Business and Finance News - 9.30.24

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Apple has exited negotiations to join a $6.5 billion OpenAI funding round, according to a Wall Street Journal report. The round, which could value OpenAI at over $100 billion, still includes potential investments from Microsoft and Nvidia. (Reuters)

*Apple (AAPL) - Apple Inc. is a multinational technology company known for its innovative products and services (iPhone, iPad, Mac Computers, etc.).

*OpenAI - OpenAI is an artificial intelligence research organization and company with a mission to ensure that artificial general intelligence (AGI) benefits all of humanity.

OpenAI expects losses of about $5 billion on $3.7 billion in revenue this year, with projected revenue rising to $11.6 billion next year. The company, backed by Microsoft, is currently raising funds that could value it at over $150 billion, according to sources familiar with the matter. (CNBC)

*OpenAI - OpenAI is an artificial intelligence research organization and company with a mission to ensure that artificial general intelligence (AGI) benefits all of humanity.

The PCE price index, a key inflation gauge for the Federal Reserve, rose 0.1% in August, bringing the 12-month inflation rate to 2.2%, its lowest since early 2021. Core PCE, excluding food and energy, also increased 0.1% and was up 2.7% year-over-year, slightly higher than July’s 2.6%. (CNBC)

*Personal Consumer Expenditures (PCE) - Personal Consumer Expenditures (PCE) refer to the measure of the value of goods and services purchased by households. PCE is an important indicator of consumer spending and overall economic health, often used to assess inflation and guide monetary policy.

TPG is leading the bid to acquire a $2 billion minority stake in wealth management firm Creative Planning, valuing the company at over $15 billion, according to sources. This would mark TPG's second investment in a wealth manager within a week, following its purchase of a stake in Homrich Berg. (Reuters)

*TPG (TPG) - TPG is a global alternative asset management firm that specializes in private equity, growth capital, real estate, impact investing, and credit strategies.

YouTube has blocked videos featuring artists like Adele, Bob Dylan, and Green Day in the U.S. due to a failed licensing agreement with performing rights group SESAC. YouTube stated that it is in ongoing negotiations with SESAC to resolve the issue and restore access to the affected content. (TechCrunch)

*YouTube (GOOGL) - YouTube is a video-sharing platform where users can upload, view, and share videos on a wide range of topics, including entertainment, education, music, and more.

A few companies expected to report earnings this week…

• Nike (NKE) is expected to report on Tuesday.

• Constellation Brands (STZ) is expected to report on Thursday.

*Constellation Brands (STZ) - Constellation Brands is a leading producer and marketer of alcoholic beverages, including beer, wine, and spirits. The company's portfolio includes well-known brands such as Corona, Modelo, Robert Mondavi, and SVEDKA Vodka.

*Nike (NKE) - Nike, Inc. is a global corporation that designs, manufactures, and sells athletic footwear, apparel, equipment, and accessories.

Here’s how the major indexes did on Friday:

• Dow Jones Industrial Average: 42,313.00 +137.89 (+0.33%)

• S&P 500: 5,738.17 -7.20 (-0.13%)

• Nasdaq Composite: 18,119.59 -70.70 (-0.39%)

• Russell 2000: 2,224.70 +14.83 (+0.67%)

Here’s how leading market ETFs did on Friday:

• SPDR S&P 500 ETF Trust (SPY): 571.47 -0.83 (-0.15%)

• iShares Core S&P 500 ETF (IVV): 574.07 -1.04 (-0.18%)

• Invesco QQQ Trust (QQQ): 486.75 -2.72 (-0.56%)

• Vanguard S&P 500 ETF (VOO): 525.38 -0.68 (-0.13%)

• Vanguard Total Stock Market ETF (VTI): 282.05 -0.28 (-0.10%)

Here’s how the The Magnificent Seven did on Friday:

• Apple (AAPL) [3.493T]: 227.79 +0.27 (+0.12%)

• Microsoft (MSFT) [3.181T]: 428.02 -3.29 (-0.76%)

• Nvidia (NVDA) [2.991T]: 121.40 -2.64 (-2.13%)

• Alphabet (GOOGL) [2.046T]: 163.95 +1.22 (+0.75%)

• Amazon (AMZN) [1.956T]: 187.97 -3.19 (-1.67%)

• Meta Platforms (META) [1.439T]: 567.36 -0.48 (-0.08%)

• Tesla (TSLA) [830.65B]: 260.46 +6.24 (+2.45%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $65,602.73 (4:15PM PST on 9/29/24)

• Ethereum (ETH): $2,653.29 (4:15PM PST on 9/29/24)

• Solano (SOL): $158.61 (4:15PM PST on 9/29/24)