Anti-Clickbait News Summaries for October 24, 2024
Mortgage rates rise as of October 24, 2024
Hi, it’s Jack again with your daily news summaries 😇
The Markets:
Futures
Crude Oil: Last 71.06, Change +0.29 (+0.41%)
Natural Gas: Last 2.4280, Change +0.0860 (+3.67%)
Gold: Last 2750.90, Change +21.50 (+0.79%)
Dow: Last 42,698.00, Change -40.00 (-0.09%)
S&P 500: Last 5,863.00, Change +25.25 (+0.43%)
Nasdaq 100: Last 20,388.25, Change +167.75 (+0.83%)
Russell 2000: Last 2,234.00, Change +7.30 (+0.33%)
Forex & Bonds
EUR/USD: Last 1.0803, Change +0.0021 (+0.19%)
USD/JPY: Last 152.08, Change -0.67 (-0.44%)
GBP/USD: Last 1.2979, Change +0.0059 (+0.45%)
BTC/USD: Last 67,542.00, Change +390.00 (+0.58%)
5-Year Treasury: Last 4.023, Change -0.034 (-0.84%)
10-Year Treasury: Last 4.216, Change -0.026 (-0.61%)
30-Year Treasury: Last 4.496, Change -0.02 (-0.44%)
Biggest Company Changes
NVDA: -2.81%
BA: -1.76%
TSLA: -1.98%
LUV: +0.79%
MSFT: -0.68%
AAPL: -2.16%
UPS: +0.06%
IBM: +0.22%
AAL: -1.00%
BCS: -2.20%
GOOG: -1.40%
GOOGL: -1.43%
AMZN: -2.63%
EQNR: -1.47%
KKR: -1.16%
META: -3.15%
Futures: Slightly Positive
Most futures show gains, with notable increases in Nasdaq 100 (+0.83%) and S&P 500 (+0.43%), though Dow has a minor decline (-0.09%).
Forex & Bonds: Mixed Sentiment
The forex market is positive with gains in EUR/USD (+0.19%) and GBP/USD (+0.45%), but bonds are declining, reflecting cautious investor sentiment.
Biggest Company Changes: Negative
Major companies like NVDA (-2.81%), AAPL (-2.16%), and META (-3.15%) show declines, indicating a bearish trend in individual stocks.
Overall Sentiment: Mixed
Markets show slight positivity in futures and forex, but negativity in major stocks, suggesting cautious optimism.
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Mortgage rates rise as of October 24, 2024
Mortgage rates have increased as of October 24, 2024. The average rate for a 30-year fixed mortgage is now 7.14%, up from 6.94% last week. The annual percentage rate (APR) for this mortgage type is 7.16%.
For a 15-year fixed mortgage, the average rate is 6.32%, rising from 6.12% the previous week. The APR for a 15-year mortgage is now 6.35%, compared to 6.15% last week.
Jumbo mortgage rates also saw an increase, with the average rate for a 30-year fixed-rate jumbo mortgage at 7.16%, up from 7.02% last week. Monthly payments and total interest costs have risen accordingly.
Source: https://www.forbes.com/advisor/mortgages/mortgage-rates-10-24-24/
US boosts battery storage capacity by 20 gigawatts in four years
The U.S. has rapidly increased its battery storage capacity, adding over 20 gigawatts in four years, equivalent to 20 nuclear reactors. This growth helps manage renewable energy supply, especially during weather-related disruptions.
California and Texas are leading this expansion, with significant battery use preventing blackouts during peak demand. The trend marks a shift in how electricity is produced and consumed, enhancing grid reliability.
Despite the progress, longer weather-related energy shortages may exceed current battery capabilities. Upgrading transmission lines remains essential for a fully clean energy grid, as batteries are expected to play a crucial role in the energy transition.
Source: https://www.theguardian.com/environment/2024/oct/24/power-grid-battery-capacity-growth
Far-right sheriffs prepare to challenge U.S. election integrity in key states
Far-right sheriffs, known as Constitutional Sheriffs, are preparing to disrupt the upcoming U.S. election, claiming they have the authority to enforce laws based on their interpretation of the Constitution. They believe they can disregard federal and state laws they deem unconstitutional.
