Business and Finance News - 9.20.24

The Bank of England kept its main interest rate at 5%, despite a recent 50 basis point rate cut by the U.S. Federal Reserve, due to concerns about inflation in the services sector. The bank is expected to reduce rates further in November, after the government's budget announcement, which may include tax increases and spending cuts. (AP News)

*Bank of England (BOE) - The Bank of England is the central bank of the United Kingdom and plays a crucial role in the country's financial system.

Darden Restaurants reported weaker-than-expected earnings and revenue for its fiscal first quarter, with same-store sales declining 1.1%, largely driven by a 2.9% drop at Olive Garden. The company acquired Tex-Mex chain Chuy's in July for $605 million and has implemented initiatives like partnering with Uber for delivery to boost future sales. (CNBC)

*Darden Restaurants (DRI) - Darden Restaurants, Inc. is an American multi-brand restaurant operator that owns and operates several popular restaurant chains, most notably Olive Garden and Yard House.

Home sales in August 2024 were 4.2% lower than the same month last year, with 1.35 million units available, up 22.7% year-over-year. The median price of an existing home rose 3.1% to $416,700, while sales of higher-priced homes increased, and first-time buyers made up just 26% of sales. (CNBC)

*Previous Home Sales - Previous home sales (also called existing home sales) refer to the total number of completed transactions for previously owned homes over a given period. They are a critical economic indicator as they reflect the health of the housing market and broader economy

Nike appointed former executive Elliott Hill as CEO, effective October 14, 2024, as part of its strategy to address slowing sales and increased competition. Hill, a 32-year veteran of Nike, will succeed John Donahoe, who will retire and remain an adviser until January 2025. (Yahoo! Finance)

*Nike (NKE) - Nike, Inc. is a global corporation that designs, manufactures, and sells athletic footwear, apparel, equipment, and accessories.

The United Auto Workers (UAW) is preparing for potential strikes against Stellantis over grievances related to contract commitments, including investment delays and production shifts. These strikes could significantly impact Stellantis’ U.S. operations, especially in the production of high-demand Jeep SUVs, as the automaker faces lagging sales and bloated inventories. (Reuters)

*Stellantis (STLA) - Stellantis N.V. is a multinational automotive manufacturing corporation formed in 2021 through the merger of Fiat Chrysler Automobiles (FCA) and the PSA Group. Stellantis sells vehicles under a variety of well-known brands, including Jeep, Ram, Dodge, Chrysler, Fiat, Peugeot, Citroën, and Opel.

*United Auto Workers - The United Auto Workers (UAW) is a labor union that represents workers in the U.S. and Canada, primarily in the automotive industry. It advocates for the rights and interests of its members, focusing on issues like fair wages, benefits, job security, and safe working conditions.

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Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 42,025.19 +522.09 (+1.26%)

• S&P 500: 5,713.64 +95.38 (+1.70%)

• Nasdaq Composite: 18,013.98 +440.68 (+2.51%)

• Russell 2000: 2,252.71 +46.37 (+2.10%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 570.98 +9.58 (+1.71%)

• iShares Core S&P 500 ETF (IVV): 574.19 +9.68 (+1.71%)

• Invesco QQQ Trust (QQQ): 483.36 +11.92 (+2.53%)

• Vanguard S&P 500 ETF (VOO): 524.91 +9.00 (+1.74%)

• Vanguard Total Stock Market ETF (VTI): 282.05 +4.70 (+1.69%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.51T]: 228.87 +8.18 (+3.71%)

• Microsoft (MSFT) [3.26T]: 438.69 +7.88 (+1.83%)

• Nvidia (NVDA) [2.904T]: 117.87 +4.50 (+3.97%)

• Alphabet (GOOGL) [2.024T]: 162.14 +2.33 (+1.46%)

• Amazon (AMZN) [1.976T]: 189.87 +3.44 (+1.85%)

• Meta Platforms (META) [1.418T]: 559.10 +21.15 (+3.93%)

• Tesla (TSLA) [777.90B]: 243.92 +16.72 (+7.36%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $63,286.84 (8:30PM PST on 9/19/24)

• Ethereum (ETH): $2,464.60 (8:30PM PST on 9/19/24)

• Solano (SOL): $143.31 (8:30PM PST on 9/19/24)