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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. The Dow Jones Industrial Average fell for a historic ninth consecutive day, its longest losing streak since the 1970s, shedding 0.7% as investors rotated into technology stocks while "old-economy" sectors dragged. Despite record highs for the S&P 500 and Nasdaq, concerns loom over the Federal Reserve's upcoming rate cut decision, with traders pricing in a 95% chance of a quarter-point reduction amid fears of inflation or a stock bubble. Nvidia's struggles, Tesla's gains, and Broadcom's losses reflect a mixed tech landscape, while stronger-than-expected retail sales data stoked further caution regarding the Fed's next move.

2. Nissan and Honda are reportedly in talks for a merger under a holding company to strengthen their position in the rapidly evolving automotive industry, potentially incorporating Mitsubishi Motors, where Nissan holds a 24% stake. The combined entity would produce over 8 million vehicles annually, placing it among the world's largest automakers but still trailing Toyota and Volkswagen. While neither company confirmed the report, both acknowledged ongoing discussions on collaboration. The merger would mark the largest automotive deal since Stellantis' formation in 2021, as industry experts emphasize consolidation to compete with Chinese automakers and Tesla.

3. Grubhub will pay $25 million to settle a lawsuit from the FTC and Illinois Attorney General over allegations it misled diners about fees, blocked customer accounts, deceived drivers about earnings, and listed unaffiliated restaurants without consent. The company, accused of inflating delivery costs and damaging restaurant reputations, will now halt surprise fees, improve transparency for drivers, and simplify account cancellations. While denying the claims, Grubhub agreed to the settlement, which includes a suspended $140 million judgment due to its financial state, with most of the $25 million directed toward consumer refunds.

4. Headlines

   1. Cocoa prices hit a record high of $11,933 per metric ton on Tuesday.

   2. Teva Pharmaceuticals rose 23% yesterday on positive results from the testing of a new drug for inflammatory bowel disease.

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