The Nasdaq closed more than 1% higher, and the S&P 500 rose as well, with Nvidia shares rising as investors were bullish about its earnings this week, and other technology-related stocks also soaring. The Dow Jones industrial average finished marginally lower. The yield on 10-year Treasury notes reached highs
Treasury yields hit fresh decade highs in Asia on Tuesday as traders were concerned about how long interest rates would need to remain high, with the higher risk-free rate dampening stock prices even as beaten-down Chinese markets struggled to recover. Investors also await the meeting of central bankers in Jackson Hole, Wyoming, on Thursday. Jerome Powell, Chairman of the Federal Reserve, is scheduled to speak on Friday. US10YT=RR benchmark 10-year Treasury rates scaled approximately 2.5 basis points (bps) in early Tokyo trade to 4.366%, extending an overnight surge to their highest since 2007.
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Arm files for Nasdaq listing
On Monday, Arm, a chip manufacturer owned by Japan's SoftBank, filed for a Nasdaq listing, positioning itself to go public. The company intends to trade under the ticker symbol "ARM."
According to the statement, Arm earned $524 million in net income on $2.68 billion in revenue in fiscal 2023, which ended in March. Arm's revenue in 2023 was somewhat lower than the company's $2.7 billion in 2022.
While Arm had hoped to raise $8 billion to $10 billion in the IPO, but that figure could be reduced now that SoftBank has decided to keep more of the company after acquiring Vision Fund's stake. According to the document, Arm was valued at more than $64 billion in this transaction.
S&P downgrades multiple US banks citing
S&P Global lowered credit ratings and revised its outlook for several US banks on Monday, after a similar action by Moody's, saying that funding problems and lower profitability will likely put the sector's financial strength to the test. S&P reduced Associated Banc-Corp and Valley National Bancorp's ratings due to funding risks and a greater reliance on brokered deposits. It also downgraded UMB Financial Corp, Comerica Bank, and Keycorp, citing substantial deposit outflows and increased interest rates in the market. A rapid rise in interest rates is putting a strain on the funding and liquidity of many US institutions. The rating agency also lowered S&T Bank and River City Bank's outlook from stable to negative due to strong commercial real estate (CRE) exposure, among other concerns.
FDA approves Pfizer maternal RSV vaccine for infants
The first maternal vaccine produced by Pfizer to help protect babies against respiratory syncytial virus (RSV) has been approved by the US Food and Drug Administration (FDA). The vaccination would be administered in late pregnancy to minimize the risk of severe RSV infection in babies.
However, the vaccination will not be offered to pregnant women immediately. It is still pending review by an expert team at the Centres for Disease Control and Prevention, as well as approval from the CDC director, a regulatory process that may take months.
In the meanwhile, infants will have access to nirsevimab, a monoclonal antibody shot that is indicated for all infants under the age of 8 months.
Teva, Glenmark fined $255 million by DOJ to resolve price fixing charges
The US Department of Justice announced on Monday that drugmaker Teva Pharmaceuticals agreed to pay $225 million in criminal fines
to resolve accusations linked to price-fixing three drugs, including a generic cholesterol drug that it has agreed to divest.
Glenmark Pharmaceuticals will pay $30 million to settle claims that it conspired with Teva to manipulate the price of pravastatin, a cholesterol medicine. Glenmark will also do away with its version of the medicine.
Teva's fine is the biggest for a domestic antitrust action to date. Both settlements are the latest in a series of lawsuits involving price fixing, which refers to competitors coming together to artificially determine a product's price.
Microsoft to sell off Activision cloud gaming rights to Ubisoft
Microsoft is modifying its proposed Activision Blizzard transaction to grant Ubisoft cloud gaming rights for existing and new Activision Blizzard titles. The transfer of rights is intended to satisfy UK regulators concerned about the impact of Microsoft's proposed $68.7 billion merger on cloud gaming competition. The restructured transaction has triggered a fresh regulatory examination in the United Kingdom, which might extend until October 18th.
Riddle
Question: A 110 yard long Christmas train travels at 30 mph, through a tunnel, into Santa’s grotto. If the length of the tunnel is half a mile, how long will elapse between the moment the front of the train enters the tunnel and the moment the end of the train clears the tunnel?
Stocks on the move
Tesla
Tesla shares rose after six straight losses on Monday, as interest in the Cybertruck and an enhanced Model 3 vehicle in China seemed to be growing. Tesla is also set to release its updated Model 3, code-named Highland, in China.
