Newsletter Oct 8, 2024

Quick Six

Milton reaches Cat 5 as FEMA fights Helene misinformation
Hurricane Milton intensified into a monster storm as it approaches the Florida coast, reaching Category 5 strength. Milton is one of the strongest storms in recorded history. The National Hurricane Center said the storm's maximum sustained winds hit 175 mph on Monday. Milton is forecast to weaken before it hits the Florida Gulf coast Thursday but will still be a "large and powerful hurricane" at landfall. Mandatory evacuations have been issued for portions of Florida's coastline. Meanwhile, the US is still dealing with the aftermath of Hurricane Helene, which devastated the southeast.
SEE THE DANGEROUS LIES BEING SPREAD ABOUT FEMA

Markets fall, oil prices up amid international, domestic crises
The recovering US economy showed it isn't out of the woods yet when it comes to a soft landing as three frightening factors reared their ugly heads on Monday. Wall Street suffered heavy losses, the benchmark 10-year Treasury yield rose four basis points, and oil prices climbed 4% due to rising tensions in the Middle East and another major hurricane in the Gulf of Mexico. The result was a rough day on Wall Street with the Dow Jones shedding nearly 400 points and the Nasdaq and S&P 500 seeing similar losses.
WILL THE FED'S MINUTES IMPACT ECONOMIC OUTLOOK?

Judge orders Google to open up Android to rival app stores
A US judge ordered Google to open its Android smartphone operating system to rival app stores, in a fresh legal setback for the tech giant. The order follows Google's defeat in an antitrust case brought by Fortnite-maker Epic Games, where jury decided that Google wields illegal monopoly power through its Android Play store. The order follows another setback by a different judge who ruled that Google's search engine is also an illegal monopoly.
WHAT THE JUDGE ORDERED GOOGLE TO DO FOR 3 YEARS

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Markets

DJIA	41,954.24	-0.94%
S&P 500	5,695.94	-0.96%
Nasdaq Composite	17,923.90	-1.18%
Japan: Nikkei 225	38,897.14	-1.11%
UK: FTSE 100	8,303.62	0.28%
Crude Oil Futures	75.82	-1.71%
Gold Futures	2,661.90	-0.15%
Yen	147.93	-0.17%
Euro	1.10	0.09%
* As of market close

Biden seeks to reopen nuclear power plants

President Joe Biden wants to meet the surging demand for electricity by reactivating decommissioned nuclear power plants, his climate adviser, Ali Zaidi, said Monday. Two projects are planned at the Palisades nuclear plant in Michigan and the Three Mile Island plant in Pennsylvania, where a partial reactor meltdown in 1979 remains the worst nuclear accident in American history. Biden has called for a tripling of U.S. nuclear power capacity by 2050 as part of a global push to fight climate change by reaching net-zero carbon emissions.

SEE WHY ENVIRONMENTALISTS ARE ON BOARD WITH NUCLEAR

National debt will rise regardless of election

The national debt of the US is projected to balloon significantly over the next decade, regardless of whether Vice President Kamala Harris or former President Donald Trump wins the 2024 election, a report by the Committee for Responsible Federal Budget showed. Under a low-cost estimate, proposals by Democratic presidential candidate Harris would be roughly deficit-neutral, while Trump's plan would add about $1.45 trillion to the debt between 2026 and 2035, largely due to tax cuts.

CRUNCH NUMBERS ON WHICH ONE IS BETTER FOR ECONOMY

Will Tesla's robotaxi rollout live up to hype?

After years of hyping Tesla's prowess on autonomous driving, CEO Elon Musk is set to host a robotaxi event amid a mix of anticipation and skepticism. Musk has offered few details about what will be unveiled at Thursday's event, dubbed "We, Robot," which will take place at Warner Brothers studio in Los Angeles. Tesla watchers expect the company to reveal a prototype of its robotaxi, intended for autonomous transport.

IS TESLA READY TO RIVAL GOOGLE'S MAYMO, GM'S CRUISE?

Extra point

Elon Musk is CEO of Tesla but technically not the founder? Name the two original co-founders of the company and the year they launched it.

Monday's answer: Marvel Cinematic Universe is the most successful movie franchise, grossing more than $30 billion in total and placing nine of its 12 releases in the top-10 grossing movies of all time. The only other franchise to make more than $10 billion was Star Wars.

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