tesla with an electric Mercedes: 'I didn't know cars could be this nice'
▼ + stars: | 2024-03-05 | by ( Ana Altchek | ) www.businessinsider.com time to read: +2 min

Meta's chief technology officer, Andrew Bosworth, is a big fan of his Mercedes AMG EQS. More recently, he drove a Honda Accord for 10 years and then a Tesla Model S for another decade, Bosworth said. His Tesla Model S, Bosworth said, "had a thing happen to it while it was parked." AdvertisementSpringing for a Mercedes AMG EQS isn't cheap: The 2023 luxury sedan has a retail price of $147,550. The interior of the Mercedes AMG EQS.

Persons: Andrew Bosworth, Mercedes AMG, Bosworth, EQS, —, Mercedes, Getty Mercedes Organizations: Mercedes, Benz, Service, Getty, Honda Accord, Tesla

☆ IRS set to launch its free tax-filing pilot program for some taxpayers. Here's what to expect
▼ + stars: | 2024-01-26 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Known as Direct File, the agency's free filing software pilot will begin as an invitation-only service for a group of government workers before rolling out to certain taxpayers in 12 states by mid-March. Direct File comes after a feasibility report authorized by the Inflation Reduction Act. Internal Revenue ServiceDirect File is 'starting small' with 12 statesThe IRS Direct File pilot intentionally starts with a limited group of taxpayers with relatively simple filings, according to IRS officials. While Direct File won't cover state returns, Arizona, Massachusetts and New York residents can immediately continue to state filing by importing Direct File data. While only certain taxpayers can use Direct File, the bilingual software includes built-in live chat support with IRS assistors.

Persons: Daniel Werfel, Kevin Lamarque, Laurel Blatchford, Danny Werfel, Werfel Organizations: Reuters, U.S . Department, Treasury Department, IRS, CNBC, Internal Revenue, Social Locations: Arizona , California, Florida , Massachusetts, Nevada , New Hampshire , New York, South Dakota , Tennessee , Texas, Washington and Wyoming, Arizona , Massachusetts, New York, California

☆ UK postal scandal: How a software glitch and a centuries-old British company ruined peoples lives
▼ + stars: | 2024-01-13 | by ( Anna Cooban | ) edition.cnn.com time to read: +10 min

The government — which owns the Post Office — has described the scandal as one of the greatest miscarriages of justice in British history. The software regularly showed that money — often many thousands of pounds — had gone missing from Post Office accounts. The Post Office has so far paid more than £138 million ($176 million) in compensation, a company spokesperson told CNN. “The Horizon system was a piece of machinery and software that wasn’t working correctly,” she said. “If the Post Office can do this to you, then God knows what any other brand is capable of,” she said.

Persons: —, Jo Hamilton, Hamilton, ”, Mr Bates, ’, Alan Bates, Rishi Sunak, ‘, Jonathan Wells, Wendy Buffrey’s Horizon, “, I’d, Buffrey, “ I’ve, Neil Hudgell, Martin Griffith, they’ve, Leon Neal, James Hartley, Siema Kamran, Kamran Ashraf, Ashraf, Kamran, ” Siema Kamran Organizations: London CNN, UK Post, Fujitsu, CNN, Post, ITV, Horizon, of Justice, Office, Cheltenham, Metropolitan Police, Getty, Post Office Locations: Britain, England, Hamilton, British, London, Buffrey, Bracknell , England, Freeths, Cheltenham

☆ Take-Two's Rockstar Games unveils 'GTA VI' trailer, to release game in 2025
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +1 min

Grand Theft Auto The Trilogy by Take-Two Interactive Software Inc is seen for sale in a store in Manhattan, New York City, U.S., February 7, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsDec 4 (Reuters) - Rockstar Games, owned by Take-Two Interactive Software (TTWO.O), on Monday released a trailer of the latest installment of its best-selling "Grand Theft Auto" (GTA) videogame franchise, ending a years-long wait. "GTA VI" will be released in 2025, according to the trailer posted to the studio's YouTube channel, after a version was leaked on social media. The teaser for the game came in more than a decade after the launch of its predecessor and will coincide with the 25th anniversary of Rockstar Games. A hack last year released dozens of development videos of "GTA VI", showing footages of robberies, gunplay and open-world driving in what was one of the biggest gaming leaks.

