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☆ Stock market today: Dow jumps 337 points to fresh record as US stocks rise on solid earnings
▼ + stars: | 2024-10-16 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Stocks rose on Wednesday after traders took in a handful of strong corporate earnings reports. Chip stocks wavered after Tuesday's selloff, with eyes on TSMC ahead of earnings. AdvertisementUS stocks rose on Wednesday as traders took in strong earnings results to bounce back from a sell-off in the chip sector in the previous session. Stocks, though, are on par for another strong quarter of earnings results. The S&P 500 is on track to report 7% year-per-year earnings growth for the third quarter, according to estimates from FactSet.

Persons: Morgan Stanley, Tuesday's selloff, —, ASML Organizations: United Airlines, Service, Dow Jones, Micro Devices, Investors, Nvidia Locations: FactSet, Here's

☆ Harris attacks Trump for allegedly giving Putin Covid tests 'when Black people were dying every day by the hundreds'
▼ + stars: | 2024-10-15 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Alex-Seitz-Wald-Circle-Byline-Template.Jpg | Alex Seitz-Wald | ) www.nbcnews.com time to read: +6 min

As she steps up her appeals to Black voters, Vice President Kamala Harris appeared on a popular Black radio program Tuesday, saying she is still open to slavery reparations and slamming former President Donald Trump for allegedly sending Covid tests to Russia “when Black people were dying” back home. Drawing on a new book by famed journalist Bob Woodward, Harris slammed Trump for reportedly sending Covid-19 testing devices to Putin when the machines were in short supply back home. Harris also stood by her early support for studying the idea of slavery reparations, which she embraced during her first presidential run in 2019. But when she was asked directly Tuesday, Harris responded: “On the point of reparations, it has to be studied. Trump's campaign responded to the attacks in the interview by pointing to polls that find a majority of Black voters think the country is on the wrong track.

Persons: Kamala Harris, Donald Trump, Russia “, Harris, ” Harris, Vladimir Putin, Bob Woodward, Trump, Putin, ”, “, belittle, It’s, I’m, Black, Janiyah Thomas, Trump's, Charlamagne, Lenard McKelvey, Kamala, ’, Howard Stern Organizations: Black, Howard University, NBC News, “, belittle Trump, Trump, American Civil Liberties Union Locations: Russia, Detroit, Oakland , California, Trump, United States, America, Ukraine

☆ Harris faces historic challenge in running as a sitting VP: From the Politics Desk
▼ + stars: | 2024-10-15 | by ( The Politics Desk | ) www.nbcnews.com time to read: +13 min

In today’s edition, national political correspondent Steve Kornacki breaks down the historical challenges Kamala Harris faces running for president as a sitting VP. Harris faces historic challenge in running as a sitting VPBy Steve KornackiKamala Harris is the third presidential nominee in the last half-century to run as a sitting vice president. Measures like more Secret Service agents and bulletproof glass are now common on the campaign trail. Read more → 🔑 It all comes down to yinz: The Harris campaign believes its path to winning all-important Pennsylvania runs through the suburbs. Read more →The Harris campaign believes its path to winning all-important Pennsylvania runs through the suburbs.

Persons: Steve Kornacki, Kamala Harris, Michelle Obama hasn't, Harris, Hakeem Jeffries, Steve Kornacki Kamala Harris, Joe Biden’s, it’s, Biden, Donald Trump, Trump’s, VPs, Al Gore, George H.W, George H.W . Bush, Bill Clinton, Ronald Reagan, “, ”, ” Reagan, Bush, Michael Dukakis, Gore, Clinton, Hubert Humphrey, Lyndon Johnson, Johnson, Humphrey, Republican Richard Nixon —, they’d, Michelle Obama, Monica Alba, Carol E, Lee, Kristen Welker Barack Obama, Trump, ” Michelle Obama, Ali Vitali, Kyle Stewart ALBUQUERQUE, Democrats haven’t, “ we’ve, ” Jeffries, Jeffries, Nancy Pelosi speakership, Kevin McCarthy, Mike Johnson, ️, abou, l, ord, O Organizations: NBC, White House, Capitol, Democratic, White, ABC, Democratic Party, Republican, Biden, Democratic National Convention, Service, Democrats, NBC News, GOP, Republicans, aig Locations: George H.W ., midstream, Vietnam, N.M, D, Jeffries, New York, California

