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General Motors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) will lay off 1695 employees at its Fairfax Assembly and Stamping plant in Kansas City, according to a Worker Adjustment and Retraining Notification notice&nbsp;dated Sept. 19.
What Happened: The plant currently manufactures the Cadillac XT4 and the Chevrolet Malibu. 
In May, GM said that the production of the Chevrolet Malibu <a href="https://www.benzinga.com/news/24/05/38722473/gm-kicks-one-more-iconic-gas-powered-chevy-car-to-the-curb-as-ev-focus-sharpens">would end in November</a>. Production of the XT4 in Kansas will also be paused after January 2025. 
The plant will then be retooled and will resume production in late 2025 with the next generation of Chevrolet Bolt EVs and the XT4, the company then said. 
GM did not immediately respond to <a href="http://pro.benzinga.com">Benzinga&#8216;s</a> request for comment on whether the layoffs are part of the production halt.
Why It Matters: The Chevrolet Bolt was GM&#8217;s <a href="https://www.benzinga.com/news/24/07/39612749/60-000-cadillac-lyriq-drives-gms-q2-ev-sales-after-bolt-is-discontinued">best-selling electric vehicle</a> until the company stopped production of its previous generation in December. 
GM&#8217;s autonomous driving unit Cruise will also <a href="https://www.benzinga.com/news/24/07/39903020/gms-cruise-abandons-pedal-less-origin-autonomous-vehicle-pivots-to-next-generation-chevrolet-bolt-in">use the next-generation Bolt for its autonomous driving operations</a> in the future, company CEO Mary Barra said in July.
It is unclear if the layoffs are temporary until the company resumes production later next year. 
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40968088/teslas-stock-performance-in-2019-and-2024-shows-striking-similarities-says-gary-bla" target="_blank" rel="noreferrer noopener">Tesla&#8217;s Stock Performance In 2019 And 2024 Shows ‘Striking&#8217; Similarities, Says Gary Black: Flags This Reason That May Lead To Price Surge In 2025</a></li>
</ul>
Photo via shutterstock

News

Markets

Tech

General Motors To Lay Off About 1700 Employees Ahead Of Chevrolet Malibu Phase-Out And Re-Tooling For EV Production

The CNN Money Fear and Greed index showed a decline in the overall market sentiment, while the index remained in the &#8220;Greed&#8221; zone on Friday.
U.S. stocks settled higher on Friday, with the Dow Jones index settling at a record high during the session. The US Federal Reserve, on Wednesday, slashed interest rates by 50 basis points Wednesday at its September Federal Open Market Committee meeting, lowering the federal funds rate to a range of 4.75% to 5%.
All three major indices recorded weekly gains, with the S&amp;P 500 gaining around 1.4% and adding more than 19% in 2024. The Dow gained around 1.6% last week, while the tech-heavy Nasdaq jumped around 1.5% during the week.
FedEx Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>) shares dipped over 15% on Monday after the company reported worse-than-expected first-quarter financial results and cut FY25 guidance.
Most sectors on the S&amp;P 500 closed on a negative note, with industrials, materials and information technology stocks recording the biggest losses on Friday. However, utilities and communication services stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed higher by around 38 points to 42,063.36 on Friday. The S&amp;P 500 fell 0.19% to 5,702.55, while the Nasdaq Composite dipped 0.36% to 17,948.32 during Friday's session.
Investors are awaiting earnings results from AAR Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIR#NYSE">AIR</a>) and Red Cat Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RCAT#NASDAQ">RCAT</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 62.9, the index remained in the &#8220;Greed&#8221; zone on Friday, versus a prior reading of 65.1.
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/24/09/40962695/jim-cramer-viking-has-many-ships-coming-in">Jim Cramer: Viking Has &#8216;Many Ships Coming In&#8217;</a></li>
</ul>

RCAT

Dow Settles At New Record High: Investor Sentiment Declines But Fear Index Remains In 'Greed' Zone

With U.S. stock futures trading higher this morning on Monday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects AAR Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIR#NYSE">AIR</a>) to report quarterly earnings at 82 cents per share on revenue of $645.50 million after the closing bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. AAR shares edged lower to $69.26 in after-hours trading.</li>
<li>ShiftPixy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PIXY#NASDAQ">PIXY</a>) announced a 1-for-15 reverse stock split. ShiftPixy shares gained 0.8% to $1.21 in the after-hours trading session.</li>
<li>Analysts expect Red Cat Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RCAT#NASDAQ">RCAT</a>) to post a quarterly loss at 8 cents per share on revenue of $3.85 million after the closing bell. Red Cat shares gained 0.3% to $3.14 in the after-hours trading session.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>iBio, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIO#NASDAQ">IBIO</a>) posted a consolidated net loss of $24.9 million for the fiscal year ended June 30, versus a year-ago loss of $65.01 million. Its revenue jumped 100% to around $0.2 million. iBio shares fell 0.5% to $1.96 in the after-hours trading session.  </li>
<li>Before the markets open, Uxin Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UXIN#NYSE">UXIN</a>) is projected to report earnings results for the first quarter. Uxin shares fell 1.6% to $1.56 in the after-hours trading session.</li>
</ul>
Check This Out: 
<ul>
<li><a href="https://www.benzinga.com/markets/24/09/40962695/jim-cramer-viking-has-many-ships-coming-in">Jim Cramer: Viking Has &#8216;Many Ships Coming In&#8217;</a></li>
</ul>

