NEW YORK (AP) — An early rebound for U.S. stocks petered out by the end of the day, leaving indexes close to flat. The S&P 500 edged down by 0.1% Thursday, coming off one of its worst days of the year after the Federal Reserve said it may deliver fewer cuts to interest rates in 2025 than earlier thought. The Dow Jones Industrial Average inched up by less than 0.1%, and the Nasdaq composite slipped 0.1%. Treasury yields were mixed in the bond market following reports showing the U.S. economy may be stronger than expected, but manufacturing may be contracting again. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. NEW YORK (AP) — U.S. stocks are stabilizing Thursday following one of their worst days of the year . The S&P 500 rose 0.2% in late trading, a day after tumbling 2.9% when the Federal Reserve said it may deliver fewer cuts to interest rates next year than earlier thought. The Dow Jones Industrial Average was up 136 points, or 0.3%, with less than an hour remaining in trading, following Wednesday’s drop of more than 1,100 points. The Nasdaq composite rose 0.3%. Wednesday’s drop took some of the enthusiasm out of the market, which critics had already been warning was overly buoyant and would need everything to go correctly for it to justify its high prices. But indexes remain near their records , and the S&P 500 is still on track for one of its best years of the millennium . Traders are now expecting the Federal Reserve to deliver just one or maybe two cuts to interest rates next year, according to data from CME Group. Some are even betting on none. A month ago, the majority saw at least two cuts in 2025 as a safe bet. Wall Street loves lower interest rates because they give the economy a boost and goose prices for investments, but they can also provide fuel for inflation. Darden Restaurants, the company behind Olive Garden and other chains, helped lift the market after leaping 15.1%. It delivered profit for the latest quarter that edged past analysts’ expectations. The operator of LongHorn Steakhouses also gave a forecast for revenue for this fiscal year that topped analysts’. Accenture rose 6.7% after the professional services company likewise topped expectations for profit in the latest quarter. CEO Julie Sweet said it saw growth around the world, and the company raised its forecast for revenue this fiscal year. Amazon shares added 1.8%, even as workers at seven of its facilities went on strike Thursday in the middle of the online retail giant’s busiest time of the year. Amazon says it doesn’t expect an impact on its operations during what the workers’ union calls the largest strike against the company in U.S. history. They helped offset a tumble for Micron Technology, which fell 16.7% despite reporting stronger profit than expected. The computer memory company’s revenue fell short of Wall Street’s forecasts, and CEO Sanjay Mehrotra said it expects demand from consumers to remain weaker in the near term. It gave a forecast for revenue in the current quarter that fell well short of what analysts were thinking. Lamb Weston, which makes French fries and other potato products, dropped 22.6% after falling short of analysts’ expectations for profit and revenue in the latest quarter. It also cut its financial targets for the fiscal year, saying demand for frozen potatoes is continuing to soften, particularly outside North America. The company replaced its chief executive. In the bond market, yields were mixed a day after shooting higher on expectations that the Fed would deliver fewer cuts to rates in 2025. Reports on the U.S. economy came in mixed. One showed the overall economy grew at a 3.1% annualized rate during the summer, faster than earlier thought. The economy has remained remarkably resilient even though the Fed held its main interest rate at a two-decade high for a while before beginning to cut them in September. A separate report showed fewer U.S. workers applied for unemployment benefits last week, an indication that the job market also remains solid. But a third report said manufacturing in the mid-Atlantic region is unexpectedly contracting again despite economists’ expectations for growth. The yield on the 10-year Treasury rose to 4.57% from 4.52% late Wednesday and from less than 4.20% earlier this month. But the two-year yield, which more closely tracks expectations for action by the Fed in the near term, eased back to 4.31% from 4.35%. The rise in longer-term yields has put pressure on the housing market by