Stocks decline as Fed signals higher for longer
Wall Street closed lower with the S&P 500 down 0.7 percent, the Dow off 0.6 percent, and the Nasdaq down 1 percent as investors weigh the Fed stance on keeping rates elevated to curb inflation. Major indexes hovered around losses. energy and utilities rose while tech and health care dragged. The Week’s losses deepen after Powell signaled continued rate hikes into next year, with the 10 year yield at 3.11 and the two year at 3.43 as markets await jobs data and confidence readings.
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LG Honda announce 4.4 billion US battery venture
LG Energy Solution and Honda plan a 4.4 billion dollar North American plant to supply batteries for Honda EVs with mass production targeted by end of 2025. The site near Marysville Ohio or Greensburg Indiana, pending regulatory approval, will serve Honda and Acura vehicles built in North America.
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FTC sues Kochava over geolocation data sales to protect privacy
The FTC sues Idaho based Kochava for selling sensitive geolocation data from millions of mobile devices including locations of health care clinics shelters and places of worship to identify and track individuals. The bureau seeks to halt data sales and compel deletion citing privacy and safety risks.
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