Nearly two dozen family members will hold a news conference outside the Clara Shortridge Foltz Criminal Justice Center in downtown L.A. at 1 p.m. PT Wednesday. It was not clear whether Gascón, a progressive who is running for re-election, plans to appear outside the courthouse. The Menendez brothers are “cautiously optimistic” about the prosecutors’ review, Geragos told NBC Los Angeles on Tuesday. Erik and Lyle Menendez were found guilty 28 years ago and sentenced to life in prison without parole. The family members slated to speak at Wednesday’s news conference include Anamaria Baralt, niece of José Menendez; Joan Anderson VanderMolen, sister of Kitty Menendez; Karen VanderMolen, niece of Kitty Menendez; and Brian A. Anderson Jr., nephew of Kitty Menendez.

Persons: Erik, Lyle Menendez’s, Clara Shortridge Foltz, Mark Geragos, Rosie O’Donnell, George Gascón, José, Mary Louise “ Kitty ” Menendez, Menendez, Geragos, Lyle Menendez, Lyle, Erik Menendez, Ryan Murphy, Anamaria Baralt, José Menendez, Joan Anderson VanderMolen, Kitty Menendez, Karen VanderMolen, Brian A, Anderson Jr, O’Donnell, Kim Kardashian, “, ”, Gascón, Nathan Hochman, Laurie Levenson, ” Levenson Organizations: Clara Shortridge Foltz Criminal, Center, PT, NBC Los, Beverly, Netflix, NBC, Loyola Law School Locations: Los, L.A, Angeles County, NBC Los Angeles

☆ Track's next great sprinter is bypassing college and signing with Puma
▼ + stars: | 2024-10-15 | by ( Andrew Greif | Andrew Greif Is A Freelance Sports Journalist. | ) www.nbcnews.com time to read: +5 min

Christian Miller was a high school senior last April when he became one of the fastest teenagers in track and field history. Running 9.93 seconds in the 100 meters one month before his 18th birthday left Miller wondering how much faster he could go. His fifth-place finish in the 100 at June’s U.S. Olympic track and field trials emboldened his confidence that he belonged with professionals, he said. I’m trying to stand myself down as one of the top 100- and 200-meter runners.”Christian Miller during a practice. Details of professional contracts in track and field are rarely disclosed, and the terms of Miller’s were not, either.

Persons: Christian Miller, Miller, he’ll, Ricky Fields, Liberty University . Miller, ” Miller, Noah Lyles, you’ve, Letsile, ” Christian Miller, Usain Bolt, Mario Bassani, Letsile Tebogo, I’ve, ”, “, Erriyon Knighton, Tamari Davis, Hobbs Kessler Organizations: Puma, NBC News, NCAA, Liberty University, June’s U.S, University of Georgia, NBC, Management, Oakley, Creekside, School, U20, UGA, U.S . Locations: Jacksonville, Fla, Los Angeles, Clermont, U.S, Tokyo

Germany’s flagship airline has been fined $4 million by the U.S. Department of Transportation over allegations it discriminated against a group of Jewish passengers. The regulator said Tuesday that Lufthansa had prohibited 128 people wearing traditional Orthodox Jewish clothing from boarding for a connecting flight in Germany as they made their way from New York City to Budapest, Hungary, in May 2022. “Based on the alleged misconduct of some passengers,” DOT said, Lufthansa staff “treated them all as if they were a single group and denied them boarding,” despite many of the passengers not knowing each other nor traveling together. The penalty is the largest ever issued by the DOT against an airline for a civil rights violation. But the terrible, awful irony of it coming from the German national airline was outrageous.”

Persons: Pete Buttigieg, Deborah Lipstadt, Biden, ‘, ”, Lipstadt Organizations: U.S . Department of Transportation, Lufthansa, JFK, ”, Transportation, NBC News, American Jewish Committee, German Locations: Germany, New York City, Budapest, Hungary, ” U.S

☆ Taiwan says Chinese military sent a record 153 planes toward island during war games
▼ + stars: | 2024-10-15 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +2 min

TAIPEI, Taiwan — Taiwan’s defense ministry on Tuesday detailed the surge in Chinese warplane activity around the island during war games the previous day, saying it had detected a record 153 Chinese military aircraft. In its daily update on Chinese military activity around the island in the previous 24 hours, Taiwan’s defense ministry said it had spotted 153 Chinese military aircraft, updating a figure given on Monday evening of 125 which it had already said was a record high for a single day. There were also 14 Chinese navy ships and 12 “official ships” — which refers to the coast guard and other military-adjacent vessels — spotted, the ministry said. Speaking to reporters in Taipei, Premier Cho Jung-tai said the drills were not just a Taiwan issue. “Any drills without prior warning will cause great disturbance to peace and stability in the entire region,” he said.

