Business and Finance News - 9.12.24

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Adobe previewed its generative AI video model, Firefly, which is set to launch later this year, offering a "commercially safe" tool trained exclusively on licensed content. The model will feature text-to-video and image-to-video capabilities, with integration into Adobe's Premiere Pro to enhance video editing creativity and efficiency. (Axios)

*Adobe (ADBE) - Adobe Inc. is a multinational software company known for its innovative software products and services, primarily focused on creative and digital media solutions.

Warren Buffett's Berkshire Hathaway sold $228.7 million worth of Bank of America shares between September 6 and 10, part of an ongoing sale that has totaled $7.19 billion since mid-July. Despite trimming its stake, Berkshire remains Bank of America's largest shareholder, with its holdings currently at 11.1%. (Reuters)

*Bank of America (BA) - Bank of America is a multinational financial institution that provides a wide range of banking and financial services to individuals, businesses, and institutions.

*Berkshire Hathaway (BRK.B) - Berkshire Hathaway Inc. is a multinational conglomerate holding company headquartered in Omaha, Nebraska, United States. The company is known for its control and leadership by Warren Buffett, one of the most famous investors in the world.

The Consumer Price Index (CPI) rose 0.2% in August, bringing the annual inflation rate to 2.5%, the lowest since February 2021. Traders expect an 85% chance of a 25 basis point interest rate cut by the Federal Reserve, while core CPI increased by 0.3%, slightly higher than forecasted. (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.

JPMorgan Chase stock dropped nearly 7%, its worst decline in over four years, after President Daniel Pinto warned that the bank's projected $90 billion net interest income (NII) for next year is too high due to expected interest rate cuts. Pinto suggested the NII outlook will be revised lower, though he remains optimistic about the bank's long-term performance. (Quartz)

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

Commerzbank shares surged over 20% on Wednesday after UniCredit acquired a 4.5% stake from the German government, marking the government's first step in reducing its stake in the bank. UniCredit confirmed it now holds a 9% stake in Commerzbank, with the possibility of increasing its shareholding further. (CNBC)

*Commerzbank - Commerzbank is a major German bank that provides a range of financial services, including retail banking, corporate banking, investment banking, and asset management.

*UniCredit - UniCredit is a multinational banking and financial services company based in Italy. It offers a wide range of services, including retail banking, corporate banking, investment banking, and asset management.

Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 40,861.71 +124.75 (+0.31%)

• S&P 500: 5,554.13 +58.61 (+1.07%)

• Nasdaq Composite: 17,395.53 +369.65 (+2.17%)

• Russell 2000: 2,103.85 +6.41 (+0.31%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 554.42 +5.63 (+1.03%

• iShares Core S&P 500 ETF (IVV): 557.45 +5.95 (+1.08%)

• Invesco QQQ Trust (QQQ): 468.62 +9.96 (+2.17%)

• Vanguard S&P 500 ETF (VOO): 509.46 +5.16 (+1.02%)

• Vanguard Total Stock Market ETF (VTI): 273.03 +2.69 (+1.00%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.414T]: 222.66 +2.55 (+1.16%)

• Microsoft (MSFT) [3.144T]: 423.04 +8.84 (+2.13%)

• Nvidia (NVDA) [2.881T]: 116.91 +8.81 (+8.15%)

• Amazon (AMZN) [1.92T]: 184.52 +4.97 (+2.77%)

• Alphabet (GOOGL) [1.887T]: 151.16 +2.50 (+1.68%)

• Meta Platforms (META) [1.298T]: 511.83 +7.04 (+1.39%)

• Tesla (TSLA) [727.55B]: 228.13 +1.96 (+0.87%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $58,269.19 (8:30PM PST on 9/11/24)

• Ethereum (ETH): $2,370.37 (8:30PM PST on 9/11/24)

• Solano (SOL): $135.47 (8:30PM PST on 9/11/24)