Business digest
Losses for Big Tech lead stocks lower
Losses for several big technology companies pulled the stock market lower. The S&P 500 fell 0.6% Wednesday, weighed down by drops in Nvidia, Apple, Microsoft and Amazon. The Dow Jones Industrial Average fell 159 points, or 0.4%. The Dow is coming off two consecutive all-time highs. The Nasdaq composite fell 1.1%.
Nvidia reported its second-quarter results late Wednesday. Its earnings and revenue topped Wall Street's forecasts, but the stock fell 3.7% in after-hours trading. Super Micro Computer plunged 19.1% after the server technology company said it was delaying its annual report.
Treasury yields held relatively steady in the bond market.
New rules govern cash real estate sales
REHOBOTH BEACH, Del. — The Treasury Department has issued new regulations aimed at making it harder for criminals to launder money by paying cash for residential real estate. Under rules finalized Wednesday, investment advisers and real estate professionals will be required to report cash sales of residential real estate to legal entities, trusts and shell companies. The new disclosure rules come as part of an ongoing effort to combat money laundering and the movement of dirty money through the American financial system, as all-cash purchases of residential real estate are considered a high risk for money laundering.
Nvidia stock slips despite good results
LOS ANGELES — Nvidia may have exceeded Wall Street estimates as its profit jumped — buffeted by the chipmaking dominance that has cemented Nvidia's place as the poster child of the artificial intelligence boom — but investors seemed less than impressed. The company reported a net income of to $16.6 billion. Adjusted for one-time items, net income was $16.95 billion. Revenue rose to $30 billion, up 122% from a year ago and 15% from the previous quarter.
Tesla's self-driving system questioned
DETROIT — Tesla says its vehicles that are equipped with the latest versions of its vaunted "Full Self-Driving" system can travel from point to point with little human intervention. Yet a series of alarming recent incidents have drawn the attention of federal regulators, who were already investigating Tesla's automated driving systems because of dozens of crashes that raised safety concerns. The problems have led people who monitor autonomous vehicles to become more skeptical that Tesla's system will ever be able to operate safely on a widespread scale. Some analysts say they doubt that Tesla is even close to deploying a fleet of autonomous robotaxis by next year as CEO Elon Musk has predicted it will.
Court revives Sarah Palin's libel lawsuit
NEW YORK — A federal appeals court has revived Sarah Palin's libel case against The New York Times. The 2nd U.S. Circuit Court of Appeals ruled Wednesday. The appeals court wrote that Judge Jed S. Rakoff's dismissal of the lawsuit while a jury was deliberating improperly intruded on the jury's work in February 2022. It also found that the erroneous exclusion of evidence, an inaccurate jury instruction and an erroneous response to a question from the jury tainted the jury's ruling against Palin. A lawyer for Palin says he is reviewing the ruling. A Times spokesperson says that the decision is disappointing but that the newspaper is confident it will prevail in a retrial.
From Gazette news services
