Connect with us

Published

on

The Dow Jones Industrial Average hit its first record closing high since January 2022, and the S&P 500 and Nasdaq rallied more than 1% each on Wednesday after the Federal Reserve signaled that its interest rate-hiking policy is at an end and that it sees lower borrowing costs in 2024.

In its policystatement, the Fed also left interest rates steady, as expected, and a near-unanimous 17 of 19 Fed officials projected that the policy rate will be lower by the end of 2024.

Indexes were flat ahead of the announcement and quickly gained ground after the news.

Stockssharply extended gains as Fed ChairJerome Powellsaid during a press conference that the Fed is “not likely” to hike further and that the Fed is “very focused on not making the mistake of keeping rates too high for too long.”

The Fed since March 2022 has raised its policy rate by 525 basis points in an effort to curb inflation.

“The statement is telling us that the Fed is seeing what the markets have already started to discount, that you’re going to have inflation back to normal without a recession,” said Tom Martin, senior portfolio manager at Globalt Investments in Atlanta.

“We kind of hoped it was going to be this, but we didn’t really think it was.”

The blue-chip index’sfirst all-time highin nearly two years confirmed that it has been in a bull market since tumbling more than 20% through its closing low in September 2022, according to a common definition.

The day’s rally was broad-based with all major S&P 500 sectors ending higher. The rate-sensitive S&P 500 real estateand utilitiessectors rose more than 3% each, leading sector gains. The small-cap Russell 2000 indexshot up 3.5%.

The Dow Jones Industrial Averagesurged 512.30 points, or 1.4%, to 37,090.24, while the Nasdaq and S&P 500each rose 1.4%.

The S&P 500 and Nasdaq hit fresh closing highs for the year. The S&P 500 is now up 22.6% for the year to date, while the Nasdaq is up 40.7% in that period and the Dow is up 11.9%.

Stocks have been rising for weeks on the view that the Fed is likely done hiking rates and will shift to rate cuts next year.

Following the Fed statement, interest rate futures raised the odds of a May rate cut to 90% versus 80% just before the announcement, according to LSEG’sFedwatch.

Earlier in the day,data showed producer prices were unexpectedly unchanged in November amid cheaper energy goods. In a report on Tuesday, US consumer prices unexpectedly rose in November as a decline in the cost of gasoline was more than offset by increases in rents.

Bucking the day’s trend, shares of Pfizerdropped 6.7% after the drugmaker forecast 2024 revenue below Wall Street’s expectations.

Volume on US exchanges was 14.35 billion shares, compared with the 11.04 billion average for the full session over the last 20 trading days.

Continue Reading

Sports

Heavy rain helps Elliott to pole for Dover Cup race

Published

on

By

Heavy rain helps Elliott to pole for Dover Cup race

DOVER, Del. — Chase Elliott took advantage of heavy rain at Dover Motor Speedway to earn the pole for Sunday’s NASCAR Cup Series race.

Elliott and the rest of the field never got to turn a scheduled practice or qualifying lap on Saturday because of rain that pounded the concrete mile track. Dover is scheduled to hold its first July race since the track’s first one in 1969.

Elliott has two wins and 10 top-five finishes in 14 career races at Dover.

Chase Briscoe starts second, followed by Christopher Bell, Tyler Reddick and William Byron. Shane van Gisbergen, last week’s winner at Sonoma Raceway, Michael McDowell, Joey Logano, Ty Gibbs and Kyle Busch complete the top 10.

Logano is set to become the youngest driver in NASCAR history with 600 career starts.

Logano will be 35 years, 1 month, 26 days old when he hits No. 600 on Sunday at Dover Motor Speedway. He will top seven-time NASCAR champion and Hall of Famer Richard Petty by six months.

The midseason tournament that pays $1 million to the winner pits Ty Dillon vs. John Hunter Nemechek and Reddick vs. Gibbs in the head-to-head challenge at Dover.

The winners face off next week at Indianapolis. Reddick is the betting favorite to win it all, according to Sportsbook.

All four drivers are winless this season.

Continue Reading

Sports

Hamlin on 23XI trial: ‘All will be exposed’

Published

on

By

Hamlin on 23XI trial: 'All will be exposed'

DOVER, Del. — NASCAR race team owner Denny Hamlin remained undeterred in the wake of another setback in court, vowing “all will be exposed” in the scheduled December trial as part of 23XI Racing’s federal antitrust suit against the auto racing series.

A federal judge on Thursday rejected a request from 23XI Racing and Front Row Motorsports to continue racing with charters while they battle NASCAR in court, meaning their six cars will race as open entries this weekend at Dover, next week at Indianapolis and perhaps longer than that in a move the teams say would put them at risk of going out of business.

