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The S&P 500 gained ground, driven by tech stocks, while Bitcoin slid amid debate uncertainties. Larry Ellison added $18 billion to his wealth, surpassing Zuckerberg, as Oracle soared. Meanwhile, Ally Financial took a hit after warning of borrower struggles.
Grab your Americano and let's get into it! ☕️👇️
Markets
The S&P 500 rose by 0.5%, boosted by tech stocks, with the Nasdaq up 0.8%. However, the Dow Jones dipped slightly, down 0.2% due to weakness in banking shares.
All eyes are now on the upcoming August inflation report, which will influence the Federal Reserve’s next interest rate decision. Investors are hopeful inflation might cool further, but expectations for a significant rate cut seem unlikely.
Futures suggest a lower opening ahead of Wednesday’s trading session.
🇺🇸 Bitcoin dips to $56k as Harris-Trump debate heralds tight race
Bitcoin’s price dipped on Wednesday, aligning with a broader decline in risk assets amid uncertainty following a heated 2024 presidential debate. Kamala Harris outperformed President Joe Biden in her debate with Donald Trump, who supports easing crypto regulations. The potential for a competitive election is raising concerns in crypto markets.
🖥️ Larry Ellison Becomes Richer Than Zuckerberg as Oracle Rallies
Larry Ellison's net worth surged by $18 billion on Tuesday, hitting $191.7 billion after Oracle’s strong quarterly earnings report. This leap pushed him past Facebook’s Mark Zuckerberg and Europe’s richest man, Bernard Arnault, in the rankings.
🫱 Ally plunges 19% after CFO says its borrowers are struggling
Ally Financial shares plunged 19% on Tuesday after its CFO warned about borrowers' financial struggles. Rising inflation and a weakening job market are affecting customers' ability to repay loans, with the auto lender expecting higher delinquency rates in the near future.
🌊 Ranking The Best Passive Income Investments
To achieve financial freedom before the traditional retirement age, building passive income is key. This post explores the top passive income investments in today’s economic climate to help you get there.
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BIG TECH
Apple & Google Lose Multibillion Dollar Fight With EU
In a big blow to Big Tech, both Apple and Google have lost critical court battles in Europe, strengthening the EU’s tough stance on corporate giants. Apple’s €13 billion ($14.4 billion) tax fight against Ireland ended in defeat, with the EU’s Court of Justice upholding a 2016 ruling that the tax breaks Apple received amounted to illegal state aid. This decision, pushed by EU antitrust chief Margrethe Vestager, is one of the largest victories in her campaign to promote tax fairness across the region.
At the same time, Google lost its appeal against a €2.4 billion fine for abusing its dominance in the search-engine market. The court found that Google had given an unfair advantage to its own product listings over competitors, violating EU competition rules.
Apple’s CEO, Tim Cook, criticized the EU's ruling, calling the tax demands “total political crap.” Despite this, Vestager is undeterred, emphasizing that selective tax benefits for major corporations undermine the principles of fair competition.
Google, on the other hand, expressed disappointment but noted that it had already adjusted its practices after the initial fine in 2017. However, these decisions reinforce the EU’s commitment to holding tech companies accountable for market dominance and tax avoidance.
These rulings will likely reshape how Apple and Google operate in Europe, hitting Apple especially hard financially and requiring Google to continue adjusting its competitive practices.
The family that controls EVERYTHING you eat.
They make $177 BILLION a year off you.
But they’re ghosts.
So who are they and why won’t they take their company public?
This is the untold story of the secretive Cargill family, the 4th richest family in the US:
— The Heirs Journal (@heirsjournal)
4:04 PM • Sep 10, 2024
The former CEO of BP on why they bought 1% of $PLTR after using their product 🔮⛽️
— Jawwwn (@jawwwn_)
7:03 PM • Sep 9, 2024
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🦑 Kraken - Where we buy crypto with cash / withdraw profit to our bank.
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