Business and Finance News - 9.18.24

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Amazon CEO Andy Jassy announced that employees will be required to return to the office five days a week starting January 2, 2025, ending the hybrid work model introduced during COVID-19. Additionally, Amazon will reduce the ratio of managers to individual contributors by 15% by Q1 2025, which could lead to organizational changes. (The Verge)

*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.

Instagram has introduced new privacy and age-verification measures for teen accounts, giving parents more control over messaging and content settings. The changes, which impact over 100 million accounts globally, include stricter privacy settings, age verification, and tools for parents to monitor their teens' activity, with broader implementation starting in January. (Axios)

*Instagram (META) - Instagram is a social media platform owned by Meta (formerly Facebook) that allows users to share photos and videos.

Retail sales in August rose 0.1%, surpassing Wall Street's expectations of a 0.2% decrease, with July sales revised up to a 1.1% increase. Despite the positive data, economists expect the Federal Reserve to cut interest rates, with markets favoring a 50 basis point reduction as inflation eases and economic growth slows. (Yahoo! Finance)

*Retail Sales - Retail sales represent the total revenue generated by retailers from selling goods and services to consumers. This key metric indicates consumer spending, a major driver of economic activity, and helps economists and policymakers assess economic health, consumer confidence, and spending trends.

Starbucks announced that it will not replace North American CEO Michael Conway, who is retiring in November after eight months in the role. Instead, Sara Trilling, currently president of the North American division, will take over operations, while the company eliminates the CEO position and creates a new chief brand officer role. (Quartz)

*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.

SpaceX nearly doubled its backlog of Starlink in-flight Wi-Fi orders after securing a deal with United Airlines to equip over 1,000 planes with free Wi-Fi. This adds to previous agreements with airlines like Hawaiian and Qatar Airways, expanding Starlink's presence in the aviation connectivity market. (CNBC)

*United Airlines (UAL) - United Airlines is a major American airline that provides domestic and international flights. As one of the largest airlines globally, United operates a comprehensive network of routes, connecting major cities throughout the world.

*Starlink - Starlink is a satellite internet service operated by SpaceX, designed to provide high-speed, low-latency internet access across the globe, particularly in remote and underserved areas.

Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 41,606.18 -15.90 (-0.04%)

• S&P 500: 5,634.58 +1.49 (+0.03%)

• Nasdaq Composite: 17,628.06 +35.93 (+0.20%)

• Russell 2000: 2,205.48 +16.31 (+0.74%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 563.07 +0.23 (+0.04%)

• iShares Core S&P 500 ETF (IVV): 566.20 +0.21 (+0.04%)

• Invesco QQQ Trust (QQQ): 473.49 +0.25 (+0.05%)

• Vanguard S&P 500 ETF (VOO): 517.59 +0.24 (+0.05%)

• Vanguard Total Stock Market ETF (VTI): 278.05 +0.28 (+0.10%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.324T]: 216.79 +0.47 (+0.22%)

• Microsoft (MSFT) [3.234T]: 435.15 +3.81 (+0.88%)

• Nvidia (NVDA) [2.848T]: 115.59 -1.19 (-1.02%)

• Alphabet (GOOGL) [1.989T]: 159.32 +1.26 (+0.80%)

• Amazon (AMZN) [1.945T]: 186.88 +1.99 (+1.08%)

• Meta Platforms (META) [1.36T]: 536.32 +3.04 (+0.57%)

• Tesla (TSLA) [726.72B]: 227.87 +1.09 (+0.48%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $60,685.87 (9:30PM PST on 9/17/24)

• Ethereum (ETH): $2,333.92 (9:30PM PST on 9/17/24)

• Solano (SOL): $2,333.92 (9:30PM PST on 9/17/24)