Nasdaq, S&P 500 end higher on Big Tech rally, while Dow lags and closes lower
Stocks ended mostly higher Wednesday, with the tech-heavy...
Stocks ended mostly higher Wednesday, with the tech-heavy Nasdaq Composite scoring a strong gain and the S&P 500 buoyed by a big gain for Google parent Alphabet Inc., which avoided the worst-case antitrust remedies for its actions in the search market.
The Dow Jones Industrial Average lagged, however, falling 24.58 points, or less than 0.1%, to close at 45,271.23, for its third straight loss.
Alphabet shares ended 9% higher. Apple Inc. shares were also lifted, finishing with a gain of 3.8%. Under a revenue-sharing agreement, Google pays Apple an estimated $20 billion annually to make Google Search the default engine on its devices.
A Job Openings and Labor Turnover Survey that showed a smaller-than-expected number of openings and showed the number of unemployed Americans exceeding the number of open positions for the first time since 2021 further solidified expectations the Federal Reserve will cut rates Sept. 17. It also provided some support for equities while putting pressure on long-term Treasury yields.
Important data lies ahead, however, including ADP's take on private-sector payrolls for August on Thursday and the official jobs report due on Friday.
US liquefied natural gas exports reached a record 10.28 million short...
US liquefied natural gas exports reached a record 10.28 million short tons in August, driven by increased output from Venture Global's Plaquemines facility and the completion of maintenance at other plants. Europe remained the primary destination, receiving 66% of the exports, while exports to Latin America declined due to higher production from Trinidad and Tobago.
Prices dip as OPEC+ weighs faster supply increases
Oil prices slipped nearly 2% Wednesday as traders anticipated an OPEC+...
Oil prices slipped nearly 2% Wednesday as traders anticipated an OPEC+ meeting that may accelerate the unwinding of production cuts. Despite prior pledges to raise quotas, actual output has lagged due to member constraints, while US sanctions and falling crude inventories offered limited support. Weak economic signals and trade pressures further weighed on demand outlook.
President Trump said he would ask Supreme Court for expedited tariff ruling
Yesterday at the White House, Trump told reporters that his administration...
Yesterday at the White House, Trump told reporters that his administration would be asking the Supreme Court for an “expedited ruling” as soon as today regarding last week’s finding by an appeals court that said most of the tariffs implemented by the Trump admin this year are illegal. The appeals court delayed its own ruling from taking effect until Oct. 14 so that the Supreme Court could weigh in and potentially overturn its decision. “If you take away tariffs, we could end up being a third-world country,” Trump said.
Google doesn’t have to sell Chrome. That’s the big takeaway from the ruling that US District Judge Amit Mehta handed down yesterday, almost a year after he found that Google held an illegal monopoly in search. The Department of Justice had suggested that the search giant sell off its browser as recompense for the situation, but Mehta wrote, “Plaintiffs overreached in seeking forced divestiture.” Instead, GOOG can no longer broker exclusive search contracts, and it must share the data it uses to determine what search results to show. Google said it would appeal the decision, which would allow it to delay paying penalties.
China held its largest-ever military parade, featuring next-generation weapons and special guests Kim Jong Un and Vladimir Putin.
Israel began a ground operation in Gaza City, according to its military.
Federal troops will enter Baltimore and Chicago, President Trump said, without providing a timeline.
ChatGPT announced it will release parental control features for teens within the month, on the heels of a wrongful death lawsuit.
Disney said it will pay $10 million to settle a children’s privacy lawsuit with the FTC.
Apple’s lead AI researcher for robotics is heading to Meta, its latest win in a long poaching spree.
McDonald’s is bringing back the Extra Value Meal menu for the first time since the pandemic next Monday.
