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Stock market today: Wall Street slips as the 'Magnificent 7' weighs down the market NEW YORK (AP) — Stocks are closing lower as Wall Street ends a holiday-shortened week on a down note. The S&P 500 fell 1.1% Friday and the the Dow Jones Industrial Average lost 333 points, or 0.8%. The Nasdaq composite dropped 1.5%. Damian J. Troise, The Associated Press Dec 27, 2024 1:06 PM Share by Email Share on Facebook Share on X Share on LinkedIn Print Share via Text Message FILE - The New York Stock Exchange is shown behind the statue titled "Fearless Girl", Thursday, Dec. 12, 2024, in New York. (AP Photo/Julia Demaree Nikhinson, File) Listen to this article 00:04:36 NEW YORK (AP) — Stocks are closing lower as Wall Street ends a holiday-shortened week on a down note. The S&P 500 fell 1.1% Friday and the the Dow Jones Industrial Average lost 333 points, or 0.8%. The Nasdaq composite dropped 1.5%. The “Magnificent 7” stocks weighed on the market, led by declines in Nvidia, Tesla and Microsoft. Even with the loss, the S&P 500 had a modest gain for the week and is still headed for its second consecutive annual gain of more than 20%, the first time that has happened since 1997-1998. The yield on the 10-year Treasury rose to 4.62%. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. NEW YORK (AP) — Technology stocks are dragging down the market Friday as Wall Street closes out a holiday-shortened week. The S&P 500 fell 1.3%, with more than 90% of stocks in the benchmark index losing ground. The benchmark index was managing to hold onto a modest gain for the week. The Dow Jones Industrial Average fell 418 points, or 1%, to 42,878 as of 1:43 p.m. Eastern time. The Nasdaq composite fell 1.8%. Technology stocks were the biggest weight on the market Friday. Semiconductor giant Nvidia slumped 2.7%. Its enormous valuation gives it an outsize influence on indexes. Other Big Tech stocks losing ground included Microsoft, with a 2% decline. A wide range of retailers also fell. Amazon fell 1.9% and Best Buy slipped 1.8%. The sector is being closely watched for clues on how it performed during the holiday shopping season. Energy stocks held up better than the rest of the market, with a loss of just 0.1% as crude oil prices rose 1.4%. The S&P 500 gained nearly 3% over a 3-day stretch before breaking for the Christmas holiday. On Thursday, the index posted a small decline. “There's just some uncertainty over this relief rally we've witnessed since last week,” said Adam Turnquist, chief technical strategist for LPL Financial. Despite Friday's drop, the market is moving closer to another standout annual finish . The S&P 500 is on track for a gain of around 25% in 2024. That would mark a second consecutive yearly gain of more than 20%, the first time that has happened since 1997-1998. The gains have been driven partly by upbeat economic data showing that consumers continued spending and the labor market remained strong. Inflation, while still high, has also been steadily easing. A report on Friday showed that sales and inventory estimates for the wholesales trade industry fell 0.2% in November, following a slight gain in October. That weaker-than-expected report follows an update on the labor market Thursday that showed unemployment benefits held steady last week. The stream of upbeat economic data and easing inflation helped prompt a reversal in the Federal Reserve's interest rate policy this year. Expectations for interest rate cuts also helped drive market gains. The central bank recently delivered its third cut to interest rates in 2024. Even though Inflation has come closer to the central bank's target of 2%, it remains stubbornly above that mark and worries about it heating up again have tempered the forecast for more interest rate cuts. Inflation concerns have added to uncertainties heading into 2025, which include the labor market’s path ahead and shifting economic policies under incoming President Donald Trump. Worries have risen that Trump’s preference for tariffs and other policies could lead to higher inflation , a bigger U.S. government debt and difficulties for global trade. Amedisys rose 4.7% after the home health care and hospice services provider agreed to extend the deadline for its sale to UnitedHealth Group. The Justice Department had sued to block the $3.3 billion deal, citing concerns he combination would hinder access to home health and hospice services in the U.S. The move to extend the deadline comes ahead of an expected shift in regulatory policy under Trump. The incoming administration is expected to have a more permissive approach to dealmaking and is less likely to raise antitrust concerns. In Asia, Japan’s benchmark index surged as the yen remained weak against the dollar. Stocks in South Korea fell after the main opposition party voted to impeach the country’s acting leader. Markets in Europe gained ground. Bond yields held relatively steady. The yield on the 10-year Treasury rose to 4.61% from 4.59% late Thursday. The yield on the two-year Treasury slipped to 4.31% from 4.33% late Thursday. Wall Street will have more economic updates to look forward to next week, including reports on pending home sales and home prices. There will also be reports on U.S. construction spending and snapshots of manufacturing activity. Damian J. Troise, The Associated Press See a typo/mistake? Have a story/tip? This has been shared 0 times 0 Shares Share by Email Share on Facebook Share on X Share on LinkedIn Print Share via Text Message More National Business S&P/TSX composite, U.S. markets end the trading day lower Friday Dec 27, 2024 1:24 PM B.C. court