Persons: Andrew Kelly, Grant, Chandni Shah, Sherry Jacob, Phillips Organizations: Inc, REUTERS, Rockstar Games, YouTube, Thomson Locations: Manhattan , New York City, U.S, Bengaluru

NEW YORK (AP) — The highly-anticipated trailer for Grand Theft Auto VI arrived a little early after a copy was leaked online. In an early Tuesday brief, Raymond James analysts said that they originally expected Grand Theft Auto VI to arrive in the 2024 holiday season. "It is simply a shift rather than a reduction in expectations.”The first Grand Theft Auto hit store shelves back in 1997. Grand Theft Auto VI will arrive more than a decade after Grand Theft Auto V's 2013 release. Stifel researchers pointed to “exceptionally strong” buzz and pent-up demand following the Grand Theft Auto VI teaser — pointing to the tens of millions of views collected within hours.

Persons: Lucia, Raymond James &, Raymond James, hasn't, ” Organizations: Rockstar Games, Rockstar, Twitter, Software Inc, Associated, Auto, City, Raymond James & Associates, VI, PlayStation Locations: New York, Miami

☆ Take-Two surges on report widely awaited 'GTA VI' may be unveiled this week
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

Grand Theft Auto The Trilogy by Take-Two Interactive Software Inc is seen for sale in a store in Manhattan, New York City, U.S., February 7, 2022. Take-Two, slated to report earnings later in the day, did not immediately respond to a Reuters request for comment. The game's predecessor, "GTA V", has garnered around $7.68 billion in sales since its launch in 2013 and ranks among one of the most profitable titles ever. Take-Two was on track to add nearly $2 billion to its market value, based on the premarket share price of $148.6. The stock has risen by nearly a third this year, partly due to growing expectations of a reveal for the "GTA VI".

Persons: Andrew Kelly, Aditya Soni, Sriraj Organizations: Inc, REUTERS, Bloomberg, Rockstar Games, Thomson Locations: Manhattan , New York City, U.S, Bengaluru

☆ Take-Two Interactive forecasts downbeat bookings on sluggish demand
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

NBA 2K22 and Grand Theft Auto 5 by Take-Two Interactive Software Inc are seen for sale in a store in Manhattan, New York City, U.S., February 7, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNov 8 (Reuters) - Take-Two Interactive Software (TTWO.O) on Wednesday forecast third-quarter net bookings below market expectations, hurt by a slowdown in spending on the company's gaming titles such as "Grand Theft Auto" and "Red Dead Redemption". However, investors remain optimistic about the launch of Take-Two's "Grand Theft Auto VI", the latest installment in the franchise. Take-Two forecast third-quarter net bookings between $1.30 billion and $1.35 billion, compared with estimates of $1.44 billion, according to LSEG data. Total net bookings in the quarter fell 4% to $1.44 billion, compared with analysts' estimates of $1.43 billion.

Persons: Andrew Kelly, Zaheer Kachwala, Shounak Dasgupta Organizations: Software Inc, REUTERS, Electronic Arts, Rockstar Games, Thomson Locations: Manhattan , New York City, U.S, Bengaluru

☆ OpenAI unveils its most powerful AI model and customizable GPTs
▼ + stars: | 2023-11-06 | by ( Manav Tanneeru | Samantha Kelly | ) edition.cnn.com time to read: +4 min

CNN —The technology behind viral AI chatbot ChatGPT just got a whole lot smarter. Microsoft CEO Satya Nadella, an early partner of OpenAI, joined Altman on stage to discuss how his company continues to infuse GPT technology into its suite of 365 tools. Similar to plugins, GPT can connect to databases, be used in emails or facilitate e-commerce orders, the company said. A digital ecosystemOpenAI is also rolling out a GPT Store, starting later this month, to allow GPTs to become searchable. “We are just as annoyed as all of you, probably more, that GPT’s knowledge of the world ended in 2021,” he added.

