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Amazon is leading the U.S. stock market on October 31 to the finish of another winning week and month. The S&P 500 was virtually flat after giving up a modest gain from the morning. The index is still near its all-time high set on October 28, and it’s on track to close a third-straight winning week and a sixth-straight winning month, which would be its longest monthly winning streak since 2021. The Dow Jones Industrial Average was down 102 points, or less than 0.2%, as of 1 p.m. Eastern time, and the Nasdaq composite was 0.4% higher. Amazon led the way after jumping 10.3%. The retail giant was by far the strongest force pushing upward on the market after reporting profit for the latest quarter that blew past analysts expectations. CEO Andy Jassy said growth for its booming cloud-computing business has reaccelerated back to a pace it hasnt seen since 2022. Because Amazon is so massive, worth roughly $2.4 trillion, its stock movements carry more weight on the S&P 500 than almost any other company’s. Another highly influential stock, Apple, was having less of an effect even though it’s bigger than Amazon. Apple, which is worth more than $4 trillion, was swinging between modest gains and losses and was most recently up 0.1%. It likewise delivered a better profit report than analysts expected, though by not as big a margin as Amazon did. CEO Tim Cook said Apple benefited from strong revenue for both its iPhone lineup and its services offerings, which include its app store. Elsewhere on Wall Street, online message board Reddit jumped 12.1% to erase losses from earlier in the week after reporting stronger profit and revenue for the latest quarter than analysts expected. Coinbase Global rose 6.8% after the crypto exchanges profit likewise topped expectations. Outside of earnings reports, Netflix added 3.3% after the video streamer announced a move that could make its stock price more affordable but still leave its investors holding the same amount. Netflix will undergo a 10-for-1 stock split, where it will give nine additional shares to every investor with one. They helped offset a 4.8% drop for AbbVie, even though the medicine maker reported stronger profit for the latest quarter than expected. Analysts pointed to how it’s beating forecasts by less than before, and expectations may have been high after AbbVie’s stock came into the day with a strong 28.4% gain for the year so far. The pressure is on companies to deliver strong growth in profits to justify the huge gains their stock prices have made since April. Criticism has been growing that the stock market has become too expensive. A day earlier, the S&P 500 slumped 1% as investors appeared unnerved by big increases in spending that Meta Platforms and Microsoft are planning as part of the investment spree underway in AI technology. Financial markets also appeared skeptical that President Donald Trumps trade truce with China would put an end to tensions between the two countries. Additional drops on Friday of 1.6% for Microsoft and 2.2% for Meta were two of the heaviest weights on the U.S. market. In stock markets abroad, indexes dipped in Europe following a mixed finish in Asia. Stocks fell 1.4% in Hong Kong and 0.8% in Shanghai after data showed factory activity in China contracted in October for a seventh straight month and at the fastest pace in six months. Japans Nikkei 225, meanwhile, jumped 2.1% to another record after a report showed industrial production rose more in September than expected. In the bond market, Treasury yields eased after their spurt higher in the middle of the week, when Federal Reserve Chair Jerome Powell warned that another cut to interest rates in December is not a foregone conclusionfar from it. The yield on the 10-year Treasury dipped to 4.09% from 4.11% late on October 30, but its still above the 3.99% level it was at before Powells warning. Other central banks have halted cuts to rates or hinted at pauses recently, and it seems this is it for the 2025 easing season in developed economies, economists at Bank of America wrote in a BofA Global Research report. By Stan Choe, AP business writer AP Business Writers Teresa Cerojano and Matt Ott contributed.
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Check your medicine cabinet: A major pharmaceutical company has just recalled nearly 600,000 bottles of a blood pressure medication due to the potential presence of a potentially cancer-causing chemical. According to three different recall notices shared by the FDA, the New Jersey-based drugmaker Teva Pharmaceuticals USA has voluntarily recalled several lots of the blood pressure medication prazosin hydrochloride. Heres what to know: What happened? According to the FDAs reports, about 590,000 bottles of prazosin hydrochloride have been recalled due to presence of N-nitroso Prazosin impurity C above the Carcinogenic Potency Categorization Approach (CPCA) acceptable intake limit. Essentially, that means drug testing found that the affected bottles contained a concentration of nitrosaminea potential carcinogenthat was above the acceptable levels established by the FDA. The FDA has categorized this recall as a Class II, meaning, a situation in which use of or exposure to a violative product may cause temporary or medically reversible adverse health consequences or where the probability of serious adverse health consequences is remote. Which blood pressure medication was recalled? The recall includes bottles of Prazosin Hydrochloride in 1 mg, 2 mg, and 5 mg concentrations. There are three different recall numbers for each of these doses, cinlduing: D-0104-2026; 181,659 bottles of a 1 mg dosage D-0105-2026; 291,512 bottles of a 2 mg dosage D-0106-2026; 107,673 of a 5 mg dosage Full lot numbers for every affected batch of the medicine can be found here. What should I do if I have recalled medication? In a statement sent to NBC Chicago, Teva said that anyone with the affected medication should contact their pharmacy to determine what to do with the remaining quantities, and noted that it has already sent letters to its customers with instructions on returning the recalled product. The company added that it has not yet received any complaints about the medication. Its important to note that, during similar cases in the past, the FDA has advised patients to continue taking these medications until they have an alternative, because a heart attack is a more immediate risk than cancer. Teva did not immediately respond to Fast Company‘s request for comment.
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YouTube TV viewers can no longer see Disney channels including ABC and ESPN after the two sides failed to agree on a new content distribution deal. Other channels that vanished from Google’s pay TV platform include the Disney Channel, FX, and Nat Geo. Google’s pay TV platform said in a blog post late Thursday that Disney had followed through on a threat to suspend its content amid the negotiations. The breakdown could impact coverage of some college football games on Saturday, as well as NBA, NFL, and NHL games. YouTube is the largest internet TV provider in the U.S. with more than 9 million subscribers. Hulu, owned by Disney, is next, with about half that many subscribers. Viewers have become aware of the dispute in recent weeks because of warnings being scrolled across their screens. YouTube said Disney used the threat of a blackout as a negotiating tactic that would have resulted in higher prices for its subscribers. Disney’s move to take down its content also benefits its own streaming products Hulu + Live TV and Fubo, YouTube said. We know this is a frustrating and disappointing outcome for our subscribers and we continue to urge Disney to work with us constructively to reach a fair agreement that restores their networks to YouTube TV, it said. YouTube said it would give subscribers a $20 credit if Disney content unavailable for an extended period of time. YouTube TVs base subscription plan costs $82.99 per month. Disney said that YouTube TV is refusing to pay fair rates for its channels and has chosen to deny their subscribers the content they value most,” pointing out the number of Top 25 teams playing this weekend. With a $3 trillion market cap, Google is using its market dominance to eliminate competition and undercut the industry-standard terms weve successfully negotiated with every other distributor,” Disney said. The company said that it was committed to reaching a resolution as quickly as possible.
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