Markets are shaking with dashed inflation expectations. Dow down 1,250
NEW YORK (AP) — The stock market has posted its biggest drop since June 2020, following Wall Street’s humble recognition that inflation has not slowed as much as hoped. The Dow has him down more than 1,250 points and the S&P 500 is down his 4.3%. Tuesday’s better-than-expected report on inflation leaves traders with all the risks to the economy that could come with the Federal Reserve finally raising interest rates even higher than expected. Bond prices also fell and yields surged after the government reported last month that inflation was lower than economists expected. The drop did not completely offset the market’s rally over the past four days.
US inflation still stubbornly high despite August slowdown
WASHINGTON (AP) — U.S. inflation fell for the second month in a row on lower gas costs in August, but most other prices across the economy continued to rise. Consumer prices rose 8.3% year-on-year and 0.1% from July. But the surge in “core” prices, which excludes volatile food and energy costs, is particularly worrisome. I have kindled the fear that it will increase. Fueled by high rents, health insurance and new cars, core prices surged 6.3% in the year to August and 0.6% from July to August, the government said on Tuesday. did.
Whistleblower: China and India had agents working for Twitter
WASHINGTON (AP) — Twitter’s former security chief told Congress on Tuesday that there was “at least one agent” from China’s intelligence agency in Twitter’s payroll and that the company deliberately included India as an agent on the company’s roster. said to allow the addition of These are just some of the troubling revelations from respected cybersecurity expert and Twitter whistleblower, his Peiter “Mudge” Zatko, appearing before the Senate Judiciary Committee to reveal the company’s developed a claim against Zatko, who was fired earlier this year, said Twitter’s leadership “is misleading the public, lawmakers, regulators and even the board.”
Part of the Queen: New Souvenirs to Commemorate the Death of a Monarch
LONDON (AP) — Just days after the death of Queen Elizabeth II, London’s royal-themed gift shops and online marketplaces like Amazon and Etsy are selling informal souvenirs. A shop near Buckingham Palace has urged suppliers to work overnight to have a memento ready by Saturday, just two days after the death of Britain’s longest-serving monarch. , flags, mugs and T-shirts with the Queen’s likeness and the date of her 70th reign can be purchased. Some shops are selling merchandise depicting the new monarch, Charles He III. Formal merchandise will take longer to reach approved vendors who have stopped selling royal souvenirs in honor of the mourning period.
Biden touts anti-inflation laws despite sober reports
WASHINGTON (AP) — President Joe Biden drew crowds to the White House to celebrate the passage of the Inflation Cuts Act last month. Because it shows how difficult things can be. Despite its name, the law’s impact on inflation is expected to be modest at best. Gasoline prices have fallen since June, but housing and food prices remain particularly high, suggesting further rate hikes by the Fed and more economic pain to keep prices down. ___
Starbucks revamps stores to speed service, boost morale
SEATTLE (AP) — Starbucks plans to spend $450 million next year to make its North American stores more efficient and simple. The company also said he plans to open 2,000 all-new stores in the US by 2025. The focus will be on meeting the growing demand for drive-thru and delivery. Starbucks recently posted the best sales in its 51-year history when it unveiled its latest fall drink. But stores say they need better equipment to make drinks more quickly. Among those driving reform are ongoing unionization efforts that Starbucks opposes. Since the end of last year, more than 230 stores in the US have voted to unionize.
Bill Gates: Innovation can help solve hunger
NEW YORK (AP) — Bill Gates says the global hunger crisis is so severe that food aid cannot fully address the problem. released a report documenting a significant setback against shared global development goals, including In an interview with the Associated Press, Gates argues that innovation in agricultural technology, especially what he calls “magic” crop seeds, is needed to reverse the crisis. Designed to adapt to fluctuations and resist agricultural pests. Some scientists say relying on seeds is at odds with global efforts to protect the environment. This is because they generally require fossil fuel-based fertilizers and pesticides to grow.
UN: Ukrainian food exports up, Russian fertilizer down
United Nations (AP) — The United Nations says food exports from Ukraine and Russia have increased since the July 22 cereals deal, but much-needed fertilizer exports from Russia have fallen despite the deal. still declining. Insurance, financing and transportation remain issues. United Nations trade chief Rebecca Grinspan said on Tuesday that Russia reported a 12% increase in food exports from June to July. But she said that while “significant progress” had been made, the United Nations was concerned about fertilizer exports, which she needed by October to November for the northern hemisphere planting season. She warned of a “catastrophic crisis” if fertilizers remained out of reach for many.
Union and GE agree to raise wages at Massachusetts plant
LYNN, Massachusetts (AP) — The largest union representing General Electric workers says it has reached a tentative agreement with the company to accelerate wage increases for workers at an aircraft factory in Massachusetts. increase. Under the agreement, workers at GE’s facility in Lynn, up to 10 under the previous system, will be eligible for pay raises sooner and will be able to reach the top wage after six years. GE is already implementing accelerated schedules at its plants in New Hampshire and Vermont. IUE-CWA Local 201, the union that negotiated the deal, said it was a “big win” for workers.
___ The S&P 500 fell 177.72 points (4.3%) to 3,932.69. The Dow Jones Industrial Average fell 1,276.37 points, or 3.9%, to 31,104.97. The Nasdaq fell 632.84 points (5.2%) to 11,633.57. The Russell 2000 Index for Small Businesses fell 74.51 points (3.9%) to 1,831.57.