Anti-Clickbait News Summaries for November 9, 2024
US faces urgent need to boost ammunition supplies for future conflicts
Hi, it’s Jack with your daily news summaries 😇
The Markets:
Futures
Crude oil dropped by -2.67% as energy markets saw a decline, while equity indexes like the Dow (+0.51%) and S&P 500 (+0.33%) held steady gains.
Crude Oil: 70.43 ▼ -1.93 (-2.67%)
Natural Gas: 2.6650 ▼ -0.0280 (-1.04%)
Gold: 2691.70 ▼ -14.10 (-0.52%)
Dow: 44132.00 ▲ +222.00 (+0.51%)
S&P 500: 6023.50 ▲ +19.75 (+0.33%)
Nasdaq 100: 21226.75 ▲ +2.00 (+0.01%)
Russell 2000: 2411.80 ▲ +16.10 (+0.67%)
Forex & Bonds
The dollar strengthened, with EUR/USD and GBP/USD down significantly. Meanwhile, bond yields dipped slightly across the board.
EUR/USD: 1.0717 ▼ -0.0085 (-0.79%)
USD/JPY: 152.58 ▼ -0.35 (-0.23%)
GBP/USD: 1.2913 ▼ -0.0072 (-0.56%)
BTC/USD: 76434.00 ▲ +31.00 (+0.04%)
5-Year Treasury: 4.192 (0.00%)
10-Year Treasury: 4.306 ▼ -0.035 (-0.81%)
30-Year Treasury: 4.477 ▼ -0.066 (-1.45%)
Major Stock Movers
The day brought mixed outcomes, with big winners like Upstart (+46.02%) and Axon (+28.68%) while some tech giants saw slight declines, including Google (-1.33%) and Nvidia (-0.84%).
UPST ▲ +46.02%
AXON ▲ +28.68%
TOST ▲ +14.72%
RIVN ▲ +5.37%
COIN ▲ +5.93%
PLTR ▲ +4.49%
DKNG ▲ +2.95%
WMT ▲ +1.17%
BLK ▲ +0.31%
TSLA ▲ +8.19%
META ▼ -0.40%
MSFT ▼ -0.68%
NVDA ▼ -0.84%
AMZN ▼ -0.89%
GOOGL ▼ -1.33%
SG ▼ -5.95%
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NHTSA warns Tesla over social media promotion of driver-assistance technology before investigation
Tesla was warned by the National Highway Traffic Safety Administration (NHTSA) about its social media promotion of driver-assistance technology months before an investigation began. The agency flagged posts that suggested the system could operate like a "Robotaxi," which contradicts safety guidelines.
In a May email, NHTSA expressed concern that Tesla's posts could mislead the public about the need for driver attention while using its Full Self-Driving (FSD) system. The agency noted that Tesla had previously briefed them on FSD but continued to share potentially misleading content.
NHTSA opened an investigation into FSD in October after several collisions, including a fatal incident involving a pedestrian. The agency is now evaluating the system's performance in low visibility conditions and has requested further information from Tesla by December 18.
Source: https://www.courant.com/2024/11/09/tesla-was-told-to-temper-robotaxi-fervor-months-before-us-probe/
Mazda plans hybrid CX-5 and electric SUV for U.S. market by 2027
Mazda has announced plans to develop a hybrid version of its popular CX-5 SUV and an electric SUV, marking a shift in its approach to electrification in the U.S. market.
The new hybrid CX-5 is expected to launch between 2025 and 2027. Additionally, Mazda plans to introduce an electric SUV based on its own platform by 2027, following the design of the Mazda Arata concept.
Mazda has also secured battery supply agreements with AESC and Panasonic through 2030. The company aims for a significant rollout of electric vehicles between 2028 and 2030.
Source: https://www.digitaltrends.com/cars/mazda-hybrid-cx-5-electric-suv/
New iOS feature complicates iPhone access for police and thieves
A new feature in Apple's latest mobile operating system, iOS 18.1, makes it harder for police and thieves to unlock iPhones. Reports indicate that phones stored for forensic examination are rebooting after being locked for a few days.
