>>Ahead Of The Bell
(New York, NY) -- The opening bell rings this morning after a down day on Wall Street. At one point, the Dow Jones Industrial Average dropped more than 500 points. This comes as investors have concerns the Federal Reserve may not cut interest rates at their next meeting and also as shares of McDonalds fell after the CDC reported an E.coli outbreak connected to the chain's Quarter Pounder burgers. At the closing bell, the Dow was down 409 points to end at 42-514. The S&P 500 fell 53 points to 57-97. The Nasdaq dropped by 296 points to 18-276.
>>Coming Up Today
(Undated) -- Coming up today, we'll get word on new home sales as well as weekly jobless claims. Most analysts are expecting a slight increase in the number of people filing first-time requests for unemployment benefits. The week wraps up Friday with consumer sentiment data.
>>Boeing Machinists' Union Reject New Labor Contract
(Arlington County, VA) -- The Boeing machinists union is rejecting a new labor deal. The news comes after a 64-percent vote against the deal, which included a 35-percent wage increase over the next four years, higher 401k contributions, guaranteed payouts in a bonus program and a higher signing bonus. The aerospace giant reached a tentative deal with the striking workers this past weekend. Over 30-thousand machinists walked off the job over a month ago. Boeing reported a six-billion dollar loss during the last quarter, with an over eight-billion dollar loss from January through September.
>>Tesla Reports Strong 3Q Earnings
(Austin, TX) -- Tesla is reporting stronger than expected third-quarter profits, sending shares up 12 percent after Wednesday's earnings release. The electric automaker brought in 72-cents in earnings per share, compared to analyst predictions of 59-cents. Sales and income rose eight percent year-over-year, with its first bottom line growth of 2024.
>>FAA Issues Final Regulation For Air Taxis
(Washington, DC) -- The FAA is issuing a final rule for air taxis and other electric-powered aircraft. It calls the regulations the final piece in the puzzle to introduce these types of aircraft. It outlines instructor and pilot training and qualifications to fly aircraft in the powered lift category. FAA Administrator Mike Whitaker said this category is the first new aircraft category in nearly eight decades, and said they will continue to prioritize the safety of our system as we work to seamlessly integrate innovative technology and operations. This comes as electric vehicle aircraft developers said one day people will be able to use them for travel.
>>Amazon Announces Gas Discounts For Prime Members
(Seattle, WA) -- Amazon is getting into the gas game. The e-commerce giant announced that Prime members can now save ten cents per gallon at the pump. The discount can be redeemed at around seven-thousand BP, Amoco and ampm [[ A-M-P-M ]] stations across the country. Amazon said it could save drivers almost 70 bucks per year on fuel. Meantime, starting next year Prime members with electric vehicles can get discounts at BP charging stations.
>>Borrowing Against Home Values To Spend On Renovations Expected To Increase
(New York, NY) -- Analysts forecast a significant rebound in home remodeling next year as a result of lower interest rates. More homeowners are borrowing against the rising value of their properties, and spending on renovations. The substantial amount of home equity that Americans have amassed thanks to sharply rising property values is getting cheaper to access with the Fed cutting interest rate. According to the Federal Reserve, Americans have more than 35-trillion dollars in home equity, up 81-percent from the end of 2019. That is an average of about 400-thousand dollars per U.S. homeowner. Renovation spending should reach an annual rate of 477 billion by this time next year.
