Stock market news: FedEx rattles market as US stocks fall

today’s fresh news

Artemis partners Intuitive Machines plans to go public in $1B SPAC deal

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ipx $9.74 -0.03 -0.31

Intuitive Machines plans to go public through a merger with special-purpose acquisition company Inflection Point Acquisitions, which values ​​the combination at about $1 billion.

Intuitive Machines is a diversified space exploration, infrastructure, and services company with marquee contracts supporting space exploration and NASA’s $93 billion Artemis program.

The company, founded in 2013, is a leading participant in NASA’s Commercial Lunar Payload Services initiative, having been awarded contracts for three missions so far, more than any other contractor.

For its first mission scheduled for before the first quarter of 2023, the Lunar Lander, an intuitive machine launched on a SpaceX Falcon 9 rocket, marks the United States’ need to transport government and commercial payloads to the surface of the Moon. hopefully. Return to the Moon since NASA’s last Apollo mission in 1972.

Air Canada buys electric-hybrid regional aircraft

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acdvf $14.46 0.22 1.54

Air Canada is buying 30 electric-hybrid aircraft developed by Sweden’s Hart Aerospace.

Regional aircraft are expected to enter service in 2028. Hybrid aircraft will generate zero emissions by flying on battery power and achieve significant operational savings and benefits.

The aircraft will be powered by a lithium-ion battery. It will also be equipped with a reserve-hybrid generator that can use sustainable aviation fuel.

Under the agreement, Air Canada has also acquired an equity stake of $5 million in Hart Aerospace.

Treasury recommends exploring the creation of a digital dollar

The Biden administration is moving one step closer to developing a central bank digital currency, known as the digital dollar, saying it would help reinforce the US role as a leader in the world financial system. .

The White House said on Friday that after President Joe Biden issued an executive order in March asking various agencies to look at ways to regulate digital assets, the agencies submitted nine reports that looked at financial markets, the environment for cryptocurrency covers the effects. Innovation and other elements of the economic system.

Treasury Secretary Janet Yellen said one Treasury recommendation is that the US “advance policy and technical work on a potential central bank digital currency, or CBDC, to prepare the United States if the CBDC is determined in the national interest.”

“Right now, some aspects of our current payment system are too slow or too expensive,” Yellen told reporters Thursday, explaining some of the findings of the report.

Central bank digital currencies differ from existing digital currencies available to the general public, such as bank account balances, because they would be a direct liability of the Federal Reserve, not a commercial bank.

Stock futures weaken on fears of rate hike

US equity futures were trading lower on Friday morning, adding to the previous day’s decline.

Major futures indices suggest a 0.8% loss at the opening bell on Wall Street.

Oil prices are falling for the third consecutive week on concerns of tight supply.

US West Texas Intermediate crude futures traded at around $85.00 a barrel after falling 3.8% in the previous session.

Brent crude futures were trading at around $91.00 a barrel after falling 3.5% to a one-week low in the previous session.

On the economic agenda, the University of Michigan will release its Consumer Sentiment Preliminary Index for September. It is expected to rise nearly 2 points to 60.0, the third straight monthly rise after falling to an all-time low of 50.0 in June as record-high gasoline prices fueled inflation fears.

In Asia, stock markets followed Wall Street lows.

The Nikkei 225 in Tokyo fell 1.1%, the Hang Seng in Hong Kong 0.9% and China’s Shanghai Composite Index fell 2.3%.

Wall Street’s benchmark S&P 500 index fell 1.1% to 3,901.35, while the Dow Jones Industrial Average fell 0.6% to 30,961.82. The Nasdaq closed down 1.4% at 11,552.36.

The yield on the 10-year Treasury was 3.46% on Friday morning.

Petrol prices fall

According to AAA, the average price of a gallon of gasoline dropped to $3.692 on Friday. Thursday’s price was $3.698.

The gas has declined since hitting a high of $5.016 on June 14. Analysts and traders say wholesale gasoline prices are expected to continue falling in the coming months as US refiners produce more of the fuel to try to rebuild lower stocks of diesel and heating oil.

The price of diesel fell to $4.977 a gallon.

Oil majors for another losing week

Oil prices are falling for the third consecutive week on concerns of tight supply.

US West Texas Intermediate crude futures traded at around $84.00 a barrel after falling 3.8% in the previous session.

Brent crude futures were trading at around $90.00 a barrel, after falling 3.5% to a one-week low in the previous session.

Both benchmarks are heading for a third consecutive weekly loss, partially hurt by a stronger US dollar, which makes oil more expensive for buyers using other currencies.

Markets were also stirred this week by the International Energy Agency’s outlook for near-zero growth in oil demand in the fourth quarter.

Cryptocurrency prices for Bitcoin, Ethereum and Dogecoin were mixed on Friday morning

After a three-day drop, bitcoin was trading around $19,000. For the week, bitcoin was trading 2% higher. For the month, the cryptocurrency was down more than 1%.

Bitcoin is down more than 57% year-on-year.

Ethereum was trading around $1,400 after a 9% drop in the past week.

Dogecoin was trading just shy of 6 cents, trading down more than 3% over the past week.

FedEx is closing stores, offices, delaying rents

FedEx says the decline in its global package delivery business has triggered a belt-tightening move.

The company said on Thursday it was closing storefronts and corporate offices, while closing new hiring.

Shares of FedEx have fallen 19% in premarket trading in the news.

The company also said it would miss Wall Street’s profit target for its fiscal first quarter, and expects business conditions to weaken further in the current quarter.

“Global volumes declined as macroeconomic trends worsened significantly later in the quarter, both internationally and in the US,” FedEx CEO Raj Subramaniam said in a statement. “We are addressing these headwinds swiftly, but given the speed at which conditions have changed, first quarter results fell short of our expectations.”

Audi’s big bet on electric vehicles amid rising demand

Audi has been unable to meet customer demand for its portfolio of electric vehicles due to supply chain challenges.

“We see huge demand for electric vehicles, actually more demand than supply,” Audi of America President Daniel Weisland told Fox Business. “We all have our supply challenged to some degree by global supply issues, and we continually evaluate to see how we can increase our capacity to ensure that every customer has access to an electric vehicle. get a chance.”

Audi reported a total of 48,049 vehicle deliveries in the second quarter of 2022, down 28% year over year. However, its all-electric e-tron family model line saw sales increase 87% year-over-year during the quarter. The e-tron SUV, Sportback and GT together delivered 4,777 units during the quarter.

Although Weisland is “quite confident” in the automaker’s ability to meet the majority of its EV orders, he expects supply chain issues to persist for the next few years.

Read more on the story by clicking here: Audi bets big on electric vehicles as demand picks up, supply chain continues to slide

Looking for Uber Computer System Hack

Uber is investigating the extent of hacking its computer systems.

According to the New York Times, the breach occurred on Thursday, causing the company to take many of its internal communications and engineering systems offline.

An Uber spokesperson said the company is investigating the breach and is contacting law enforcement officials.

Two employees told The Times that employees were told not to use Slack, the company’s internal messaging service, and found that other internal systems were inaccessible.

The person claiming to have hacked told the outlet that he was able to convince an Uber employee that he was an IT person and got them to hand him a password that allowed him to gain access to Uber’s systems.

The hacker said he was 18 and broke into Uber’s systems because the company’s security was weak.

CLICK HERE FOR MORE INFORMATION: Uber Looking For Computer System Hack

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