Newsletter Sep 14, 2022

3 things you must know

Wall Street suffers heavy losses on negative inflation report
U.S. stocks plummeted Tuesday after the August consumer index report showed inflation was higher than expected. The downturn snapped a three-day rally. The consumer price index increased 0.1% in August and 8.3% over the past year. The Dow Jones Industrial Average fell 1,276.37 points, or 3.94%, to 31,104.97. The S&P 500 dropped 177.72 points, or 4.32%, to 3,932.69, and the Nasdaq Composite plunged 632.84 points, or 5.16%, to 11,633.57. It was the worst day for the Dow since June 2020.
WHY THE NEWS IS WRITING ON THE WALL FOR THE FED

Airlines stop service to over 60 airports during scale-back
As operating costs increase and pilot shortages become more challenging to manage, the airline industry is making service cuts that are affecting 61 airports. American, Delta, and United have dropped service during the pandemic, which riddled the airline industry. Now that travel is resuming as COVID restrictions ease, Americans are looking to book more vacations, but flight cancellations and delays are causing chaos for many travelers.
SEE WHICH 61 CITIES HAVE SUFFERED LOSS OF SERVICE

Starbucks exploring new technology to ease load on workers
Starbucks is exploring the use of "load balancing" technology to prevent cafes from becoming overwhelmed by too many orders as it seeks to revitalize its business and improve work conditions for employees. A surge in digital orders, which now make up nearly a quarter of all orders, has helped the coffee chain gain market share during the COVID-19 pandemic but has also led to barista burnout and strained the physical capacity at older stores.
SEE HOW STARBUCKS WOULD ADOPT 'LOAD-BALANCING'

Markets

DJIA	31,104.97	-3.94%
S&P 500	3,932.69	-4.32%
Nasdaq Composite	11,633.57	-5.16%
Japan: Nikkei 225	27,804.64	-2.83%
UK: FTSE 100	7,385.86	-1.17%
Crude Oil Futures	87.70	0.45%
Gold Futures	1,711.30	-0.36%
Yen	144.54	-0.02%
Euro	1.00	0.10%
* As of market close

Trial puts Tesla's Autopilot claims to the test

Tesla is set to go to trial in February in Palm Beach County, Florida, in a wrongful death lawsuit that involves the effectiveness of Autopilot, a much-vaunted system for the electric automaker that controls steering, speed and braking. Tesla faces the core question of whether it overstated the performance of its Autopilot feature and therefore lulled drivers into a false sense of safety. Tesla's Autopilot remains the subject of investigations by two federal agencies into multiple crashes.

CDC warns of harsh flu, COVID this winter

Health officials warned that they expect a severe winter flu season and urged the country to get flu shots in addition to the latest COVID-19 booster shot. Countries in the Southern Hemisphere are currently experiencing severe flu seasons and the U.S. is expected to have a record flu season as cases in the northern regions continue to increase, prompting the warning and recommendations from the CDC.

CAN YOU GET SHOTS FOR FLU AND COVID ON THE SAME DAY?

NBA suspends owner Sarver for misconduct

The NBA on Tuesday suspended Phoenix Suns owner Robert Sarver for a year after an investigation into allegations of misconduct. Sarver was also fined $10 million, with the money going to causes that fight gender and race-based harassment. Sarver, 60, was found to have made racially and sexually insensitive comments about and to female employees. Sarver also owns the WNBA team Phoenix Mercury.

FIND OUT THE ALLEGATIONS BEING MADE AGAINST SARVER

Good sports

Name the only American professional sports team that is owned by a public non-profit. How many shareholders technically own the team?

Tuesday's answer: Due to difficulties experienced during the mission, it took the Apollo 11 crew four days between liftoff and the lunar landing.