🚀 Markets hit all-time highs

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. The S&P 500 and Dow Jones Industrial Average both reached record highs on Friday, marking six consecutive weeks of gains. The S&P 500 closed 0.40% higher at 5,864.67, and the Dow climbed 0.09%, ending at 43,275.91. Netflix surged 11% after beating earnings expectations, contributing to the Nasdaq's 0.63% gain, closing at 18,489.55. Many analysts attribute this market strength to investor confidence in pro-business policies, particularly from a potential win by Donald Trump in the upcoming election. Small-cap stocks also performed well, outpacing broader indices.

2. Freight rail delays at the Port of Los Angeles have reached a two-year high due to a surge in imports driven by recent East and Gulf Coast strikes. Nearly half of rail-bound containers are waiting over nine days, impacting industries like retail and chemicals. Though port officials claim vessel and trucking operations remain unaffected, logistics firms like DHL are advising clients to reroute shipments. The delays stem from increased volumes and rail car shortages, with some shipments now taking up to four weeks to move out of the port.

3. Spirit Airlines has extended its debt renegotiation deadline with its credit card processor to December, amid financial struggles. The airline has drawn down its $300 million revolving credit facility and anticipates ending the year with over $1 billion in liquidity. To save cash, Spirit has furloughed workers, cut schedules, and deferred aircraft deliveries. Weaker-than-expected bookings and a failed JetBlue merger have contributed to a 90% stock drop this year. The company is rumored to be considering bankruptcy, though it hasn't confirmed this.

4. Headlines

   1. The US interest expense on the national debt has topped $1T for the first time in history this year.

   2. Patel Philippe has released its first collection in 25 years.

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