Dow’s 2023 gains wiped out

• Job openings unexpectedly jump: Employment data Tuesday showed job openings increased to 9.6 million in August, from 8.9 million in July, a sign that the labor market remains resilient in the face of the Federal Reserve’s efforts to cool the economy and ease inflation with higher interest rates (AP)
  

• Dow’s 2023 gains wiped out: Stocks tumbled yesterday as Treasury yields hit their highest levels since 2007; The Dow had its worst day since March and went into the red for the year, off by 0.4%. The broader S&P 500 is still up 10% for 2023 (NY Post)
  

• Chaos on Capitol Hill: Speaker Kevin McCarthy was voted out of the job Tuesday in an extraordinary showdown — a first in U.S. history, forced by a contingent of hard-right conservatives and throwing the House and its Republican leadership into chaos (AP)
  

• Ad-free instagram & facebook: Meta (META) wants to charge Europeans for ad-free monthly subscriptions if the EU doesn’t agree to let the company use their digital activity to target ads, according to a proposal (WSJ)
  

• Oil squeeze continues: As OPEC+ ministers prepare to review global oil markets today, the group is showing no signs of cooling a rally that brought prices near $100 a barrel (Bloomberg)
  

• Rates drive up new-car payments: In Q3, rising borrowing costs, with new-vehicle APRs reaching 7.4% (a three-point increase) and used-vehicle rates at 11.2% (a two-point jump), have intensified challenges for consumers purchasing cars (Edmunds)
  

• Berkshire keeps dumping HP: Berkshire Hathaway’s (BRK) ownership of HP Inc. (HPE) is about to drop below 10% after it sold nearly 5 million shares, according to a regulatory filing by Buffett’s company (AP)
  

• Beyond the mall: Macy’s (M) will open 30 new small-format stores by the fall of 2025 as it works to expand its presence outside of traditional malls (Bloomberg)
  

• Netflix price to jump: Netflix (NFLX) plans to raise the price of its ad-free service a few months after the continuing Hollywood actors strike ends, the latest in a series of recent price increases by the country’s largest streaming platforms (WSJ)
  

• Shedding that late-night snack: Krispy Kreme (DNUT) is exploring options for its Insomnia Cookies unit including a sale, the company said on Tuesday, as it renews its focus on its main business of selling doughnuts (Reuters)

• The age of the Grift Shift (Tante)

• Criminal gangs exploit security gaps to infiltrate airports (WSJ)

• The average age of Ukraine's soldiers at the front is over 40 (ZeroHedge)

• Ski resorts are giving up on snow (Wired)

• Be skeptical of that JOLTS number (Axios)

• Press freedom means controlling the language of AI (Nieman Lab)

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