The long month of September is finally drawing to a close. It’s often a poor month for stocks, and this year was no exception.6%. That’s how much the Nasdaq Composite has dropped in September, a second straight month of declines. It’s on track for the worst two-month performance since the same period last year. And we all remember what 2022 was like.
Traders haven’t changed their expectations for the peak in Fed rates much, but they do expect fewer cuts down the road than they did at the start of the month. On the plus side, it means that the yield curve inversion–often seen as a recession signal–has narrowed. ***Tesla Faces Federal Lawsuit Over EEOC Racial Harassment Claims The government sued electric vehicle maker Tesla for tolerating racial harassment of Black employees at its California assembly plant, including retaliation for workers who opposed the harassment. The Equal Employment Opportunity Commission filed the suit in California federal court.
What’s Next: The cyberspace regulator’s proposal is being seen as a move to boost business activity in the world’s second-largest economy. It is particularly good news for China’s multinational companies.***Nike Reports Lower Inventory, Higher China Sales Nike ‘s fiscal first-quarter revenue was below expectations but investors focused on lower inventory levels, which should help profit margins, and rising sales in China, which is one of the apparel maker’s largest markets.
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