This automatic reboot occurs after four days of inactivity, complicating the use of password-cracking tools. Security experts confirm that this change enhances the device's security.
Apple has not commented on the situation. Law enforcement officials are sharing warnings about the challenges posed by this new feature.
Biden and Trump to meet in Oval Office for transition talks on Wednesday
President Biden will meet President-elect Trump in the Oval Office on Wednesday. This meeting is a traditional part of the transition process, marking the start of a peaceful transfer of power.
This meeting contrasts with the 2020 election, when Trump did not meet Biden after losing. Trump disputed the election results, leading to significant unrest on January 6, 2021.
Biden congratulated Trump on his victory and pledged cooperation for a smooth transition. The meeting is scheduled for 11 a.m.
Trump promises lower interest rates but faces economic limits
Donald Trump has promised to lower interest rates, but this is largely beyond his control. While he has pressured the Federal Reserve to cut rates, mortgage and loan rates are mainly influenced by the bond market and long-term economic factors.
The Federal Reserve sets short-term borrowing rates, which can affect consumer loan rates, but recent cuts have not led to lower mortgage rates. Experts note that macroeconomic trends play a more significant role than the Fed's actions.
Trump will have the chance to influence the Fed's leadership in 2026 when Jerome Powell's term ends. However, any immediate changes to interest rates will depend on broader economic conditions, including inflation and government spending.
Eletrobras reports Q3 2024 earnings with key updates on performance and operations
Eletrobras reported its Q3 2024 earnings on November 7, 2024. The company’s leadership, including CEO Ivan Monteiro, discussed financial results and operational updates during the conference call.
The earnings call highlighted key developments in Eletrobras' performance compared to previous quarters. Specific financial figures and operational metrics were shared, reflecting the company's current status in the energy sector.
Participants included executives from various departments, emphasizing a collaborative approach to addressing investor inquiries. The call was recorded and will be available for later access on the company's Investor Relations website.
Walt Disney, Cisco, and Shopify set to report earnings next week
Walt Disney, Cisco, and Shopify are among the major companies reporting earnings next week. Other notable companies include Home Depot, Spotify, and Alibaba. This continues a busy earnings season for investors.
The core consumer price index for October is expected to show a 0.3% increase, matching September's figure. Federal Reserve Chair Jerome Powell and other officials will speak during the week, providing insights on economic conditions.
Earnings reports will be released throughout the week, with key dates on November 11 for Live Nation and Aramark, November 12 for Home Depot and Shopify, and November 14 for Walt Disney.
Adobe shifts to subscription model for Elements software, ending perpetual licensing
Adobe has ended its perpetual licensing model for its Elements software, shifting to a subscription-based pricing system. Users of the 2025 edition will only have access for three years before being blocked, a change that has sparked mixed reactions.
This move aligns with Adobe's long-term strategy, following a similar transition for its professional software in 2013. Elements users previously enjoyed ownership of their software, but now face restrictions.
The 2025 release includes new features like an AI-powered object removal tool and enhanced video editing options. Photoshop Elements and Premiere Elements are priced at $99.99 each, with a combo pack available for $149.99.
NRG Energy expands services in Texas and beyond with Vivint acquisition
NRG Energy, a $20 billion utility and retail energy provider, is expanding its services in Texas and other deregulated markets. The company combines energy generation with retail services and has recently acquired Vivint Smart Home to enhance its residential technology offerings.
The demand for energy is increasing, especially in Texas, prompting NRG to focus on growth opportunities. This shift marks a strategic move to integrate more technology into its services, aligning with current market trends.
NRG's approach reflects a broader trend in the energy sector, where companies are diversifying their offerings to meet changing consumer needs. The company's growth strategy aims to capitalize on the evolving energy landscape.