Earnings

Pre-Market Outlook

Trading Ideas

IBIO

PIXY

UXIN

AAR, ShiftPixy And 3 Stocks To Watch Heading Into Monday

Guidance

Uxin Limited Expects Q2 Revenue Of RMB480M-RMB500M

Ahead of a critical U.S. visit, Ukraine&#8217;s President Volodymyr Zelenskyy is set to discuss his &#8220;victory plan&#8221; to end the war with Russia with key American leaders.
What Happened: Zelenskyy is traveling to the United States this week to present a &#8220;victory plan&#8221; to President Joe Biden and his potential successors, Kamala Harris and Donald Trump, according to Reuters on Monday.
The Ukrainian leader aims to influence U.S. policy on Ukraine&#8217;s war with Russia which began in February 2022, regardless of the outcome of the upcoming U.S. elections. Zelenskyy will address the U.N. General Assembly on Tuesday.
Zelenskyy stated that if the plan is supported by the West, it could have a significant impact on Moscow, potentially compelling Russian President Vladimir Putin to end the war diplomatically. He emphasized the plan&#8217;s urgency, outlining steps to be taken by strategic partners until the end of December.
The trip comes at a critical moment for Ukraine, with the Nov. 5 U.S. presidential election potentially altering Washington&#8217;s policy on Ukraine. Trump has indicated a possible reset, while Harris has accused him of seeking Kyiv&#8217;s swift capitulation.
U.S. National Security Adviser Jake Sullivan mentioned that Biden is eager to discuss Zelenskyy&#8217;s comprehensive strategy for success in the war. Zelenskyy is expected to press for long-term assurances of aid and possibly call for authorization of long-range strikes into Russia.
See Also: <a href="https://www.benzinga.com/news/24/09/40969978/mary-trump-says-americans-pay-the-price-as-her-uncle-sets-world-on-fire-with-his-provocations-i-worr?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mary Trump Says Americans Pay The Price As Her Uncle Sets World On Fire With His Provocations: &#8216;I Worry About What Will Happen&#8217;</a>
Why It Matters: The visit follows Zelenskyy&#8217;s <a href="https://www.benzinga.com/news/24/08/40597402/ukrainian-president-zelenskyy-plans-to-present-comprehensive-strategy-to-biden-to-end-war-with-russi">announcement in late August</a> about presenting a comprehensive strategy to Biden, emphasizing that the war can only end through dialogue if Kyiv is in a strong position. This plan includes Kyiv's recent incursion into Russia's Kursk region and other economic and diplomatic measures.
In July, the U.S. committed an <a href="https://www.benzinga.com/news/24/07/40029762/us-commits-additional-1-7b-in-military-aid-to-ukraine-amid-ongoing-conflict-with-russia-bringing-tot">additional $1.7 billion</a> in military aid to Ukraine, bringing the total package to $55.4 billion. This aid includes munitions and support for air defense systems, highlighting the ongoing U.S. support for Ukraine&#8217;s defense efforts.
However, the stakes are high. Earlier this month, Putin warned that the use of <a href="https://www.benzinga.com/news/24/09/40851131/russian-president-says-ukraines-use-of-long-range-missiles-would-signal-that-us-and-nato-are-at-war">Western-made long-range missiles</a> by Ukraine could lead to a direct military confrontation between Russia and the West. Zelenskyy has been lobbying for Western allies to permit Ukraine to deploy these missiles to limit Moscow's attack capabilities.

Image via Wikimedia Commons
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Politics

Global

General

Ukraine's Zelenskyy Heads To US To Present 'Victory Plan' Against Russia To Biden As War Drags For Over Two Years Now

Uxin (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UXIN#NASDAQ">UXIN</a>) reported $55.20 million in sales this quarter. This is a 38.50 percent increase over sales of $39.86 million the same period last year.

Uxin Q1 Sales $55.20M Up From $39.86M YoY

Ahead of the holiday season, Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) is <a href="https://www.benzinga.com/markets/equities/24/09/40912814/amazon-told-its-staff-they-must-come-to-office-five-days-a-week-but-its-primary-healthcare-subsi">enforcing a return-to-office five days a week mandate</a>, clashing with the UK government&#8217;s push for flexible working rights.
What Happened: Amazon argues that in-office work fosters better invention, collaboration, and connection among employees. However, the UK government links flexible working to improved performance and a more loyal workforce, <a href="https://www.bbc.com/news/articles/cden9y37e6ro">reported</a> BBC.
Microsoft&#8216;s study during the pandemic indicated that remote workers collaborated more within existing networks but built fewer new connections. Real-time communication also declined, replaced by more emails and instant messages.
Contrastingly, a Stanford University study found that Chinese home workers were 13% more productive due to fewer breaks and sick days. However, fully remote work could lead to a 10% drop in productivity compared to full-time office work.
Other tech giants like Goldman Sachs, JPMorgan, and Morgan Stanley have also required employees to return to the office. Elon Musk&#8216;s companies, Tesla and SpaceX, enforce similar policies, with SpaceX losing 15% of its senior employees after implementing the rule, according to a <a href="https://cdn.arstechnica.net/wp-content/uploads/2024/05/RTO.pdf">study</a> published earlier this year.
The debate continues as the UK government believes that some level of home working boosts productivity, while Amazon maintains that full-time office work is essential for their operational success.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40971260/trumps-historic-bitcoin-transaction-ethereum-co-founder-backs-trump-over-harris-for-crypto?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Historic Bitcoin Transaction, Ethereum Co-Founder Backs Trump Over Harris For Crypto, Gamestop Customer&#8217;s Bitcoin Windfall, And More: This Week In Cryptocurrency</a>
Why It Matters: The clash between Amazon and the UK government over remote work policies is part of a broader trend among major corporations. Recently, JPMorgan Chase CEO Jamie Dimon called for <a href="https://www.benzinga.com/news/24/09/40967938/jpmorgan-ceo-jamie-dimon-calls-for-federal-employees-to-return-to-office-says-empty-buildings-bother">federal employees to return to their offices</a>, expressing frustration over empty buildings in Washington, DC.
Amazon&#8217;s decision to end remote work and mandate office presence <a href="https://www.benzinga.com/news/large-cap/24/09/40930357/amazon-ends-remote-work-former-employee-asks-if-this-is-the-companys-version-of-silent-sacking">starting in January</a> has sparked significant attention. Former employees, like John McBride, have criticized the move, suggesting it may be driven by economic factors to reduce headcount and boost margins.
Additionally, Amazon has been making headlines with its recent initiatives. The company announced a <a href="https://www.benzinga.com/news/24/09/40927136/amazon-boosts-worker-pay-to-over-29hour-invests-2-2b-as-holiday-kicks-in">pay increase for its front-line employees</a>, raising the average compensation to over $29 per hour and investing $2.2 billion ahead of the holiday season.
However, Amazon&#8217;s new benefits, such as free Prime membership, are <a href="https://www.benzinga.com/general/entertainment/24/09/40954565/amazon-extends-free-prime-membership-to-warehouse-workers-but-corporate-staff-left-out-ahea">exclusively available to warehouse workers</a>, leaving corporate staff out. 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40946963/bitcoin-worth-63-000-pulled-in-33-pack-of-trading-cards-at-gamestop-mind-boggling-story-go?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin Worth $63,000 Pulled In $33 Pack Of Trading Cards At GameStop: ‘Mind-Boggling' Story Goes Viral, Highlights Crypto Redemption Card</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Equities

AMZN

Amazon Has Enforced Full-Time Return To Office Policy, But It Hasn't Gone Down Well With The UK Government, Which Is Pushing For Flexible Working As Holiday Season Approaches: Here's What's Happening

