Business and Finance News - 10.17.24

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Amazon announced plans to invest in small modular nuclear reactors (SMRs) to power its expanding data centers, starting with four reactors at the Columbia Generating Station in Washington. The initiative, alongside a $500 million investment in X-energy, aims to bring over 5 gigawatts of nuclear energy online within 15 years to meet growing power demands. (Axios)

*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.

Global chip stocks lost over $420 billion in market value after ASML Holding NV issued a warning about reduced sales, citing slower demand beyond AI. ASML shares fell 5%, with the company's lowered 2025 revenue forecast contributing to the rout, impacting major players like Nvidia, Taiwan Semiconductor, and Tokyo Electron. (Yahoo! Finance)

*ASML (ASML) - ASML Holding N.V. is a Dutch company that develops and manufactures advanced photolithography systems, which are essential for the production of semiconductor chips.

The FTC announced a new "click-to-cancel" rule requiring companies to make subscription cancellations as easy as sign-ups, aiming to eliminate burdensome cancellation processes. Set to take effect six months after publication, the rule addresses auto-renewals, free trials, and junk fees, aligning with broader consumer protection efforts by the Biden administration. (Quartz)

*The Federal Trade Commission (FTC) - The Federal Trade Commission (FTC) is an independent agency of the United States government that focuses on promoting consumer protection and eliminating and preventing anticompetitive business practices.

General Motors will invest $625 million in a joint venture with Lithium Americas to develop the Thacker Pass lithium project in Nevada, securing a 38% stake in the asset. The partnership includes a 20-year offtake agreement and aligns with GM's efforts to boost EV production while reducing reliance on Chinese battery materials. (Reuters)

*General Motors (GM) - General Motors (GM) is a multinational corporation that designs, manufactures, markets, and distributes vehicles and vehicle parts.

Morgan Stanley reported a 32% profit increase to $3.2 billion, or $1.88 per share, with revenue rising 16% to $15.38 billion in the third quarter, surpassing analyst expectations. Strong performances in wealth management, trading, and investment banking drove the results, with shares rising 7.5% in early trading. (CNBC)

*Morgan Stanley (MS) - Morgan Stanley is a leading global financial services firm that offers a wide range of investment banking, securities, wealth management, and investment management services.

Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 43,077.70 +337.28 (+0.79%)

• S&P 500: 5,842.47 +27.21 (+0.47%)

• Nasdaq Composite: 18,367.08 +51.49 (+0.28%)

• Russell 2000: 2,286.68 +36.86 (+1.64%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 582.30 +2.52 (+0.43%)

• iShares Core S&P 500 ETF (IVV): 585.08 +2.59 (+0.44%)

• Invesco QQQ Trust (QQQ): 490.91 +0.06 (+0.01%)

• Vanguard S&P 500 ETF (VOO): 535.22 +2.24 (+0.42%)

• Vanguard Total Stock Market ETF (VTI): 287.82 +1.46 (+0.51%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.554T]: 231.78 -2.07 (-0.89%)

• Nvidia (NVDA) [3.344T]: 135.72 +4.12 (+3.13%)

• Microsoft (MSFT) [3.093T]: 416.12 -2.62 (-0.63%)

• Alphabet (GOOGL) [2.061T]: 165.16 -0.30 (-0.18%)

• Amazon (AMZN) [1.945T]: 186.89 -0.80 (-0.43%)

• Meta Platforms (META) [1.463T]: 576.79 -9.48 (-1.62%)

• Tesla (TSLA) [705.86B]: 221.33 +1.76 (+0.80%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $67,672.15 (3:30PM PST on 10/16/24)

• Ethereum (ETH): $2,620.31 (3:30PM PST on 10/16/24)

• Solano (SOL): $154.50 (3:30PM PST on 10/16/24)