Trump prioritizes tax changes for 2025, seeks to make cuts permanent
Donald Trump plans to prioritize tax changes in 2025, aiming to make the 2017 tax cuts permanent and possibly lower rates further. Key provisions from the 2017 law are set to expire after 2025, prompting urgency for legislative action.
Trump's proposals include increasing the child tax credit, reducing the corporate tax rate to 15%, and eliminating certain green-energy tax breaks. The outcome of the House elections will influence the feasibility of these changes, with a Republican majority likely facilitating Trump's agenda.
Congress may consider a significant tax bill in late 2025, with most changes effective in 2026. Additionally, Republicans may seek to repeal increased IRS funding and the Direct File program, which allows free electronic filing for some taxpayers.
Source: https://www.kiplinger.com/taxes/tax-changes-are-on-trump-to-do-list
Experts advise financial planning steps to navigate changing economy
Economists suggest that while the president can influence the economy, significant changes are expected in 2026 regarding tax rates and estate tax exemptions. It is advisable to consult with financial planners or estate attorneys to prepare for these changes.
Current economic conditions show consumers are spending, but wage growth is slowing, and unemployment is rising. Increased late payments on loans may lead to reduced consumer spending, impacting the economy's trajectory.
To navigate this environment, experts recommend diversifying investments, ensuring cash reserves for short-term needs, and managing tax implications. Selling off concentrated stock holdings can help mitigate risk and secure financial stability.
Source: https://www.startribune.com/financial-planning-economy-election-money/601178377
Trump to receive classified briefings again as he prepares for presidency
Donald Trump, who faced charges for mishandling classified information, will receive classified briefings again as he prepares for his upcoming presidency. This decision comes despite past concerns about his handling of sensitive materials.
The Biden administration is facilitating Trump's transition, allowing him access to national security briefings, a practice established for all incoming presidents. This continues despite Trump's previous legal issues related to classified documents.
Trump's team is currently negotiating terms for using federal office space and accessing government operations. Some advisers have suggested bypassing traditional security clearance processes for his appointees.
Source: https://time.com/7174648/donald-trump-classified-documents/
US faces urgent need to boost ammunition supplies for future conflicts
The U.S. has sent billions in ammunition to Ukraine and Israel amid ongoing conflicts, revealing a significant need for munitions in potential future wars. Former military officials emphasize the unexpected high demand for weaponry and the need to boost production capabilities.
Since Russia's invasion of Ukraine in 2022, the U.S. has provided over $60 billion in military aid, including critical artillery shells. In response to the recent conflict in Israel, at least $18 billion in assistance has been approved, focusing heavily on ammunition supplies.
Military experts warn that current stockpiles are strained and production must increase to meet future demands. The U.S. is particularly focused on enhancing its capacity for air-defense interceptors and long-range strike weapons in preparation for potential conflicts, especially with China.
Source: https://www.businessinsider.com/us-military-needs-lots-of-ammunition-for-next-big-war-2024-11
Saturday Review's 1974 predictions highlight shifting fears and optimism for the future
In 1974, the Saturday Review published a special issue with optimistic predictions for the future, despite concerns about issues like Watergate and overpopulation. The magazine featured insights from notable figures, including Neil Armstrong and Andrei Sakharov, who envisioned a better world.
Today, many of the fears from that era have shifted. Instead of worrying about scarcity, there are concerns about obesity and declining birth rates in wealthy nations. Predictions about the future have proven difficult, with many experts missing key trends.
Currently, significant investments are being made in artificial intelligence and data infrastructure, with projections reaching up to $7 trillion. The focus is on harnessing technology to address global challenges, reflecting a shift towards optimism about human potential and innovation.
Source: https://www.fastcompany.com/91223451/worried-about-the-future-history-proves-its-hard-to-predict
Alphabet announces first dividend of $0.20 per share as it shifts to shareholder payouts
Alphabet has started paying dividends, announcing its first quarterly dividend of $0.20 per share, totaling $0.80 annually. This marks a shift for the company, which previously did not offer dividends.
