Business and Finance News - 9.25.24

The Biden administration has proposed a ban on Chinese connected-car technology, targeting hardware and software to prevent Chinese electric vehicles (EVs) from entering the U.S. market, citing national security and economic threats. The ban, which could also affect cars built outside China, follows other trade measures and is expected to impact competition with U.S. automakers like Tesla. (Reuters)

*Tesla (TSLA) - Tesla, Inc. is an American electric vehicle (EV) and clean energy company.

Consumer confidence fell sharply in September to 98.7, marking the largest decline since 2021 due to concerns about the weakening job market and high living costs. Americans are particularly worried about unemployment and economic conditions as the U.S. presidential election approaches. (MarketWatch)

*Consumer Confidence - Consumer confidence is a measure of how optimistic or pessimistic consumers feel about the overall state of the economy and their personal financial situation. It reflects their willingness to spend money on goods and services, which is a key indicator of economic health.

U.S. Senator Bernie Sanders announced that major pharmacy benefit managers (PBMs) have committed to expanding coverage of Novo Nordisk's diabetes and weight-loss drugs, Ozempic and Wegovy, if their list prices are reduced. At a Senate hearing, Sanders criticized the high costs of these drugs, which far exceed prices in other countries. (Reuters)

*Novo Nordisk (NVO) - Novo Nordisk is a global healthcare company headquartered in Denmark, specializing in the development, manufacturing, and marketing of pharmaceutical products and services.

Blackstone and Vista Equity Partners will acquire Smartsheet in an all-cash deal valued at $8.4 billion, offering $56.50 per share, a 41% premium over the company's recent average share price. The acquisition is expected to close by January 2025, pending shareholder approval and any competing offers. (CNBC)

*Blackstone - Blackstone is a global investment management firm that specializes in private equity, real estate, hedge funds, and credit investments. It is one of the world's largest alternative asset managers, focusing on acquiring and managing businesses and properties to generate long-term value for its investors. 

*Smartsheet (SMAR) - Smartsheet is a cloud-based platform that helps organizations collaborate, manage workflows, and automate processes. It provides tools for project management, task tracking, and resource allocation.

*Vista Equity Partners - Vista Equity Partners is a private equity firm that focuses on investing in software, data, and technology-enabled businesses. The firm specializes in acquiring and growing enterprise software companies through operational and strategic improvements.

The U.S. Department of Justice is preparing an antitrust lawsuit against Visa, accusing the company of monopolistic practices, including striking exclusive agreements to hinder competition. The DOJ's actions could significantly impact how fintech companies interact with traditional payment firms, following a similar investigation in 2020. (Axios)

*Visa (V) - Visa is a global payments technology company that facilitates electronic funds transfers through its credit, debit, and prepaid card services, enabling secure and convenient transactions for individuals, businesses, and financial institutions worldwide.

Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 42,208.22 +83.57 (+0.20%)

• S&P 500: 5,732.93 +14.36 (+0.25%)

• Nasdaq Composite: 18,074.52 +100.25 (+0.56%)

• Russell 2000: 2,223.99 +3.71 (+0.17%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 571.30 +1.63 (+0.29%)

• iShares Core S&P 500 ETF (IVV): 576.25 +1.67 (+0.29%)

• Invesco QQQ Trust (QQQ): 485.37 +2.33 (+0.48%)

• Vanguard S&P 500 ETF (VOO): 526.68 +1.51 (+0.29%)

• Vanguard Total Stock Market ETF (VTI): 282.87 +0.71 (+0.25%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.487T]: 227.37 +0.90 (+0.40%)

• Microsoft (MSFT) [3.19T]: 429.17 -4.34 (-1.00%)

• Nvidia (NVDA) [2.978T]: 120.87 +4.61 (+3.97%)

• Alphabet (GOOGL) [2.026T]: 162.29 +0.44 (+0.27%)

• Amazon (AMZN) [2.018T]: 193.96 +0.08 (+0.04%)

• Meta Platforms (META) [1.429T]: 563.33 -1.08 (-0.19%)

• Tesla (TSLA) [810.91B]: 254.27 +4.27 (+1.71%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $64,119.43 (11:00PM PST on 9/24/24)

• Ethereum (ETH): $2,623.29 (11:00PM PST on 9/24/24)

• Solano (SOL): $150.33 (11:00PM PST on 9/24/24)