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US News Live: Get the latest updates and breaking news from the US on elections, politics, crime, trends, weather along with national affairs. Stay up to date with news developments on Joe Biden, Kamala Harris, and Donald Trump. all right here This is an AI-generated live blog and has not been edited by Hindustan Times staff. ...Read More US News Live: Hunger, nausea, exhaustion: Man replicates Donald Trump's diet for a week, wonders how president-elect ‘is still alive’
The Australian share market is expected to edge lower on opening after US stocks stabilised following one of their worst days of the year. Futures markets are pointing to a soft start for trading on the ASX after it plunged to a two-year low on Thursday. The local bourse had followed the trajectory of rattled global markets, which fell sharply after the US Federal Reserve predicted it would deliver fewer rate cuts in 2025 than expected. However, a day after tumbling 2.9 per cent following the Federal Reserve’s prediction, the S&P 500 rose 0.2 per cent in afternoon trading (US time). The Dow Jones Industrial Average was up 96 points, or 0.2 per cent, as of 1:03 p.m. Eastern time in the US, following Wednesday’s drop of more than 1100 points. The Nasdaq composite rose 0.2 per cent. 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. Credit: Bloomberg Indexes are still near their records, and the S&P 500 is still on track for one of its best years of the millennium. Wednesday’s drop just 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. 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 14.9 per cent. 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 6.4 per cent after the professional services company 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 1.6 per cent, 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 US history. Loading They helped offset a tumble for Micron Technology, which fell 16.8 per cent 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 was well short of what analysts were thinking. 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 US economy came in mixed. One showed the overall economy grew at a 3.1 per cent annualised 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 US 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 4.59 per cent from 4.52 per cent late Wednesday and from less than 4.20 per cent 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 4.32 per cent from 4.35 per cent. The rise in longer-term yields has put pressure on the housing market by keeping mortgage rates higher. 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 per cent and Tokyo’s Nikkei 225 fell 0.7 per cent. Indexes likewise sank across much of the rest of Asia and Europe. The Market Recap newsletter is a wrap of the day’s trading. Get it each weekday afternoon . Save Log in , register or subscribe to save articles for later. Shares Investing Wall Street Bonds Most Viewed in Business Loading
MILWAUKEE , Dec. 19, 2024 /PRNewswire/ -- Northwestern Mutual today announced the appointment of Dave Gordon to executive vice president and chief digital and information officer. In his role, Gordon will be accountable for technology and digital strategy, with oversight of the company's AI capabilities, software engineering, data engineering, enterprise architecture, technology infrastructure, and information risk and cybersecurity. He also has responsibilities for the company's digital products and foundational tech capabilities. Gordon will report to Northwestern Mutual President and incoming CEO Tim Gerend and join the company's senior leadership team. "Dave's deep technology experience, collaborative style and track record of success make him well-positioned to lead Northwestern Mutual's overarching tech and digital strategy," said Tim Gerend , president, Northwestern Mutual. "His leadership across a strong team of technology disciplines will ensure that we continue to enhance the relevance and improve the experience of working with Northwestern Mutual." Gordon previously served as vice president and chief technology officer with responsibilities for the software development of the company's customer experience, digitally enabled products and corporate solutions, since joining Northwestern Mutual in 2023. Prior to Northwestern Mutual, Gordon served as chief technology and data officer with USAA Federal Savings Bank, U.S. chief technology and operations officer with BMO Harris Bank, and credit card divisional CIO and head of IT operations with Capital One. He holds an MBA from the University of Richmond and a bachelor's degree in computer science from Indiana University . Gordon succeeds Christian Mitchell , who recently stepped down from his role as executive vice president and chief digital and information officer to pursue new opportunities. "I'm thankful for Christian's leadership that spanned nearly two decades at Northwestern Mutual," said Gerend. "He's had a meaningful impact on our employees, financial advisors and clients throughout his tenure and has set us up successfully for the future." About Northwestern Mutual Northwestern Mutual has been helping people and businesses achieve financial security for more than 165 years. Through a comprehensive planning approach, Northwestern Mutual combines the expertise of its financial professionals with a personalized digital experience and industry-leading products to help its clients plan for what's most important. With over $627 billion of total assets 1 being managed across the company's institutional portfolio as well as retail investment client portfolios, more than $36 billion in revenues, and $2.3 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than five million people with life, disability income and long-term care insurance, annuities, and brokerage and advisory services. Northwestern Mutual ranked 110 on the 2024 FORTUNE 500 and was recognized by FORTUNE ® as one of the "World's Most Admired" life insurance companies in 2024. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Subsidiaries include Northwestern Mutual Investment Services, LLC (NMIS) (investment brokerage services), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company ® (NMWMC) (investment advisory and services), federal savings bank; and Northwestern Long Term Care Insurance Company (NLTC) (long-term care insurance). Not all Northwestern Mutual representatives are advisors. Only those representatives with "Advisor" in their title or who otherwise disclose their status as an advisor of NMWMC are credentialed as NMWMC representatives to provide investment advisory services. 1 Includes investments and separate account assets of Northwestern Mutual as well as retail investment client assets held or managed by Northwestern Mutual. View original content to download multimedia: https://www.prnewswire.com/news-releases/northwestern-mutual-appoints-dave-gordon-to-chief-digital-and-information-officer-302336464.html SOURCE Northwestern Mutual