Here are the key news updates that investors need to kickstart their trading day:
1. Setting New Records
The Nasdaq Composite achieved a fresh record close on Thursday, marking its first record-breaking performance since November 2021. With a gain of nearly 1%, the index surged to 16,091.92, driven by a late rally in chip stocks. Similarly, the S&P 500 also reached a new high after climbing approximately 0.5%.
2. Internal Control Concerns
New York Community Bancorp disclosed on Thursday that it had identified “material weaknesses in the Company’s internal controls,” adding to the recent challenges faced by the regional bank. In response to this discovery, Alessandro DiNello, who assumed the role of executive chairman in early February following a credit rating downgrade, has now been appointed as president and CEO with immediate effect.
3. AI Dispute
Elon Musk has filed a lawsuit against DeepAI CEO Sam Altman, alleging a breach of their 2015 agreement to establish a nonprofit lab dedicated to developing artificial intelligence for the broader benefit of humanity.
4. Funding Continuity
Congress successfully passed a short-term funding bill on Thursday, sending the stopgap measure to President Joe Biden’s desk and preventing a partial government shutdown this weekend. This bill extends deadlines for passing individual funding bills for federal agencies, providing lawmakers with additional time before the funding deadline at the end of September.
5. Reviving the Box Office
The 2024 box office is set for a significant release with “Dune: Part Two” hitting theaters on Friday. Theater operators are hopeful that this release will help revitalize ticket sales after a relatively slow start to the year, with the domestic box office only reaching $866.4 million in the first two months, reflecting an 18% decline compared to the same period last year.
Source (CNBC)
