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Dow, S&P 500 Futures Climb, Nasdaq Futures Slip Ahead Of Key Inflation Data Releases: AAPL, SKHY, PSKY, CHWY Stocks In Focus

U.S. stock futures traded mixed in the overnight session late Wednesday, with the Dow and the S&P 500 climbing higher, and Nasdaq falling as markets await the producer price index (PPI) and consumer price index (CPI) this week. Dow futures climbed 0.24%, and the S&P 500 edged 0.09% higher, while the Nasdaq-100 fell 0.14% at 9:57 PM EDT. On Wednesday, all three benchmark indexes ended the session lower. The Nasdaq Composite led the decline, shedding 168 points to close 0.64% lower. The Dow Jones Industrial Average and S&P 500 ended the session 0.51% and 0.48% lower. While rising oil prices were in focus on Wednesday, markets are now awaiting key August inflation reports from the Bureau of Labor Statistics, with the PPI report expected on Thursday, followed by CPI data on Friday. According to a Morningstar report, economists expect inflation to have moderated in August. The report, which cited FactSet data, expects CPI to rise 0.4% after rising 0.1% in July, with the year-over-year inflation rate likely to slow to 3.3% from 3.4%. Meanwhile, oil prices surged past $101 a barrel on Wednesday. At the time of writing, Brent crude futures expiring in November were up about 0.36% to trade at $101.57 a barrel, while WTI crude futures expiring in October were trading at $96.72 per barrel, up 0.71%. The U.S. Department of the Treasury said on Wednesday that it will triple its upcoming debt buyback plan to $6 billion. Despite the announcement, long-term yields soared, hitting multi-year highs. The U.S. 10-year Treasury yield was trading at 4.847% at the time of writing, the highest since October 2023, while the U.S. 30-year Treasury yield was trading at 5.297%, nearing levels last seen in 2004. “Inflation anxiety is rising with oil prices high and Treasury supply looming. A weak 10-year auction could push yields higher, pressuring stocks. A strong auction, however, signals buyer confidence at current yields,” Kenny Polcari, Chief Market Strategist at Slatestone Wealth, said in a post on X. The inflation readings are key ahead of the Federal Reserve policy move expected next week. Morningstar said in a post on X that if the inflation reading proves to be hotter than expected, “economists say it could trigger the Fed to raise interest rates next week for the first time since 2023.” Traders are pricing in a 60.2% chance of a rate hike by a quarter-percentage point in September, according to data from the CME FedWatch tool. The Federal Open Market Committee (FOMC) meeting is scheduled for Sept. 15–16. Apple Inc. (AAPL): Shares of the iPhone maker edged higher in the overnight session late Wednesday, gaining about 0.52% as analysts looked into whether the $1,999 iPhone Duo could unlock a new revenue stream or pressure margins.

Dow, S&P 500 Futures Climb, Nasdaq Futures Slip Ahead Of Key Inflation Data Releases: AAPL, SKHY, PSKY, CHWY Stocks In Focus
North America
CNBC Finance

