US stocks popped on Wednesday as the risk of a Google breakup prompted a pause for thought in the wait for more Federal Reserve clues to the chances of a "soft landing."
The Nasdaq Composite (^IXIC) pared earlier losses to rise about 0.1% while the S&P 500 (^GSPC) added about 0.2%. The Dow Jones Industrial Average (^DJI) added about 0.4%, or more than 150 points.
Minutes from the Fed's September meeting, due later on Wednesday, will be scoured for clues — especially as to why one policymaker dissented on the size of the cut.
Meanwhile, investors are absorbing news that the DOJ is considering asking a judge to force Google to sell off key businesses to remedy its monopoly position. Shares of owner Alphabet (GOOG) slipped in early trading, after rising in a broader tech rebound that fueled Tuesday's solid gains.
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Josh Schafer
WeightWatchers stock keeps soaring
WW International (WW) stock has risen more than 2% today, extending its gains from Tuesday after the company announced after the company announced it's adding a compounded GLP-1 prescription weight loss offering.
The stock is now up more than 80% over the past five days.
Josh Schafer
Fed’s Logan supports 'gradual' rate reductions following initial cut
Dallas Fed President Lorie Logan said Wednesday she would support lowering rates more gradually as the central bank moves forward.
"A more gradual path back to a normal policy stance will likely be appropriate from here to best balance the risks to our dual-mandate goals," Logan said in a speech in Houston.
DOJ’s Google breakup remedy puts tech world on notice
New developments in the US Justice Department's battle with Google (GOOG, GOOGL) sent shockwaves through the tech world on Wednesday.
Yahoo Finance's Alexis Keenan reports:
The US Justice Department said in a new court filing that it may recommend a break up of Google (GOOG, GOOGL) as an antidote to unhealthy competition in the search engine market, showing just how far Washington is willing to go to rein in Big Tech.
DOJ lawyers used a 32-page document to outline a framework of options for DC District Court Judge Amit Mehta to consider, including "behavioral and structural remedies that would prevent Google from using products such as Chrome, Play, and Android to advantage Google search."
Google in a blog post said that "DOJ’s radical and sweeping proposals risk hurting consumers, businesses, and developers."
US stocks stalled on Wednesday as the risk of a Google breakup prompted a pause for thought in the wait for more Federal Reserve clues to the chances of a "soft landing."
The Nasdaq Composite (^IXIC) and the S&P 500 (^GSPC) slipped just below the flat line, while the Dow Jones Industrial Average (^DJI) dropped just more than 0.1%.
Laura Bratton
TSMC Q3 sales jump 40%, countering fears of a slowdown in AI spend
Taiwan Semiconductor Manufacturing Co. (TSM) posted quarterly revenues of NT$759.7 billion ($23.6 billion) on Wednesday, beating the NT$748.3 billion expected in Bloomberg consensus estimates.
US-listed stock in the Taiwanese company, which makes chips for Nvidia (NVDA) and Apple (AAPL), edged up 0.7% in premarket trading.
TSMC's third quarter revenue is 40% higher than the prior year, and nearly 13% higher than the prior quarter. The results counter fears of a slowdown in AI spending, as companies continue to buy hardware to power generative artificial intelligence tools. TSMC releases its full report on third-quarter results on Oct. 17.
Looking ahead, Wall Street analysts expect TSMC to report full year revenue of NT$2.8 trillion ($87.4 billion), a 30% increase from the prior year. Some 94% of analysts recommend buying the stock and expect its US-listing price to rise to $215 per share over the next 12 months. It closed Tuesday at $197.91 per share
Ines Ferré
Boeing withdraws contract proposal after union talks break down
Boeing (BA) shares were set to open lower on Wednesday after negotiations with its machinist union broke down and the aircraft maker withdrew its contract proposal.
Following a third round of bargaining talks that included two days of negotiations this week, Boeing'a COO Stephanie Pope told employees in an email that "further negotiations do not make sense at this point and our offer has been withdrawn."
Members of the International Association of Machinists and Aerospace Workers (IAM) have been on strike since Sept. 13 after voting down a tentative labor contract.
The union said Boeing refused to propose any wage increases, vacation or sick leave accrual, and would not reinstate a benefit pension, among other issues.
The labor talks breakdown occurred on the same day that rating agency S&P placed Boeing on CreditWatch, increasing the probability of a credit downgrade should the strike continue into the end of the year.
Boeing shares were down more than 1% in premarket trading.
The filmmaker is currently gearing up for the release of Gladiator II, which will hit cinemas next month, 24 years after the original movie starring Russell Crowe was released. Scott has now thrilled film fans with the news that he's already thinking about a third instalment for the franchise, and has even started work on a possible script. "I've already got eight pages. I've got the beginning of a very good footprint," he told Total Film. The director went on to share his ideas on the plotline for a follow-up to the hotly-anticipated Gladiator II, which stars Paul Mescal in the title role.
The Ontario Securities Commission (OSC) today released a new report that studied the impact of gamification on investors. Along with this research, the OSC launched a new trading simulation tool for investors to test how online gamification tactics can influence their investing behaviour.
Israel’s bombardment of central and northern Gaza has killed dozens of people and trapped thousands in their homes, Palestinian officials said Wednesday, as the death toll in the yearlong war passed 42,000.
Dublin, Oct. 09, 2024 (GLOBE NEWSWIRE) -- The "Maldives Country Report 2024: Spotlight on Tourism, Construction and Real-Estate" country profile has been added to ResearchAndMarkets.com's offering. The Republic of Maldives in the Indian Ocean, made up of more than 1,100 coral islands, is blessed with a spectacular geography which has resulted in its evolution as a paradise for tourism. The country is at an advantage in terms of attracting visitors, including celebrities and billionaires, from al
Hurricane Milton dropped to a Category 4 early Wednesday as it churns toward Florida's west coast. The National Hurricane Center had predicted it would likely weaken, but remain a major hurricane when it makes landfall late Wednesday or early Thursday.
SIOUX FALLS, S.D. (AP) — Former Sen. Tim Johnson, a centrist who was the last Democrat to hold statewide office in South Dakota and who was adept at securing federal funding for projects back home during his three decades in Washington, has died. He was 77.
RIO DE JANEIRO (AP) — Social media platform X began returning to Brazil on Wednesday, after remaining inaccessible for more than a month following a clash between its owner, Elon Musk, and a justice on the country’s highest court.