Persons: ”, Lai Ching, Cho Jung, “ Locations: TAIPEI, Taiwan, China, Beijing, Taiwan Strait, South China, Taipei

Celebrated New York City rapper and former firefighter Ka, whose real name was Kaseem Ryan, has died, according to his social media accounts. A cause of death was not available, and a spokesperson for the New York City Office of Chief Medical Examiner did not immediately respond to a request for information. Ryan served the FDNY and the people of the city of New York with distinction for 20 years, working assignments in both the Bronx and Brooklyn," New York City Fire Department spokesperson Jim Long said by email. In a 2016 profile headline, music publication The Fader called Ka "New York Rap's Greatest Living Treasure." The announcement on Ka's Instagram page said he produced 11 albums under his name.

Persons: Ka, Kaseem Ryan, “, —, Capt, Ryan, Jim Long, Ferraris, Wu, Tang Clan, Roc Marciano, Jeff Weiss, hadn't, he's, Gary Grice, GZA, Mimi Valdes, ” Organizations: New York City, NBC News, New, Office, FDNY, Bronx and, York City Fire Department, Ka's, York, Pitchfork, Brooklyn Locations: Brownsville, New York, Bronx and Brooklyn, York City, Tang, GZA

☆ Health care fraudster Philip Esformes is latest Trump clemency recipient to be arrested
▼ + stars: | 2024-10-15 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

Philip Esformes, whose 20-year prison sentence for a massive, $1.3 billion Medicare fraud scheme was commuted in 2020 by then-President Donald Trump, was arrested over the weekend in Florida on domestic-violence related charges. Esformes is at least the seventh person who received executive clemency from Trump, and has since been charged with new crimes, according to The New York Times, which first reported this latest arrest. Court records show that Esformes was arrested Saturday and then charged with tampering with a victim or witness, and with criminal mischief involving property damage. CNBC also has requested comment from a lawyer for Esformes' ex-wife, Sherri Beth Esformes, whose divorce from him was finalized in July 2020. On Tuesday, a judge in Miami federal court set a deadline of Nov. 4 for Philip Esformes to respond to his ex-wife's filing.

Persons: Philip Esformes, Donald Trump, Esformes, Trump, Jonathan Braun, Sherri Beth Esformes, Sherri Beth Organizations: The New York Times, Miami, CNBC, Department of Justice Locations: Florida, York, Dade County, Miami

☆ Stocks making the biggest moves premarket: Goldman Sachs, Bank of America, Walgreens and more
▼ + stars: | 2024-10-15 | by ( Hakyung Kim | In Hakyungkim | ) www.cnbc.com time to read: +3 min

Bank of America -- Shares moved 1% higher after third-quarter earnings and revenue topped Wall Street analysts' estimates. Goldman Sachs — Shares of the investment bank jumped more than 2% on better-than-expected quarterly earnings. Goldman Sachs posted earnings per share of $8.40 on $12.70 billion in revenue. Citigroup — Shares of the Jane Fraser-led bank added 1.7% after third-quarter earnings and revenue were better than consensus estimates. Charles Schwab — The brokerage company surged more than 7% after third quarter results beat analysts' estimates.

Persons: Johnson, J, Goldman Sachs, LSEG, UnitedHealth, Walgreens, Jane Fraser, Coty –, Coty, Charles Schwab, —, Yun Li, Michelle Fox, Samantha Subin, Sarah Min, Pia Singh Organizations: Bank of America, Wall, LSEG, Revenue, Johnson, Walgreens, Alliance, Citigroup —, Citigroup, PNC Financial, PNC, Coty, Energy, RBC Capital Markets, EV Locations: Pittsburgh, LSEG .