orders fraudster who owes $36.7M to pay from retirement funds Dec 27, 2024 11:54 AM Tugboats, crews try to refloat ship stuck in St. Lawrence River near Montreal Dec 27, 2024 9:40 AM Featured FlyerOpenAI fired back at billionaire Elon Musk on Friday, publishing a series of emails and texts that the company claims show Musk’s lawsuit against it is misleading. Musk’s legal battle with OpenAI, which has been going on for months now , at its core accuses the company of abandoning its original nonprofit mission to make the fruits of its AI research available to all. Things escalated last month, when Musk’s legal team filed for an injunction to halt OpenAI’s in-progress transition from a nonprofit to a for-profit corporation. OpenAI says Musk’s complaints are baseless — and simply a case of sour grapes. As far back as 2015, Musk floated the idea of an OpenAI with both a nonprofit and for-profit component, the OpenAI-published emails and texts show. OpenAI ultimately launched as a nonprofit, but several years later faced financing challenges. On June 13, 2017, according to the OpenAI-published exchanges, Musk suggested that OpenAI merge with a hardware startup — possibly chip company Cerebras . Several members of OpenAI’s leadership agreed, per the messages, and OpenAI started down a path to what president Greg Brockman called an “AI research + hardware for-profit.” Musk demanded majority equity, OpenAI claims — between 50% and 60%. And he laid out an org structure where he would “unequivocally have initial control of the company” — and be installed its CEO. Musk went so far as to create a public benefit corporation called “Open Artificial Intelligence Technologies, Inc,” registered in Delaware. But OpenAI leadership rejected Musk’s terms. Musk then recommended that OpenAI spin into Tesla, his electric vehicle company, with a $1 billion budget that would “increase exponentially.” OpenAI leadership shot this proposal down, too. It’s at that point, in 2018, that Musk resigned from OpenAI — and largely cut ties with its C-suite. OpenAI claims that it’s offered Musk equity in its for-profit wing on more than one occasion, but that Musk has always declined. “You can’t sue your way to [ artificial general intelligence ,]” OpenAI said in a statement. “We have great respect for Elon’s accomplishments and gratitude for his early contributions to OpenAI, but he should be competing in the marketplace rather than the courtroom.” Musk formed his answer to OpenAI, xAI, last year. Soon after, the company released Grok , an AI model that now powers a number of features on Musk’s social network, X (formerly known as Twitter). xAI also offers an API that allows customers to build Grok into third-party apps, platforms, and services. In a complaint filed late last month, Musk’s attorneys allege OpenAI is depriving xAI of capital by extracting promises from investors not to fund it and the competition. In October, the Financial Times reported that OpenAI demanded investors in its latest funding round abstain from also funding any of OpenAI’s rivals, including xAI. Of course, xAI has had no trouble raising money lately. Last month, the firm closed a $6 billion round reportedly with participation from prominent investors including Andreessen Horowitz and Fidelity. With around $12 billion in the bank, xAI is one of the best-funded AI companies in the world. Musk’s motion for an injunction also alleges that OpenAI and Microsoft, its close collaborator and an investor, illegally share proprietary information and resources. Google reportedly has also called for investigations into Microsoft’s relationship with OpenAI, specifically the two orgs’ cloud computing arrangements. OpenAI is under pressure to complete its for-profit transition quickly. According to Bloomberg, investors in its latest funding round will be able to claw back their cash if OpenAI doesn’t convert from a non-profit within two years.
Guwahati: Infrastructure projects valued at approximately Rs 1 lakh crore are at various stages of development, said chief minister Himanta Biswa Sarma on Wednesday, noting that the state govt has been endeavouring to secure approval for several projects by Feb 25. During a press briefing in New Delhi, Sarma revealed that discussions concerning numerous crucial infrastructure projects were deliberated in his meeting with Prime Minister Narendra Modi. He said, “The list of the projects is extensive. We have requested the PM to consider several key projects. The PM has assured us that the projects, albeit not all, would be undertaken.” Sarma disclosed that an express highway from Guwahati to Silchar in Barak Valley via Barapani in Meghalaya is being planned, with an estimated budget of Rs 25,000 crore. “Should this project receive central govt approval and implementation, the journey duration between Guwahati and Silchar will be substantially reduced. People will be able to travel to Silchar from Guwahati and return the same day. We have requested the PM’s consideration for this project,” he elaborated. He further mentioned that a new bridge spanning the Brahmaputra River, linking Morigaon district on the south bank and Darrang district on the north bank, is being envisioned. This was also discussed with the PM. Another significant project involves establishing direct train connectivity between Guwahati and Gelephu in Bhutan, which was also addressed during his meeting with the PM. Beyond these major initiatives, he said expanding the capacity of the Bongaigaon Refinery and Petrochemicals Ltd to five million metric tonnes per annum (MMTPA) from the current 2.7 MMTPA is another vital project discussed with the PM. He specified