Sheriffs like Dar Leaf from Michigan have been actively investigating alleged voter fraud, despite Trump winning decisively in their counties. They are organizing militia training and forming "posses" to monitor polling stations and challenge election outcomes, raising concerns about potential intimidation and interference.
The movement, led by Richard Mack, has gained traction among right-wing groups and is building alliances with influential figures close to Trump. This collaboration aims to assert local control over elections, potentially undermining the democratic process in key swing states.
Source: https://www.wired.com/story/constitutional-sheriffs-disrupt-election/
White House sets new AI guidelines for US national security agencies
The White House has announced new rules for U.S. national security and spy agencies regarding the use of artificial intelligence. These rules aim to harness AI's potential while addressing risks like mass surveillance and cyberattacks.
The guidelines prohibit certain AI applications, including those that violate civil rights or automate nuclear weapon deployment. They also promote responsible AI use and enhance the security of the nation's computer chip supply chain.
These rules follow an executive order from President Biden last year, which aimed to establish policies for AI use. Officials emphasize the need for responsible AI use to keep pace with global competitors like China.
Economy remains top concern for American voters ahead of presidential election
Polling indicates that the economy is a key issue for voters in the upcoming presidential election. A recent survey shows 28% of likely voters consider it the most important topic, with significant concern about inflation and federal debt.
Despite positive economic indicators, such as low unemployment and rising stock market values, many Americans feel uncertain. The unemployment rate remains under 5%, but long-term joblessness is increasing, and job openings have decreased since last year.
Inflation has slowed, and real wages have improved, but high prices still affect consumer sentiment. Federal debt is at a historic high, raising concerns about future economic stability.
Source: https://www.businessinsider.com/what-is-going-on-with-economy-jobs-inflation-election-voting-2024-10
Populism poses challenges to U.S. economic growth, experts warn
The recent rise of populism in the U.S. is seen as a threat to economic growth, as it resists necessary changes. Politicians are discussing growth strategies amid rising debt and aging populations, but few are proposing effective solutions.
Former President Trump’s recent comments on tariffs suggest they could boost growth by encouraging U.S. manufacturing. However, many economists doubt this approach, noting that tariffs typically raise consumer costs and do not significantly enhance growth.
To foster growth, the U.S. needs to focus on increasing productivity and innovation rather than reverting to past manufacturing jobs. Embracing change and adapting to new economic conditions is essential for future growth.
Source: https://www.twincities.com/2024/10/24/allison-schrager-populism-is-bad-for-economic-growth/
Hermès reports strong revenue growth as luxury market struggles continue
Hermès reported an 11.4% revenue increase for the first nine months of 2024, reaching 11.2 billion euros ($12.1 billion). This growth contrasts sharply with competitors like LVMH and Kering, which have faced declines.
Third-quarter sales rose to 3.7 billion euros ($4 billion), up 10% from the previous year. Despite a 6% drop in watch sales, Hermès's overall performance remains strong, particularly in Asia, where it saw 7% growth.
Analysts attribute Hermès's success to its long-term strategy and focus on exclusivity. Unlike other brands, it avoids chasing trends and maintains a brand identity based on scarcity, which has helped it thrive amid a luxury market slump.
Source: https://www.businessinsider.com/hermes-escapes-luxury-industry-slump-lvmh-kering-struggle-2024-10
Tata Consultancy Services partners with Nvidia to boost AI adoption across industries
Tata Consultancy Services (TCS) has expanded its partnership with Nvidia to enhance AI adoption across various industries. This new deal includes significant investments in Nvidia's infrastructure and aims to provide customized AI solutions tailored to specific industry needs.
TCS will integrate its proprietary AI framework with Nvidia's technology, including tools for manufacturing, finance, retail, and telecommunications. This collaboration focuses on creating solutions that address unique challenges in each sector, such as data analysis and network management.
The partnership emphasizes the importance of context-specific AI solutions, making them more attractive to businesses. TCS's industry expertise combined with Nvidia's advanced AI tools aims to deliver effective and efficient results for clients.
