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U.S. stocks are coasting toward the finish of Wall Streets latest winning month on Tuesday. The S&P 500 fell 0.2% in afternoon trading but remains on track for a fifth straight winning month after setting a record last week. The Dow Jones Industrial Average was down 145 points, or 0.3%, as of 1:43 p.m. Eastern time, and the Nasdaq composite was 0.3% lower. Oil-related companies weighed on the market after the price of crude fell again as traders see too much oil washing around the world. Schlumberger fell 3.8%, and Halliburton dropped 3%. They helped offset a 12.7% jump for CoreWeave, which said Meta Platforms will pay up to $14.2 billion for a new order for cloud computing power made under its existing service agreement, with the potential for more. Treasury yields eased in the bond market following a couple mixed reports on the U.S. economy. One said consumers are feeling less confident than economists expected, with many respondents in the Conference Board’s survey pointing to the slowing job market and inflation that has remained higher than anyone would like. A second report suggested the job market may be remaining in its low-hire, low-fire state. U.S. employers were advertising roughly the same number of job openings at the end of August as the month before. The hope on Wall Street had been for a number that’s neither too high nor too low, one balanced enough to keep the Federal Reserve on track to continue cutting interest rates. The Fed just delivered its first cut of the year, and officials have penciled in more through the end of next year to give the job market a boost. If data on jobs come in too strong, it could make the Fed less willing to cut rates. If the numbers are too weak, meanwhile, they could mean a recession is coming. Either extreme would hurt the stock market, which has run to records from a low in April in large part on expectations that the Fed will cut rates several times. The stock market is already facing heavy criticism for being too expensive after prices ran so high. Another potential wild card is hanging over the market, meanwhile. The U.S. government seems to be heading toward a shutdown at the end of the day following another political impasse in Washington. The economy and stock market have made it through past shutdowns without much wear, and many economists and professional investors feel relatively OK about another one. The S&P 500 has climbed an average of 4.4% during past shutdowns and is positive over the last five, according to Monica Guerra, head of U.S. policy at Morgan Stanley Wealth Management. The timing of this potential shutdown, though, would likely cause delays for several important economic reports. That includes a release due on Friday about how many jobs U.S. employers created and destroyed in September. That could make Wall Street twitchier when investors are already nervous about the state of the economy and what that means for the potential for cuts to rates. The Department of Labor has already said that the Bureau of Labor Statistics will completely cease operations if theres a lapse. On Wall Street, Spotify Technology sank 6.4% after the Stockholm-based streaming giant said its founder, Daniel Ek, is stepping down as CEO to become the executive chairman. Two of his lieutenants will replace him as co-CEOs: Chief Product and Technology Officer Gustav Söderström and Chief Business Officer Alex Norström. Lamb Weston jumped 4.1% after the supplier of frozen French fries and other potato products reported a stronger profit for the latest quarter than analysts expected. In stock markets abroad, indexes ticked higher in Europe following a mixed finish in Asia. In the bond market, the yield on the 10-year Treasury eased to 4.14% from 4.15% late Monday. Stan Choe, AP business writer AP Business Writers Yuri Kageyama and Matt Ott contributed.
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E-Commerce
U.S. consumer confidence declined again in September as Americans pessimism over inflation and the weakening job market continued to grow. The Conference Board said Tuesday that its consumer confidence index fell by 3.6 points to 94.2 in September, down from Augusts 97.8. Thats a bigger drop than analysts were expecting and the lowest reading since April, when President Donald Trump rolled out his sweeping tariff policy. A measure of Americans short-term expectations for their income, business conditions and the job market fell to 73.4, remaining well below 80, the marker that can signal a recession ahead. Consumers assessments of their current economic situation dipped by 7 points to 125.4. Write-in responses to the survey showed that references to prices and inflation rose this month, regaining its top position as consumers main concern about the economy. Mentions of tariffs declined this month but remain elevated, the Conference Board said. Government data released earlier this month showed that inflation rose in August as the price of gas, groceries, and airfares jumped. Consumer prices increased 2.9% last month from a year earlier, the Labor Department said, up from 2.7% the previous month and the biggest jump since January. Excluding the volatile food and energy categories, core prices rose 3.1%, the same as in July. While unemployment and layoffs remain historically low, there has been noticeable deterioration in the labor market this year and mounting evidence that people are having difficulty finding jobs. Earlier this month, the government reported that U.S. nonfarm employers added a paltry 22,000 jobs in August, following Julys disappointing 79,000 job gains. Worse, revisions to the May and June figures shaved 258,000 jobs off previous estimates. The unemployment rate stands at 4.3%, the highest since October 2021. Also Tuesday, the Labor Department reported that U.S. job openings in August remained at 7.2 million, about the same as the previous month. In addition to the lingering effects of 11 interest rate hikes by the Federal Reserves inflation fighters in 2022 and 2023, economists say the recent hiring slump may also be a result of Trumps policies, including his sweeping and ever-changing tariffs on imports, a crackdown on illegal immigration and purges of the federal workforce. Many companies are locked in a no hire, no fire position, fearful of expanding payrolls until the effects of Trumps tariffs are more clear. More jobs data comes Friday when the government releases its September labor market data, with analysts forecasting 50,000 job gains. However, that report could be postponed if a budget impasse in Congress leads to a government shutdown Wednesday. The share of consumers expecting a recession over the next year rose modestly in September to the highest level since May. Survey respondents who said they intended to buy a new or used car in the near future fell, while the share of those saying they planned to purchase a home rose to a four-month high. Those saying they planned to buy big-ticket items like appliances were little changed from August with big variations across categories. Matt Ott, AP business writer
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E-Commerce
The stat that women receive less than 2% of VC funding is often citedbut that figure tells only part of the story. Angel investors, non-dilutive grants, and other funding methods are shifting the landscape for women and other underrepresented foundersespecially at a time when DEI initiatives are in peril. This panel explores how investors are closing the funding gap and what you should know to get the capital you need.