☆ PGA Tour of America facing backlash after Ryder Cup day tickets priced at nearly $750
▼ + stars: | 2024-10-15 | by ( Samuel Joseph | Sam Joseph | ) edition.cnn.com time to read: +2 min

These “Ryder Cup+” tickets give attendees “access to unlimited food and non-alcoholic beverages at all market concessions throughout the grounds and no extra cost,” according to the Ryder Cup website. “I need to sign a LIV deal so I can afford Ryder Cup tickets,” joked GOLF.com’s Claire Rogers. “What are better things to do with your money than pay this amount for Ryder Cup Tickets? I guess even the Ryder Cup is not immune from inflation,” one user posted on X. Nobody normal is paying $800 for a Ryder cup ticket,” added another.

Persons: Marco Simone Golf, Kevin Van Valkenburg, LIV, ”, GOLF.com’s Claire Rogers, Gary Kellner Organizations: CNN, Bethpage, Ryder, Country Club, Sunday, America, Europe, Los Angeles Country, PGA, USA, Team Europe Locations: Bethpage Black, Farmingdale , New York, Rome, Los, Europe, Italy

☆ Stock futures are little changed after S&P 500 slips from record highs: Live updates
▼ + stars: | 2024-10-15 | by ( Jesse Pound | ) www.cnbc.com time to read: +1 min

Stock futures were calm on Tuesday evening as Wall Street looks to see whether equities can be rebound to record highs this week. Futures tied to the S&P 500 were flat. Nasdaq 100 futures ticked up by less than 0.1%, while Dow Jones Industrial Average futures added just 2 points. The Dow and S&P 500 both slipped from their recent records during Tuesday's regular trading session, falling 0.75% and 0.76%, respectively. Tech stocks – semiconductors, in particular – weighed on the S&P 500 and the Nasdaq.

Persons: Bryn Talkington, Morgan Stanley Organizations: Dow Jones Industrial, Dow, Nasdaq, Tech, Nvidia, Management, UnitedHealth, Abbott Laboratories

☆ Asian semiconductor stocks rise after shares of AI chip darling Nvidia hit a record high
▼ + stars: | 2024-10-15 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +1 min

Asian chip stocks rose on Tuesday after Nvidia closed at a record high overnight as the chip company continues to ride the massive artificial intelligence wave. Stocks tied to Nvidia suppliers as well as other chip companies advanced as the bullish investor sentiment spilled over. Shares of South Korean chipmaker SK Hynix, which manufacturers high bandwidth memory chips for AI applications, for Nvidia surged 2.5%. Samsung Electronics, which is expected to be manufacturing HBM chips for some Nvidia products, saw its shares rise 0.5%. Japanese semiconductor manufacturing firm Tokyo Electron surged 5%, testing equipment supplier Advantest gained 3.6% and Renesas Electronics rose over 4%.

Persons: Stocks Organizations: Nvidia, Korean chipmaker SK Hynix, Samsung Electronics, Taiwan Semiconductor Manufacturing Company, Hai Precision Industry, Tokyo, Advantest, Renesas Electronics, SoftBank Group

The vast majority of analysts surveyed by FactSet hold a strong buy or buy rating on the stock. Despite its recent slowdown, analysts surveyed by FactSet have a consensus buy rating on the dominant e-commerce platform. Bullish voices on the stock include Goldman Sachs analyst Eric Sheridan, who recently reiterated a buy rating and $230 price target. JPMorgan's Anmuth is similarly positive on Amazon ahead of earnings, rating the stock overweight and saying it remains the favorite in the bank's firm's internet sector coverage. The consensus FactSet rating on Meta is buy, with an average price target of $604, suggesting just 2.3% potential upside.

Persons: Roundhill, —, selloff, Goldman Sachs, Kash Rangan, Nvidia's Blackwell, Brad Zelnick, Amit Daryanani, Daryanani, Apple's wearables, qtr, Tim Cook's, you'd, Morgan Stanley, Jensen, Blackwell, Biden, Tesla, enthusiam, Elon, Wells, Colin Langan, Department's, Doug Anmuth, Bank of America's Justin Post, Eric Sheridan, Sheridan, Goldman, Anmuth, Baird, Roth MKM, JPMorgan's Anmuth, Goldman's Sheridan, Meta's, — CNBC's Michael Bloom Organizations: Apple, Microsoft, Nvidia, Tesla, CNBC, Windows, Investment, Deutsche Bank, Justice Department, Blackwell, Bloomberg, Ford, General Motors, EV, Google, FactSet, Bank of America's, ISI, Walmart, Costco, eBay, Meta, Ray, Labs, Facebook, Temu, Goldman Locations: China, FactSet, ., Downside, U.S, Wells Fargo, American, Meta's Asia, Pacific