Trump administration expresses 'profound concern' over Ford's ties to China

The Trump administration expressed "profound concern" Tuesday about Ford Motor's ties to Chinese companies that it believes could be detrimental to the Detroit carmaker and U.S. automotive industry. In a letter addressed to Ford CEO Jim Farley, Transportation Secretary Sean Duffy questioned the automaker's strategic trajectory with Chinese companies "as it pertains to American national automotive manufacturing integrity, supply chain exposure, and reliance on technologies of foreign adversaries." Ford, which regularly touts its position as the top-producing automaker in the U.S., called the letter a "wrongheaded attempt to capture headlines." It also defended its stance as America's top-producing carmaker and said it employs more hourly workers in the country than any other automaker, while calling out "factual errors" in the letter. Ford said those errors included Duffy's comments about Farley proposing a joint-venture framework for Chinese automakers to enter the U.S. The letter is the latest incident in a series of contentious discussions between the U.S. automotive industry and the Trump administration, which has caused uncertainty with its changes to trade and federal rules and regulations. In the letter, Duffy took issue with Ford's ties to Chinese companies such as battery provider CATL and a framework Farley proposed during an auto show earlier this year in Detroit "to facilitate Chinese joint ventures on United States soil." Ford has a licensing agreement to utilize battery technologies, including the production of lithium iron phosphate batteries, from Contemporary Amperex Technology Co., or CATL. Ford's deal with CATL was originally announced in 2023 but has drawn renewed attention amid tensions between the U.S. and China as well as Ford's plan to use the battery technologies for energy storage systems. "While DOT recognizes the intense competitive pressures of the global market, the Company's recent strategic decisions paint a troubling picture of a foundational American brand actively intertwining its future with Chinese state-backed enterprises," Duffy's letter read. Duffy urged Farley, who has been complimentary of Chinese competitors as well as the Trump administration's attempt to promote U.S. manufacturing, to "reflect on these concerns and national necessities and adopt reasonable strategies that prioritize American workers, utilize allied supply chains, and promote the self-reliance and integrity of the domestic automotive industry." "Ford supports the Trump administration's vision for advancing American innovation and manufacturing," the company said. "Had Secretary Duffy reached out before issuing his letter to the press, we would have been happy to share more details about Ford's U.S. commitment." Get this delivered to your inbox, and more info about our products and services.

Trump administration expresses 'profound concern' over Ford's ties to China
Europe
The Guardian

Could AI really wipe out humanity – six experts spell out the risks

Experts say claims AI could kill all humans through biological weapons development had no scientific basis. Illustration: wildpixel/Getty ImagesView image in fullscreenExperts say claims AI could kill all humans through biological weapons development had no scientific basis. Illustration: wildpixel/Getty ImagesAI (artificial intelligence)ExplainerCould AI really wipe out humanity – six experts spell out the risksWe examine claims and counterclaims about the risks and calls to slow down the pace of AI development There have been some shocking claims in recent days about AI safety: we face a 10% chance of doom; AIs are worse than nukes; a “botnet” threatens the entire internet; it’s all a big tech psyop. Amodei’s concerns should not be entirely dismissed but require a large shaker of salt, said Gary Marcus, an AI sceptic and emeritus professor at New York University. It was “nonsensical”, he said, to suggest the entire internet is vulnerable and that it was “pretty unclear how that happens without extreme negligence on the part of the labs themselves”. Marcus highlighted a recent assessment by the UK AI Security Institute that Mythos, one of Anthropic’s current leading-edge AIs, could “autonomously compromise [only] small, weakly defended vulnerable systems”. With large parts of the internet driven by computer infrastructure owned by Cloudflare, Google and Amazon Web Services (AWS), Marcus – assessing the claim with two colleagues – said he doubted that any of those companies could be taken down or controlled for a prolonged period of time without government force. Less defended individual websites might be attacked but “the internet itself is very unlikely to crumble”, they said. Meanwhile Niels Rogge, an engineer at Hugging Face which was hacked by OpenAI agents, called the internet takeover claim “bizarre nonsense”. The hack into Hugging Face resulted from improper human control and “an insane amount of compute only they can afford”, he said. Add to Amodei’s assessment of an internet takeover within a year the view expressed on Monday by his Anthropic co-founder Jack Clark, that the moment when AIs “start doing dangerous stuff” was in about 20 years, and the picture becomes more doubtful still. Prof Alan Woodward at the University of Surrey’s centre for cyber security said botnets tend to stall as the internet is not homogeneous and it is difficult to design them to persist in all its parts. Internet traffic is also resilient and tends to reroute around damage. “The AIs would not decide to do it on their own,” Woodward said. “It’s the humans that are responsible and the AI is a tool. That is what we need to control, not the AI.” This statement is an expression of what is known in the AI world as p(doom) – or probability of doom. It’s the likelihood of AI wiping out humanity by evading our control and triggering catastrophe, perhaps through developing potent bioweapons or crashing the global financial system. One survey of researchers’ forecasts, published this week, asks them to place a number on the chance of “human extinction or similarly permanent and severe disempowerment from advanced AI”. But Heidy Khlaaf, chief scientist at the AI Now Institute research body, is among experts sceptical about giving percentage chances to existential scenarios. “These claims are neither falsifiable nor verifiable, making then unscientific by their very nature,” she said. The shortage of concrete examples of what a “superintelligent” AI might do to cause “doom” only adds to the cloudiness. A source familiar with Anthropic’s thinking acknowledges that “the exact chances of any one outcome are probably unknowable”.

