- Investors are waiting to hear what the central bank has to say.
- Instacart debuts on Nasdaq
- FTX sued Sam Bankman-Fried’s parents.
Here are the most important news for investors to start their trading day:
Trading has been largely quiet so far this week as investors await the outcome of this week’s Federal Reserve policy meeting. On Tuesday, the Dow Jones Industrial Average lost just over 100 points, or 0.31%, while the S&P 500 fell 0.22% and the Nasdaq Composite fell 0.23%. Stock futures were also seen lower on Wednesday morning. Almost everyone expects the Fed to keep rates at their current level, barring a hike. What investors see on Wednesday is an indication of what the central bank plans to do in the future. Follow live market updates.
Justin Sullivan | Good pictures
Instacart rose 12% in its debut on the Nasdaq on Tuesday. The stock opened 40% higher than the initial public offering price of $30 a share announced late Monday, but the rally erupted later in the day. It opened at $42 a share and closed Tuesday at $33.70 a share, valuing the company at more than $11 billion. Meanwhile, the latest tech IPOs continue. Software developer Clavio said Tuesday that its IPO will be priced at $30 a share, valuing it at $9.2 billion. Shares of Clavio are set to begin trading on the New York Stock Exchange on Wednesday under the ticker “KVYO.”
In an aerial view, Walt Disney World’s iconic Cinderella Castle sits on the theme park grounds on February 08, 2023 in Orlando, Florida.
Joe Radle | Good pictures
Disney will nearly double the amount it plans to invest in its parks business. The company said in a securities filing on Tuesday that it expects to spend $60 billion on the division over 10 years. Theme parks have been a bright spot for the company as it tries to make its streaming business profitable and faces a changing media landscape. Its domestic parks, particularly Walt Disney World in Florida, saw a slowdown in attendance and hotel room occupancy. But international parks remain a source of strength. Disney shares fell more than 3% on Tuesday.
Barbara Fried, mother of bankrupt cryptocurrency exchange FTX founder Sam Bankman-Fried, leaves court after a U.S. judge revoked Bankman-Fried’s bail on August 11, 2023 in New York.
Eduardo Munoz | Reuters
Bankrupt crypto exchange FTX is suing the parents of disgraced founder and former CEO Sam Bankman-Fried. The agency said it was trying to recover luxury properties and “millions of dollars in fraudulently diverted and misappropriated funds” from Alan Joseph Bankman and Barbara Fried. FTX alleges that the couple used their influence in FTX to enrich themselves even though FTX was in bankruptcy. The agency also alleged that Bankman-Fried’s mother acted as a key adviser to her son and his associates for political campaign contributions, which later led to criminal charges against her and others. Attorneys for Bankman and Fried denied the allegations.
Napa Banerjee, Airbnb
Source: Prashant Joshi | Airbnb
Napa Banerjee is in charge of cracking down on unauthorized parties at Airbnb — and she’s seen some success. Between August 2020 and August 2022 there was a 55% global decline in parties on Airbnb. Since he introduced a new AI system trained to spot bookings most likely to be a party, more than 320,000 guests have been blocked or turned away. Reservation attempts. It banned high-risk bookings by users under the age of 25, without bad reviews or much history on the platform/the system also removed the option for hosts to list their home for 16-plus gatherings. People. Airbnb says the pandemic and fears of host property damage are the main drivers behind its anti-party push, but it also sees parties becoming dangerous.
— CNBC’s Alex Haring, Samantha Subin, Jeff Cox, Ari Levy, Mackenzie Sikalos, Brian Schwartz, Hayden Field and Reuters contributed to this report.
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