Persons: ChatGPT, OpenAI, Sam Altman, Satya Nadella, Altman, ”, “ I’ve, “, ” Altman, Arun Chandrasekaran, “ GPTs, you’ll Organizations: CNN, Fortune, Microsoft, Adobe, Gartner Research Locations: San Francisco, what’s

☆ Cathie Wood says AI is highly deflationary and her top picks include Twilio and UiPath
▼ + stars: | 2023-10-12 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Ark Invest's Cathie Wood said Thursday that the artificial intelligence boom is an antidote to inflation and a big driver of productivity. "AI is going to lead to one of the biggest improvements in productivity … which is highly anti-inflationary," Wood said at CNBC's Financial Advisor Summit . Another area for AI opportunities is software, Wood said. Wood said she particularly values companies that know how to utilize proprietary data. So it has a lot of proprietary data to help marketers and salespeople understand the best way to target customers," Wood added.

Persons: Cathie Wood, Wood, Twilio Organizations: CNBC's Financial, Ark Invest, Meta

☆ Apple releases software update to resolve iPhone 15 overheating issue
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +1 min

[1/2] An Apple logo is pictured outside an Apple store in Lille, France, September 13, 2023. REUTERS/Stephanie Lecocq/File Photo/File Photo Acquire Licensing RightsOct 4 (Reuters) - Apple (AAPL.O) released an update to its iOS 17 software on Wednesday to resolve an overheating issue related to its latest iPhones. The iPhone 15 series, encased in a titanium shell, was launched last month with its custom A17 pro chip powering the Pro and Pro Max phones. Shortly after the iPhone 15 models were launched, consumers complained about bad battery life and overheating. The latest update to the iOS 17 software includes "important bug fixes, security updates, and addresses an issue that may cause the iPhone to run warmer than expected," an Apple spokesperson said on Wednesday.

Persons: Stephanie Lecocq, Pro Max, Apple, Instagram, Chavi Mehta, Anil D'Silva, Sherry Jacob, Phillips Organizations: Apple, REUTERS, Pro, Thomson Locations: Lille, France, Bengaluru

☆ Creator merchandise company Spring has been hit with 7 lawsuits this year
▼ + stars: | 2023-09-08 | by ( Sydney Bradley | Amanda Perelli | ) www.businessinsider.com time to read: +6 min

Merch company Spring has been hit with numerous lawsuits this year. The creator merchandise company Spring has been hit with a slew of lawsuits this year following the sale of its assets, in late 2022, to the software company Amaze. Spring, as a company, still exists but has been effectively defunct since the asset sale. That hasn't stopped the lawsuits against Spring (formerly known as Teespring) from piling up, however. Since January, Spring has been sued by several vendors and business partners, with global shipping company DHL being the latest to sue the company.

Persons: Amaze, Ty Huls, Huls, Spring, et, Broder Bros, It's, Evan Stites, Clayton, Chris Lamontagne, Annelies Jansen, OpenAI's Sam Altman, Jansen, What's, Michael Curtiss Organizations: DHL, Spring, Washington State Department of Revenue, DHL Ecommerce, Inc, Teespring Inc, Trade Credit Insurance Inc, Al, Former Spring, Amaze, Amaze Holding, Amaze Software Inc, Software Locations: Amaze, Teespring, Spring, WilliamsMarston

☆ Apple sends invites for Sept. 12 launch event, new iPhone 15 expected
▼ + stars: | 2023-08-29 | by ( Kif Leswing | ) www.cnbc.com time to read: +1 min

Apple announced that it will hold a press event on its headquarters in Cupertino, California on Sept. 12, where the company is expected to announce new iPhones. The launch event will be streamed on Apple's website at 1 p.m ET. Apple has used pre-recorded videos to launch its iPhones since 2020. The company could also announce new Apple Watch models at the event, including an updated version of the high-end Apple Watch Ultra. Apple also typically releases the new version of iOS for iPhones at the September event.

Organizations: Apple, European Union, iPhones Locations: Cupertino , California

☆ Claiming Social Security retirement benefits is a high-stakes decision. Don't let these 5 myths get in your way
▼ + stars: | 2023-08-19 | by ( Lorie Konish | ) www.cnbc.com time to read: +6 min

Moyo Studio | E+ | Getty ImagesSocial Security benefits provide retirement income for millions of Americans. Myth 1: Claiming early is bestNegative headlines may scare people into claiming as early as possible to get the most benefits. Eligibility for Social Security retirement benefits starts at age 62. Myth 4: Social Security benefits are not taxedThanasis | Moment | Getty ImagesThe misperception that Social Security benefits aren't taxed is "perhaps the biggest myth of all," said Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League. That includes the sum of your adjusted gross income, nontaxable interest and half of your Social Security benefits.