The S&amp;P 500 Index &#8211; a measure of broader market performance, has been on a tear this year, thanks to inflation&#8217;s downward trajectory that allowed the Federal Reserve the leeway to cut rates, the resilient economy and robust corporate profit growth. With the year approaching its last leg, the question in the minds of everyone is whether the broader uptrend seen since the bear market bottom of Oct. 2022 would continue.
Gravity-Defying Rally: After the post-COVID-19 inflation surge sent markets across the globe lower in 2022, things began to take a turn for the better by the end of the year. The launch of OpenAI&#8217;s ChatGPT large language model-powered chatbot and the pullback in inflation from the June 2022 peak of 9.1% in response to aggressive Fed funds rate hikes helped restore sanity in the market.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), an exchange-traded fund that tracks the S&amp;P 500 Index, has gained about 65% since bottoming at $346.35 on Oct. 12, 2022. This year alone, the ETF had soared nearly 21%.
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="430" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23033331/image-169-1024x430.png" alt="" class="wp-image-560490" style="width:920px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23033331/image-169-1024x430.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23033331/image-169-300x126.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23033331/image-169-768x323.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23033331/image-169-1536x646.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23033331/image-169.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Source: Benzinga Pro
S&amp;P Goes Past Most Year-End Predictions: Wall Street&#8217;s year-end estimate for the S&amp;P 500 Index ranges from 4,200 to 6,100, according to data shared by Trading platform TrendSpider on X, formerly Twitter. The highest estimate is from BMO Capital Markets and the lowest is from JPMorgan.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">S&amp;P 500 Year-End Forecasts by Firm <a href="https://twitter.com/search?q=%24SPY&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SPY</a> BMO: 6,100 Evercore: 6,000 Oppenheimer: 5,900 Deutsche Bank: 5,750 RBC: 5,700 UBS: 5,600 Citi: 5,600 Goldman Sachs: 5,600 Barclays: 5,600 Wells Fargo: 5,535 Bank of America: 5,400 Morgan Stanley: 5,400 Fundstrat: 5,200 JP Morgan: 4,200
&mdash; TrendSpider (@TrendSpider) <a href="https://twitter.com/TrendSpider/status/1837605221624590377?ref_src=twsrc%5Etfw">September 21, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">The S&amp;P 500 Index ended Friday&#8217;s session at 5,702.55, down 0.19% for the session. Of the 14 estimates, only four are above the index&#8217;s current level.</figcaption></figure>
Financial data provider FactSet said in a recent report that the trailing 12-month price/earnings ratio for the S&amp;P 500 Index is 26.7, above the 5-year average of 23.7 and the 10-year average of 21.7.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The trailing 12-month P/E ratio for <a href="https://twitter.com/search?q=%24SPX&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SPX</a> of 26.7 is above the 5-year average (23.7) and above the 10-year average (21.7). <a href="https://twitter.com/hashtag/earnings?src=hash&amp;ref_src=twsrc%5Etfw">#earnings</a>, <a href="https://twitter.com/hashtag/earningsinsight?src=hash&amp;ref_src=twsrc%5Etfw">#earningsinsight</a>, <a href="https://t.co/7mrPQvsy28">https://t.co/7mrPQvsy28</a> <a href="https://t.co/E4DNDzKMxF">pic.twitter.com/E4DNDzKMxF</a>
&mdash; FactSet (@FactSet) <a href="https://twitter.com/FactSet/status/1838010413402730679?ref_src=twsrc%5Etfw">September 23, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption"> See Also: <a href="https://www.benzinga.com/money/best-income-stocks">Top Performing Income Stocks</a> Room For More Upside? Most analysts and strategists see the scope for further upside, contingent on the economy averting a hard landing. Recent data showing the softening of the labor market is the primary reason for the Federal Reserve to drop its cautious stance and announce a bigger and bolder cut. Going forward, the labor market data is the key that will guide the central bank on future rate moves.</figcaption></figure>
With the rate cut announced last week and two more 25 basis-point cuts anticipated this year, the market rally is expected to broaden. Analysts see small-cap and rate-sensitive stocks picking up momentum after lagging for an extended period, while they also expect the mega-caps that have so far spearheaded the rally, to hold up.
Uncertainty could prevail until the <a href="https://www.benzinga.com/news/24/09/40974653/trump-vs-harris-vice-president-leads-in-2-more-new-polls-but-pollster-says-undecided-republicans-can">outcome of the Nov. 5 election is known,</a> but the market could take advantage of the seasonal strength seen in the final few weeks of the year. 
JPMorgan Global Investment Strategist Sarah Stillpass said in a report the September rate cut could bode well for equities. Since 1980, five of the 10 best years for the S&amp;P 500 happened when the Fed was cutting rates without a recession, she said. She also noted that the Fed has cut rates 12 times when the S&amp;P 500 was within 1% of its all-time high such as the current year. The market was higher one year later all 12 times, with a median return of 15%, she added.
In premarket trading on Monday, the SPY edged up 0.08% to $568.69, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40955933/brace-for-stagflation-after-feds-benevolence-warns-analyst-raising-5-corporate-red-">Brace For Stagflation After Fed&#8217;s Benevolence, Warns Analyst, Raising 5 Corporate Red Flags: &#8216;Inflation Is Transitory Mistake All Over Again&#8217;</a></li>
</ul>
Image Via Shutterstock

Economics

Federal Reserve

S&P 500 Outpaces Wall Street Projections As Year-End Nears: Will The Rally Hold?

This story was originally published on the&nbsp;<a href="http://in.benzinga.com/" target="_blank">Benzinga India portal</a>.
Nvidia&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>) CEO,&nbsp;Jensen Huang, has underscored the potential of artificial intelligence (AI) in reshaping India&#39;s technological landscape, adding that it was &quot;India&#39;s moment&quot;.
What Happened: Huang&#39;s comments came following his meeting with Indian Prime Minister&nbsp;Narendra Modi&nbsp;during the latter&#39;s three-day US visit. Huang was among the 15 tech leaders who had the opportunity to engage with the Prime Minister.
Huang emphasized the role of AI in bringing computing to everyone and highlighted India&#39;s rising stature in the global tech arena, particularly in the startup ecosystem. He commended Modi&#39;s keen interest in learning about emerging technologies, with a special focus on AI.
Do you want to keep up with all the latest stock market updates in India? Sign up for the&nbsp;<a href="https://share.hsforms.com/1K1H7Kd0aRhmSdDIuxTAkxg1npzh?utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-9Epn7q6aJNp9GSC5EOIhi4bHzDb9Xseqz4PYaEI7sGMhIcV2Rv9ZPxiCYKVKvNojA6WoH5" target="_blank">Benzinga India weekly newsletter</a>.
The Nvidia CEO recognized India&#39;s rich pool of talent in computer science and reaffirmed his company&#39;s dedication to nurturing AI innovation in partnership with India&#39;s premier educational institutions.&nbsp;
&quot;Every IIT (Indian Institute of Technology) now has an Nvidia AI Centre of Excellence where professionals are teaching students how to upskill into this new world of AI,&quot; Huang said.
He further pointed out that AI could democratize computing, making it accessible to a wider population. &quot;India, as you know, is also home to some of the world&rsquo;s greatest computer scientists. So, this is a great opportunity,&quot; he added.
Read Next:&nbsp;<a href="https://in.benzinga.com/news/24/09/40970969/indian-coldplay-fans-cry-foul-as-tickets-hit-2-lakh-on-reselling-platform" target="_blank">Indian Coldplay Fans Cry Foul As Tickets Hit Sky-High Prices&nbsp;On Reselling Platform</a>
Disclaimer: Artificial intelligence was used as a secondary aid in writing this story.
&nbsp;

