Business and Finance News - 10.4.24

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Amazon plans to hire 250,000 seasonal workers for the upcoming holiday shopping season, offering a minimum wage of $18 per hour and benefits from day one. This recruitment matches last year's seasonal hiring and comes as e-commerce is expected to surpass overall holiday sales, with Prime Day generating $14.2 billion in sales earlier this year. (Quartz)

*Amazon (AMZN) - Amazon is a multinational technology and e-commerce company based in the United States, known for its vast online retail platform, cloud computing services through Amazon Web Services (AWS), digital streaming services, and artificial intelligence innovations.

Bank of America experienced a temporary outage on Wednesday, preventing some customers from accessing their account balances, which displayed as $0 or "—." The issue, which spiked around 1PM ET, was resolved later that day, with the bank apologizing for any inconvenience caused. (The Verge)

*Bank of America (BA) - Bank of America is a multinational financial institution that provides a wide range of banking and financial services to individuals, businesses, and institutions.

Levi Strauss reported mixed quarterly results with a decline in Dockers sales by 15%, leading the company to explore selling the brand. Despite the dip, Levi's saw growth in its core denim brand and improved gross margins due to its direct-selling strategy and lower cotton costs. (CNBC)

*Levi Strauss (LEVI) - Levi's, short for Levi Strauss & Co., is an American clothing company that designs, markets, and sells a range of apparel and accessories, known primarily for its iconic denim jeans.

OpenAI has secured a $4 billion credit line, adding to its liquidity after closing a $6.6 billion funding round, boosting its total financial resources to $10 billion. The funds will support its growth, including purchasing computing power, as the company anticipates generating $3.6 billion in revenue this year. (Reuters)

*OpenAI - OpenAI is an artificial intelligence research organization and company with a mission to ensure that artificial general intelligence (AGI) benefits all of humanity.

Starbucks is investing in two new farms in Costa Rica and Guatemala to protect its coffee supply from climate change, studying hybrid coffee varieties to enhance productivity and resistance to diseases. The company aims to address challenges such as soil depletion and labor shortages while expanding its agricultural portfolio across the Coffee Belt. (CNBC)

*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: 42,011.59 -184.93 (-0.44%)

• S&P 500: 5,699.94 -9.60 (-0.17%)

• Nasdaq Composite: 17,918.48 -6.65 (-0.04%)

• Russell 2000: 2,180.15 -14.86 (-0.68%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 567.82 -1.04 (-0.18%)

• iShares Core S&P 500 ETF (IVV): 570.51 -1.09 (-0.19%)

• Invesco QQQ Trust (QQQ): 481.59 -0.36 (-0.07%)

• Vanguard S&P 500 ETF (VOO): 521.84 -0.99 (-0.19%)

• Vanguard Total Stock Market ETF (VTI): 280.04 -0.60 (-0.21%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.46T]: 225.67 -1.11 (-0.49%)

• Microsoft (MSFT) [3.096T]: 416.54 -0.59 (-0.14%)

• Nvidia (NVDA) [3.027T]: 122.85 +4.00 (+3.37%)

• Alphabet (GOOGL) [2.07T]: 165.86 UNCH (UNCH)

• Amazon (AMZN) [1.894T]: 81.96 -2.80 (-1.52%)

• Meta Platforms (META) [1.478T]: 582.77 +9.96 (+1.74%)

• Tesla (TSLA) [767.51B]: 240.66 -8.36 (-3.36%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $61,109.59 (9:45PM PST on 10/3/24)

• Ethereum (ETH): $2,376.92 (9:45PM PST on 10/3/24)

• Solano (SOL): $137.89 (9:45PM PST on 10/3/24)