Daily Shocker Recap of Today Business News September 29, 2023

Daily Shocker Recap of Today Business News September 29, 2023

The odds of avoiding a government shutdown as of Sunday at 12:01 AM ET are getting slimmer. Millions of federal employees and military people would be furloughed if additional funding is not allowed, the SEC would have little authority to control the market, and economic data releases would be delayed at a key time for the U.S. economy.

U.S. Treasury returns are on course to be the worst this month after the Federal Reserve warned that interest rates would remain higher for longer, sending the bond market into a tailspin. As a result of the current selloff, the yield on US 30-year bonds (US30Y) and US 10-year bonds (US10Y) have soared to their highest levels in almost a decade.

In the United States, the average rate for a long-term mortgage is now 7.31 percent, a peak not seen in almost 23 years. As home prices have been rising gradually for some time, this week saw the average long-term U.S. mortgage rate rise to its highest level in over 23 years, providing a further blow to would-be purchasers.

Due to the higher-than-expected Italian budget deficit and growing concerns about the stability of central banks, investors abandoned European government bonds on Thursday.

In 2023, coffee chains such as Dunkin’ Donuts, Krispy Kreme, Peet’s, and others will commemorate National Coffee Day by handing away free drinks while supplies last. Businesses across the United States are celebrating today’s National Coffee Day by giving away free coffee samples, selling coffee at reduced prices, and offering other specials.

Multiple states have sued Yelp. In a lawsuit filed against Texas Attorney General Ken Paxton on Thursday, the user review company argues that crisis pregnancy clinics should not be reclassified as “does not offer abortions or referrals to abortion providers.” Paxton sued Yelp, as was to be expected, because the name was misleading. Yelp has responded to criticism that the label is deceptive.

Following Thursday’s market close, Nike (NKE) shares jumped 7.9% as the company reported quarterly profits that were far higher than expected. Margins are expected to increase further in the second quarter despite growing product prices and adverse foreign exchange rates, thanks to proactive pricing actions.

FC Barcelona is suspected of bribing the former vice president of the officiating committee in Spanish football to the tune of almost $7 million.

Before the end of the holiday season, Toys R Us may launch as many as 24 additional flagship stores around the United States, with a simultaneous rollout in airports and on cruise ships.

The Paris public prosecutor’s office is investigating possible criminal activity related to business relations involving LVMH CEO Bernard Arnault and Russian billionaire Nikolai Sarkisov.
The French newspaper Le Monde reported on Thursday that Arnault had lent money to Sarkisov so that he could buy property in an Alpine resort. The report cited France’s Tracfin financial intelligence department. On suspicion of anti-competitive activities, French police raided an Nvidia office.

Blue Apron’s share price increased by more than 130%. On Friday, a once-hugely-successful meal kit delivery service revealed that it had been acquired. Wonder Group, a meal delivery service founded and run by ex-Walmart and Jet CEO Marc Lore, has agreed to acquire Blue Apron for $13 per share, valuing Blue Apron at $103 million. Even though it’s just been six years, this is a huge decline from the company’s peak valuation of $2 billion.

Republican legislators have encouraged Governor Newsom to temporarily suspend the tax as the price of a gallon of gas in California reaches $7, more than twice the national average. “I can’t believe you guys”

An anti-discrimination commission in the United States has filed suit against Elon Musk’s Tesla over claims that the company ignored “pervasive racial harassment” of Black employees at its flagship California automobile production and retaliated against those who spoke out.

Even though the company’s revenue has increased and above expectations, management remains pessimistic about the future. Revenues for Carnival’s fiscal third quarter ended in August jumped 60% year-over-year to an all-time high of $6.9 billion, thanks in large part to the sustained uptick in post-Covid travel, which boosted airline traffic and rival cruise operators for much of the year.

Delivery workers in New York City will soon be paid significantly more thanks to a judge’s decision to not delay the implementation of the city’s new minimum wage requirements, which were opposed by Uber, DoorDash, and Grubhub.

Various Other Hot Issues:

In a formal request, China’s trade council has urged the United States to end its ban on investment in cutting-edge technologies.

 

According to one executive, Microsoft considered acquiring Apple to increase traffic to Bing.

 

NextEra Partners (NEP) has maintained its rapid drop after initial projected cuts.

 

Shares of CarMax (KMX) have dropped as the momentum surrounding declining car prices has faded.

 

ChatGPT by OpenAI can now perform live web searches.

 

Hawaiian Electric (HE) defends fire prevention efforts.

Stock to watch this week with a Buy rating Sundial (SNDL), Tesla (TSLA)

Daily Shocker Recap of Today Business News September 27, 2023

 

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