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Wall Street lost ground on Tuesday, with risk-off sentiment weighing as the U.S. Federal Reserve convened for its much-anticipated two-day monetary policy meeting.
All three indexes ended the session lower in a broad sell-off ahead of the Fed's interest rate announcement on Wednesday, which is expected to culminate in a decision to leave key interest rates unchanged.
The Fed is also due to release its Summary Economic Projections, including its dot plot, which should provide a glimpse into the Federal Open Markets Committee's forecast trajectory of interest rates, inflation, and economic growth. Financial markets have priced in an all-but-certain 99% probability that the central bank will leave its key Fed funds target rate at 5.25%-5.00% on Wednesday, and a growing 70.9% likelihood of standing pat at its next meeting in November, according to CME's FedWatch tool.
Volume on U.S. exchanges was 9.60 billion shares, compared with the 10.05 billion average for the full session over the last 20 trading days.
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Disney, Challenged Elsewhere, Plans to Spend $60 Billion on Parks and Cruises
Disney’s theme parks will generate an estimated $10 billion in profit this year, up from $2.2 billion a decade ago. Not bad for a 68-year-old business, especially considering the devastation wrought by the pandemic just a couple of years ago.
On Tuesday, Disney offered a clearer picture of the opportunity it sees, which can only be described as colossal: The company disclosed in a security filing that it planned to spend roughly $60 billion over the next decade to expand its domestic and international parks and to continue building Disney Cruise Line. That amount is double what Disney spent on parks and the cruise line over the past decade, which was itself a period of greatly increased investment.
Instacart Shares Finish First Day of Trading 12% Higher.
Instacart shares had jumped to as high as $42.95 during the session, 43% above the IPO price of $30, which was at the high end of the company’s estimate of $28 to $30.1 However, they pared back some of the gains later in the day, finishing at $33.70, giving the company a market capitalization of $11.16 billion.
Cboe CEO resigns over personal relationships, stock gains 3%.
Cboe Global Markets CEO Edward Tilly has resigned after failing to disclose personal relationships with colleagues, the exchange operator said on Tuesday, bringing his decade of leadership of the company to an abrupt end.
Cboe said board member Fredric Tomczyk, 68 will replace him.
Tilly resigned after an investigation in late August by the board and outside independent counsel found that he did not disclose personal relationships with colleagues, the company said.
Cboe shares closed up 2.7%, and are up 24% this year.
Ford avoids Canadian auto strike with Union deal
Ford late on Tuesday reached a tentative deal with a Canadian union to avoid a walkout, even as the Detroit Three automakers face the possible escalation of separate coordinated U.S. strikes by the United Auto Workers union.
Unifor, which represents about 5,600 Canadian auto workers, was threatening to go on strike at all three of Ford's plants in the country if a deal was not reached by 11:59 p.m. on Tuesday.
The agreement remains subject to ratification by Unifor members, Ford's Canada unit said in a statement, adding it would not disclose details of the tentative deal.
The Canadian union will now turn to getting deals with General Motors and Chrysler parent Stellantis, whose deadlines had been extended while the Ford talks proceeded.
Federal probe examines Tesla perks given to Musk going back several years
Federal prosecutors are scrutinizing personal benefits Tesla may have provided to CEO Elon Musk since 2017. The inquiry is part of a criminal investigation examining issues including a proposed house for the multi-billionaire executive.
The U.S. Attorney's Office for the Southern District of New York is actively seeking details regarding transactions between Tesla and various entities linked to Musk. According to individuals familiar with the investigation, prosecutors have made mention of a grand jury's involvement.
This recent development suggests that federal prosecutors possess a more expansive interest in the conduct of both Elon Musk and Tesla than what was previously disclosed. They are actively exploring the possibility of pursuing criminal charges.
Elon Musk Floats Charging Users for X
Elon Musk said that X, formerly known as Twitter, is moving to a “small monthly payment system” because “it’s the only way I can think of to combat vast armies of bots.”
In a discussion Monday with Israel’s Prime Minister Benjamin Netanyahu, Musk suggested that it would be a lower-tier pricing structure than its $8-per-month Twitter Blue, its premium subscription service.
Musk has long complained about X/Twitter’s battle against bots, but he’s also reportedly considered putting the social media platform behind a paywall since shortly after he purchased it last year.
His statements also come as the company grapples with a loss of ad revenue. Musk wrote in July that the company had seen a nearly 50% drop in ad revenue plus a heavy debt load.
Riddle
Question: Rearrange each group of letters to give a word.
The words can be arranged in three pairs.
What are they?
AHMS ESTW ABEEIRRRSSTW DGILMNPSU ABEGNRS ACEMR
PARTNER
Any other business
Biden and Zelensky implore world leaders at the U.N. to stand up to Russia in Ukraine
Ukrainian President Volodymyr Zelensky delivered a dire warning Tuesday, telling global leaders gathered at the U.N. General Assembly that Russia's invasion is a threat that extends beyond the war zone as he seeks continued support for his besieged country.
"The goal of the present war against Ukraine is to turn our land, our people, our lives, our resources into a weapon against you — against the international rules-based order," Zelensky said.
His comments echoed a plea by President Biden, who urged his foreign counterparts earlier in the day to strengthen their resolve in supporting Ukraine's sovereignty and territorial integrity, two "core tenets" of the U.N. Charter.
The two leaders, who will meet at the White House on Thursday, have sought to convince allies to maintain their military support despite a Ukrainian counteroffensive that has fallen short of expectations and to persuade unconvinced nations to turn their back on Russia.
Britain Passes Sweeping New Online Safety Law
Britain passed a sweeping law on Tuesday to regulate online content, introducing age-verification requirements for pornography sites and other rules to reduce hate speech, harassment, and other illicit material.
The Online Safety Bill, which also applies to terrorist propaganda, online fraud, and child safety, is one of the most far-reaching attempts by a Western democracy to regulate online speech. About 300 pages long, the new rules took more than five years to develop, setting off intense debates about how to balance free expression and privacy against barring harmful content, particularly targeted at children.
US pipeline regulator awards $15 million grants to improve safety
The U.S. Department of Transportation's Pipeline and Hazardous Materials Safety Administration (PHMSA) on Wednesday awarded $14.8 million in grants for pipeline safety training and technological research.
The grants, authorized under the 2020 Protecting Our Infrastructure of Pipelines and Enhancing Safety (PIPES) Act, add to the $64.4 million of funding in August for the safety of pipeline and underground natural gas storage operations.
FTX sues Sam Bankman-Fried’s parents
Bankrupt crypto exchange FTX is suing founder Sam Bankman-Fried’s parents, accusing them of siphoning millions of dollars in company funds to enrich themselves and their “pet causes.”
The lawsuit aims to recover funds that the company claims were “fraudulently transferred and misappropriated” by Bankman-Fried’s parents.
Joe Bankman and Barbara Fried, both tenured Stanford law professors, either knew “or ignored bright red flags” that indicated their son and his business partners were “orchestrating a vast fraudulent scheme,” according to the lawsuit.
Riddle Answer: Bangers and mash, stew and dumplings, strawberries and cream.
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