Business and Finance News - 9.4.24

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Canva is significantly increasing the prices of its Canva Teams subscriptions, with some users facing a rise of over 300% due to the addition of generative AI features. Existing subscribers are being moved to this more expensive pricing model, leading some users to consider switching to alternative platforms like Adobe. (The Verge)

*Canva - Canva is an online graphic design platform that allows users to create a wide range of visual content, including presentations, social media graphics, posters, and more.

Constellation Brands will record a charge of up to $2.5 billion in the current quarter to write down its wine and spirits business, following weak demand in the U.S. The company also lowered its fiscal 2025 net sales growth forecast and reduced its reported earnings per share estimates. (Investing.com)

*Constellation Brands (STZ) - Constellation Brands is a leading producer and marketer of alcoholic beverages, including beer, wine, and spirits. The company's portfolio includes well-known brands such as Corona, Modelo, Robert Mondavi, and SVEDKA Vodka.

Intel's position in the Dow Jones Industrial Average is at risk due to a nearly 60% drop in its share price this year, making it the worst-performing stock in the index. The company's struggles, including missing the AI boom and financial losses, have led to speculation that it may be removed from the Dow. (Reuters)

*Intel (INTC) - Intel Corporation is a leading global technology company specializing in designing, manufacturing, and selling semiconductor chips.

OpenAI is reportedly considering restructuring its non-profit status to attract investors as it seeks to raise billions in new funding, potentially valuing the company above $100 billion. Major backers like Nvidia, Apple, and Microsoft are in talks to invest, while OpenAI weighs removing its current "capped profit" structure. (Quartz)

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

OPEC+ is planning to increase oil production in October despite weakening demand, as indicated by sources to Reuters and Bloomberg. Meanwhile, U.S. crude oil prices dropped over 3% due to concerns over China's declining manufacturing activity and potential oversupply, erasing gains for the year. (CNBC)

*OPEC+ - OPEC+ refers to the coalition of oil-producing countries that includes the 13 members of the Organization of the Petroleum Exporting Countries (OPEC) and additional 10 non-OPEC oil-producing nations, most notably Russia. This expanded group was formed to coordinate and regulate oil production levels to influence global oil prices, stabilize the market, and ensure fair returns for producers.

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Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 40,936.93 -626.15 (-1.51%)

• S&P 500: 5,528.93 -119.47 (-2.12%)

• Nasdaq Composite: 17,136.30 -577.33 (-3.26%)

• Russell 2000: 2,149.21 -68.42 (-3.09%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 552.08 -11.60 (-2.06%)

• iShares Core S&P 500 ETF (IVV): 555.26 -11.49 (-2.03%)

• Invesco QQQ Trust (QQQ): 461.81 -14.46 (-3.04%)

• Vanguard S&P 500 ETF (VOO): 507.56 -10.48 (-2.02%)

• Vanguard Total Stock Market ETF (VTI): 272.39 -5.99 (-2.15%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.416T]: 222.77 -6.23 (-2.72%)

• Microsoft (MSFT) [3.043T]: 409.44 -7.70 (-1.85%)

• Nvidia (NVDA) [2.661T]: 108.00 -11.37 (-9.53%)

• Alphabet (GOOGL) [1.964T]: 157.36 -6.02 (-3.68%)

• Amazon (AMZN) [1.834T]: 176.25 -2.25 (-1.26%)

• Meta Platforms (META) [1.298T]: 511.76 -9.55 (-1.83%)

• Tesla (TSLA) [671.64B]: 210.60 -3.51 (-1.64%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $56,582.58 (7:00PM PST on 9/3/24)

• Ethereum (ETH): $2,357.01 (7:00PM PST on 9/3/24)

• Solano (SOL): $126.38 (7:00PM PST on 9/3/24)