Persons: that's, Joe Elsasser, Elsasser, Laurence Kotlikoff, Bruce Tannahill, there's, Kotlikoff, Tannahill, Mary Johnson, Anna Frank Organizations: Social Security, Social, Security, Boston University, Senior Citizens League . Social Security

☆ Take-Two forecasts second-quarter net bookings below estimates
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

[1/2] Grand Theft Auto The Trilogy by Take-Two Interactive Software Inc is seen for sale in a store in Manhattan, New York City, U.S., February 7, 2022. REUTERS/Andrew Kelly/File PhotoAug 8 (Reuters) - Take-Two Interactive Software (TTWO.O) forecast second-quarter net bookings below Wall Street targets on Tuesday, in a sign that spending on games was under pressure amid persistent inflationary pressures. Spending on videogame content was flat in the first half of the year, while console sales rose 23%, according to data from gaming research firm Circana. The videogame publisher forecast net bookings between $1.4 billion and $1.45 billion, compared with analysts' average estimate of $1.45 billion, according to Refinitiv data. Adjusted sales rose 20% to $1.20 billion in the quarter ended June 30, compared with analysts' average estimate of $1.21 billion, according to Refinitiv data.

Persons: Andrew Kelly, Chavi Mehta, Shilpi Majumdar Organizations: Inc, REUTERS, PlayStation, Thomson Locations: Manhattan , New York City, U.S, Bengaluru

☆ Even OpenAI's own detection service can't tell AI-generated work apart — the company quietly took it down over accuracy concerns
▼ + stars: | 2023-07-26 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

OpenAI quietly removed its tool for detecting writing generated by AI, citing accuracy concerns. Fears of students using generative AI like ChatGPT to cheat have driven some schools to ban its use. Experts told Insider ChatGPT exacerbates underlying issues in education — like excessive testing and formulaic essays. OpenAI, the creator of viral chatbot ChatGPT, has quietly scuppered a tool that detects AI-generated text, citing accuracy concerns. Rebecca Tan, a lecturer at the National University of Singapore, told Insider that educators are adapting to a reality where generative AI is widely available.

Persons: OpenAI, —, Rebecca Tan, Turnitin, Leah Henrickson Organizations: National University of Singapore, Washington Post, Times Higher Education, USA, Turnitin, University of Leeds

Microsoft is weaving AI into its own products, such as the $30-a-month "Copilot" assistant for its Microsoft 365 service that can summarize a day's worth of emails into a quick update. Microsoft's results show heavy spending on AI services ahead of commensurate revenue growth. For the segment that includes Azure, Microsoft forecast a first-quarter revenue range with a midpoint of $23.45 billion. Microsoft's forecast for its Windows segment had a midpoint of $12.7 billion, below analysts' estimate of $13.14 billion. Microsoft has started integrating AI functionality across its products such as Azure, Microsoft 365, GitHub and several developer tools.

Persons: Amy Hood, Hood, Satya Nadella, Yuvraj Malik, Devika Syamnath, Richard Chang Organizations: Microsoft, Wall, Nvidia Corp, Revenue, Alpha, Thomson Locations: Bengaluru

☆ IBM reports earnings beat, but misses on revenue
▼ + stars: | 2023-07-19 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

IBM reported second-quarter earnings on Wednesday that topped analysts' estimates as the company expanded its gross margin. Revenue: $15.48 billion, versus $15.58 billion expected, according to Refinitiv. Net income for the quarter rose 13% to $1.6 billion from $1.4 billion, or $1.72 per share, a year earlier. IBM reiterated on Wednesday that it expects between 3% and 5% revenue growth through the end of the year in constant currency. The company's infrastructure division, which includes its mainframe sales, declined 14.6% to $3.6 billion in revenue.