that the budget would be approximately Rs 9,000 crore. Bongaigaon Refinery and Petrochemicals Ltd, an Indian Oil subsidiary, is situated in Assam’s Chirang district. The CM said efforts are underway for PM Modi to lay the foundation stone for the Guwahati ring-road and the bridge over the Brahmaputra connecting Narengi on the south bank and Kuruwa on the north bank during his February visit to the state. He also anticipated positive developments regarding the Gohpur-Numaligarh underwater tunnel and Kaziranga elevated corridor by Feb. We also published the following articles recently Guwahati-North Guwahati flyover to be complete in 6 months: Sarma Guwahati's new six-lane Brahmaputra River bridge, linking Bharalumukh and Majgaon, is nearing completion, with a projected inauguration between September and October 2024. This bridge will drastically cut travel time, and tolls will apply only to lorries and night super buses to manage city traffic. Sarma, Conrad inaugurates IISF at IIT-Guwahati The 10th India International Science Festival (IISF) commenced on Saturday at IIT-Guwahati, celebrating scientific advancements and collaboration. Chief Ministers of Assam and Meghalaya, along with other dignitaries, inaugurated the event, which is supported by the Ministry of Science and Technology and Earth Sciences. Silchar 4-laning project nears completion Silchar's infrastructure receives a major boost with the ongoing conversion of a key two-lane road into a four-lane highway. Cachar DC Mridul Yadav recently inspected the Rangirkhari Point to Birbal Bazar stretch, assessing progress and preparations for the next phase. Stay updated with the latest news on Times of India . Don't miss daily games like Crossword , Sudoku , and Mini Crossword .( ) offers an attractive 7.35% dividend yield, which immediately catches the eye of income-focused investors. And while that looks mighty fine, there are other points to consider before going all in. So, let’s look at what might make TELUS stock worth your time. The numbers TELUS stock’s recent earnings report paints a positive picture, with net income for the third quarter of 2024 reaching $923 million. Earnings per share (EPS) saw an impressive 111% year-over-year , and free cash flow surged by 58%. These figures underscore the company’s ability to generate consistent returns and maintain robust operations, even in challenging market conditions. Looking back, TELUS stock has demonstrated a reliable track record of growth. In the third quarter of 2023, it achieved a record-breaking addition of 406,000 customers. This achievement highlights the company’s strong competitive position and its ability to attract and retain a growing customer base. Its strategic focus on expanding its services and improving customer satisfaction has clearly paid off over the years. The future outlook for TELUS stock is equally promising. Analysts expect revenue to grow to $20.8 billion in 2025 and further to $21.8 billion by 2026. This anticipated growth is bolstered by the company’s strategic investments in technology and infrastructure. TELUS stock plans to invest $24 billion in Ontario and $17 billion in British Columbia over the next five years, focusing on enhancing its network and operations. Such commitments not only support its growth trajectory but also position the company to capitalize on future market opportunities. Valuation While the dividend yield is undeniably attractive, the sustainability of such payouts requires scrutiny. TELUS stock’s payout ratio is a hefty 242.92%, meaning it pays out significantly more in dividends than it earns in net income. Although the company has a history of dividend increases, this high payout ratio could be a cause for concern if earnings growth does not keep pace. For now, strong operating cash flow helps sustain these payouts, but it remains a factor to monitor closely. Debt levels are another consideration. As of the most recent quarter, TELUS stock reported $29.05 billion in total debt, with a debt-to-equity ratio of 171.64%. While the company generates substantial cash flow, such high debt could limit financial flexibility. Investors need to weigh this against the company’s ability to service its obligations and continue funding growth initiatives. In terms of valuation, TELUS stock’s trailing price-to-earnings (P/E) ratio stands at 34.76, with a forward P/E of 21.46. This suggests that the market anticipates earnings growth, which aligns with the company’s outlook. The price-to-book ratio of 2.07 indicates that the stock is trading at a premium relative to its book value, reflecting investor confidence in its future prospects. Market strength Compared to its industry peers, TELUS stock offers a higher dividend yield, making it particularly appealing to those seeking steady income. However, its elevated payout ratio relative to competitors may hint at greater risks if market conditions deteriorate. This is balanced by the company’s continued expansion and operational improvements, which enhance its overall appeal. TELUS stock’s market position remains strong, with consistent additions in both mobile and fixed services. This reflects its ability to adapt and innovate in a competitive telecom landscape. Furthermore, the company’s focus on customer satisfaction and service quality helps it maintain a loyal customer base, which is crucial for sustaining long-term growth. For income-focused investors, TELUS stock presents a compelling case. The dividend yield is generous, and the company’s growth plans and operational stability support its attractiveness. However, the high payout ratio and debt levels introduce some risks that cannot be overlooked. Ultimately, the decision to invest in TELUS stock depends on balancing the allure of its dividends with the potential challenges posed by its financial structure.
