Business and Finance News - 8.27.24

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Canada will impose a 100% tariff on Chinese electric vehicles and a 25% tariff on Chinese steel and aluminum, starting October 1, following the United States' lead. Prime Minister Trudeau stated these measures counter China's over-capacity policies, with additional tariffs on chips and solar cells being considered. (Reuters)

*Tariffs - Tariffs are taxes imposed by a government on imported goods and services, designed to make foreign products more expensive and less competitive compared to domestic products. They are often used to protect local industries, generate revenue, or influence trade policies.

The Dexcom Stelo is an FDA-cleared continuous glucose monitor aimed at making glucose monitoring more affordable for people with Type 2 diabetes, with pricing options of $99 for a 30-day supply or $89 monthly with a subscription. While it offers streamlined data and integration with health apps, some users may find the alerts delayed and meal logging cumbersome. (The Verge)

*Dexcom (DXCM) - Dexcom specializes in continuous glucose monitoring (CGM) systems, primarily known for its innovative CGM devices that help individuals with diabetes manage their blood sugar levels.

IBM is downsizing its presence in China by closing its research and development department, affecting about 1,000 jobs, as part of a broader trend of U.S. tech companies pulling back amid rising U.S.-China tensions. This move follows similar actions by other tech giants like Microsoft, driven by increased local competition and China's push for self-sufficiency. (Axios)

*IBM (IBM) - IBM, or International Business Machines Corporation, is a global technology and consulting company that provides a wide range of services and products, including cloud computing, AI, IT infrastructure, and software development.

Libya's eastern government announced a shutdown of oil production and exports due to a leadership dispute with the western government, causing crude oil prices to rise over 3% on Monday. Additionally, tensions escalated in the Middle East as Israel and Hezbollah exchanged significant strikes across the Lebanon border. (CNBC)

*Oil Prices - Oil prices refer to the cost per barrel of crude oil, which is determined by global supply and demand dynamics in the market. Oil prices are critical because they impact the cost of energy, transportation, and goods worldwide, making them a key indicator of economic health and market stability.

China's PDD Holdings saw its shares drop over 25% after missing revenue estimates due to reduced consumer spending and intense competition in the e-commerce sector. The company plans to invest heavily in platform trust and support high-quality merchants, despite acknowledging the likelihood of short-term profitability declines. (Reuters)

*PDD Holdings (PDD) - PDD Holdings is a multinational commerce group that owns and operates several e-commerce platforms, including Pinduoduo, a popular social commerce app in China.

Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 41,240.52 +65.44 (+0.16%)

• S&P 500: 5,616.84 -17.77 (-0.32%)

• Nasdaq Composite: 17,725.76 -152.03 (-0.85%)

• Russell 2000: 2,217.92 -0.78 (-0.04%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 560.79 -1.34 (-0.24%)

• iShares Core S&P 500 ETF (IVV): 563.63 -1.60 (-0.28%)

• Invesco QQQ Trust (QQQ): 475.34 -4.66 (-0.97%)

• Vanguard S&P 500 ETF (VOO): 515.39 -1.27 (-0.25%)

• Vanguard Total Stock Market ETF (VTI): 276.89 -0.70 (-0.25%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.484T]: 227.18 +0.34 (+0.15%)

• Nvidia (NVDA) [3.116T]: 126.46 -2.91 (-2.25%)

• Microsoft (MSFT) [3.073T]: 413.49 -3.30 (-0.79%)

• Alphabet (GOOGL) [2.074T]: 166.16 +0.54 (+0.33%)

• Amazon (AMZN) [1.826T]: 175.50 -1.54 (-0.87%)

• Meta Platforms (META) [1.322T]: 521.12 -6.88 (-1.30%)

• Tesla (TSLA) [679.96B]: 213.21 -7.11 (-3.23%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $63,142.86 (10:30PM PST on 8/26/24)

• Ethereum (ETH): $2,694.68 (10:30PM PST on 8/26/24)

• Solano (SOL): $159.14 (10:30PM PST on 8/26/24)