Persons: Arvind Krishna, James Kavanaugh, Krishna Organizations: IBM, Economic, Revenue, Intel's, Hat Linux, Health, Systems Locations: Davos, Switzerland, Refinitiv

☆ Volkswagen China chief asks China's premier Li for clarity on data transfers
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

BERLIN, June 27 (Reuters) - Volkswagen's (VOWG_p.DE) head of its business in China said on Tuesday that the carmaker needed clarity on cross-border data transfers in a meeting with the country's Premier Li Qiang, asking how China would cooperate with Europe amid rising political tensions. "As a globalized industry, the transformation of the automotive sector highly depends on international exchange of personnel, data and knowledge. We therefore need more clarity on cross-border data transfers," executive Ralf Brandstaetter said, according to a copy of the speech held at a World Economic Forum meeting in Tianjin. "What are the major considerations of China, and how China will cooperate with Europe in this regard?" SAIC Volkswagen Automotive Co joined in the price war in March, offering 3.7 billion yuan ($512.52 million) in cash subsidies for car purchases in China.

Persons: Li Qiang, Ralf Brandstaetter, Brandstaetter, Victoria Waldersee, Matthias Williams Organizations: Volkswagen, Qualcomm, Horizon Robotics, Tesla, SAIC Volkswagen Automotive Co, Thomson Locations: BERLIN, China, Europe, Tianjin, North America, Italian, Hefei

☆ Unity stock jumps 17% on Apple Vision Pro partnership
▼ + stars: | 2023-06-05 | by ( Jordan Novet | ) www.cnbc.com time to read: +1 min

The New York Stock Exchange welcomes Unity Software Inc. (NYSE: U) Friday, September 18, 2020, as they officially begin trading today. Unity shares surged 17% after Apple on Monday said it's working with the game-development software maker as part of the release of its Vision Pro headset. Apple is working to build the third-party ecosystem of apps that people will be able to use in the $3,499 device. The iPhone maker said Adobe , Cisco and Microsoft are among the companies creating Vision Pro apps. Unity, which helps developers incorporate advertising into their apps, was one of the companies hurt by Apple's iOS privacy changes.

Persons: it's, Susan Prescott, we've, John Riccitiello Organizations: New York Stock Exchange, Unity Software Inc, Unity, Apple, Cisco, Microsoft

☆ How generative A.I. and low-code are speeding up innovation
▼ + stars: | 2023-05-19 | by ( Rachel Curry | ) www.cnbc.com time to read: +4 min

Oscar Wong | Moment | Getty ImagesIndependently, generative artificial intelligence and low-code software are two highly sought-after technologies. While the intersection of low-code and AI feels natural, it's crucial to consider nuances like data integrity and security to ensure a meaningful integration. Additionally, rather than the AI revolution replacing low-code, Varadharajan said, "One doesn't replace the other, but the power of two is going to bring a lot of possibilities." Low-code software increases the accessibility of development across organizations (often to so-called citizen developers) while generative AI increases organizational efficiency and congruence. "Even now, we are still grappling with the possibilities of what generative AI can do," Varadharajan said.

☆ Growing debt ceiling deal hopes send stocks higher
▼ + stars: | 2023-05-18 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

The benchmark S&P 500 index (.SPX) rebounded from early declines on news that top U.S. congressional Republican Kevin McCarthy said a deal to raise or suspend the debt ceiling could potentially be reached in time to hold a House vote next week. On Wednesday, President Joe Biden and McCarthy reiterated their aim to strike a deal soon to raise the $31.4 trillion federal debt ceiling and agreed to talk as soon as Sunday. The debt ceiling has drawn attention away from uncertainty about the Federal Reserve's stance on interest rates. Advancing issues outnumbered decliners on the NYSE by a 1.31-to-1 ratio; on Nasdaq, a 1.14-to-1 ratio favored advancers. The S&P 500 posted 27 new 52-week highs and seven new lows; the Nasdaq Composite recorded 88 new highs and 83 new lows.

☆ Debt ceiling optimism helps lift S&P 500, Nasdaq
▼ + stars: | 2023-05-18 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

The benchmark S&P 500 index (.SPX) rebounded from early declines on news that top U.S. congressional Republican Kevin McCarthy said a deal to raise or suspend the debt ceiling could potentially be reached in time to hold a House vote next week. On Wednesday, President Joe Biden and McCarthy reiterated their aim to strike a deal soon to raise the $31.4 trillion federal debt ceiling and agreed to talk as soon as Sunday. The debt ceiling has drawn attention away from uncertainty about the Federal Reserve's stance on interest rates. Declining issues outnumbered advancers on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.17-to-1 ratio favored decliners. The S&P 500 posted 23 new 52-week highs and seven new lows; the Nasdaq Composite recorded 77 new highs and 74 new lows.

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