Business Highlights: Wall Street’s Drop, Natural Gas Prices



S&P 500 fell 4.8% in September, worst month since March 2020

Stocks are closing out September with their worst month-to-month loss because the starting of the pandemic. The S&P 500 ended the month down 4.8%, its first month-to-month drop since January and the largest since March 2020. After climbing steadily for a lot of the yr, the inventory market turned unsettled in current weeks with the unfold of the extra contagious delta variant of COVID-19, a sudden spike in long-term bond yields and phrase that the Federal Reserve might begin to unwind its help for the financial system. The S&P 500 fell 1.2% Thursday. Its nonetheless up 14.7% for the yr.


Union jobs? Fords plan for brand new EV factories raises query

NASHVILLE, Tenn.: Fords blockbuster announcement this week that it might construct 4 huge new factories in Kentucky and Tennessee by 2025 and rent almost 11,000 staff raised an enormous unanswered query: Just how good will these jobs be? No one not Ford, not the United Auto Workers union, not the longer term job holders themselves but is aware of how a lot the employees shall be paid or whether or not they may vote for union membership. The new factories, to be constructed by 2025, are collectively supposed to construct batteries for electrical autos in addition to to assemble many such autos.


Surging pure fuel costs: Threat to customers this winter?

NEW YORK: Brace for a impolite shock in your winter heating payments. After years of unusually cheap ranges, the worth of pure fuel within the United States has greater than doubled since this time final yr. In Europe and Asia, wholesale costs are greater than 5 instances what they have been a yr in the past. The surging prices have coincided with a strong restoration from the pandemic recession, with extra houses and companies burning all types of gasoline. That intensified demand is poised to contribute to larger heating prices in lots of areas of the world.


Congress passes invoice to avert partial authorities shutdown

WASHINGTON: With solely hours to spare, Congress handed laws that might keep away from a partial federal shutdown and hold the federal government funded by way of Dec. 3. The invoice now goes to President Joe Biden to be signed into regulation. The votes will assist avert one disaster, however efforts to stave off a second disaster appear prone to proceed for the subsequent couple of weeks as Democrats and Republicans dig in on a dispute over increase the governments borrowing cap. Treasury Secretary Janet Yellen says that failure to lift the debt restrict will result in a monetary disaster and financial recession.


Powell sees inflation cooling, evading tough scenario

WASHINGTON: Federal Reserve Chair Jerome Powell stated Thursday that present excessive ranges of inflation are prone to fade subsequent yr and wont stop the Fed from pushing towards its objective of full employment. In feedback earlier than the House Financial Services Committee, Powell stated he believes inflation will decline with out the Fed having to lift charges, which might doubtlessly gradual hiring.


Senators push Facebook exec on Instagram insurance policies for youth

WASHINGTON: Senators have fired a barrage of criticism at a Facebook government over the social-networking giants dealing with of inner analysis on how its Instagram photo-sharing platform can hurt teenagers. The lawmakers accused Facebook of concealing the detrimental findings about Instagram and demanded a dedication from the corporate to make adjustments. During testimony earlier than a Senate Commerce subcommittee, Facebooks head of world security Antigone Davis defended Instagrams effort to guard younger individuals utilizing its platform. The panel is analyzing Facebooks use of data from its personal researchers that might point out potential hurt for a few of its younger customers, particularly ladies, whereas it publicly downplayed the detrimental impacts.


Senate confirms Biden decide to guide shopper watchdog company

WASHINGTON: The Senate has narrowly accepted President Joe Bidens decide to run the Consumer Financial Protection Bureau, giving the bureau a director who’s prone to embrace an aggressive watchdog function. Rohit Chopras nomination was accepted 50-48, with Vice President Kamala Harris earlier having to solid a tie-breaking vote to finish debate. Republicans have been united in opposition in opposition to Chopra. Before his approval, he held one of many Democrat seats on the Federal Trade Commission. He usually used his place to publicly advocate for larger penalties and enforcement in opposition to firms discovered to have dedicated wrongdoing.


US barely revises up its GDP estimate for Q2 to six.7%

WASHINGTON: The U.S. financial system expanded at a 6.7% annual tempo from April by way of June, the Commerce Department stated Thursday, barely upgrading its estimate of final quarters progress within the face of a resurgence of COVID-19 within the type of the delta variant. The governments estimate of progress within the second quarter its final of three was up from its earlier estimate of a 6.6% annual tempo that may possible mark a excessive level for the economys growth this yr because the virus slows some exercise, authorities help packages wind down and manufacturing supply-chain points persist. Thursdays report from the federal government confirmed that the nations gross home product its whole output of products and providers accelerated from a 6.3% annual charge within the first three months of the yr.


The S&P 500 fell 51.92 factors, or 1.2%, to 4,307.54. The Dow Jones Industrial Average dropped 546.80 factors, or 1.6%, to 33,843.92. The Nasdaq misplaced 63.86 factors, or 0.4%, to 14,448.58. The Russell 2000 index of smaller firms shed 20.94 factors, or 0.9%, to 2,204.37.

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