The Department of Transportation's Pipeline and Hazardous Materials...
The Department of Transportation's Pipeline and Hazardous Materials Safety Administration will grant $196 million to support 60 projects designed to upgrade and replace deteriorating natural gas pipelines in 20 states. "Aging, leak-prone natural gas pipes can be dangerous, drive up energy costs for families, and harm the environment, which is why the Biden-Harris Administration is supporting funds to replace aging pipelines," said Transportation Secretary Pete Buttigieg.
✈️Striking Boeing workers reject new contract proposal.
Boeing machinists ...
Boeing machinists voted against a revised labor deal proposed by the company, extending a strike that has lasted more than one month and halted most plane production. Nearly two-thirds of union members said no to the new contract, which included a 35% wage increase over four years and more contributions to retirement plans. It’s a big setback for new CEO Kelly Ortberg, who said that ending the strike was key to his turnaround plans. Earlier in the day, Boeing said it lost $6.1 billion last quarter, its biggest quarterly loss since 2020.
US confirms North Korea deployed troops to Russia. Defense...
US confirms North Korea deployed troops to Russia. Defense SecretaryLloyd Austin verified reports that North Korean troops are training in Russia, likely in preparation to fight against Ukraine. South Korean lawmakers said that North Korea has already shipped 3,000 troops to Russia with plans to send a total of 10,000 to assist in the war effort. North Korea has been supplying Russia with munitions after the two countries signed a mutual defense pact in the spring. Austin noted that it’s unclear whether the North Korean soldiers will end up on the front lines, warning that it would be a “very, very serious” issue for Europe and Asia—but also a manifestation of Russia’s desperate manpower shortage.
Apple and Goldman Sachs were ordered to pay $89 million by the Consumer Financial Protection Bureau for failing to address thousands of consumer disputes of Apple Card transactions.
Novo Nordisk asked the FDA to ban cheap copies of its weight loss drugs Wegovy and Ozempic, arguing they pose safety risks.
Netflix is joining forces with TED Talks to launch a daily word game that you will presumably play while not really paying attention to whatever Netflix show you have on in the background.
Secretary of State Antony Blinken visited Israel, where he urged officials to agree to cease-fires in Gaza and Lebanon following the killing of Hamas leader Yahya Sinwar last week. Meanwhile, Israel continued to strike Hezbollah targets in Lebanon, including in the ancient city of Tyre.
Frontier and Spirit Airlines are once again exploring a merger, the Wall Street Journal reported, after previous attempts to combine the low-cost airlines floundered.
Oil slips 1% on large build in US crude stocks; market watches Middle East
Oil prices fell on Wednesday after data showed U.S. crude...
Oil prices fell on Wednesday after data showed U.S. crude inventories rose by more than expected even as refining activity rebounded, though futures remained up about 2% this week as traders factored in the continuing conflict in the Middle East.
Brent crude futures settled at $74.96, down $1.08, or 1.42%. U.S. West Texas Intermediate crude futures settled down 97 cents, or 1.35%, to $70.77.
U.S. crude inventories rose by 5.5 million barrels to 426 million barrels in the week ended Oct. 18, the Energy Information Administration reported on Wednesday, exceeding analysts' expectations in a Reuters poll for a 270,000-barrel rise.
"The large crude oil inventory build this week is offsetting last week's drop. But a lot of this is a result of the rebound in crude oil imports, which had to do with the hurricane," said Andrew Lipow, president of Lipow Oil Associates, referring to the previous week's drawdown due to lower imports and demand post-Hurricane Milton.
Major U.S. stock indexes all close lower as 10-year yield ends at 3-month high
The Dow Jones Industrial Average and S&P 500 finished...
The Dow Jones Industrial Average and S&P 500 finished lower for a third straight session on Wednesday, joined by the Nasdaq Composite, as investors fretted about rising Treasury yields and the possible outcome of the Nov. 5 presidential election.
The Dow Jones Industrial Average finished down by 409.94 points, or almost 1 %, at 42,514.95, based on preliminary data. That's the biggest one-day decline since Sept. 6. The Dow briefly dropped by as much as 631.72 points during Wednesday's trading, and finished at its lowest closing level in about two weeks.
The S&P 500 Indexclosed down by 53.78 points, or 0.9%, at 5,797.42. That was the index's worst one-day performance since Oct. 7.
The Nasdaq Compositeended down by 296.47 points, or 1.6%, at 18,276.65. Wednesday's closing level was the lowest since Oct. 8.
