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Wall Street stocks ended lower on Tuesday as Oracle shares tumbled more than 13% after a weak forecast and surging oil prices deepened worries about persistent price pressures ahead of crucial inflation readings this week.
Oracle shares dived to their lowest since June after the cloud services provider forecast current-quarter revenue below targets and narrowly missed first-quarter expectations. Apple dropped 1.8% after unveiling new iPhones, while not increasing prices as it faces a global smartphone slump. The stock was also hurt by a report that China's Huawei Technologies has raised the second-half shipment target for its Mate 60 series smartphone by 20%. Oil prices jumped more than 1%, building on a recent rally and stoking worries that sticky inflation could mean U.S. interest rates stay higher longer in the aftermath of strong economic data.
Investors are awaiting August consumer price index data due on Wednesday and producer prices reading scheduled for Thursday to gauge the outlook for U.S. interest rates ahead of the Fed's meeting on Sept. 20.
Interest rate traders see a 93% chance of rates remaining at the current levels in September but just a 56% likelihood of a pause at the November meeting, according to the CME FedWatch Tool.
Volume on U.S. exchanges was relatively light, with 9.4 billion shares traded, compared to an average of 9.9 billion shares over the previous 20 sessions.
The most traded stock in the S&P 500 was Tesla, with $36.7 billion worth of shares exchanged during the session. The electric car maker declined 2.23%.
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Personal Finance Desk
Personal Finance Desk is a personal finance empowerment blog, addressing all aspects of personal finance, i.e. creating income streams, managing expenses, savings, investments, insurance, and taxes. Our team of finance experts also gives general and bespoke advice on how you can manage your finances and achieve financial freedom.
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Apple unveils iPhone 15 Pro with titanium case
Apple launched a new series of iPhones that included a new titanium shell, a faster chip, and improved video game-playing abilities. The biggest surprise with the iPhone 15 that will come out Sept. 22: It did not raise prices, reflecting the global smartphone slump. The higher-end iPhone 15 Pro and iPhone 15 Pro Max models, priced at $999 and $1,199, respectively, will sport an "action button" in place of the mute switch that can be customized for a variety of functions. They will use titanium instead of stainless steel for the sidebars.
Both the Pro and other iPhone 15 models will have a brighter display and a 48-megapixel camera as well as 100% recycled cobalt in their batteries. Apple said that USB-C charging cables are coming to both its iPhone 15 and the charging case of its AirPods Pro devices. The move reflects requirements from European regulators to use USB-C and allows the use of the same charging cables already used for iPads and Macs.
Apple also showed off new watches, including a Series 9 Watch with a feature called "double tap" where users tap thumb and finger together twice, without touching the watch, in order to perform tasks like answering a phone call.
The German footwear maker, whose iconic sandals are worn by hippies and preppies alike, will continue to be controlled by private equity firm L Catterton, according to a filing on Tuesday. The company will disclose the proposed terms of the share sale in a later filing with the US Securities and Exchange Commission.
The IPO could value Birkenstock at more than $8 billion,
T-Mobile to Buy Up to $3.3 Billion of Airwaves From Comcast.
T-Mobile U.S. Inc. on Tuesday said that it would buy spectrum from Comcast Corp. for between $1.2 billion and $3.3 billion in cash in a license purchase agreement. The telecom giant said it expected the transaction for the spectrum — or the swaths of frequencies that enable mobile communications — to close in the first half of 2028. Shares of T-Mobile were unchanged after hours. Comcast fell 0.2%.
TikTok Shop is now open for business
TikTok is officially kicking off its US e-commerce efforts with the launch of TikTok Shop.
The short-form video platform launched an in-app shopping experience in the United States on Tuesday, according to a company blog post, after months of testing. TikTok Shop allows users to find and directly purchase products used in live videos, tagged in the content shown on their algorithm-driven For You page, pinned on brand profiles, or marketed in a new “Shop” tab.
For creators, the feature could bring new streams of income by connecting them with brands for commission-based marketing partnerships. TikTok is also offering “Fulfilled by TikTok,” a program that handles all of the logistics for sellers, including storing, packing and shipping
BP CEO Looney Quits Over Past Relationships With Colleagues
BP CEO Bernard Looney resigned on Tuesday with immediate effect after less than four years in the oil major's top job for failing to fully disclose details of past personal relationships with colleagues, the company said.
Chief Financial Officer Murray Auchincloss will act as CEO on an interim basis, the company said.
Looney, 53, became CEO in February 2020 with a vow to reinvent the 114-year-old company, laying out ambitious plans for the British energy giant to achieve zero net emissions by 2050, and to invest billions in renewable and low-carbon power.
Looney's surprise resignation came after allegations of personal relationships with company colleagues surfaced recently, prompting the company to launch an investigation.
That followed similar allegations the board investigated in May 2022. During that review, Looney disclosed "a small number of historical relationships with colleagues prior to becoming CEO."
Riddle
Question: The alphabet is written here but some letters are missing.
Arrange the missing letters to give a word.
What is it?
ABDFGHIJKLMPRVWXYZ
Any other business
US House's McCarthy opens long-shot impeachment probe of Biden
House Speaker Kevin McCarthy announced Tuesday he is calling on his committees to open a formal impeachment inquiry into President Joe Biden, even as they have yet to prove allegations he directly profited off his son’s foreign business deals.
The move comes amid increasing pressure from his right flank to move ahead with the inquiry, including some on his far-right who have threatened to oust McCarthy from his speakership if he does not move swiftly enough on such an investigation. McCarthy is also trying to secure votes as part of negotiations to keep the government funded beyond the September 30 deadline to avert a shutdown.
Stanford Tops Businessweek’s B-School Ranking for Fifth Year in a Row
The Stanford Graduate School of Business, for the fifth straight year, has claimed the top spot in Bloomberg Businessweek’s annual ranking of the best business schools. The assessment of 110 full-time graduate MBA programs around the globe is based on data provided by participating schools as well as responses to survey questions by students, alumni, and employers (participation thresholds for each category must be met to qualify). The surveys gauge the participants’ level of satisfaction with learning, networking, career opportunities, skills development, and more.
Fox Sued by New York City Pension Funds Over Election Falsehoods.
New York City’s pension funds sued the Fox Corporation and its board on Tuesday, accusing the company of neglecting its duty to shareholders by opening itself up to defamation lawsuits from the persistent broadcasting of falsehoods about the 2020 presidential election.
The lawsuit, filed in the Delaware Court of Chancery, is the most significant shareholder action since Fox settled a blockbuster defamation lawsuit brought by Dominion Voting Systems in April for $787.5 million. The city’s five pension funds represent nearly 800,000 current and retired workers and are worth $253 billion.
A planet in ‘habitable’ zone could have rare oceans and a possible sign of life.
Waters may be flowing on the surface of a colossal planet that lies about 120 light-years from Earth, according to new evidence uncovered by the James Webb Space Telescope.
The investigation with the space-based observatory, one of the most advanced astronomy instruments in operation, revealed that the exoplanet K2-18b may have some key features of a planet that could support bodies of water — and life.
Closely orbiting the cool dwarf star K2-18, the exoplanet lies within the star’s habitable, or Goldilocks, zone and is 8.6 times as massive as Earth. An analysis of Webb’s observations found the planet has abundant methane and carbon dioxide in its atmosphere.
Riddle Answer: Conquest
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