Source: https://www.techradar.com/pro/tata-consultancy-services-teams-with-nvidia-to-speed-up-ai-adoption
Trump's Social Security plan could lead to significant benefit cuts, analysis shows
A recent analysis by the Committee for a Responsible Federal Budget suggests that Donald Trump's Social Security proposals could lead to significant benefit cuts. While Trump claims he will protect Social Security, his plans may actually increase the program's cash shortfall by $2.3 trillion over ten years.
Trump's proposals include ending taxes on Social Security benefits and increasing oil and gas drilling to boost revenue. However, the analysis indicates that these measures would not effectively fund Social Security and could result in benefits being cut by up to 33% for some recipients.
The report highlights that if no reforms are made, Social Security could face insolvency by 2031, leading to a 23% reduction in benefits by 2035. The analysis emphasizes the urgency for reform, regardless of political leadership.
Businesses urged to adopt defense in depth to counter rising AI cyberattacks
Cyberattacks have surged, with a 75% increase reported in 2023, largely driven by generative AI. These advanced threats can adapt and launch attacks automatically, making traditional defenses insufficient. Businesses are urged to adopt a "defense in depth" strategy to enhance security.
The defense in depth approach involves multiple layers of security, including prevention, detection, and response. This strategy ensures that if one defense fails, others can mitigate the threat. It emphasizes the need for diverse tools and continuous monitoring to adapt to evolving cyber threats.
User education is also critical. Training staff on data protection and secure practices can reduce unauthorized access. Overall, a comprehensive defense in depth strategy can significantly strengthen a business's cybersecurity posture against AI-enhanced attacks.
Source: https://www.techradar.com/pro/negating-ai-cyberattacks-with-defense-in-depth
Matt Steiner drives Meta's generative AI push in advertising monetization
Matt Steiner, Meta's vice president of monetization infrastructure, is leading the company's efforts in generative AI for advertising. His team of about 2,000 focuses on improving ad targeting and measurement, which were affected by privacy changes in 2021.
Meta is developing large AI models that can handle various advertiser goals, such as clicks and sales. The company is also enhancing its self-service Ads Manager with AI tools to improve ad performance.
In July, Meta reported that over 1 million advertisers had utilized its generative AI ad features within a month, highlighting the growing importance of AI in its advertising strategy.
Source: https://www.businessinsider.com/matt-steiner-meta-ads-ai-power-list-2024
Trump leverages AI-generated images to boost campaign image and engage voters
Donald Trump is using AI-generated images to enhance his campaign image, notably with a recent photo of him in a Steelers uniform. This image has sparked conversation and media attention, connecting him to a key battleground state without the usual controversies.
While Trump has previously faced backlash for using AI in political contexts, such as sharing fake endorsements, his current strategy focuses on more playful and flattering visuals. These images, like him riding a lion, aim to energize his base and distract from policy discussions.
Unlike Trump, his opponents, Kamala Harris and Joe Biden, have not utilized AI in their campaigns. Trump has made accusations against them regarding AI use, but these claims have been debunked, allowing him to dominate the conversation around AI in politics.
Key insights emerge on U.S. presidential election results before official conclusion
The upcoming presidential election will determine President Biden's successor, with both Donald Trump and Kamala Harris expected to maintain strong military policies. Both candidates support increased Pentagon budgets and continued U.S. military involvement.
Regardless of the outcome, the U.S. government is likely to continue its support for Israel, with Trump expected to back Israel's actions unconditionally, while Harris may face pressure from her party to change course.
Progressives will face significant challenges under either candidate. A Trump presidency could lead to a defensive position for progressives, while a Harris presidency may offer some opportunities for policy changes.
Source: https://www.salon.com/2024/10/24/whats-certain-about-results-of-the-presidential/
John Giannandrea leads Apple's AI efforts as company launches Apple Intelligence
John Giannandrea has led Apple's AI efforts for six years, focusing on integrating AI into its products. In June, Apple announced its entry into generative AI, rebranding it as "Apple Intelligence."
Giannandrea, a former Google AI leader, joined Apple in 2018. His arrival was significant as Apple sought to catch up with competitors in AI technology.