NVDA

Nvidia CEO Jensen Huang Meets PM Modi, Says It's 'India's Moment' Amid AI Boom

U.S. banks have reportedly gained a $1 trillion windfall due to the Federal Reserve&#8217;s prolonged period of high interest rates.
What Happened: The Federal Reserve maintained elevated interest rates for two and a half years, allowing banks to earn higher yields on deposits held at the Fed. However, many banks did not pass these higher rates on to their savers, the Financial Times <a href="https://www.ft.com/content/4c013d3b-796b-47a3-a964-02f753d39846">reported</a> on Monday.
At the end of the second quarter, the average U.S. bank paid depositors an annual interest rate of just 2.2%, significantly lower than the Fed&#8217;s 5.5% overnight rate. This discrepancy resulted in $1.1 trillion in excess interest revenue for banks, according to the Financial Times.
Large banks like JPMorgan Chase and Bank of America paid even less, with annual deposit costs of 1.5% and 1.7%, respectively. The Fed&#8217;s recent rate cut by half a percentage point may allow banks to reduce deposit costs further, according to Chris McGratty of KBW.
While some banks, including Citi, plan to adjust rates for high-net-worth clients in line with the Fed&#8217;s cuts, others may vary in their approach. The Financial Times noted that this situation contrasts with Europe, where some governments imposed windfall taxes on banks benefiting from higher rates.
JPMorgan Chase, Citi and Bank of America have yet to respond to the queries by Benzinga.
See Also: <a href="https://www.benzinga.com/news/24/09/40970828/data-scientists-election-prediction-kamala-harris-receives-historic-endorsement-from-magazine-elon-m?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Data Scientist&#8217;s Election Prediction, Kamala Harris Receives Historic Endorsement From Magazine, Elon Musk Suggests Warren Buffett Is Preparing For A Harris Win And More: Top Political Update This Week</a>
Why It Matters: The Federal Reserve&#8217;s recent decision to cut interest rates by<a href="https://www.benzinga.com/markets/equities/24/09/40965372/fed-delivers-large-interest-rate-cut-in-bid-to-sustain-labor-market-stocks-gold-set-new-record-h"> 50 basis points in September</a>, lowering the target range to 4.75%-5%, has significant implications. This bold move, which defied economists&#8217; predictions of a modest 25-basis-point reduction, was aimed at sustaining the labor market. Fed Chair Jerome Powell emphasized the importance of acting preemptively to maintain robust employment levels. 
Additionally, the<a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40855247/fed-rate-cuts-and-s-p-500-the-why-matters-most-data-shows"> performance of the S&amp;P 500</a> following the Federal Reserve&#8217;s rate cuts hinges on whether the economy is in a recession. Historical data reveals a sharp contrast in how equities react to rate cuts during recessions compared to other economic phases. During recessionary periods, stock markets typically experienced meaningful declines after the Fed&#8217;s initial rate cut. In contrast, during &#8220;growth scares&#8221; or &#8220;normalization&#8221; periods, equities have rallied strongly. 
The Federal Reserve's <a href="https://www.benzinga.com/economics/24/09/40965570/fed-rate-cut-may-drive-investors-away-from-money-markets-says-portfolio-manager">decision to cut interest rates</a> by 0.5% may also pull investors away from money market funds and into longer-duration bonds. Total money market fund assets decreased by $20.02 billion to $6.30 trillion for the week ending on September 18. Among taxable money market funds, government funds decreased by $18.82 billion and prime funds decreased by $2.42 billion.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/09/40950674/data-scientist-who-called-2020-election-correctly-says-its-gone-from-drastic-landslide-in-trumps-dir?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Data Scientist Who Called 2020 Election Correctly Says Its Gone From &#8216;Drastic Landslide In Trump&#8217;s Direction To A drastic landslide For Harris&#8217;</a></li>
</ul>
Photo courtesy of the Federal Reserve.
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Macro Economic Events

JPMorgan, BOfA And Other US Banks Reportedly Reap $1 Trillion Windfall From Fed's High Interest Rates