☆ We're about to enter the Digital Dark Ages
▼ + stars: | 2024-10-15 | by ( Adam Rogers | ) www.businessinsider.com time to read: +11 min

Without laborious renaming, everything behind those links — billions of them, a decade of digital content — will become inaccessible. We're about to enter the Digital Dark Ages. The Department of Veterans Affairs is legally required to preserve all medical records for 75 years after the death of a vet — but it's having problems, in part because of a balky digital records system. "Over the long term, you can't preserve a digital object in its original form," says Manoff, the former MIT librarian. The Dark Ages, as historians used to call the early centuries of medieval Europe, lasted for 500 years.

Persons: Mark Graham, Graham, we're, Marlene Manoff, Loren McClenachan, McClenachan, we'd, Adam Rogers Organizations: Google, Companies, of Alexandria, New York Times, Pew Research Center, Gawker, Los Angeles Herald Examiner, New York Newsday, Paramount, MTV, Comedy, Yahoo Groups, Yahoo, Facebook, Penguin, AOL, Prodigy, Department of Veterans Affairs, Wayback, Wayback Machine, MIT Libraries, Scripps Institution of Oceanography, MIT, Business Locations: Friendster, Key West , Florida, Europe

☆ ALCS Game 1: New York Yankees power past wild Cleveland Guardians
▼ + stars: | 2024-10-15 | by ( Homero De La Fuente | ) edition.cnn.com time to read: +3 min

Cantillo threw an AL postseason record four wild pitches, two of which allowed runs to score to hand the Yankees a 3-0 advantage. At the end of the day, it’s a team effort and we showed up today.”Yankees pitcher Carlos Rodón throws against the Guardians in Game 1 of the ALCS. Cleveland threatened to make it a game in the top of the eighth, hitting three consecutive singles off Yankees reliever Tim Hill. With the tying run at the plate, Yankees manager Aaron Boone turned to closer Luke Weaver for the last five outs. After allowing a walk in the top of ninth inning, Weaver struck out the next three batters, securing his fourth save of the postseason and the Yankees victory.

Persons: CNN — Juan Soto, Carlos Rodón, Soto, Alex Cobb, Cobb –, –, Aaron Judge, Giancarlo Stanton, Anthony Volpe, Stephen Vogt, Joey Cantillo, Cantillo, ” Soto, “ It’s, it’s, Wendell Cruz, Rodón, Brayan, Rodon’s, “, ” Rodón, Gerrit, Cole, ” Stanton, Cleveland, Tim Hill, Steven Kwan’s grounder, Aaron Boone, Luke Weaver, Weaver, Will Brennan, José Ramírez, Tanner Bibee, Gerrit Cole Organizations: CNN, New York Yankees, Cleveland Guardians, American League, Yankee, New York, Yankees, Guardians, USA, Sports, Reuters, AL, Kansas City Royals, Cleveland Locations: New, Kansas City, Cleveland

☆ Apple hits an all-time high as new smartphone data sides with the bulls in a sea of negativity
▼ + stars: | 2024-10-15 | by ( Morgan Chittum | ) www.cnbc.com time to read: +5 min

Shares hit an all-time high Tuesday despite a chorus of recent concerns from Wall Street analysts about demand for the new artificial intelligence-enabled iPhone 16. Apple Intelligence is the company's new suite of generative artificial intelligence tools due out later this month. Available for preorder now, the tablet has a processor capable of supporting Apple Intelligence. Big picture The IDC data comes as many on Wall Street express skepticism around sales for the new iPhone 16 lineup. Apple CEO Tim Cook inspects the new iPhone 16 during an Apple special event at Apple headquarters on September 09, 2024 in Cupertino, California.

