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Wall Street Mixed Ahead New Jobs Data, Upcoming Fed Meeting
Early trading is mixed on Wall Street ahead of new data on the labor market and a meeting next week where the Federal Reserve will decide what to do with the benchmark interest rate, which it's pushed higher in part to cool hiring.
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Wall Street Bank Bosses Warn Congress New Regulations Will Hurt Economy
Top bosses of JPMorgan, Morgan Stanley, Goldman Sachs, and other major banks planned on Wednesday to warn lawmakers that capital hikes and other new regulations being contemplated by U.S. bank regulators will hurt credit markets and the broader economy.
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Goldman Sachs Sees Better Investment Banking Outlook, Trading Flat
Goldman Sachs said the outlook for strategic mergers and acquisitions is improving, according to its Chief Financial Officer Denis Coleman.
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JM Smucker Beats on Easing Costs, Higher Prices
J.M. Smucker, which owns Jif peanut butter and Dunkin' pre-made coffee, beat second-quarter profit expectations Tuesday, helped by higher product pricing and easing input costs.
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CVS Boosts '24 Revenue Forecast on Health Services Demand
CVS Health on Tuesday forecast 2024 revenue above market estimates and said it would shift to fixed rates for reimbursements from pharmacy benefit managers and insurers, to boost transparency amid scrutiny on high drug prices.
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Futures Signal Further Stock Losses Ahead of Jobs Data
U.S. stock index futures fell Tuesday, indicating further losses on Wall Street as investors waited for a slew of data, including the crucial jobs report, to gauge whether the Federal Reserve will cut interest rates by early next year.
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$7.5K EV Tax Credit Could Be Thwarted by China Curbs
The Biden administration proposed new rules Friday that could make it harder for electric vehicles to qualify for a full $7,500 federal tax credit, complicating efforts to meet President Joe Biden's EV goals.
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Consumer Reports: EVs Far Less Reliable
Electric vehicles have proved far less reliable, on average, than gasoline-powered cars, trucks and SUVs, according to the latest survey by Consumer Reports.
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FAA Tightens Aircraft Rules After Boeing MAX Crashes
The Federal Aviation Administration has adopted a new aircraft certification policy requiring key flight control design changes to be considered "major" like the system involved in two fatal Boeing 737 MAX crashes in 2018 and 2019.
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Retailers Offer Deep Black Friday Discounts
Retailers around the world are hoping millions of shoppers will take advantage of Black Friday discounts in the kickoff to the key holiday shopping season, against a backdrop of financial pressure on households in the U.S., Europe and elsewhere.
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Pentagon Working Toward AI-Controlled Lethal Drones
The Pentagon is continuing to move toward deploying AI-controlled lethal drones capable of making autonomous decisions about the use of force, The New York Times reported.
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FTC Warns Food Industry About Paid Social Media Posts
The Federal Trade Commission Wednesday said it issued warnings to two food and beverage industry groups, as well as a dozen online influencers, for failing to adequately disclose paid social media posts that promoted a sweetener and sugary products.
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Global EV Sales Stay Strong, Rising 78% in NA
Electric-vehicle sales are seeing continued strength globally with China reporting record monthly sales in October despite the end of subsidies, according to market research firm Rho Motion.
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Automakers Race to Avoid China's EV Rare Earth Sway
The auto industry's drive to make electric vehicle motors with little to no rare earth content has hit high gear, with European, U.S. and Japanese automakers and suppliers racing for alternatives in an area dominated by China.
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Food, Medical Cos. Weigh Impact of Weight-Loss Drugs
U.S. companies across sectors such as food and beverage makers and manufacturers of glucose monitors are facing investor questions over the risk to future sales from the growing popularity of promising weight-loss treatments.
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US Warns 30 Ship Managers Over Russian Oil Exports
The U.S. Treasury Department has sent notices to 30 ship management companies requesting information for more than 100 vessels it suspects of transporting Russian crude oil above the Western oil price cap, according to a source who has seen the documents.
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Retailers Stuck With Excess Stock Offer Bargains
As the holiday shopping season approaches, major U.S. retailers from Dollar General to Walmart and Macy's could be saddled with too much stock for a second straight year, according to a Reuters analysis, jeopardizing retailers' profit margins and generating steep discounts.
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Banks Face Reinflation Risks: Moody's
The banking sector is not yet out of the woods, with reinflation a risk if banks fail to sufficiently predict rate moves, Moody's managing director Ana Arsov said at Reuters Next on Thursday.
The U.S. banking sector was in turmoil in the spring as Silicon Valley Bank...
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UAW Pivots to Tesla, Toyota, Other Nonunion Shops
The United Auto Workers has signaled the next step in the union's campaign to capitalize on its success in bargaining with the Detroit Three: launching organizing drives at Toyota, Tesla and other nonunion U.S. auto factories.
UAW President Shawn Fain began his video...
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Intel, AMD Tout Potential of 'AI PC'
The earnings of Intel and Advanced Micro Devices have offered more evidence a recovery is gathering pace in the personal computer market, boding well for an industry that had been grappling with a supply glut after the pandemic.
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Are Auto & Oil Companies Betting on GOP '24 Wins?
Saudi Arabia Energy Minister Prince Abdulaziz bin Salman has said that recent multi-billion-dollar acquisitions by U.S. oil majors ExxonMobil and Chevron of smaller rivals showed that hydrocarbons were "here to stay."
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COVID Meds Like Paxlovid Will Soon Have Big Price Tags
Americans have been getting COVID treatments such as Paxlovid for free, but that's about to end. The medications will enter the private market this week, the Associated Press reported.
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Weight-Loss Drugs Add to Fast-Food Chains' Woes
Investors will look for signs that U.S. fast-food chains, already contending with inflation-stung consumers preferring to dine at home, will also have to grapple with the explosive popularity of weight-loss drugs.
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Alarm Bells Sound on Slowing EV Demand
High interest rates are derailing the ambitions of climate regulators and automakers to accelerate the shift to electric vehicles, underscored Wednesday by the scrapping of a GM-Honda partnership and a warning from a battery maker.
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UAW's Combative Leader May Have Reached Too Far
Throughout its 5-week-old strikes against Detroit's automakers, the United Auto Workers union has cast an emphatically combative stance, reflecting the style of its pugnacious leader, Shawn Fain.