Business and Finance News - 10.7.24

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The U.S. economy added 254,000 jobs in September, far exceeding expectations of 140,000, while the unemployment rate dropped to 4.1%. Strong job growth, particularly in the service sector, signals a resilient labor market, easing concerns about a potential economic slowdown. (CNN)

*Jobs Report - The jobs report, often referred to as the U.S. Employment Report or Nonfarm Payrolls report, provides critical data on the health of the U.S. labor market, offering insights into employment, unemployment, and wages for the prior month.

Rivian reduced its annual production forecast to 47,000-49,000 vehicles, down from 57,000, due to a parts shortage affecting its R1 and RCV platforms. The company produced 13,157 vehicles in the third quarter, delivered 10,018, and is focusing on lowering costs with plans for lower-priced models by 2026. (The Verge)

*Rivian (RIVN) - Rivian Automotive is an American electric vehicle manufacturer and automotive technology company that focuses on producing sustainable transportation solutions.

Spirit Airlines is considering filing for Chapter 11 bankruptcy protection as it faces an October 21 deadline to refinance over $1 billion in debt due next year. The airline has struggled with higher costs, shifting travel patterns, an engine recall, and the blocked acquisition by JetBlue, contributing to significant financial losses. (CNBC)

*Spirit Airlines (SAVE) - Spirit Airlines is a low-cost airline based in the United States. The company primarily operates as an ultra-low-cost carrier, offering budget-friendly fares by charging separately for various services that are often included in the ticket price by other airlines.

Stellantis has filed a lawsuit against the United Auto Workers (UAW), alleging that the union violated their contract by threatening a strike over delayed company investments. Stellantis claims the UAW acted in bad faith by pushing for a strike, while the union insists that the company is breaking investment commitments tied to their 2023 contract agreement. (Reuters)

*Stellantis (STLA) - Stellantis N.V. is a multinational automotive manufacturing corporation formed in 2021 through the merger of Fiat Chrysler Automobiles (FCA) and the PSA Group. Stellantis sells vehicles under a variety of well-known brands, including Jeep, Ram, Dodge, Chrysler, Fiat, Peugeot, Citroën, and Opel.

Wynn Resorts announced it has received the first commercial gambling license in the United Arab Emirates, granted by the country's General Commercial Gaming Regulatory Authority. The company is developing a luxury resort on Al Marjan Island in Ras Al Khaimah as part of a joint venture with local partners. (Reuters)

*Wynn Resorts (WYNN) - Wynn Resorts is a luxury hospitality and gaming company that develops and operates high-end hotels, casinos, and resorts. The company's flagship properties are located in Las Vegas and Macau, featuring upscale accommodations, gaming areas, fine dining, entertainment, and retail outlets.

A few companies expected to report earnings this week…

• PepsiCo (PEP) is expected to report on Tuesday.

• JPMorgan Chase (JPM), Wells Fargo (WFC), Progressive (PGR), and BlackRock (BLK) are all expected to report on Friday.

*BlackRock (BLK) - BlackRock is a global investment management corporation that provides a range of financial services. It primarily manages assets for institutional and retail clients across various asset classes, including equities, fixed income, cash management, alternative investments, and advisory services.

*JPMorgan Chase & Co (JPM) - JPMorgan Chase & Co. is a multinational investment bank and financial services holding company.

*PepsiCo (PEP) - PepsiCo is a multinational food, snack, and beverage corporation headquartered in Purchase, New York. 

*Progressive (PGR) - Progressive Corporation is an American insurance company that offers a wide range of insurance products and services.

*Wells Fargo (WFC) - Wells Fargo & Company is a diversified, community-based financial services company with a significant presence in the United States and a growing international footprint.

Here’s how the major indexes did on Friday:

• Dow Jones Industrial Average: 42,352.75 +341.16 (+0.81%)

• S&P 500: 5,751.07 +51.13 (+0.90%)

• Nasdaq Composite: 18,137.85 +219.37 (+1.22%)

• Russell 2000: 2,212.80 +32.65 (+1.50%)

Here’s how leading market ETFs did on Friday:

• SPDR S&P 500 ETF Trust (SPY): 572.98 +5.16 (+0.91%)

• iShares Core S&P 500 ETF (IVV): 575.69 +5.18 (+0.91%)

• Invesco QQQ Trust (QQQ): 487.32 +5.73 (+1.19%)

• Vanguard S&P 500 ETF (VOO): 526.65 +4.81 (+0.92%)

• Vanguard Total Stock Market ETF (VTI): 282.75 +2.71 (+0.97%)

Here’s how the The Magnificent Seven did on Friday:

• Apple (AAPL) [3.478T]: 226.80 +1.13 (+0.50%)

• Microsoft (MSFT) [3.092T]: 416.06 -0.48 (-0.12%)

• Nvidia (NVDA) [3.078T]: 124.92 +2.07 (+1.68%)

• Alphabet (GOOGL) [2.085T]: 167.06 +1.20 (+0.72%)

• Amazon (AMZN) [1.941T]: 186.51 +4.55 (+2.50%)

• Meta Platforms (META) [1.512T]: 595.94 +13.17 (+2.26%)

• Tesla (TSLA) [797.55B]: 250.08 +9.42 (+3.91%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $63,847.92 (7:30PM PST on 10/6/24)

• Ethereum (ETH): $2,507.56 (7:30PM PST on 10/6/24)

• Solano (SOL): $150.12 (7:30PM PST on 10/6/24)