Tesla rose 7.3% to 231.27 in Monday trading after Baird analyst Ben Kallo identified numerous catalysts for the company in the second half of the year. According to Kallo, the Cybertruck launch (anticipated in Q3) could boost Tesla higher. Baird retains an outperform rating on Tesla with a price target of $300, which is 39% higher than where the stock is now trading.
Zoom Video
Zoom Video Communications Inc shares went up more than 7% after-hours on the release of the company's Q2 earnings, with EPS of $1.34 exceeding the consensus forecast of $1.06. Revenue increased 3.6% year on year (up 4.5% in constant currency) to $1.14 billion, surpassing the average forecast of $1.11 billion. Year on year, enterprise revenue rose 10.2% to $659.5 million, while online revenue decreased 4.3% to $479.2 million. The company had about 218,100 Enterprise customers at the end of Q2, reflecting a 6.9% year-over-year increase. The number of clients providing more than $100,000 in sales in the previous 12 months increased 17.8% year on year to 3,672.
Former US President Donald Trump announced on social media on Monday that he plans to turn himself in on Thursday in Atlanta in connection with his indictment in Georgia on allegations of attempting to reverse his state's 2020 election loss.
"I'll be going to Atlanta, Georgia, on Thursday to be ARRESTED," Trump posted on his Truth Social platform, where he is standing for reelection in 2024. The indictment, he said, was a politically motivated attempt to disrupt his reelection campaign.
Trump 'leads' Republican race...
According to an opinion poll issued on Monday, former U.S. President Donald Trump has a commanding lead over his Republican rivals in Iowa, where the party's presidential primary race begins in January. According to a Des Moines Register/NBC News/Mediacom poll of probable Iowa Republican caucusgoers, Trump has 42% support, followed by Florida Governor Ron DeSantis at 19% and U.S. Senator Tim Scott at 9%.
Japan to release Fukushima water into ocean
Japan announced on Tuesday that it intends to start releasing more than 1 million metric tonnes of cleaned radioactive water from the wrecked Fukushima nuclear power plant on August 24, putting into action a plan that has sparked fierce criticism from China. The plan, which was approved by the Japanese government two years ago as critical to decommissioning the Tokyo Electric Power Company, or Tepco, has also encountered criticism from local fishing groups, who fear reputational damage and a threat to their livelihood.
Former Thailand PM jailed after return from exile
Former Thai Prime Minister Thaksin Shinawatra was arrested, taken to court, and imprisoned after returning to Thailand following a 15-year self-imposed exile. Thaksin, who gained his fortune in telecoms, boarded a private plane in Singapore and touched down at Bangkok's Don Mueang Airport soon after 9 a.m. (02:00 GMT) on Tuesday.
Upon his arrival, Thaksin paid his respects to the king before being transported in a police convoy to the Supreme Court, where he was charged with abuse of power and numerous other unresolved criminal charges. He was later brought to a Bangkok prison, and the Supreme Court issued a statement saying he will serve a total of eight years in prison, according to Reuters.
Teen chess prodigy prepares to take on Magnus Carlsen for world title
Millions of Indians will be rooting on Pragg, the teen chess prodigy, as he competes for the title of World Chess Champion against Norwegian grandmaster Magnus Carlsen on Tuesday. Rameshbabu Praggnanandhaa, (Pragg) 18, is set to face the five-time world champion in Baku, Azerbaijan, after defeating Fabiano Caruana in a tight encounter to go to the final. It comes more than a year after Pragg stunned the chess world by defeating Carlsen in an online elite rapid chess event, becoming the youngest player to do so since Carlsen won the world title in 2013.
Richardson claims 100m crown in Budapest
Sha’Carri Richardson showed up in style to snatch the gold medal with a championship record in an iconic showdown that denied the Jamaicans the kind of golden finish they had envisaged. In the last decade, Jamaican athletes have won four titles in six editions of the World Championships, including a medal sweep last year in Oregon.
UK. Nurse Lucy Letby will spend the rest of her life behind bars for killing seven newborn babies after a judge on Monday ruled Britain's most prolific serial child killer of modern times should never be released. Letby, 33, murdered the five baby boys and two baby girls at the neonatal unit of Countess of Chester hospital in northern England over 13 months from 2015, injecting the infants with insulin or air, or force fed them milk.
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