Wall Street Today | Cathie Wood Goes on Biggest Dip-Buying Binge Since February
MACRO
Inflation for U.S. Suppliers Remained Elevated in August
The producer price index for final demand decreased 0.1% from a month earlier and increased 8.7% from a year ago, Labor Department data showed Wednesday. However, excluding the volatile food and energy components, the so-called core PPI climbed a larger-than-forecast 0.4% in August and was up 7.3% from a year earlier.
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Ray Dalio Does the Math: Rates at 4.5% Would Sink Stocks by 20%
Ray Dalio came out with a gloomy prediction for stocks and the economy after a hotter-than-expected inflation print rattled financial markets around the globe this week. A mere increase in rates to about 4.5% would lead to a nearly 20% plunge in equity prices, he said.
Elon Musk Says Fed Should 'Drop 0.25%'
Elon Musk suggested the Federal Reserve should cut interest rates by 0.25%, saying that a major hike would risk deflation.
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SECTORS
US 2- to 30-Year Curve Reaches Most Inverted Level This Century
The premium of the two-year Treasury yield over the comparable 30-year benchmark increased to a level unseen this century as short-end rates extended their climb in the wake of this week’s hotter-than-anticipated US consumer-price inflation data.
Cathie Wood Goes on Biggest Dip-Buying Binge Since February
Tuesday's brutal selloff in the aftermath of August's hotter-than-expected inflation print looked like opportunity to Cathie Wood's Ark Investment Management. Ark funds buy shares of 27 stocks on Tuesday amid selloff, according to data compiled by Bloomberg.
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US Natural Gas Surges on Hot Weather and Threat of Rail Strike
Natural gas futures surged the most among major US-traded commodities as hot weather forecasts and a looming rail strike added to concern about tight supplies ahead of winter. Gas for October delivery soared as much as 11.5%, the biggest one-day gain since July 27.
COMPANY
Tesla Shifts Battery Strategy as It Seeks U.S. Tax Credits
$Tesla (TSLA.US)$ is pausing its plans to make battery cells in Germany as it looks at qualifying for U.S. electric vehicle and battery manufacturing tax credits, people familiar with the matter said.
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California Sues Amazon, Alleging Antitrust Violations Inflated Prices and Stifled Competition
California sued $Amazon (AMZN.US)$ on Wednesday, the state attorney general said, alleging the online retail giant's contracts with third-party sellers and wholesalers inflate prices, stifle competition and violate the state's antitrust and unfair competition laws.
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Revlon to Pay Executives $36 Million in Bankruptcy Bonuses
$Revlon (REV.US)$'s plan to give bankruptcy bonuses to its top executives won approval by a federal judge Wednesday despite opposition from the US Justice Department's watchdog. CEO Debra Perelman could collect as much as $10.6 million.
Source: Bloomberg, Dow Jones, CNBC, Yahoo Finance
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