LOWELL — Add a cyber center tied to national security to the ever-expanding portfolio of companies doing business with the Lowell Innovation Network Corridor, a transformative public-private partnership unveiled earlier this year through UMass Lowell. Science Applications International Corporation, a global leader in technology integration, signed an agreement with the university to establish a cyber center that will strengthen the resilience of the defense industrial base and expand the pipeline of skilled cyber professionals across the region. The signing ceremony was held at the UMass Club in Boston Wednesday morning and attended by Lt. Gov. Kim Driscoll, UMass Lowell and SAIC leadership, as well as state and local dignitaries. “Our administration has been laser-focused on competing for our nation’s leading companies to grow here in Massachusetts, and on providing opportunities to advance and grow our state’s workforce,” Driscoll said. “This partnership prioritizes our state’s innovation economy while also ensuring we’re setting our state, and our country, up for a safer cyber future.” The new cyber center will extend SAIC’s footprint beyond UMass Lowell’s Applied Research Corporation at Hanscom Air Force Base. The center will provide direct support to the U.S. Air Force’s strategic initiatives in the areas of command, control, communications and battle management; cyber; electronic warfare; information systems; and enterprise digital infrastructure. UMass Lowell’s Cybersecurity Studies Program is designated a National Center of Academic Excellence in Cyber Defense Research by the National Security Agency and Department of Homeland Security. SAIC is investing an initial $1.3 million to create an anticipated 30 jobs. The funds will increase access to state-of-the-art cyber research and services for local and regional businesses and nonprofits, and train the future STEM workforce through paid internships, job fairs, and training programs in collaboration with Middlesex Community College and local high schools. Chancellor Julie Chen previously said the No. 1 factor for companies when deciding where to base their operations is talent, and Lowell offered a “deep bench.” “So UMass Lowell [is] bringing 17,000-plus students, MCC bringing over 10,000 students working on their associate’s degree,” Chen said in an interview with The Sun in March. “And of course, the Greater Lowell Tech and Lowell Public Schools are all viewed by these companies as pipeline for talent.” LINC was built out from the success of UMass Lowell as a Research 1 university, which puts it in the top 4-5% in the country. It earned a No. 1 ranking for a public university in the Wall Street Journal. The university is focused on companies that align not only with its research goals and expertise, but also with state and federal priorities such as microelectronics, climate technology, robotics, cybersecurity and human performance. Under the notice of intent, the university and SAIC have also agreed to advance post-graduate employment opportunities for students and to reskill or upskill current personnel at Hanscom Air Force Base and at local defense companies. In addition, the agreement calls for collaboration with other state and federal enforcement agencies, including the Massachusetts State Police and Federal Bureau of Investigation. “Establishing this center builds on the success we’ve shared with the University of Massachusetts Lowell in implementing a student internship program at Hanscom Air Force Base focused on the DOD’s critical Cloud One platform,” SAIC CEO Toni Townes-Whitley said. “This expanded partnership will help build the future cyber workforce and ensure a stream of high demand talent for the nation, as well as Hanscom’s many critical programs that directly impact U.S. and global security.” SAIC joins a hit parade of LINC partners spanning the corporate and nonprofit spectrum. Draper Laboratory, the company that operated the computer guidance system that helped land Apollo 11 on the moon, announced in March that it would be an anchor tenant at UMass Lowell’s Wannalancit location off Father Morissette Boulevard. In July, Mass General Brigham announced a collaboration to advance human performance research, followed by Bioversity, a leading Massachusetts nonprofit provider of biotech workforce training, that announced in September that it was opening a dedicated training lab and classroom facility in Lowell. Chen signed a memorandum of agreement welcoming Home Base as a partner in November. The nonprofit will offer critical resources to veterans and military families across northern and western Massachusetts, southern New Hampshire, Vermont and Maine to heal from their invisible wounds. Piece by piece, the LINC vision is clicking into place to create an $800 million development plan that leverages the prestige and innovation of the university and the resources and history of the city of Lowell with the job creation capabilities of industry to envision a vibrant urban village/main street model and economic engine for the city. “It’s a great day in Lowell as we welcome SAIC and celebrate the collaboration with UMass Lowell to create a world-class cyber-research facility,” said City Manager Tom Golden, who was on hand for the ceremony. “The jobs and economic activity that come with SAIC will benefit all residents of Lowell, as we continue to build on the vision and potential of LINC and the Lowell Transformative Development Initiative.”