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E-Commerce
Matcha drinks continue to challenge coffees dominance as the caffeinated beverage of choice. In the U.S., retail sales of matcha are up 86% from three years ago, according to market research firm NIQ. The drinks increasing popularity, particularly among Gen Z consumers, has resulted in shortages and supply-chain issues. But when a recent Instagram reel that went viral suggested consuming Matcha might be contributing to hair loss, panic ensued. Can I unsee this post? one wrote. WHY DOES THE INTERNET HAVE TO RUIN EVERYTHING, another protested. Soon, others were sharing similar alleged experiences. When you realise that the matcha youve been drinking every morning is the reason your hair is falling out, one woman on TikTok wrote. Can it be true? Has the bright green beverage weve been told helps alleviate stress, enhances our immune systems, and supports our health, been a secret saboteur all along? Like most health-related posts online, the truth is more complicated than a viral TikTok would have you believe, and comes with a whole host of caveats. The good news: No, your daily matcha habit is not going to directly cause hair loss. The viral claims aren’t backed by any clinical research, Dr. Divpreet Sacha at Her Holistic Health told Fast Company. In fact, studies show the oppositegreen tea and matcha may actually help with hair growth because of their antioxidants. Matcha might, however, affect iron levels, which may contribute to extra shedding. The confusion probably comes from the fact that green tea can reduce iron absorption if you drink it with meals, Dr. Sacha continued. But there’s no evidence this leads to hair loss. You’d need a serious, long-term iron deficiency for that to happen, which isn’t caused by normal matcha drinking. Matcha contains tannins and other polyphenols, which can bind to iron in the digestive tract and reduce its absorption by the body. One woman even claimed her iron levels got so low from drinking matcha she ended up in hospital. RIP to my matcha obsession era, she wrote. Sacha added, People drinking 1-2 cups of matcha a day have nothing to worry about. If someone already has low iron, they should just avoid drinking it right before or after iron-rich meals, basic nutrition advice, not a hair loss warning. Matcha isnt the only popular drink with tannins. Theyre present in many common drinks, including red wine, coffee, and other types of tea. Hair loss also can be caused by a number of other culprits, including insufficient protein intake and other deficiencies. Fear not, for those with a balanced diet and healthy iron levels: Your morning matcha is back on the menu.
Category:
E-Commerce
Shopping for a used car? Hertz is making it easier than ever to buy a car from its fleet: You can now browse, finance, and purchase vehicles entirely online, the company announced Tuesday. The car rental giant has revamped its website, HertzCarSales.com, allowing customers to now browse thousands of vehicles, get a trade-in offer, get pre-qualified, and secure financing so they complete the purchase entirely online. These changes mean that car buyers no longer need to visit one of Hertzs 45 retail locations to complete the purchase. Our new e-commerce platform marks a major step forward in modernizing how we serve our customers with a seamless journey from browsing to ownership, Gil West, CEO of Hertz, said in the statement. By enhancing our digital capabilities, were meeting customers where they are and giving them greater visibility into our inventory, easier purchasing processes, and broader access to quality Hertz vehicles. TURNAROUND PLAN This move also marks a critical milestone in making retail the companys primary car selling channel, West said. The company has been trying to right its business after filing for bankruptcy in May 2020 amid the height of the Covid-19 pandemic. Last year, it announced a Back-to-Basics Roadmap for a turnaround plan focused in part on fleet management. The company has more than 560,000 vehicles in its fleet, of which it sells approximately halfor about 280,000 vehicleseach year, according to reporting by CNBC. By comparison, Carvana sold more than 416,000 vehicles in 2024, according to its 2024 financial results. By shifting from what was an online catalog to a full-service e-commerce platform, Hertz is likely hoping to speed up how quickly it turns over its fleet of used vehicles and also maximize resale price, Deutsche Bank analyst Chris Woronka told CNBC. AN ASSIST FROM TOM BRADY And Estero, Florida-based Hertz is hoping for an assist from Tom Brady, the NFL hall of fame quarterback who has previously served as a company spokesman. Beginning on Wednesday, Hertz will roll out a new ad campaign for HertzCarSales.com in which Brady touts the ease of buying online and pokes fun at the inflatable air figurines seen at many used car lots. Its not a terribly difficult pitch to make at this point: Carvana has changed how many Americans shop for used vehicles in the 12 years since its founding. The Phoenix-based company announced record results for its second quarter, with a 41% surge in vehicle sales during the three months ended June 30. Shares of both Hertz and Carvana fell in mid-day trading Tuesday, but their stock prices are both up more than 81% year-to-date.
Category:
E-Commerce
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