“In many ways, the stock market is like the weather, in that if you do not like the current conditions, all you have to do is wait.”
Low Simpson.
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Stocks closed near the flat line Monday as investors geared up for the Federal Reserve’s meeting scheduled for later in the week.
The S&P 500 inched higher by 0.07% to 4,453.53, while the Nasdaq Composite added 0.01% to finish at 13,710.24. The Dow Jones Industrial Average advanced 6.06 points, or 0.02%, to end at 34,624.30.
Overnight in the U.S., all three major indexes were little changed as traders awaited the U.S. Federal Reserve’s rate decision due on Wednesday night.
The Fed’s two-day policy meeting begins Tuesday. Traders are assigning a 99% chance that the central bank stays put when it releases its rate decision on Wednesday, according to the CME Group’s FedWatch tool, which gauges pricing in the fed funds futures market. The central bank will also release its market forecasts on Wednesday.
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Financial Markets and Business News
Santander Revamps Structure
Banco Santander SA overhauled its corporate structure as Chief Executive Officer Hector Grisi seeks to simplify the company’s operations.
As part of the changes, the Spanish bank is combining individual countries’ retail and commercial banking businesses under a new global unit, which will be headed by Daniel Barriuso, and creating a new digital consumer bank area that will be led by Jose Luis de Mora, Santander said in a statement late Monday.
The moves are aimed at simplifying the business and helping the company reach profitability targets. They will likely reduce management layers and may lead to some job cuts.
Tesla, Saudi Arabia in early talks for EV factory
Saudi Arabia is in early talks with U.S. electric automaker Tesla to set up a manufacturing facility in the kingdom, the Wall Street Journal reported on Monday, citing sources familiar with the matter.
The report comes just hours after Turkish President Tayyip Erdogan asked Tesla CEO Elon Musk to build a vehicle factory in Turkey, according to the country's communications directorate.
Musk also met Israeli Prime Minister Benjamin Netanyahu in California on Monday.
Morgan Stanley Sued for $750 Million by Private Equity Firms Claiming Fraud
Morgan Stanley was sued for at least $750 million by private equity firms who claim they were defrauded in a deal to invest in a credit agreement for a luxury high-speed rail line.
Certares Management LLC and Knighthead Capital Management LLC filed suit Monday in New York state court, alleging Morgan Stanley unlawfully restructured the deal by which they invested in a loan to Miami-based Brightline Holdings, a Fortress Investment Group-backed company currently developing a Los Angeles-Las Vegas rail line. Brightline is also a defendant in the suit.
Certares and Knighthead claim that, in late 2022 and early 2023, Morgan Stanley convinced them to invest around $280 million in the loan by highlighting a “make-whole” provision that would guarantee them a certain amount based on future interest if the loan were repaid early. They claim Morgan Stanley misrepresented and concealed terms of the deal that were used to ratify a preferred-share issue by a Brightline subsidiary.
Microsoft AI Researchers Accidentally Exposed Big Cache of Data
A team at the cloud security company Wiz found the exposure of cloud-hosted data on the AI training platform via a misconfigured link. The data was leaked by Microsoft’s research team while publishing open-source training data on GitHub, according to Wiz.
Users of the repository were urged to download AI models from a cloud storage URL. But it was misconfigured to grant permissions on the entire storage account, and it also granted users full control permissions, as opposed to read-only, meaning they could delete and overwrite existing files, according to a Wiz blog post.
Riddle
Question: Rearrange the letters of I HIRE PARSON to give an associated 11-letter word.
What is it?
Any other business
India expels Canadian diplomat.
India said on Tuesday it had expelled a Canadian diplomat with five days' notice to leave the country, just hours after Ottawa expelled the South Asian nation's top intelligence agent and accused it of a role in the murder of a Sikh separatist leader.
The development was the latest in an escalating row between the two nations, with Canada saying on Monday it was "actively pursuing credible allegations" linking Indian government agents to the murder in British Columbia in June.
The Canadian high commissioner, or ambassador, in New Delhi, had been summoned and told of the expulsion decision, India's foreign ministry said in a statement.
Debris Spotted in Search for Missing US F-35 Fighter Jet
The wreckage has been discovered after an intense hunt for a $100 million Marine F-35 fighter jet that disappeared after its pilot ejected from the aircraft during a training mission over South Carolina.
The debris field was found in Williamsburg County, northeast of the area initially targeted by search teams after the warplane vanished on Sunday. The search had been broadened to include teams from the Marines, Navy, Civil Air Patrol, and local law enforcement.
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