Daily Shocker Recap of Today Business News September 27, 2023

Daily Shocker Recap of Today Business News September 27, 2023

A government shutdown might be disastrous for the stock market. However, both the White House and Wall Street warned that the longer the closure lingered, the more damage it may do to the economy.

After a long and painful wait, the SAFER Banking Act, a rebranded version of the bipartisan legislation to remove penalties for banks who help with the cannabis business, looks to be gaining momentum in Congress. This bill received unanimous support during today’s “markup” session in the Senate Banking, Housing, and Urban Affairs Committee. Sundial (SNDL) may be able to equitize certain senior credits made by SunStream affiliates in the process of restructuring if SunStream USA is structured as currently proposed. SunStream USA’s structure will be reviewed by Nasdaq, Sundial’s (SNDL) required listing authority, prior to implementation.

Mortgage rates now are at an all-time high not seen since the year 2000. As a result, mortgage applications are at a record high not seen in nearly 27 years. Mortgage application volume fell by 1.3% from the previous week, as measured by the seasonally adjusted index published by the Mortgage Bankers Association. When compared to the same week a year earlier, volume was down 25.5%.

As September saunters into its final trading days, U.S. stock markets, despite a higher open on Wednesday, are still rebounding from a bad Tuesday. Every one of the three main indices dropped by more than 1%. The Dow had its worst day since March. It was just one of those days where everything kept falling off.

After a period of sustained price increases and interest rate hikes, many Americans are now struggling to make ends meet. As of August, 60% of people surveyed by LendingClub said they lived paycheck to paycheck.

Due to growing thefts and organized retail crime that threatens the safety of employees and customers, Target is closing nine shops across four states. On October 21, there will be the closure of one store in New York City, three stores in the Bay Area of California, and two stores in Seattle and Portland, Oregon. According to Target’s announcement, even after the closures it will still have 150 stores.

Nearly 3.4 million automobiles in the United States are being recalled by Hyundai and Kia due to the risk of fire in the engine compartment. The recall affects a wide range of vehicles built between 2010 and 2019, but the Hyundai Santa Fe and Kia Sorrento SUVs are particularly affected.

The fourth-quarter 2018 earnings report for Costco Wholesale (COST) exceeded analyst projections on both the top and bottom lines. The company’s goal for the next decade is to expand its footprint in both the domestic and international markets.

The $835 million Powerball prize that will be awarded Wednesday night ranks as the fourth largest in the game’s history. A lucky California resident won the third-largest Powerball jackpot ever on July 19th. The award was worth $1.08 billion. There has been no jackpot winner in the subsequent 29 drawings.

The ‘Jam’ function is a social networking feature introduced by Spotify. The latest update to the music streaming service includes a social listening feature that facilitates group playlist-making for events with many participants. Up to 32 people can participate in a Spotify Jam session at once, with each user adding songs to a shared queue and receiving recommendations tailored to their tastes.

Meta’s real-time messaging program Threads has been having trouble attracting new users after a successful debut in July. Insider Intelligence released their first prediction for Threads on Tuesday, and it shows that the Twitter clone has fallen to towards the bottom of the most popular social media networks in the United States, ahead of just Tumblr.

E-commerce on social media sites like TikTok will be illegal in Indonesia, the country’s government has announced. As a result of social media sites like Facebook and Instagram, President Joko Widodo claims that small and medium-sized enterprises (SMEs) are losing sales.

In the United Kingdom, Uber Eats and fast-moving-goods expert Getir have collaborated to offer a grocery delivery service. The partnership, which will increase the selection of foods available to Uber Eats customers, will soon expand to other European countries where the companies operate, including Germany and the Netherlands.

On results day, September 27th, all eyes will be on Paychex (PAYX), Micron Technology (MU), and Jefferies Financial Group (JEF).

Accenture (ACN), Nike (NKE), CarMax (KMX), and Jabil (JBL) will all announce earnings on Thursday, September 28.

Pay attention to the earnings report for Carnival (CCL) on September 29.

Stocks to watch with positive momentum and Buy Rating:

Sundial (SNDL), Tesla (TSLA), Groupon (GRPN), Chase Bank (JPM), Microsoft (MSFT)GOOGLeBay, Apple (AAPL), Pay Pal (PYPL)UBS, Walmart (WMT), Amazon (AMZN), Facebook (META), FED EX (FDX), UPS (UPS)

Daily Shocker Recap of Today Business News September 26, 2023

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