Could AI really wipe out humanity – six experts spell out the risks
North America
CNBC Finance

Wealthy investors are pouring billions into this new tax strategy despite risks

Wealthy investors are pouring billions into a new tax-saving strategy despite potential risks, according to investment experts. Total assets invested in so-called tax-aware long-short strategies — or TALS — have surged to more than $170 billion from $2 billion in 2022, according to Tax Alpha Insider. The strategies seek to track equity indexes while generating tax losses that can offset capital gains taxes. TALS products and their variants have caught fire among wealthy investors. After three years of double-digit increases in the stock market, high-net-worth investors are sitting on large gains they don't want taxed. Business owners who have sold a company and executives who hold concentrated stock positions also are flocking to the products. The surge in IPOs, with many employees holding stock that soars in value, is adding to demand for products that can offset big realized gains. For the wealth management industry, tax-aware products have become a bonanza. As other investment strategies become commoditized or automated, complex long-short strategies command hefty fees and attract new clients. "These are phenomenally profitable and sticky products that the wealth management industry is incentivized to sell," said Bob Casey, CEO of Santa Barbara Management, which advises family offices. "They are growing at eye-popping rates." The tax benefits can be substantial. Casey gives the example of a portfolio with a $1 million investment. With a tax-aware long-short strategy, the portfolio could generate capital losses of $250,000 in the first year, though that would decline over time. For a California-based investor, the $250,000 in losses could be worth up to $137,500 if they're offsetting short-term capital gains, he said. Those tax benefits, however, come with risks. Tax attorneys and investment experts say too many wealthy investors are rushing into TALS strategies without fully understanding the details or investment implications. The surge in assets is also attracting scrutiny from tax authorities. Here are four main risks wealthy investors should understand before investing in tax-aware long-short strategies. Earlier this summer, Treasury officials speaking at a Wall Street Tax Association seminar warned of "aggressive planning" involving investment products that offer tax losses. They didn't name tax-aware long-short strategies specifically. But they cited similar so-called "tax-alpha" products, like 351 conversions, box-spread ETFs and other funds that generate losses. "We're not going to let sophisticated abusive tax structuring become a runaway train," one Treasury official said at the seminar, according to two people who attended. The officials didn't say the practices are illegal. For now, they're seeking more information and input from Wall Street and tax attorneys. Tax lawyers add that the Trump administration touts its light touch with financial regulation, so any changes will likely be well-telegraphed. "Treasury seemed to be suggesting that they would be taking a look at a lot of different products and they're going to use the different tools at their disposal," said Mohsen Ghazi, partner at Ashurst Perkins Coie.

Wealthy investors are pouring billions into this new tax strategy despite risks
Europe
BBC Business