U.S. District Judge Kenneth Bell denied the teams’ bid for a temporary restraining order, saying they will make races over the next couple of weeks and they won’t lose their drivers or sponsors before his decision on a preliminary injunction.

Bell left open the possibility of reconsidering his decision if things change over the next two weeks.

After this weekend, the cars affected may need to qualify on speed if 41 entries are listed – a possibility now that starting spots have opened.

The case has a Dec. 1 trial date, but the two teams are fighting to be recognized as chartered for the current season, which has 16 races left. A charter guarantees one of the 40 spots in the field each week, but also a base amount of money paid out each week.

“If you want answers, you want to understand why all this is happening, come Dec. 1, you’ll get the answers that you’re looking for,” Hamlin said Saturday at Dover Motor Speedway. “All will be exposed.”

23XI, which is co-owned by retired NBA great Michael Jordan, and FRM filed their federal suit against NASCAR last year after they were the only two organizations out of 15 to reject NASCAR’s extension offer on charters.

Jordan and FRM owner Bob Jenkins won an injunction to recognize 23XI and FRM as chartered for the season, but the ruling was overturned on appeal earlier this month, sending the case back to Bell.

Hamlin, a three-time Daytona 500 winner driving for Joe Gibbs Racing, co-owns 23XI with Jordan and said they were prepared to send Tyler Reddick, Bubba Wallace and Riley Herbst to the track each week as open teams. They sought the restraining order Monday, claiming that through discovery they learned NASCAR planned to immediately begin the process of selling the six charters which would put “plaintiffs in irreparable jeopardy of never getting their charters back and going out of business.”

Hamlin said none of the setbacks have made him second-guess the decision to file the lawsuit.

“Dec. 1 is all that matters. Mark your calendar,” Hamlin said. “I’d love to be doing other things. I’ve got a lot going on. When I get in the car (today), nothing else is going to matter other than that. I always give my team 100%. I always prepare whether I have side jobs, side hustles, more kids, that all matters, but I always give my team all the time that they need to make sure that when I step in, I’m 100% committed.”

Reddick, who has a clause that allows him to become a free agent if the team loses its charter, declined comment Saturday on all questions connected to his future and the lawsuit. Hamlin also declined to comment on Reddick’s future with 23XI Racing.

Reddick, one of four drivers left in NASCAR’s $1 million In-season Challenge, was last year’s regular-season champion and raced for the Cup Series championship in the season finale. But none of the six drivers affected by the court ruling are locked into this year’s playoffs.

Making the field won’t be an issue this weekend at Dover as fewer than the maximum 40 cars are entered. But should 41 cars show up anywhere this season, someone slow will be sent home and that means lost revenue and a lost chance to win points in the standings.

“Nothing changes from my end, obviously, and nothing changes from inside the shop,” Front Row Motorsports driver Zane Smith said. “There’s not typically even enough cars to worry about transferring in.”

Smith, 24th in the standings and someone who would likely need a win to qualify for NASCAR’s playoffs, said he stood behind Jenkins in his acrimonious legal fight that has loomed over the stock car series for months.

“I leave all that up to them,” Smith said, “but my job is to go get the 38 the best finish I can.”

Continue Reading

Technology

Astronomer CEO Andy Byron resigns after viral Coldplay kiss-cam controversy

Published

on

By

Astronomer CEO Andy Byron resigns after viral Coldplay kiss-cam controversy

Chris Martin of Coldplay performs at the O2 Shepherd’s Bush Empire on October 12, 2021 in London, England.

Simone Joyner | Getty Images Entertainment | Getty Images

Astronomer, the technology company that faced backlash after its CEO was allegedly caught in an affair at a Coldplay concert, said the CEO has resigned, the company announced Saturday.

“Andy Byron has tendered his resignation, and the Board of Directors has accepted,” the company said in a statement. “The Board will begin a search for our next Chief Executive as Cofounder and Chief Product Officer Pete DeJoy continues to serve as interim CEO.”

Byron was shown on a big screen at a Coldplay concert on Wednesday with his arms around the company’s chief people officer, Kristin Cabot. Byron, who is married with children, immediately hid when the couple was shown on screen. Lead singer Chris Martin said, “Either they’re having an affair or they’re just very shy.” A concert attendee’s video of the affair went viral.

In May, Astronomer announced a $93 million investment round led by Bain Ventures and other investors, including Salesforce Ventures.

Byron’s resignation comes after Astronomer said Friday that it had launched a “formal investigation” into the matter, and the CEO was placed on administrative leave.

“Before this week, we were known as a pioneer in the DataOps space, helping data teams power everything from modern analytics to production AI,” the company said in its Saturday statement. “Our leaders are expected to set the standard in both conduct and accountability, and recently, that standard was not met.”

Continue Reading

Trending