keeping mortgage rates higher. Homebuilder Lennar fell 4.8% after it reported weaker profit and revenue for the latest quarter than analysts expected. CEO Stuart Miller said that “the housing market that appeared to be improving as the Fed cut short-term interest rates, proved to be far more challenging as mortgage rates rose” through the quarter. “Even while demand remained strong, and the chronic supply shortage continued to drive the market, our results were driven by affordability limitations from higher interest rates,” he said. A report on Thursday may have offered some encouragement for the housing industry. It showed a pickup in sales of previously occupied homes. In stock markets abroad, London’s FTSE 100 fell 1.1% after the Bank of England paused its cuts to rates and kept its main interest rate unchanged on Thursday. The move comes as inflation there moved further above the central bank’s 2% target rate, while the British economy is flatlining at best. The Bank of Japan also kept its benchmark interest rate unchanged, and Tokyo’s Nikkei 225 fell 0.7%. Indexes likewise sank across much of the rest of Asia and Europe. ___ AP Business Writers Matt Ott and Elaine Kurtenbach contributed. Stan Choe, The Associated PressAutomobiles for exports are parked at a storage yard in the nation's southeastern port city of Ulsan in this undated photo. Yonhap Strengthening dollar feared to deal blow to imported carmakers By Lee Min-hyung The nation’s auto market is grappling with a double blow of unexpected political upheaval and sharply declining domestic consumption, resulting in a decade-low number of new vehicle registrations. Weakening consumer sentiment has been driven by unfavorable macroeconomic conditions, including prolonged high interest rates and the lingering inflationary effects of the COVID-19 pandemic. Carmakers typically anticipate increased sales through aggressive year-end marketing strategies, but these plans have also hit a snag following the fallout from President Yoon Suk Yeol’s attempted martial law last week. Industry officials are increasingly worried about weakening consumer sentiment, as the escalating political uncertainty surrounding Yoon and his administration shows no signs of easing anytime soon. According to data from the Korea Automobile and Mobility Association (KAMA), new car registrations totaled 1.2 million in the first three quarters of this year, down 8.7 percent compared to the same period last year. This figure represents the lowest level since 2013. Given that carmakers will not be able to enjoy the year-end sales effect, the figure for the fourth quarter is also widely forecast to remain weak from a year earlier. “Our initial plan was to spur sales growth and clear out inventory by launching strong promotional events around the end of this year, but the political unrest has put the brakes on the move,” an official at a carmaker said. Automakers typically launch a variety of year-end promotional campaigns to reduce inventory, and customers often wait for this period to purchase vehicles at significantly lower prices. “But the political deadlock does not seem likely to be resolved in the short term, so most carmakers will have to adjust their sales strategies well into early next year,” the official said. Members of the Korean Confederation of Trade Unions hold pickets during a demonstration in Ulsan, Dec. 5, urging President Yoon Suk Yeol to step down over allegations of insurrection. (Yonhap) Imported carmakers are being hit harder by the current political crisis, while domestic companies like Hyundai Motor and Kia can offset the decline in domestic sales through exports, as a weaker won makes Korean automobiles more affordable for customers to buy overseas . Automakers are also on track to delay their planned press events in reflection of the political chaos. Jaguar Land Rover Korea was scheduled to hold a media event to introduce its new SUV edition last week, but canceled it due to the ongoing political turmoil. The volatile won-dollar exchange rate also comes as a major risk for imported carmakers as it forces them to sell vehicles at higher prices. The dollar is strengthening at a rapid pace following Yoon’s botched martial law order on Dec. 3. The exchange rate rose to this year’s high of 1,438.3 won per dollar on Monday amid investors’ preference for safer assets at this period of market uncertainties. The appreciation of the dollar results in a hike in the prices of imported vehicles, forcing