Business and Finance News - 8.14.24

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Ford and Mazda have advised owners of certain vehicles to avoid driving them due to faulty Takata airbags that can cause severe injuries or fatalities. The recall affects millions of vehicles worldwide, with over 30 deaths linked to the issue, leading to Takata's bankruptcy in 2017. (Reuters)

*Ford (FORD) - Ford Motor Company is a global automotive manufacturer that designs, produces, markets, and services a full line of cars, trucks, SUVs, electrified vehicles, and luxury vehicles under the Ford and Lincoln brands.

*Mazda (MZDAY) - Mazda Motor Corporation is a Japanese automaker that designs, manufactures, and sells cars, trucks, and SUVs.

Home Depot's second-quarter sales rose slightly, aided by an $18 billion acquisition, but customers cut spending due to high interest rates and inflation. The company lowered its 2024 outlook, expecting sales at stores open at least a year to decline between 3% and 4%. (AP News)

*The Home Depot (HD) - The Home Depot is the largest home improvement retailer in the United States. It sells tools, construction products, appliances, and services, including home improvement installations.

Paramount Global plans to cut $500 million in costs by the end of 2024, including 2,000 layoffs, with 90% of actions completed by September. The cuts are part of broader efforts to streamline operations amid challenges from declining cable network viewership and a shift towards streaming. (Variety)

*Paramount Global (PARA) - Paramount Global is a multinational media and entertainment conglomerate. It operates a broad portfolio of media and entertainment assets, including television networks, film production, streaming services, and content licensing.

The producer price index (PPI), a key measure of wholesale inflation, rose 0.1% in July, below the expected 0.2% increase, while core PPI remained flat. Year-over-year, headline PPI increased by 2.2%, a decline from June's 2.7%, prompting speculation about potential Federal Reserve interest rate cuts. (CNBC)

*Producer Price Index (PPI) - The Producer Price Index (PPI) is a measure of the average change over time in the selling prices received by domestic producers for their output. It's a key economic indicator that helps gauge inflation at the wholesale level.

Starbucks has named Brian Niccol, the current CEO of Chipotle, as its new chairman and CEO, effective September 9, 2024. Following the announcement, Starbucks shares surged over 20%, while Chipotle's stock dropped by more than 12%. (Yahoo! Finance)

*Chipotle (CMG) - Chipotle Mexican Grill, Inc. is an American chain of fast-casual restaurants known for its focus on Mexican-inspired cuisine.

*Starbucks (SBUX) - Starbucks is a global coffee company and coffeehouse chain that provides a variety of beverages, including coffee, tea, and specialty drinks, along with a selection of food items.

Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 39,765.64 +408.63 (+1.04%)

• S&P 500: 5,434.43 +90.04 (+1.68%)

• Nasdaq Composite: 17,187.61 +407.00 (+2.43%)

• Russell 2000: 2,095.19 +33.11 (+1.61%)

• CBOE Volatility Index (VIX): 18.12 -2.59 (-12.51%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 542.04 +8.77 (+1.64%)

• iShares Core S&P 500 ETF (IVV): 545.03 +8.92 (+1.66%)

• Invesco QQQ Trust (QQQ): 462.58 +11.20 (+2.48%)

• Vanguard S&P 500 ETF (VOO): 498.21 +8.14 (+1.66%)

• Vanguard Total Stock Market ETF (VTI): 267.12 +4.37 (+1.66%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.393T]: 221.27 +3.74 (+1.72%)

• Microsoft (MSFT) [3.077T]: 414.01 +7.20 (+1.77%)

• Nvidia (NVDA) [2.862T]: 116.14 +7.12 (+6.53%)

• Alphabet (GOOG) [2.043T]: 165.93 +1.98 (+1.21%)

• Amazon (AMZN) [1.772T]: 170.23 +3.43 (+2.06%)

• Meta Platforms (META) [1.341T]: 528.54 +12.59 (+2.44%)

• Tesla (TSLA) [663B]: 207.83 +10.34 (+5.24%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $61,104.79 (8:30PM PST on 8/13/24)

• Ethereum (ETH): $2,718.50 (8:30PM PST on 8/13/24)

• Solano (SOL): $145.53 (8:30PM PST on 8/13/24)