|  | *past 24-hour performance |
| | Gasoline lights up CPI: The latest CPI data showed the key inflation gauge rising 0.6% in August from the prior month – the fastest pace of growth seen in more than a year; More than half of the increase was due to higher gasoline prices (Axios)
Auto union clock ticking: General Motors (GM), Ford Motor (F) and Stellantis (STLA) could be forced to stop or slow production if an agreement isn’t reached today, as the ~150k United Auto Workers union and carmakers remain far apart on wages (NYT)
Cyber roulette: MGM Resorts (MGM) said that the ongoing cyber threat, which has significantly disrupted properties across the US for the past three days, represents a “material risk” to the company; Moody’s warns cyberattack could negatively affect MGM’s credit rating (CNBC)
2023’s IPO juggernaut: Arm priced its IPO at $51 per share yesterday, valuing the chipmaker at $54.5 billion. Arm shares are set to start trading today on Nasdaq under the symbol ARM (WSJ)
Airline stocks hit turbulence: Two more airlines, Spirit (SAVE) and American (AAL), slashed their Q3 outlooks due to steep discounting and new labor contracts, respectively, while also citing higher jet fuel expenses (WSJ)
Walmart doubles down on Africa: Walmart has renewed its focus on Africa by ramping up online initiatives at South African retailer Massmart, in which it acquired a controlling stake over a decade ago. (PYMNTS)
Citi shakeup: Citigroup (C) is preparing for a wave of job cuts as CEO Jane Fraser launches the biggest restructuring of the Wall Street giant in two decades, part of her effort to reverse a years-long slump in the stock price (Bloomberg)
Schultz exits Starbucks board: Longtime Starbucks (SBUX) leader Howard Schultz is stepping down from the company’s board of directors, the coffee chain announced (AP)
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| | Even if you knew the future: What if you knew in early 2022 that the fed was going to raise rates 11 times in a row? What if you knew that the 30-year fixed mortgage rate was going to rise from 2.8% to 7.3%? What if you knew that Russia was going to invade Ukraine? How would you position yourself? Read more » | The bigger short: “Out of approximately 750 industry attendees, maybe a dozen of us got the joke, and we were all finance guys. The industry guys seemed oblivious to the potential squeeze on supply.” Read more » | T-Bills yielding 5% are a big hit: Everyone – from moms and pops to corporate treasurers and the mega asset managers — is piling in, won over by a unique opportunity: To lock in a 5% yield, and protect themselves from uncertainty over the US economy. Read more » |
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| | China is poised to overtake Japan as the world's leading car exporter (FT) France halts iPhone 12 sales over radiation exposure levels (Guardian) Colossal cache of lithium found in US may be world’s largest (Futurism) A company reported 242.3 million geolocation transactions from customers of legal U.S. sportsbooks this past weekend – a 56% increase from the same time period in 2022 (AP) Climate scientist admits editing paper to fit 'preapproved narratives' (Phys) Harvard ranked as America’s worst college for free speech (The Fire) The 2023 global crypto adoption index (Chainalysis)
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