carmakers to increase their sales prices in order to maintain profitability. “If the exchange rate keeps rising and hovers at such a high level, a number of foreign carmakers doing business in Korea will have to increase their vehicle sale prices to ensure profits and stay in line with headquarters’ guidelines,” another official at an imported automaker said. This is not the desired outcome for the time being, as fewer consumers are willing to spend more on vehicles at higher prices, especially during a critical time when their confidence has significantly diminished, according to the official. Experts also said there is no clear short-term solution for imported automakers, aside from relying on promotional campaigns. “The strengthening dollar will not last for a long period of time, so they will have to focus on holding more aggressive discount campaigns,” said Lee Ho-geun, an automotive engineering professor at Daedeok University. Hyundai Motor's unionized workers leave work two hours early, as part of their partial strike, demanding the resignation of President Yoon Suk Yeol, at the carmaker's production line in the southeastern port city of Ulsan, Dec. 5. Yonhap Union risks Unionized workers at automakers are also planning to stage a walkout demanding the resignation of the president. This move is feared to disrupt production at Hyundai Motor, Kia, and General Motors (GM) Korea. According to Hyundai Motor’s union, workers went on a partial strike for two days from Dec. 5, urging Yoon to step down. Production of thousands of vehicles is estimated to be delayed due to the two-day strike. Union members from Kia and GM Korea also followed suit, calling for the voluntary resignation of Yoon. Of particular concern is that they are threatening to engage in an all-out strike unless Yoon resigns from the post. Lee emphasized the importance of understanding Korea's reliance on exports. “We need to view exports separately from the ongoing political turmoil,” Lee said. “Korea’s export reliance particularly on automobiles, batteries and semiconductors remains massive. If our exports are in peril due to the strikes or political uncertainty, our economy will face a bigger shock in the end.”
Expedia Group Names Scott Schenkel as Chief Financial OfficerInvesting.com -- Shares of Moderna Inc (BMV:MRNA) (NASDAQ:MRNA) were up roughly 7% at $41, while those of Pfizer Inc (NYSE:PFE)were up nearly 2% . Jefferies analysts said Investor sentiment around Moderna Inc could be nearing a short-term low, amid recent concerns tied to vaccine transparency and structural issues might start to ease. The analysts referred to fears surrounding Robert F. Kennedy Jr.’s presidential bid—particularly over vaccine-related rhetoric—may have heightened market anxiety. However, they see a potential bounce in Moderna’s stock, with Kennedy unlikely to pursue drastic measures against vaccines and transparency efforts possibly benefiting the company in the long term. So far this year, Moderna stock has lost nearly 60% value. Moderna continues to face structural challenges, including high operating expenses, risks around flu/COVID-19 combo vaccine approvals, and limited visibility on profitability through 2028. Yet, upcoming catalysts could provide upside. Key milestones include data from the company’s Phase III cancer vaccine study in adjuvant melanoma expected in the second half of 2025, as well as interim results from its CMV vaccine trial, which could arrive later this year or early 2025. Moderna also plans to file for approval of its flu/COVID-19 combo vaccine by year-end, with potential revenue beginning in the 2026-2027 vaccine season. Despite industry-wide concerns over FDA policy and vaccine adoption, Jefferies highlighted Moderna's expectations for a $2-3 billion durable annual COVID-19 vaccine business. The analysts maintained a cautious outlook on profitability but acknowledged potential for stock movement ahead of key data releases and broader market shifts in sentiment. Related Articles Jefferies says market nears short term “peak RFK negativity", Vaccine makers up Snack maker Hearthside files for bankruptcy after child labor probe Robinhood's top attorney Gallagher rules out SEC chair role
