Business and Finance News - 9.13.24

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Boeing's CEO Kelly Ortberg is urging over 30,000 machinists to accept a tentative contract that includes a 25% raise to avoid a strike. The union, represented by IAM District 751, is voting on the deal, but many members are dissatisfied as it falls short of the 40% raise they sought. (Quartz)

*Boeing (BA) - Boeing is a leading American multinational corporation that designs, manufactures, and sells airplanes, rotorcraft, rockets, satellites, telecommunications equipment, and missiles worldwide.

The European Central Bank (ECB) cut its deposit rate by 25 basis points to 3.5% as inflation slows and economic growth weakens, signaling a cautious approach to future rate decisions. This move follows a previous cut in June, with the ECB adopting a data-dependent stance while investors anticipate further easing later this year. (Reuters)

*European Central Bank (ECB) - The European Central Bank (ECB) is the central bank for the euro and administers the monetary policy of the Eurozone, which consists of 20 EU member states that use the euro as their currency.

Moderna plans to cut $1.1 billion in expenses by 2027 and gain approval for 10 new products by that year, as it transitions after the decline of its Covid business. The company will pause or discontinue some pipeline projects while focusing on respiratory vaccines and other key product areas for growth. (CNBC)

*Moderna (MRNA) - Moderna, Inc. is a biotechnology company that focuses on developing and commercializing messenger RNA (mRNA) therapeutics and vaccines.

OpenAI CEO Sam Altman, Anthropic CEO Dario Amodei, and Google President Ruth Porat met with U.S. government officials and industry leaders at the White House to discuss AI energy infrastructure. Topics included AI's energy usage, data center capacity, semiconductor manufacturing, and grid capacity, with a focus on expanding U.S. infrastructure. (CNBC)

*Anthropic - Anthropic is an artificial intelligence (AI) research company focused on building reliable, interpretable, and steerable AI systems.

*Google (GOOGL) - Google LLC, a subsidiary of Alphabet Inc., is a global technology company specializing in Internet-related services and products. Its core offerings include the Google Search engine, YouTube, and the Android operating system. 

*OpenAI - OpenAI is an artificial intelligence research organization and company with a mission to ensure that artificial general intelligence (AGI) benefits all of humanity.

Wholesale inflation, as measured by the Producer Price Index (PPI), slowed to 1.7% annually in August, down from 2.1% in July. While overall inflation pressures eased, core PPI rose 0.3%, driven by service costs, signaling persistent inflation in some areas ahead of the Federal Reserve's rate decision. (CNN)

*Producer Price Index (PPI) - The Producer Price Index (PPI) is a measure of the average change over time in the selling prices received by domestic producers for their output. It's a key economic indicator that helps gauge inflation at the wholesale level.

Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 41,096.77 +235.06 (+0.58%)

• S&P 500: 5,595.76 +41.63 (+0.75%)

• Nasdaq Composite: 17,569.68 +174.15 (+1.00%)

• Russell 2000: 2,129.43 +25.58 (+1.22%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 559.09 +4.67 (+0.84%)

• iShares Core S&P 500 ETF (IVV): 562.17 +4.72 (+0.85%)

• Invesco QQQ Trust (QQQ): 473.22 +4.60 (+0.98%)

• Vanguard S&P 500 ETF (VOO): 513.84 +4.38 (+0.86%)

• Vanguard Total Stock Market ETF (VTI): 275.30 +2.27 (+0.83%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.416T]: 222.77 +0.11 (+0.05%)

• Microsoft (MSFT) [3.174T]: 427.00 +3.96 (+0.94%)

• Nvidia (NVDA) [2.936T]: 119.14 +2.24 (+1.92%)

• Amazon (AMZN) [1.946T]: 187.00 +2.48 (+1.34%)

• Alphabet (GOOGL) [1.931T]: 154.69 +3.53 (+2.34%)

• Meta Platforms (META) [1.333T]: 525.60 +13.77 (+2.69%)

• Tesla (TSLA) [732.90B]: 229.81 +1.68 (+0.74%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $58,087.66 (5:30PM PST on 9/12/24)

• Ethereum (ETH): $2,359.65 (5:30PM PST on 9/12/24)

• Solano (SOL): $135.59 (5:30PM PST on 9/12/24)