Business and Finance News - 10.11.24

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The U.S. consumer price index rose by 0.2% in September, pushing the annual inflation rate to 2.4%, both slightly above expectations. Meanwhile, weekly jobless claims reached 258,000, the highest since August 2023, likely due to disruptions from Hurricane Helene and a Boeing worker strike. (CNBC)

*Consumer Price Index (CPI) - The CPI is a measure that examines the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. It is commonly used as an indicator of inflation, reflecting the cost of living and purchasing power in an economy.

Delta Air Lines expects fourth-quarter earnings of $1.60 to $1.85 per share, driven by strong holiday bookings despite a potential dip in travel demand around the U.S. election. The airline also reported a $380 million revenue loss in the third quarter due to a CrowdStrike outage, impacting earnings by 45 cents per share. (CNBC)

*Delta Air Lines (DAL) - Delta Air Lines, commonly referred to as Delta, is one of the major airlines in the United States and a global leader in air travel.

DirecTV will launch a free, ad-supported streaming service called MyFree DirecTV on November 15, offering curated FAST channels and an on-demand library featuring popular unscripted shows like Pawn Stars and American Pickers. The service will be available via mobile app, streaming devices, and smart TVs, aiming to capture a share of the growing FAST market, projected to generate $8 billion in ad revenue in 2024. (the Hollywood Reporter)

*DirecTV - DirecTV is a satellite television service provider offering a wide range of digital television, audio programming, and interactive services to residential and commercial customers. It delivers channels including entertainment, sports, news, and on-demand programming.

General Motors has launched its PowerBank, a battery-powered home energy storage system, positioning it as a direct competitor to Tesla’s PowerWall. The GM PowerBank, available in 10.6 kWh and 17.7 kWh models starting at $10,999, can provide backup power for homes and charge electric vehicles during power outages. (Axios)

*General Motors (GM) - General Motors (GM) is a multinational corporation that designs, manufactures, markets, and distributes vehicles and vehicle parts.

Weekly jobless claims surged to 258,000 in the week ending Oct. 5, the highest since August 2023, surpassing economists' expectations of 230,000. The increase was partly due to impacts from Hurricane Helene and the Boeing strike, but the Federal Reserve is expected to view these factors as temporary. (Yahoo! Finance)

*Weekly Jobless Claims - Weekly jobless claims refer to the number of individuals who file for unemployment benefits for the first time during a given week. This data, reported by the U.S. Department of Labor, serves as an important economic indicator, reflecting the health of the job market.

Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 42,454.12 -57.88 (-0.14%)

• S&P 500: 5,780.05 -11.99 (-0.21%)

• Nasdaq Composite: 18,282.05 -9.57 (-0.05%)

• Russell 2000: 2,188.42 -12.17 (-0.55%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 576.13 -1.01 (-0.18%)

• iShares Core S&P 500 ETF (IVV): 578.83 -1.02 (-0.18%)

• Invesco QQQ Trust (QQQ): 492.59 -0.56 (-0.11%)

• Vanguard S&P 500 ETF (VOO): 529.56 -0.89 (-0.17%)

• Vanguard Total Stock Market ETF (VTI): 283.91 -0.59 (-0.21%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.512T]: 229.04 -0.50 (-0.22%)

• Nvidia (NVDA) [3.322T]: 134.81 +2.16 (+1.63%)

• Microsoft (MSFT) [3.091T]: 415.84 -1.62 (-0.39%)

• Alphabet (GOOGL) [2.023T]: 162.08 +0.22 (+0.14%)

• Amazon (AMZN) [1.942T]: 186.65 +1.48 (+0.80%)

• Meta Platforms (META) [1.481T]: 583.83 -6.68 (-1.13%)

• Tesla (TSLA) [761.48B]: 238.77 -2.28 (-0.95%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $59,922.18 (3:15PM PST on 10/10/24)

• Ethereum (ETH): $2,373.68 (3:15PM PST on 10/10/24)

• Solano (SOL): $137.92 (3:15PM PST on 10/10/24)