Oracle, the market leader in artificial intelligence, reported weaker-than-expected earnings for the second quarter, sending the stock market tumbling on Tuesday. The ceremony to introduce the iPhone 15 from Apple will begin later today. The Consumer Price Index for August is an important piece of inflation statistics, and it will be the focus of Wall Street on Wednesday. While the dollar strengthened, stock prices fell as investors braced themselves for crucial inflation data that was widely anticipated to shed light on the Federal Reserve’s likely future moves. Oracle Corp.’s 11% drop after slowing cloud sales led the S&P 500’s declines and was the largest one day drop since 2020.
Inflation and falling consumer spending drained the coffers of Noble House Home Furnishings LLC, thus the company filed for bankruptcy with the intention of liquidating its assets. Assets and liabilities of at least $100 million were cited in the bankruptcy petition for the company, which lists Amazon.com Inc., Wayfair Inc., and Target Corp. as customers.
According to a blog post published on Tuesday, TikTok’s Chinese owner ByteDance has finally launched the social media app’s e-commerce business in the United States after months of testing.
Late last week, QSR Web claimed, citing an email from a corporate spokesman, that McDonald’s will be eliminating the self-serve beverage stations from the dining areas of its restaurants in the United States. Customers will have plenty of time to adjust, as the shift is not expected to take place until 2032.
BMW drivers in nations like the United Kingdom, South Korea, and Germany have been charged $18 USD per month to activate the car’s heated seats and steering wheel. As a result of public outcry, the seat-warming submarine was retired after only one cold season.
Tesla’s stock price increased by 10% yesterday when Morgan Stanley predicted that the company’s Dojo supercomputer would bring in an additional $500 billion for the electric vehicle industry. Tesla launched Dojo in July to train the AI models used by autonomous vehicles.
After launching Llama 2 in July, Meta is rumoured to be working on a third major language model (the engine that underpins AI). Reportedly as potent as OpenAI’s GPT-4, its main competitor, and available for no cost to users.
Although the U.S. economy is performing well, JPMorgan Chase CEO Jamie Dimon says it would be a “huge mistake” to expect that it will persist for years given the threats that exist. He concedes that consumers are resilient, but that their spending power is insufficient to sustain economic growth.
Over-the-counter cold medicines including some varieties of Procter & Gamble Co.’s Nyquil contain phenylephrine, which a panel of US regulatory experts found doesn’t actually work. Scientific evidence does not indicate that the nasal decongestant is beneficial when taken orally at prescribed doses, as decided on Tuesday by a panel of 16 FDA experts.
As Instacart tries to launch an initial public stock offering in a tough climate for online delivery, the company’s valuation has dropped by tens of billions of dollars from where it was a year ago.
On Tuesday, Target said that it had reached an agreement with jeweller Kendra Scott to sell Target-exclusive collections of earrings, bracelets, and other accessories in preparation for the crucial Christmas season.
By pledging to buy 250,000 tons of removal credits over a 10-year period, the online retail giant Amazon.com (AMZN) is making its first investment in direct air capture technology, which removes emissions from the environment.
The national airline of Japan has begun a year-long test of a service that lets guests pre-order a wardrobe (spanning many seasons and fashion eras) and have it delivered to their hotel. Clothes are returned at the end of each stay to be washed and reused in the system.
Inflation numbers for the core on Wednesday. Cracker Barrel and Semtech have projected earnings.
Initial Jobless Claims are due on Thursday. The agreement with the United Auto Workers is about to end. Adobe and Lennar are anticipated to report earnings.
Data on consumer mood will be released on Friday.
Stocks to watch with positive momentum this week and Buy Rating. SNDL, WMT, AMZN, META, GRPN, MSFT, GOOGL, eBay, AAPL, PYPL, UBS, Palo Alto Networks, Nvidia, SBUX
