Business and Finance News - 10.29.24

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Boeing plans to raise up to $19 billion through a stock offering as it faces cash flow challenges exacerbated by a strike and production delays. The company, struggling with $58 billion in debt, aims to use the funds for debt repayment, working capital, and investments, following a $6 billion third-quarter loss. (AP News)

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

Oil prices dropped sharply on Monday after Israeli airstrikes on Iranian military sites avoided energy facilities, easing concerns over disruptions to Iran’s oil supply. Brent crude fell 5.94% to $71.53 per barrel, and West Texas Intermediate dropped 6.26%, with analysts predicting ongoing downward pressure on prices due to oversupply. (CNBC)

*Oil Prices - Oil prices refer to the cost per barrel of crude oil, which is determined by global supply and demand dynamics in the market. Oil prices are critical because they impact the cost of energy, transportation, and goods worldwide, making them a key indicator of economic health and market stability.

AI startup Read secured $50 million in Series B funding, valuing the company at $450 million, with participation from Smash Capital, Madrona, and Goodwater Capital. The company plans to use the funds to expand operations and promote its AI tools, including a new Gmail extension to streamline workflows across apps like Slack and Zoom. (Reuters)

*Read AI - Read AI is a technology company focused on improving workplace productivity through artificial intelligence. The company offers tools that generate automatic summaries, transcripts, and insights from meetings, emails, and messages.

Robinhood has launched election trading, allowing U.S. users to trade contracts on candidates like Kamala Harris and Donald Trump through its derivatives unit and ForecastEx. This move follows Kalshi's legal victory against the CFTC, which had sought to block election outcome trading, with only presidential election contracts currently available on the platform. (CNBC)

*Robinhood (HOOD) - Robinhood is a financial services company that offers a range of investment and trading products primarily through its mobile app and website.

Volkswagen announced plans to close at least three factories in Germany, cut tens of thousands of jobs, and reduce pay, citing high costs and competition. The move, part of a cost-cutting overhaul, has escalated tensions with unions, potentially leading to strikes as the company struggles with weak demand and rising operational expenses. (Reuters)

*Volkswagen (VLKPF) - Volkswagen AG is a leading global automobile manufacturer headquartered in Wolfsburg, Germany that designs, manufactures, and sells a wide range of vehicles.

Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 42,387.57 +273.17 (+0.65%)

• S&P 500: 5,823.52 +15.40 (+0.27%)

• Nasdaq Composite: 18,567.19 +48.58 (+0.26%)

• Russell 2000: 2,244.07 +36.07 (+1.63%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 580.83 +1.79 (+0.31%

• iShares Core S&P 500 ETF (IVV): 583.65 +1.75 (+0.30%)

• Invesco QQQ Trust (QQQ): 495.40 +0.08 (+0.02%)

• Vanguard S&P 500 ETF (VOO): 533.92 +1.66 (+0.31%)

• Vanguard Total Stock Market ETF (VTI): 286.70 +1.16 (+0.41%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.549T]: 233.40 +1.99 (+0.86%)

• Nvidia (NVDA) [3.447T]: 140.52 -1.02 (-0.72%)

• Microsoft (MSFT) [3.171T]: 426.59 -1.56 (-0.36%)

• Alphabet (GOOGL) [2.052T]: 166.72 +1.45 (+0.88%)

• Amazon (AMZN) [1.961T]: 188.39 +0.56 (+0.30%)

• Meta Platforms (META) [1.467T]: 578.16 +4.91 (+0.86%)

• Tesla (TSLA) [837.19B]: 262.51 -6.68 (-2.48%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $70,883.95 (10:30PM PST on 10/28/24)

• Ethereum (ETH): $2,615.84 (10:30PM PST on 10/28/24)

• Solano (SOL): $180.48 (10:30PM PST on 10/28/24)