SpaceX CEO Elon Musk said on Sunday that the rocket manufacturing company intends to launch about five uncrewed Starships to Mars in two years, elaborating on his timeline from earlier this month.
What Happened: If the five uncrewed missions land safely, crewed missions will be <a href="https://www.benzinga.com/news/24/09/40972893/trumps-mars-landing-promise-gets-slammed-by-peter-schiff-even-as-elon-musk-says-spacex-plans-5-launc">possible in four years</a>, Musk said. However, in case of challenges, the crewed missions will be postponed another two years, he added, pegging crewed Starship missions to Mars for as early as 2028 and latest by 2030. 
Earlier this month, Musk said the first Starships will&nbsp;<a href="https://www.benzinga.com/news/24/07/39567836/spacex-ceo-elon-musk-picks-terminus-for-mars-first-starship-enabled-city-after-just-4-test-flights" target="_blank" rel="noreferrer noopener">head to Mars in two years</a>&nbsp;once the next Earth-Mars transfer window opens. However, he didn&#8217;t specify how many uncrewed missions would be conducted to test the vehicle&#8217;s caliber to carry crew. 
Musk aims to take humans to Earth orbit, Moon, and subsequently Mars with the Starship. The vehicle is still in the development phase and underwent its fourth test flight in June earlier this year. The rocket has yet to carry a payload to orbit.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">SpaceX plans to launch about five uncrewed Starships to Mars in two years. If those all land safely, then crewed missions are possible in four years. If we encounter challenges, then the crewed missions will be postponed another two years. It is only possible to travel from… <a href="https://t.co/dzi03Hnyhg">https://t.co/dzi03Hnyhg</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1837908705683059166?ref_src=twsrc%5Etfw">September 22, 2024</a></blockquote>
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Varying Timelines, Big Promises: NASA is currently relying on the successful development of a lunar lander variant of Starship to&nbsp;<a href="https://www.benzinga.com/news/23/12/36296253/51-years-since-apollo-17-elon-musk-urges-humanity-to-surpass-moon-visit-as-civilizational-high-water" target="_blank" rel="noreferrer noopener">land humans back on the moon</a>&nbsp;as part of its Artemis 3 mission. The last crewed lunar mission occurred in 1972 with Apollo 17. Since then, no crew has traveled beyond low-Earth orbit.
However, earlier this year, NASA postponed the Artemis 3 mission to no earlier than September 2026 from its previous timeline of late 2025 citing &#8216;development challenges.&#8217;
In 2020, Musk also said that Starship will have hundreds of uncrewed missions before it can launch crew. The CEO, known for providing lofty claims on the Starship&#8217;s readiness, did not detail how the company intends to launch 100 uncrewed missions ahead of the Artemis 3 mission when it has only completed four test flights as of date. 
Starship is now <a href="https://www.benzinga.com/news/24/09/40932353/spacex-continues-to-prepare-for-future-starship-flights-despite-delays-in-faa-launch-clearance-elon">ready for its next test flight </a>and awaiting regulatory approvals, SpaceX said last week. The company also said that it recently received a launch license date estimate of late November for the fifth flight from the Federal Aviation Administration (FAA), marking a two-month delay from the previously communicated date of mid-September.
The delay, SpaceX said, was not based on a new safety concern but on &#8220;superfluous&#8221; environmental analysis including concerns about the Starbase facility having a negative impact on local flora and fauna. However, the company disputed these claims.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40968088/teslas-stock-performance-in-2019-and-2024-shows-striking-similarities-says-gary-bla" target="_blank" rel="noreferrer noopener">Tesla's Stock Performance In 2019 And 2024 Shows ‘Striking' Similarities, Says Gary Black: Flags This Reason That May Lead To Price Surge In 2025</a></li>
</ul>
Photo via Shutterstock

SPACE

Elon Musk Now Says Crewed Starship Missions Will Fly To Mars Latest By 2030

Former President Donald Trump announced the launch of the first edition of his silver medallion, which he claimed to have designed himself and was minted in the U.S.
What Happened: Trump revealed the details about the coins in an X post on Saturday, describing them as &#8220;true symbols of America&#8217;s greatness.&#8221; The Republican presidential hopeful tied the official coins with his &#8220;America First&#8221; policy.
The official website of the Trump Coins described them as a one-ounce 99.99% silver, featuring the former President's profile on the obverse and the White House with Trump&#8217;s signature on the reverse.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Hello everyone! I have something incredible to share today, as we are introducing the launch of our Official Trump Coins! The ONLY OFFICIAL coin designed by me—and proudly minted here in the U.S.A. The President Donald J. Trump First Edition Silver Medallion will be available… <a href="https://t.co/9SP1PaLOTh">pic.twitter.com/9SP1PaLOTh</a>
&mdash; Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1837549569481285792?ref_src=twsrc%5Etfw">September 21, 2024</a></blockquote>
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</figure>
Interestingly, spot silver was priced at $30.65 per ounce as of this writing, less than one-third of what Trump marketed his official coins at.
The website added a disclaimer that the coins haven&#8217;t been manufactured or distributed by Trump or any of the organizations affiliated with him. 
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40968244/trumps-new-crypto-ventures-legal-counsel-accused-of-attempting-to-seize-control-of-rival-f?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s New Crypto Venture&#8217;s Legal Counsel Accused Of Attempting To Seize Control Of Rival Firm</a>
Why It Matters: In an effort to bolster his finances, Trump has turned to selling a variety of merchandise to his supporters.
Nearly a month ago, he launched the <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40584660/donald-trump-unveils-new-nft-collection-featuring-debate-memorabilia-and-exclusive-perks">fourth edition of his non-fungible tokens (NFTs)</a>, priced at $99 each. Before that, the Republican l<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40076664/trump-launches-limited-edition-bitcoin-themed-sneakers-following-bitcoin-2024-keynote-repo">aunched a line of limited-edition</a> Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)-themed sneakers. 
The latest announcement comes a week after Trump&#8217;s entry into the cryptocurrency market with the launch of <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40905315/donald-trumps-new-crypto-project-world-liberty-financial-everything-you-need-to-know">World Liberty Financial (WLFI)</a>, a decentralized finance (DeFi) platform centered around a cryptocurrency token.
But even as Trump ramped up efforts to raise funds for his election campaign, the odds were stacked against him. According to the decentralized prediction market Polymarket, Kamala Harris was the bettors&#8217; <a href="https://polymarket.com/">favorite </a>to win the elections with a 52% probability.
Image via Shutterstock
Did You Know?&nbsp;
<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

$BTC

Trump Sold Bitcoin-Themed Sneakers And NFTs: Now He's Promoting A 'Self-Designed' Coin Featuring His Own Image