SHAMED ref David Coote won’t appeal the decision to sack him, it emerged last night. Referees’ body the PGMOL gave him the boot this month after a probe into videos of him snorting white powder and a foul-mouthed rant about ex Liverpool manager Jurgen Klopp . Advertisement 4 Shamed ref David Coote won’t appeal the decision to sack him, it emerged last night Credit: Reuters 4 Coote was filmed branding ex-Liverpool boss Jurgen Klopp a 'German c**t' Credit: X 4 The top-flight ref was also filmed snorting white powder at Euro 2024 Sources last night said the 42-year-old Premier League official had decided to accept his sacking - rather than fight to keep his old job, the Daily Mail reported. The PGMOL - Professional Game Match Officials Board - showed Coote the door after examining evidence provided by The Sun. We exclusively revealed a film of him snorting what appears to be cocaine during the Euros in Germany this summer . In the eight-second WhatsApp clip, he was wide-eyed as he used a rolled-up US banknote to snort a four-inch line of the substance in his Uefa-funded hotel room. Advertisement READ MORE ON DAVID COOTE REF’S A WORKER Shamed David Coote seen for first time since being sacked as Prem referee FINAL WHISTLE Scandal-hit Prem ref David Coote SACKED after white powder video & Klopp rant The previous day, the official had acted as a VAR for France's quarter-final shootout win over Portugal. Days before that exposé, footage emerged on social media showing him calling former Liverpool boss Klopp a “German c***”. Coote had also tried to arrange a drugs party during Tottenham’s win over Manchester City on October 30 . He was the fourth official for the Carabao Cup clash. Advertisement Most read in Football PAT ON THE BACK Hearts hero makes abrupt move to former club of Postecoglou and Muscat MOR TO COME Huge twist in Morelos' future as ex-Gers boss lands Santos job amid return saga TEENAGE KICKS Celtic star unrecognisable in throwback pic when he played with ex-Hoops ace AMA NEW MAN Rangers flop finds new club after five months in wilderness and buying COWS Official body PGMOL said the ref - also subject of a separate betting probe - was sacked after his actions were found to be in breach of contract. In a statement, they said: “David Coote’s actions were found to be in serious breach of the provisions of his employment contract, with his position deemed untenable. "Supporting David Coote continues to be important to us and we remain committed to his welfare.” Moment scandal-hit Prem ref David Coote snorts white powder in shocking video during Euro 2024 Coote has been lying low near his Midlands home since the video emerged. Advertisement Referees body the PGMOL, who examined evidence provided by The Sun, sacked him on Monday following a probe into his sweary rants and white powder abuse. Coote was then the subject of a new probe over allegedly issuing a yellow card to order. The loss of Coote’s career is set to cost him £1m over the next few years in loss of earnings. Shocking David Coote video in full First video First man : "What did you think of the Liverpool game earlier when you were fourth official?" Second man (allegedly Coote) : "Erm Liverpool were s***." First man : "What did you think of Jurgen Klopp?" Second man (allegedly Coote) : "C***, absolute c***." First man : "Why would you say that Jurgen Klopp is a c***?" Second man (allegedly Coote) : "Erm, aside from having a right pop at me when I reffed them against Burnley in lockdown. "Then, he accused me of lying and then just had a right f***ing pop at me - and I’ve got no interest in speaking to somebody whose f***ing arrogant. "So I do my best not to speak to him. [James] Milner is alright, I get on with Milner." First man : "James Milner, he gets on with James Milner." Second man (allegedly Coote) : "You can see me there with mask on." First man : "Mask on, obviously." Second man (allegedly Coote) : "Yea Covid, got to be done. Social distancing right? We’re two meters apart." First man : "We have to social distance." Second man (allegedly Coote) : "Yep, so but [exhales] my God. German c***, f*** me." First man : "Long story short, Jurgen Klopp’s a c***, Liverpool are all f***ing b******s, we hate Scousers." Second video Second man (allegedly Coote) : "Right just to be clear, that f***ing last video cant go anywhere, seriously." First man : He’s a Premier League referee, let's not f***ing ruin his career. "Like let's face we’re good blokes but we can’t ruin a bloke’s career. We’re not that bad. Also he’s a f***ing legend." Second man (allegedly Coote) : "So, yeah." First man : "So lets not ruin his career." 4 Shamed ref David Coote was seen for the first time since his sacking, as he was pictured heading to the gym Credit: BackGrid Advertisement