ibt-mailSep 24, 2024, 9:59 AM

Wall Street Rides Rate-Cut Wave To Records As Fed Ponders Next Move

Newsletter Sep 24, 2024 Quick Six Wall Street sets more record highs as Fed hints at next move US shares nudged higher Monday as momentum from last week's rally carried over from the Federal

Newsletter Sep 24, 2024

Quick Six

Wall Street sets more record highs as Fed hints at next move
US shares nudged higher Monday as momentum from last week's rally carried over from the Federal Reserve's bumper interest rate cut, its first since 2020. On Wall Street, the Dow Jones and S&P 500 hit fresh records, extending a positive stretch in anticipation of further Fed easing in the months ahead. As inflation continues to cool toward its long-term target of 2%, Friday's release of the personal consumption expenditures index -- the Fed's preferred inflation metric -- could shed light on the bank's next rate move.
SENIOR FED OFFICIALS TO SPEAK ON RATES THIS WEEK

Boeing counters with 'best and final offer' to striking workers
Boeing proposed lifting hourly wages for striking workers by 30 percent on Monday, sweetening its initial offer in an effort to end a 10-day stoppage that shuttered Seattle-area plants. The aviation giant gave workers until Friday at midnight to ratify its "best and final offer." The union, the International Association of Machinists and Aerospace Workers, said it was reviewing the proposal.
WHY WORKERS ARE HOLDING FIRM ON 40% PAY INCREASE

Attention Kmart shoppers: Retail's last big-box set to close
Once a pioneer in the retail sector, Kmart's last standing big-box store in the US will close its doors next month, marking the end of a retail empire. The last full-size Kmart store in Bridgehampton, N.Y., will close its doors for the last time on Oct. 20. A smaller, "convenience store version of itself" located in Kendall, Fla., is the last-standing brick-and-mortar Kmart store on the US mainland.
THE BLUE LIGHT SPECIAL WAS A RETAIL GAME-CHANGER

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Markets

DJIA	42,124.65	0.15%
S&P 500	5,718.57	0.28%
Nasdaq Composite	17,974.27	0.14%
Japan: Nikkei 225	38,382.38	1.75%
UK: FTSE 100	8,259.71	0.36%
Crude Oil Futures	70.79	0.60%
Gold Futures	2,654.20	0.06%
Yen	143.72	0.07%
Euro	1.11	-0.02%
* As of market close

Trump's alleged stalker wrote chilling letter

The man suspected of planning to kill Donald Trump wrote a chilling letter months ago about an "assassination attempt" on the former president, prosecutors said on Monday. The letter was revealed as Ryan Routh was in court charged with two firearms offenses after he was arrested while allegedly fleeing Trump International Golf Course on Sept. 15. Prosecutors said Routh dropped off a box containing ammunition, a metal pipe, building materials, phones "and various letters" at an unidentified person's home "several months" beforehand.

INVESTIGATORS: LETTER COULD BE KEY TO PROVING INTENT

Amazon loses area size of France, Germany

The Amazon, the world's biggest rainforest, has lost an area the size of Germany and France combined to deforestation in four decades, a study showed Monday. The South American jungle, spanning nine countries, is crucial to the fight against climate change due to its ability to absorb planet-warming carbon dioxide from the atmosphere. Deforestation, mainly for mining and agricultural purposes, has led to the loss of 88 million hectares (880,000 square kilometers, 339,773 square miles) or 12.5% of the Amazon's plant cover from 1985 to 2023.

COP16 SUMMIT SEEKS AN END TO RAINFOREST DESTRUCTION

'Cyberdog' wired to detect fire ants' nests

Researchers in China and Brazil used artificial intelligence to train a robot dog to sniff out nests of highly destructive red imported fire ants far better than human inspectors. The Xiaomi "CyberDog" robot was programmed using a machine-learning model with a dataset of more than 1,000 images of the ants' nests. CyberDog was also programmed to press on any nest it found with a front paw to disturb the colony inside and prompt worker ants to come out and defend the nest. The robot dog performed the task three times better than trained humans.

SEE HOW AI IS BEING USED TO RESOLVE AGE-OLD PROBLEMS

Extra point

What was the first commercial robot dog? Who invented it and when?

Monday's answer: The richest shipwreck discovered was Spain's San José, which was sunk by England in 1708. Loaded with gold and silver, the ship was located in 2015 with an estimated worth of US $17 billion.

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