Vice President <a href="https://www.benzinga.com/news/24/09/40973752/kamala-harris-reportedly-set-to-unveil-new-economic-policies-in-pittsburgh-this-week-its-about-showi">Kamala Harris </a>was ahead of her Republican rival Donald Trump, going by the results of two separate polls published over the weekend.
The Matchups: Harris was ahead of Trump by five points in a one-on-one contest, with the tally at 49%-44%, a national NBC News <a href="https://www.nbcnews.com/politics/2024-election/poll-newly-popular-harris-challenging-trump-change-rcna171308">poll</a> conducted Sept. 13-17 with 1,000 registered voters showed. The survey&#8217;s margin of error was plus or minus 3.1 percentage points. This marked a shift from the sentiment that prevailed when NBC News did its July polls. When President Joe Biden was still in the race, Trump was ahead by two points.
The results of the Harris vs. Trump matchup showed Black voters siding with the former by an 85%-7% tally. Harris received majority support among voters, aged 18-34 years (57%-34%) and voters with college degrees 59%-38%). Among independents, the vice president received a singularity of votes (43%-35%).
Trump&#8217;s support base is among men (52%-40%), white voters (52%-43%) and white voters without college degrees (61%-33%).
In a welcome development for Harris and the Democrats, support for the party reached its highest point in NBC News polling since mid-2023. At the same time, the share of voters saying they were undecided or wanted another choice dipped to its lowest point since that time.
A CBS/YouGov <a href="https://www.cbsnews.com/news/trump-harris-poll-debate-economy-09-22-2024/">poll </a>conducted between Sept. 18-20&nbsp;showed Harris leading yet again, with the margin at 52%-48% among likely voters. About 3,129 registered voters nationwide&nbsp;were contacted for the purpose, with the margin of sampling error at plus, or minus 2.2 points.
In the CBS/YouGov poll, Harris was ahead in the battleground states with a slightly smaller margin. She received 51% support and Trump 49%.
Harris scores better among the subset who think the economy is good and/or their personal finances are good. Eighty-eight percent of those who said the economy is good backed her and 64% of those who said their personal finances are good supported her.
Republican pollster Bill McInturff of Public Opinion Strategies, who did NBC News poll along with Democratic pollster said Jeff Horwitt of Hart Research Associates said Trump&#8217;s eroding support was due to some Republicans, who are not his die-hard supporters, deserting him. But this could change, he said.
We have seen this movie before. They can get squishy on Trump, and then in the end they come back and they vote the way they're going to vote on a Republican-versus-Democrat preference for Congress,&#8221; said McInturff.
CBS/YouGov poll found that people who prioritize the personal qualities of a candidate are voting&nbsp;for Harris (66%-33%) and those who say policies are very important are evenly split between them.&nbsp;
Multi-Candidate Fray: When the ballot included Robert F. Kennedy Jr., Green Party&#8217;s Jill Stein and Libertarian Chase Oliver, Harris had a bigger lead, 47% of the registered voters favored her and 41% Trump, while the other candidates managed 2% or less each, according to NBC News poll.
See Also: <a href="https://www.benzinga.com/24/09/40971977/elon-musk-says-biden-belied-his-2020-expectations-and-turned-out-to-be-a-radical-leftist-puppet-why">Elon Musk Says Biden Belied His 2020 Expectations And Turned Out To Be A &#8216;Radical Leftist Puppet&#8217;: Why Billionaire Is Supporting Trump This Time Around</a>
Harris Surges, Trump Sedate: NBC News poll showed that Harris&#8217; popularity has improved notably since July when she had a net negative rating of 18, courtesy of 32% of voters holding positive opinions about her and 50% seeing her in a negative light. In the September poll, her favorability improved to a net positive 3 points, with 48% and 45%, respectively, rating her positively and negatively.
No major-party presidential candidate in the 35-year history of the NBC News poll has seen this kind of jump in popularity in an election, the pollster said.
Trump&#8217;s net rating was essentially unchanged from July at a net negative 13 points.
Economy &#8211; The Achilles&#8217; Heel: Harris has her fair share of pitfalls. In the CBS News/YouGov survey, among likely voters who mentioned the economy is a major concern, she trailed by a 47%-53% margin. That said, it has been an improvement from the tally in August when she trailed by a 43%-56% margin. 
The proportion of the registered voters who said the economy is good improved from 35% in August to 39% currently and the proportion who said the economy is bad fell from 62% to 59%.
The NBC News poll found that two-thirds of voters said their family income is falling behind the cost of living, and voters mentioned the cost of living as their top concern, handing Trump the advantage on the economy and inflation. The former president&#8217;s advantage, however, reduced relative to what it was when he was pitched against Biden in July.
 The Consumer price inflation has been on a sustainable downward trajectory so much that it allowed the<a href="https://www.benzinga.com/markets/equities/24/09/40965372/fed-delivers-large-interest-rate-cut-in-bid-to-sustain-labor-market-stocks-gold-set-new-record-h"> Federal Reserve to drop the Fed funds rate by 50 basis points </a>last week. With interest rates receding from their highs, consumers, who fuel much of the economic growth, can now heave a sigh of relief.
Did You Know?
<ul>
<li>Congress Is Making Huge Investments.&nbsp;<a href="https://www.benzinga.com/gov-trades" target="_blank" rel="noreferrer noopener">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Image via Wikimedia Commons

Topics

Media

Trump Vs. Harris: Vice President Leads In 2 More New Polls But Pollster Says Undecided Republicans Can Come Back Home To Bolster Ex-President

KB Home (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KBH#NYSE">KBH</a>) will release earnings results for its third quarter, after the closing <a href="https://www.benzinga.com/quote/KBH/earnings">bell on Tuesday, Sept. 24</a>.
Analysts expect the Los Angeles, California-based company to report quarterly earnings at $2.06 per share, up from $1.80 per share in the year-ago period. KB Home is projected to post quarterly revenue of $1.73 billion, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On July 18, the company's board of directors declared a quarterly cash dividend of 25 cents per share on the company&#8217;s common stock.
KB Home shares fell 2.7% to close at $87.23 on Friday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/TCOM/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/596530e4988ca80001209fc0/rafe-jadrosich">B of A Securities analyst Rafe Jadrosich</a> maintained a Neutral rating and raised the price target from $75 to $90 on Sept. 19. This analyst has an accuracy rate of 72%.</li>
<li>Wedbush analyst Jay McCanless reiterated a Neutral rating with a price target of $67 on Sept. 12. This analyst has an accuracy rate of 84%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/63b6dd8f392e5e0001e663df/sam-reid">Wells Fargo analyst Sam Reid</a> maintained an Equal-Weight rating and raised the price target from $70 to $80 on Sept. 9. This analyst has an accuracy rate of 85%.</li>
<li>RBC Capital analyst Mike Dahl downgraded the stock from Sector Perform to Underperform with a price target of $70 on Sept. 5. This analyst has an accuracy rate of 74%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/594d093f988ca8000150db5a/susan-maklari">Goldman Sachs analyst Susan Maklari</a> maintained a Neutral rating and increased the price target from $72 to $82 on Sept. 3. This analyst has an accuracy rate of 63%.</li>
</ul>
Considering buying KBH stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="510" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23033739/image-170-1024x510.png" alt="" class="wp-image-560499" style="width:665px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23033739/image-170-1024x510.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23033739/image-170-300x150.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23033739/image-170-768x383.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23033739/image-170.png 1348w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read This Next: 
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<li><a href="https://www.benzinga.com/markets/24/09/40962695/jim-cramer-viking-has-many-ships-coming-in">Jim Cramer: Viking Has &#8216;Many Ships Coming In&#8217;</a></li>
</ul>

