Business and Finance News - 10.18.24

The European Central Bank cut interest rates by 0.25% to 3.25%, marking its third reduction this year to combat economic slowdown as inflation stabilizes. ECB President Christine Lagarde emphasized that while inflation remains under control, the bank expects modest economic growth ahead, maintaining hopes for a "soft landing." (Reuters)

*European Central Bank (ECB) - The European Central Bank (ECB) is the central bank for the euro and administers the monetary policy of the Eurozone, which consists of 20 EU member states that use the euro as their currency.

Uber has explored a potential acquisition of Expedia, though talks are in early stages, and it is unclear if a deal will occur. Uber CEO Dara Khosrowshahi, formerly Expedia’s CEO, remains a non-executive board member, and the acquisition could push Uber into broader markets beyond transportation and food delivery. (CNBC)

*Expedia (EXPE) - Expedia is an online travel company that provides services for booking flights, hotels, car rentals, vacation packages, and other travel-related activities. The company operates a range of brands, including Expedia.com, Hotels.com, and Vrbo, offering a comprehensive selection of travel options and experiences to customers worldwide.

*Uber (UBER) - Uber is a technology company that provides ride-hailing services through its mobile app, allowing users to book rides with drivers who use their own vehicles.

Meta has initiated layoffs across multiple departments, including WhatsApp, Instagram, and Reality Labs, as part of ongoing team reorganizations. These cuts follow earlier layoffs in 2022 and 2023, aligning with CEO Mark Zuckerberg's strategy to streamline operations during what he called the "year of efficiency." (The Verge)

*Meta Platforms (META) - Meta, formerly known as Facebook Inc., is a multinational technology conglomerate that operates a variety of social media platforms and technology products.

TSMC reported third-quarter net income of 325.3 billion New Taiwan dollars ($10.1 billion), surpassing expectations, with revenue rising 36% year-over-year to $23.5 billion. The company, driven by demand for AI and smartphone chips, expects further revenue growth in the fourth quarter, targeting up to $26.9 billion. (CNBC)

*Taiwan Semiconductor Manufacturing Company (TSM) - Taiwan Semiconductor Manufacturing Company (TSMC) is the world's largest contract chip manufacturer.

Zelle processed $481 billion in transactions during the first half of 2024, averaging $1.8 million per minute and reflecting a 28% year-over-year increase. The peer-to-peer payment network, owned by major U.S. banks, aims to reach $1 trillion in transactions this year while addressing fraud concerns through user education and in-app warnings. (Quartz)

*Zelle - Zelle is a digital payment network that allows users to send and receive money instantly using their bank accounts. It is integrated with many major U.S. banks and credit unions, enabling seamless transfers between customers without needing to use cash or checks.

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Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 43,239.05 +161.35 (+0.37%)

• S&P 500: 5,841.47 -1.00 (-0.02%)

• Nasdaq Composite: 18,373.61 +6.53 (+0.04%)

• Russell 2000: 2,280.85 -5.82 (-0.25%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 582.35 +0.05 (+0.01%)

• iShares Core S&P 500 ETF (IVV): 585.25 +0.17 (+0.03%)

• Invesco QQQ Trust (QQQ): 491.25 +0.34 (+0.07%)

• Vanguard S&P 500 ETF (VOO): 535.30 +0.08 (+0.01%)

• Vanguard Total Stock Market ETF (VTI): 287.76 -0.06 (-0.02%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.56T]: 232.15 +0.37 (+0.16%)

• Nvidia (NVDA) [3.374T]: 136.93 +1.21 (+0.89%)

• Microsoft (MSFT) [3.097T]: 416.72 +0.60 (+0.14%)

• Alphabet (GOOGL) [2.034T]: 162.93 -2.23 (-1.35%)

• Amazon (AMZN) [1.952T]: 187.53 +0.64 (+0.34%)

• Meta Platforms (META) [1.463T]: 576.93 +0.14 (+0.02%)

• Tesla (TSLA) [704.46B]: 220.89 -0.44 (-0.20%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $66,939.37 (2:00PM PST on 10/17/24)

• Ethereum (ETH): $2,597.61 (2:00PM PST on 10/17/24)

• Solano (SOL): $149.70 (2:00PM PST on 10/17/24)