Now, as Apple Intelligence launches, the company emphasizes practical applications of AI, particularly in its popular smartphones.
Source: https://www.businessinsider.com/john-giannandrea-apple-ai-power-list-2024
Nvidia's Marc Spieler drives AI innovation in energy sector sustainability
Marc Spieler, a senior managing director at Nvidia, is focused on transforming the energy sector using AI. He collaborates with leaders in oil, gas, renewables, and utilities to enhance efficiency and reduce carbon emissions.
Recently, Spieler partnered with Shell to develop a model for identifying carbon-capture sites. This initiative aims to improve the sustainability of energy production.
Spieler joined Nvidia in 2019 after a long career at Halliburton, where he worked on acquisitions. He previously held a sales position at Silicon Graphics International, a former Nvidia partner.
Source: https://www.businessinsider.com/marc-spieler-nvidia-ai-power-list-2024
Lilian Weng appointed vice president of research and safety at OpenAI
Lilian Weng has been appointed vice president of research and safety at OpenAI, overseeing risk management for AI models. She took over the preparedness team in July after the previous leader was reassigned.
Weng joined OpenAI in 2018, bringing experience from major tech companies like Meta and Dropbox. Her leadership aims to consolidate safety research amid growing concerns about the risks of advanced AI.
As attention on AI security increases, Weng's role is expected to gain significance within the company. She also serves on OpenAI's board safety and security committee.
Source: https://www.businessinsider.com/lilian-weng-openai-ai-power-list-2024
Apple plans to launch iPhone SE 4 and new iPads in spring 2025
Apple is expected to launch three new devices in spring 2025, including the iPhone SE 4, iPad 11, and a new iPad Air. This timeframe is between late March and late June.
Mark Gurman, a reliable source, has narrowed down the release window for these products. The iPad 11's launch is a new development, as its timing was previously uncertain.
The new iPad models are anticipated to support AI features, aligning with Apple's trend. The iPad 11 may come in two sizes, similar to other models, but details on differences remain unclear.
Plug Power reports steep revenue drop and ongoing losses in 2024
Plug Power, a hydrogen company, has struggled to become profitable since its public debut in 1999. In the first half of 2024, it reported $145 million in revenue, a drop of over 50% from the previous year, and a net loss of $558 million.
The company is heavily investing in its green hydrogen infrastructure, spending $194 million on property and equipment. Its cash reserves fell to $1 billion, down from $1.5 billion a year earlier, as it continues to issue new shares to cover losses.
Analysts predict revenue could exceed $2 billion by 2026, but losses are expected to persist. Plug Power aims for $20 billion in revenue by 2030, but achieving this goal will require significant investment and market demand, raising concerns about its financial stability.
AI stocks Alphabet and Meta present investment opportunities as market grows
Two artificial intelligence stocks are highlighted as potential investment opportunities. Alphabet, known for Google Search, is leveraging AI to enhance its services and generate significant revenue through its cloud business. Its shares are currently trading at 21 times forward earnings estimates.
Meta Platforms is also focusing heavily on AI, with CEO Mark Zuckerberg aiming to position the company as a leader in the field. Meta has invested in large language models and expanded its AI capabilities, while its shares trade at 27 times forward earnings estimates.
Both companies are expected to benefit from the growing AI market, projected to reach $1 trillion by 2030. Their current stock prices are seen as attractive for investors looking to capitalize on this emerging technology.
Trump partners with Lee Greenwood to sell $60 Bibles targeting older supporters
Donald Trump is selling $60 Bibles, called the "Trump Bible," in partnership with country singer Lee Greenwood. The leather-bound Bibles include lyrics from Greenwood's song and key U.S. documents, targeting Trump's older supporters with large print.
This product is part of a broader merchandise line aimed at raising funds for Trump's presidential campaign and legal expenses. Other items include high-top sneakers, coins, digital trading cards, and watches, with prices reaching up to $100,000.
The Bibles are imported from China for $3 each, allowing a significant markup. Critics note that Trump's actions often contradict Christian teachings, suggesting the venture prioritizes profit over faith.