Persons: Morgan Stanley, Apple's, Popal, swoon, Jim Cramer, Jim, Jim Cramer's, Tim Cook, Justin Sullivan Organizations: Apple, Wall Street, International Data Corporation, IDC, Samsung, Apple Intelligence, JPMorgan, Barclays, Bank of America, Club, Nvidia, U.S, CNBC Locations: U.S, Cupertino , California

☆ Goldman Sachs beats Wall Street forecasts as investment-banking fees surge 20%
▼ + stars: | 2024-10-15 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Goldman Sachs reported third-quarter earnings on Tuesday that beat analysts' expectations. The investment bank posted $12.7 billion of revenue and almost $3 billion of net earnings. AdvertisementGoldman Sachs reported third-quarter earnings on Tuesday that beat Wall Street's expectations, sending its stock up as much as 3% in premarket trading. It also cut its operating expenses by 8%, fueling a 45% surge in net income to $2.99 billion. The fee bonanza reflected a sharp increase in net revenues from debt underwriting amid strong leveraged finance and investment-grade activity, and higher net revenues in equity underwriting driven by secondary offerings.

Persons: Goldman Sachs, —, David Solomon, Solomon, Brian Moynihan Organizations: Service, Barclays, General Motors, Bank of America's, Bank of America

CNN —A record number of early votes have been cast in Georgia on Tuesday as residents headed to the polls in a critical battleground state that is grappling with the fallout from Hurricane Helene and controversial election administration changes that have spurred a flurry of lawsuits. More than 300,000 ballots were cast Tuesday, Gabe Sterling of the Georgia secretary of state’s office said on X. Georgia election officials say absentee ballots went out by the US Postal Service as scheduled and were not impacted by the storm. It’s also possible that the state could continue to see high numbers of early votes given that Georgia law now mandates two Saturdays of early voting and allows for two Sundays of early voting if a county desires. Legal fights continueMeanwhile, state judges are scrutinizing a number of new rules passed by the Trump-backed Republican majority on the State Election Board that Democrats warn could inject post-election “chaos” into the Georgia.

Persons: Hurricane Helene, Gabe Sterling, Sterling, Donald Trump, Joe Biden, Trump, “, ”, Brad Raffensperger, It’s, Raffensperger, ” Raffensperger, Robert McBurney, McBurney, they'll, Harris, Fay Ainsworth, we’ve, Joseph Henry King Jr, Kareem Rosshandler, Jill Stein, “ We’ve, ” Rosshandler, Mounira Elsamra Organizations: CNN, Republican, Corine, US Postal Service, Biden, Trump, Peach State, Legal, Board, Democrats, GOP, Green Party, Israel, Electoral College Locations: Georgia, Hurricane, Atlanta, Corine Canada, Southeast . Georgia, Trump’s crosshairs, Peach, Fulton County

☆ Video shows one of Taiwan's F-16s tracking a Chinese J-15 fighter jet with its sniper pod during war games
▼ + stars: | 2024-10-15 | by ( Chris Panella | ) www.businessinsider.com time to read: +4 min

A new video shows one of Taiwan's F-16 tracking a Chinese J-15 fighter jet. The "Joint Sword-2024B" drill involved a record number of Chinese aircraft, as well as warships. AdvertisementA new video from Taiwan's response to China's military exercises this week shows a Chinese J-15 carrier-based fighter jet through the sniper pod on an American-made F-16. In the footage, a Taiwanese F-16 uses its sniper pod surveillance system to track a Chinese J-15, presumably from the Chinese carrier that participated in the Chinese drills. Taipei rejects China's claims of sovereignty over it and has consistently worked to bolster Taiwan's military to deter and defend.

Persons: —, Lockheed Martin, URfScDhgdj — Ryan Chan 陳, China's, Lai Ching Organizations: Service, Military News Agency, Ministry of National Defense, Lockheed, China PLA Navy, CAP, Getty, People's Liberation Army, Independence Locations: Taiwan, Taiwanese, Russian, China, Shenyang, Liaoning, Taiwan Strait, Xinhua, People's Republic of China, Republic of China, Beijing, Taipei

☆ BlackRock, Fidelity snap up Hyundai India shares in record $3.3 billion IPO
▼ + stars: | 2024-10-15 | by ( ) www.cnbc.com time to read: +2 min

Amit Dave | ReutersHyundai Motor India sold shares worth $989.4 million to institutional investors including BlackRock and Fidelity on Monday, as the carmaker launched a $3.3 billion IPO that will be the country's largest share offering yet. The Government of Singapore and BlackRock together picked up stakes worth a total of $77.3 million, while Fidelity bought shares worth $76.5 million. The year-to-date volume has already surpassed the $7.42 billion total raised last year. watch nowAt that size, Hyundai India will make up about 40% of its parent company Hyundai Motor's market capitalization. Hyundai India's IPO is set to eclipse the country's previous record of Life Insurance Corporation of India's 2022 deal when it raised $2.5 billion.

