- The Soft Landing
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- The Soft Landing ✈
Stocks opened the holiday-shortened week with losses as rising oil prices weighed on the market. The Dow Jones Industrial Average declined by 195.74 points (0.56%), closing at 34,641.97. The S&P 500 dropped 0.42% to 4,496.83, while the Nasdaq Composite edged down 0.08% to finish at 14,020.95. Crude oil prices surged following an agreement between Saudi Arabia and Russia to cap oil production, causing energy stocks to rise but pressuring airline and cruise stocks.
Looks like September is back to its normality. As we mentioned in a previous newsletter, historically September is always red and yesterday’s trading made sure of that!
Here’s a look at the stock heatmap:
Other interesting news in the world of business:
Tech Giants Eye Arm Shares: Companies like Apple, Google parent Alphabet, and Nvidia are considering purchasing up to $735 million in shares from chip design firm Arm as it prepares to go public on Nasdaq.
United Airlines Software Issue: United Airlines experienced a brief nationwide ground stop due to a software update causing technology system slowdowns. The airline does not suspect a cybersecurity issue.
Treasury Yield Jump: The recent increase in Treasury yields, according to BofA Securities' Savita Subramanian, is seen as a positive signal for the economy, with companies focusing on efficiency and productivity rather than leveraging buybacks and cheap financing costs.
Meta's Return-to-Office Mandate: Meta (formerly Facebook) has implemented a return-to-office mandate, requiring employees to work from its physical locations at least three days a week. Remote workers remain unaffected.
Oil Prices Reach 2023 Highs: Crude oil prices surged to their highest levels in 2023 as Saudi Arabia and Russia agreed to cap oil production. This could potentially lead to higher gasoline prices for consumers.
Airbag Inflator Recall: The National Highway Traffic Safety Administration is seeking a recall of 52 million airbag inflators produced by auto suppliers ARC Automotive and Delphi Automotive over safety concerns.
Coinbase's Crypto Lending Service: Coinbase has launched a new crypto lending service in the U.S. tailored for institutional clients, raising $57 million for the program, filling the gap left by firms like Genesis and BlockFi.