Price Target

Analyst Ratings

KB Home Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.semtech.com%2F&amp;esheet=54125475&amp;newsitemid=20240923889065&amp;lan=en-US&amp;anchor=Semtech+Corporation&amp;index=1&amp;md5=c57e2a9ac357ffdffffa11ede356e87f">Semtech Corporation</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMTC#NASDAQ">SMTC</a>), a high-performance semiconductor, IoT systems, and cloud connectivity service provider, today announced sampling of GN2255S, its next generation Tri-Edge&#x2122; 50 Gbps clock and data recovery (CDR) with integrated DML driver for SFP56 50G PAM4 bidirectional (BiDi) and CWDM6 optical modules. As part of the industry's only analog solutions for 50 Gbps fronthaul, the new CDR can lead to simpler, potentially more power-efficient designs. Its real-time signal processing delivers ultra-low latency crucial for 5G Advanced time-critical services, such as required in public safety, industrial control, smart grid management, and more.
&nbsp;
According to the latest <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.ericsson.com%2Fen%2Freports-and-papers%2Fmobility-report%2Fmobility-visualizer%3Ff%3D1%26ft%3D1%26r%3D2%2C3%2C4%2C5%2C6%2C7%2C8%2C9%26t%3D8%26s%3D1%2C2%2C3%26u%3D1%26y%3D2020%2C2026%26c%3D1&amp;esheet=54125475&amp;newsitemid=20240923889065&amp;lan=en-US&amp;anchor=Ericsson+Mobility+Report&amp;index=2&amp;md5=6f1dfa0cec9395190734d0790d78e533">Ericsson Mobility Report</a>, 5G subscriptions will more than double from 2024 to 2029, with mobile data traffic forecast to exceed 230 exabytes monthly by 2029. Exponential data demands, along with use cases like generative AI, machine learning (ML), and augmented reality (AR), will drive infrastructure upgrades. With its faster data transfer and improved connectivity, integration of 5G advanced technology will further boost network performance, intelligence, and sustainability.
"As a Mobile Optical Pluggable Alliance (<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fmopa-alliance.org%2F&amp;esheet=54125475&amp;newsitemid=20240923889065&amp;lan=en-US&amp;anchor=MOPA&amp;index=3&amp;md5=9b066949d6ddee948fafcbbf6a32132f">MOPA</a>) founding member, Semtech works closely with the world's telecom leaders and mobile operators to develop the right optical solutions that solve industry challenges," said Raza Khan, product marketing director for Semtech's Signal Integrity Products Group and chief marketing officer of MOPA. "Our Tri-Edge solutions for bidirectional and CWDM optical pluggables are a direct result of these collaborations. Enabling the next round of infrastructure upgrades over single fiber will give carriers greater cost-effectiveness, flexibility and scalability to advance global mobile networks."
"Optical pluggable innovations like Semtech's move the industry towards the high performance and latency needed for global mobile networks to become the digital backbone of society and industry 4.0," said Stefan Dahlfort, chairman and president of the board of MOPA.
Semtech at ECOC 2024
Semtech's demos in booth E37, MR21, MR22 will showcase solutions for datacenter, wireless, and PON. Meetings are by appointment only.

SMTC

Semtech Showcases 50G Optical Module Innovations at ECOC 2024, Targets 5G and 6G Networks

Stifel foresees a significant market downturn by the end of 2024. Chief equity strategist Barry Bannister <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40701071/market-bull-warns-of-up-to-10-september-pullback-urges-caution-but-stresses-be-read">warned the S&amp;P 500 could fall by 12% in the fourth quarter</a>.
What Happened: Bannister highlighted various concerns, including high valuations and speculative investor behavior. &#8220;Our instruments tell us to expect an S&amp;P 500 correction to the very low 5,000s by 4Q24,&#8221; he stated, <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-strategist-warns-correction-soon-tech-bubble-risk-2024-9">reported</a> Business Insider.
He noted that current stock market valuations are nearing a &#8220;near three-generation high&#8221; with the S&amp;P 500&#8217;s price-to-earnings multiple around 24x. Additionally, the outperformance of large-cap growth stocks relative to value stocks is reminiscent of peaks seen in February 2000 and August 2020, which preceded bear markets.
Bannister also pointed out that rising labor supply from increased immigration has bolstered economic growth, but overall labor demand is waning. &#8220;Fading labor demand is now symbolic of recession risk,&#8221; he said, mentioning that the non-farm payroll 6-month diffusion index has dipped below a &#8220;recession trigger level.&#8221;
He further explained that the typical &#8220;pre-election juice&#8221; for the economy might diminish towards year-end, impacting stock performance. Lastly, Bannister warned of a potential bubble in technology stocks, comparing it to the dot-com bubble of the 1990s.
See Also: <a href="https://www.benzinga.com/news/24/09/40969895/support-for-taylor-swifts-get-out-the-vote-efforts-have-dropped-15-points-since-february-amid-super?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Support For Taylor Swift&#8217;s Get-Out-The-Vote Efforts Have Dropped 15 Points Since February Amid Super Bowl Conspiracy Theory</a>
Why It Matters: The warning from Stifel comes on the heels of several significant market events. 
Additionally, in early September, equity strategist Tom Lee warned of a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40701071/market-bull-warns-of-up-to-10-september-pullback-urges-caution-but-stresses-be-read">potential 7%-10% market pullback</a>, attributing this to historical trends showing September as the weakest month for stocks. Lee urged caution but also advised investors to be ready to &#8220;buy that dip.&#8221; 
More recently, the Federal Reserve&#8217;s decision to cut interest rates by 0.5% <a href="https://www.benzinga.com/news/24/09/40969943/fed-rate-cut-fuels-market-rally-amidst-valuation-fears">triggered a market rally</a>, despite concerns over inflated valuations. This move led to a significant surge in U.S. stocks and commodities, while reducing bond market volatility.
The rate cut also influenced investor behavior, with a shift away from money market funds and into <a href="https://www.benzinga.com/economics/24/09/40965570/fed-rate-cut-may-drive-investors-away-from-money-markets-says-portfolio-manager">longer-duration bonds</a>, as noted by fixed-income portfolio manager Timothy Ng.
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Image via Unsplash
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Stifel Warns Of 12% Market Drop By End Of 2024 As S&P 500 Faces High Valuations And Speculative Risks

Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) <a href="https://www.benzinga.com/news/24/09/40680904/7-products-apple-will-likely-discontinue-next-week-after-iphone-16-launch">has discontinued</a>&nbsp;the iPhone 15 Pro, iPhone&nbsp;15 Pro Max, and iPhone 13 models, along with other products,&nbsp;as part of its annual&nbsp;product streamlining.
What Happened: Apple has stopped production of several products, but these models can still be found in stock at online and third-party retail stores for a limited time.
Apple&#8217;s annual product discontinuation is a routine practice, making way for newer items. This year,&nbsp;the oldest iPhone still in&nbsp;production, the iPhone 13, was also dropped, <a href="https://appleinsider.com/articles/24/09/22/in-with-the-new-out-with-the-old-apple-discontinues-the-iphone-15-pro-iphone-13">reported</a> AppleInsider.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/09/40911877/jeff-bezos-had-a-habit-of-keeping-an-empty-chair-for-the-most-important-person-in-the-room-at-compan?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jeff Bezos Had A Habit Of Keeping An Empty Chair For The Most Important Person In The Room At Company Meetings: This Strategy Helped The Amazon Founder Build The E-Commerce Giant We Know Today</a>
The current iPhone lineup now includes the iPhone 14 and iPhone 14 Plus, iPhone 15 and&nbsp;iPhone 15 Plus, the four <a href="https://www.benzinga.com/news/24/09/40780100/apple-intelligence-ready-iphone-16-with-faster-processor-dedicated-camera-button-announced-check-pri">new&nbsp;iPhone 16 models</a>, and the&nbsp;third-generation iPhone SE from 2022.
Other discontinued products include the AirPods Max, replaced by nearly identical models with new colors and a USB-C port.
The regular AirPods&nbsp;2 and AirPods 3 have&nbsp;also been replaced with two&nbsp;new models of AirPods 4.&nbsp;After the introduction of&nbsp;the Apple Watch Series 10,&nbsp;the Apple Watch Series 9 was also discontinued.
Apple&nbsp;also dropped its line of FineWoven iPhone cases due to negative customer feedback, the report noted.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: The discontinuation of these models comes amid mixed reports about the demand for the new iPhone 16.&nbsp;T-Mobile US Inc. CEO Mike Sievert&nbsp;said that the iPhone 16 is selling at a <a href="https://www.benzinga.com/markets/equities/24/09/40932937/apple-iphone-16-selling-at-a-greater-rate-than-last-year-says-t-mobile-ceo-amid-reports-of-lower">greater rate than last year&#8217;s model</a>.
However,&nbsp;<a href="https://www.benzinga.com/tech/24/09/40930388/apple-iphone-16-pre-orders-show-possible-low-demand-one-sign-could-point-to-company-breaking-this-em">analysts predicted weak demand</a>&nbsp;for the iPhone 16 due to a lack of reasons for existing iPhone owners to upgrade to the latest model.
JPMorgan analyst Samik Chatterjee&nbsp;has noted that the <a href="https://www.benzinga.com/news/24/09/40882969/iphone-16-pro-demand-lags-longer-wait-times-globally-china-shows-smaller-gap-analyst">lead times of the iPhone 16 series</a> across critical markets, including the U.S., China, Germany, and the U.K., indicate in-line demand for the iPhone 15 series during the first week.
Previously, it was reported that the iPhone 16 series launch also <a href="https://www.benzinga.com/news/24/09/40785959/iphone-16-fails-to-sway-some-chinese-buyers-im-going-to-buy-huaweis-tri-fold-phone-missing-ai-featur">failed to impress some Chinese buyers</a> due to its lack of AI features.
Photo courtesy: Apple
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

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iPhone 15 Pro Models and iPhone 13 Discontinued By Apple: Here's Why

Biohaven Ltd.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHVN#NYSE">BHVN</a>) (Biohaven), today announced that it will host a conference call to discuss topline data from Study BHV4157-206-RWE (NCT06529146), a study designed in discussion with the US Food and Drug Administration (FDA), to assess the effectiveness of troriluzole in Spinocerebellar Ataxia.
&nbsp;
 Biohaven will hold a live conference call and webcast Monday, September 23, 2024, at&nbsp;8:30 a.m. Eastern Time. The live event may be accessed via the Investor Relations portion of Biohaven's website at&nbsp;<a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4260062-1&amp;h=3860713886&amp;u=https%3A%2F%2Fir.biohaven.com%2Fevents-presentations%2Fevents&amp;a=https%3A%2F%2Fir.biohaven.com%2Fevents-presentations%2Fevents">https://ir.biohaven.com/events-presentations/events</a>.&nbsp;To participate in the live conference call via telephone, please register&nbsp;<a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4260062-1&amp;h=3868013617&amp;u=https%3A%2F%2Fregister.vevent.com%2Fregister%2FBI8f49496d1a3a4b51a653f73b99957cfb&amp;a=here">here</a>. Upon registering, a dial-in number and unique PIN will be provided to join the conference call.

BHVN

Reported Friday, Biohaven to Announce Topline Data for Troriluzole Spinocerebellar Ataxia Study, Conference Call Set for Sept 23

China&#8217;s central bank has taken significant steps to support the economy by reducing a key short-term interest rate and <a href="https://www.benzinga.com/markets/asia/24/09/40951221/bank-of-japan-leaves-interest-rate-at-0-25-diverging-from-feds-50-basis-point-cut">injecting substantial liquidity into the financial system</a>.
What Happened: The People's Bank of China cut the 14-day reverse repurchase interest rate by 10 basis points to 1.85% and injected 74.5 billion yuan ($10.6 billion) of liquidity via this policy tool, according to its website.
Additionally, the central bank injected 160.1 billion yuan (&nbsp;$10.6 billion) through 7-day reverse repo agreements, maintaining the interest rate at 1.7%, the bank stated on Monday.
Last week, the PBOC unexpectedly kept its benchmark lending rates steady, despite rising expectations for easing following the U.S. Federal Reserve&#8217;s rate cut.
See Also: <a href="https://www.benzinga.com/government/24/09/40923879/chinas-ymtc-makes-strides-in-chip-production-substitutes-asml-lam-research-tech-as-us-sanctions-bite?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">China&#8217;s YMTC Makes Strides in Chip Production; Substitutes ASML, Lam Research Tech As US Sanctions Bite: Report</a>
Why It Matters: The recent actions by the People's Bank of China come amid a global trend of monetary policy adjustments. On Thursday, the Bank of Japan opted to maintain its <a href="https://www.benzinga.com/markets/asia/24/09/40951221/bank-of-japan-leaves-interest-rate-at-0-25-diverging-from-feds-50-basis-point-cut">benchmark interest rate at 0.25%</a>, diverging from the U.S. Federal Reserve&#8217;s 50 basis point cut. 
On Friday, a portfolio manager noted that the Federal Reserve's rate cut could drive <a href="https://www.benzinga.com/economics/24/09/40965570/fed-rate-cut-may-drive-investors-away-from-money-markets-says-portfolio-manager">investors away from money market</a> funds and into longer duration bonds.
Additionally, Federal Reserve Governor Michelle W. Bowman defended her decision to <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/09/40965082/feds-historic-dissenter-bowman-says-smaller-interest-rate-cut-was-justified-we-have-no">support a smaller 25-basis-point rate cut</a>, citing ongoing inflation concerns. This marked a historic moment as it was the first time since 2005 that a Fed governor openly disagreed with a rate decision.
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Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

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