US stocks mixed on higher oil prices, bond yields
Wall Street stocks finished mixed on Wednesday after US data gave a reassuring picture on the economy while lofty bond yields weighed on sentiment. The US Commerce Department revised upwards its estimate for Q2 GDP growth in the world's largest economy by 0.7 percentage points to 2.2 percent, with analysts pointing to the artificial intelligence investment boom as supporting of growth. Another economic release showed the US Federal Reserve's preferred inflation gauge stood at 3.4 percent year-on-year in August, unchanged from the month before, while private payroll firm ADP showed better than expected job growth in September. But long-term bond yields remained elevated, adding to investor anxiety. Higher yields "likely reflect stronger economic growth expectations, partly driven by the AI boom, which is fuelling record capital spending and should deliver significant productivity gains over time," said CFRA Research's Arun Sundaram. "The question investors are asking is whether higher yields will break the equity market." Both the Dow and S&P 500 retreated, while the Nasdaq advanced. Meanwhile, Europe's main stock markets closed lower after France, Germany and Italy revealed that prices in their countries were surging, particularly at the petrol pumps. "This morning's economic releases from the eurozone have done little to improve the outlook, with a combination...
Read full articleMore News
OpenAI says teen ChatGPT use limited but research finds it an 'unacceptable risk'
The research found that important guardrails for teens using ChatGPT often failed.
Fed Minutes Show Officials Saw More Work to Do to Quell Inflation
Policymakers grew increasingly concerned about inflation risks at their most recent meeting in September.
China’s ‘Self-Reliance’ Drive Is Upending Trade With Europe
China’s push to manufacture more at home has widened its trade imbalance with Europe, intensifying pressure on European industries and policymakers to take action.
Whistle-Blower Says I.R.S. Leaked His Tax Records in Retaliation
Brian J. Visalli, a veteran investigator of tax fraud, said in a lawsuit that the agency had sent his personal and tax information to federal prosecutors.
6 Broken Bathrooms Force Flight to Make an Urgent Landing
An American Airlines flight was diverted to New York on Tuesday because of an “inadequate number of operational lavatories” — two, on a plane that normally has eight.
Porsche, Facing Falling Profits, Plans to Cut 25% of Its Work Force
The German sports car maker once thrived in China and powered profits for its parent company, Volkswagen. Now it hopes to do more with less.
How Trump’s Tariff War With Canada Ensnared the Can-Am Spyder
The Can-Am Spyder has a devoted fan base across the United States. Now it’s a casualty in the trade war with Canada.
Boots sold in £7bn deal to Canadian billionaire family
The sale of the High Street chain was announced on Wednesday.
No child should have to learn in a cold classroom - children's commissioner
The EA suggests cost-saving measures as it warns school gas and electricity bills are set to rise.
Teeing Off in the Birthplace of Golf, in St. Andrews, Scotland
In St. Andrews, Scotland, history and golf intertwine, on and off the famous courses.
Trump Administration Delays Threaten Funding for HIV Research
The networks also develop treatments and preventions for other infectious diseases and were instrumental in testing the Covid vaccine.
Need Help Paying for College? Try Bass Fishing.
The popularity of competitive bass fishing has inspired a growing number of youth, high school and college fishing programs.