Persons: Amit Dave Organizations: Hyundai Motor India, Reuters Hyundai Motor India, BlackRock, Fidelity, Singapore, Hyundai, Retail, Life Insurance Corporation, India's, IDBI, Hyundai India Locations: Ahmedabad, India, Hyundai India, Mumbai

☆ UBS sees S&P 500 soaring to 6,400 by the end of 2025
▼ + stars: | 2024-10-15 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

Strategist Jonathan Golub raised his 2025 S & P 500 target to 6,400 from 6,000 in a note to clients released Tuesday. "UBS economists forecast 3.7% nominal GDP in 2025 (1.6% real), roughly in line with long-term averages," he said. Golub also noted that a "sharp decline in Fed Funds will likely increase profit margins by 20 [basis points] via lower interest expense." The Fed lowered its benchmark fed funds rates a half a point, to a range of 4.75% to 5.0%, in September. Bottom line: Stocks could consolidate to end 2024 before scaling new heights in the new year, based on UBS' outlook.

Persons: Jonathan Golub, Golub, Stocks, Golub doesn't, Goldman Sachs Organizations: UBS, Federal Reserve, Fed Locations: Monday's

☆ Stock market today: Indexes fall from records as chip rout drags tech shares lower
▼ + stars: | 2024-10-15 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

A sell-off in semiconductors pulled stock indexes away from record highs. The decline overshadowed better-than-expected bank earnings results. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Meanwhile, a report that the US is considering export caps on specific chip sales only added to investor concern, pulling the broader chip sector lower. AdvertisementThe rout took attention from Tuesday's bank sector performance, as Goldman Sachs, Bank of America, and Citigroup beat earnings estimates.

Persons: —, Goldman Sachs, Israel, Brent Organizations: Service, Nasdaq, Nvidia, Broadcom, Taiwan Semiconductor Manufacturing Company, Bank of America, Citigroup Locations: Dutch, Israel, Iran, Iranian

☆ Gold prices flat as investors await fresh impetus
▼ + stars: | 2024-10-15 | by ( ) www.cnbc.com time to read: +2 min

Gold was flat on Tuesday as investors await fresh insights on the Federal Reserve's stance on U.S. interest rate reductions for further direction on bullion prices. Gold was flat on Tuesday as investors await fresh insights on the Federal Reserve's stance on U.S. interest rate reductions for further direction on bullion prices. "Gold prices have been surprisingly resilient, refusing to succumb to a stronger U.S. dollar and higher Treasury yields," IG market strategist Yeap Jun Rong said. Fed Governor Christopher Waller called for "more caution" on interest rate cuts ahead. While, Fed Bank of Minneapolis President Neel Kashkari said more rate reductions likely lie ahead for the U.S. central bank as the 2% inflation target looms into sight.

Persons: Yeap Jun Rong, Christopher Waller, Neel Kashkari Organizations: Fed, Fed Bank of Minneapolis, U.S, London Locations: China

☆ This Chinese EV maker is up for a battle with Elon Musk in China
▼ + stars: | 2024-10-15 | by ( Tom Carter | ) www.businessinsider.com time to read: +4 min

Chinese EV startup Xpeng is relishing the prospect of testing its tech against Tesla. Like other Chinese EV companies, Xpeng is blocked from entering the US market by tariffs. Meanwhile, Tesla has been trying to get approval to sell its autonomous driving tech in China. It will face brutal competition in China, with many EV makers marketing their own autonomous driving systems. Xpeng has enjoyed booming sales in China's red-hot EV market in recent months, posting record monthly deliveries in September.

Persons: Tesla, —, Xpeng, Brian Gu, Elon Musk's, Joe Biden, Gu, Xiaopeng Organizations: Tesla, Service, Tesla's, Paris, EV, China's EV Locations: China, Guangzhou, Europe

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