The company has a strong financial position, with $82.4 billion in net cash, allowing it to support these dividend payments. Its payout ratio is 5.2%, lower than other tech giants, suggesting potential for future increases.
In addition to dividends, Alphabet is actively repurchasing shares, reducing its outstanding shares by 11% over five years. The company has committed to a $70 billion buyback program, investing $15.3 billion in the latest quarter.
Justice Department prioritizes serious January 6 cases before Trump’s inauguration
The Justice Department will prioritize arresting the most serious offenders from the January 6 Capitol riot before President-elect Donald Trump takes office. This includes individuals who assaulted law enforcement but have not yet been apprehended.
Prosecutors have received instructions to expedite existing cases and oppose delays for defendants. They will focus on felony assault cases, while further arrests for misdemeanor offenses are unlikely unless already approved by a judge.
Over 1,560 individuals have been arrested in connection with the January 6 events, with more than 1,100 convictions secured. Concerns remain about potential pardons for those convicted of assaulting law enforcement, which some prosecutors find demoralizing.
Michelin advances airless tire technology with potential for electric vehicles
Michelin is advancing its airless tire technology, known as UPTIS, which has been in development for over a decade. Unlike traditional tires, UPTIS does not require inflation, potentially reducing punctures and environmental waste from tire replacements.
The company showcased its airless design for NASA's Artemis moon rover, highlighting its suitability for extreme conditions. Michelin is also testing UPTIS with La Poste in France and has engaged in discussions with Tesla for potential use in their vehicles.
Airless tires could last up to three times longer than conventional tires, with estimates of 50,000 to 100,000 miles. However, Michelin acknowledges that standards for airless tires are still being developed, and other manufacturers are exploring similar technologies.
Billions wagered on U.S. presidential election through online betting platforms
Online election betting platforms saw billions in wagers for the U.S. presidential election. Polymarket reported over $3.6 billion in bets, with significant amounts on Donald Trump and Kamala Harris. State-specific bets totaled over $270 million on Polymarket and $120 million on Kalshi.
Pennsylvania attracted the most betting activity, with over $33 million on Polymarket. Swing states dominated the betting landscape, making up about half of the total volume. A notable bettor, known as "Théo," placed over $28 million on Trump, potentially earning significant returns.
Polymarket, previously halted in the U.S. by regulators, plans to resume operations. France's gambling regulator is investigating Polymarket's compliance due to the high-profile betting activities.
Source: https://www.nbcnews.com/tech/tech-news/billions-bet-election-odds-using-online-markets-rcna179195
Generative AI software sales expected to surge 2,790% by 2032, analysts favor Microsoft and Datadog
Sales of generative AI software are expected to rise dramatically, with spending projected to increase by 2,790% to nearly $320 billion by 2032. This surge follows the introduction of ChatGPT in November 2022, which sparked significant interest in AI technologies.
Microsoft and Datadog are highlighted as strong investment options, with both companies receiving high ratings from Wall Street analysts. Microsoft has a 91% buy rating among analysts, while Datadog has an 88% buy rating, indicating strong confidence in their growth potential.
Microsoft reported a 16% revenue increase to $65.6 billion in its latest quarter, driven by strong cloud and advertising sales. Datadog also performed well, with a 26% revenue rise to $690 million, as it expands its offerings in observability software and AI solutions.
Trump wins election with support from YouTube influencers
Donald Trump won the recent election, significantly aided by popular YouTube personalities like Joe Rogan. The Trump campaign engaged with various influencers, leveraging their large audiences to reach voters across multiple platforms, especially YouTube.
YouTube has become a major source of news, with 32% of American adults using it regularly. On Election Day, viewers consumed 67 million hours of live streams, highlighting the platform's influence in political discourse.
The campaign's strategy included appearances on various shows, boosting engagement with younger audiences. This approach reflects a shift in how political campaigns utilize digital platforms, blending podcasting and video content to maximize reach.
Source: https://www.businessinsider.com/youtube-donald-trump-podcasts-joe-rogan2024-11