AI regulation faces political deadlock as calls grow for Congress to act

When President Donald Trump responded to mounting calls for a slowdown in the development of artificial intelligence (AI) on Monday, he was unequivocal. "AI taking over the World, destroying Humanity, and all other things bad, is a HOAX," he wrote on social media. He earlier argued that "the only control or 'guardrails' that AI needs" is a "strong and smart" president. Trump's view, unsurprisingly, is not shared by senior Democrats in Congress. It is also opposed by leading figures in the AI sector, who have in recent days issued stark safety warnings and made the case for government regulation. Any bill would have to pass in both the House of Representatives and the Senate to become law. Trump's staunch opposition to new guardrails on AI means the Republican Party, which has a majority in both chambers, is unlikely to break from him and back restrictions or government controls. And even if they did, whatever bill is passed would most likely require the president's signature to take effect. Trump's dismissal of the need for regulations on Monday effectively hit pause on any hope for executive action. Beyond this, a more immediate obstacle to any movement in Congress is the clock. The House is set to enter recess at the end of the week until after the midterm elections in early November. Some leading Democrats are calling for that recess to be delayed until AI safeguards can be passed in the chamber. "Congress should not leave town until something is done decisively to protect the safety and the wellbeing of the American people," Democratic House Minority Leader Hakeem Jeffries told reporters on Monday. A group of House Democrats calling for Congress to be given more time to debate the issue have also written a letter to Republican Speaker Mike Johnson, who would ultimately decide on delaying the recess. "Reasonable minds may disagree about precisely how Congress should regulate this rapidly evolving technology," the group said. "We cannot disagree about the imperative for Congress to act." Over the weekend, Republican congresswoman Anna Paulina Luna suggested on X that "Congress SHOULD convene a special session" on the issue. But it is highly unlikely the recess will be delayed or a special session convened in the coming days. Speaker Johnson, who on Monday faced a barrage of questions about AI from reporters in the halls of Congress, gave no sign he intended to move quickly this week.

AI regulation faces political deadlock as calls grow for Congress to act
Europe
The Guardian

Iran’s Houthi allies capture strategic island on vital oil shipping route

Houthi fighters on a march to mobilise more fighters against Saudi-backed government troops, in Sana'a on Thursday. Photograph: Yahya Arhab/EPAView image in fullscreenHouthi fighters on a march to mobilise more fighters against Saudi-backed government troops, in Sana'a on Thursday. Photograph: Yahya Arhab/EPAYemenIran’s Houthi allies capture strategic island on vital oil shipping routeRampant Yemeni fighters take control of island in narrow point of Bab al-Mandab strait, which Saudi is relying on for oil exports Yemen’s rampant Houthi forces have captured the strategic island of Perim in the Bab al-Mandab strait, expanding their control of the narrow waterway, one of the ​world’s vital shipping routes. The Iran-aligned Houthis took control of the volcanic island after forces allied to the UN-backed, Aden-based government left in the latest of a dramatic series of reverses along Yemen’s west coast in recent days, including the loss of the port city of Mocha on Thursday. Saudi Arabia, which supports and bankrolls the official Yemen government, mounted air raids on Houthi positions in Mocha on Friday. The Bab al-Mandab strait links Asia to Europe via the Red Sea and Suez canal. Perim island, also known as Mayun, divides the waterway in two, close to its narrowest point. The United Arab Emirates, a former Saudi ally in the anti-Houthi coalition, had been building an airbase on the island before ending its active involvement in the conflict in January. Saudi Arabia has increasingly relied on the Red Sea and Bab al-Mandab to export its crude since Iran has been targeting vessels in the strait of Hormuz. About 12% of the world’s goods are typically shipped through the strait. Saudi Arabia has now said it has shut down a crucial pipeline a day after it was attacked by drones, and Yemen’s Iranian-backed Houthi rebels captured Perim. It said it had shut its East-West pipeline as “a precautionary measure”, blaming the attack on several drones that came from Iraq. In a statement carried by the state-run Saudi Press Agency, the kingdom said it would not respond to the attack to give the Iraqi government “an opportunity to take the necessary measures”. The pipeline, also known as the Petroline, runs for 1,201km (746 miles) from the Abqaiq oilfield in the kingdom’s east near Bahrain and Qatar, to the port city Yanbu at the Red Sea. Built in the 1980s, it has played an important role in Saudi Arabia’s ability to export oil after the disruption of the strait of Hormuz during the Iran war. Full Houthi control of shipping in the Bab al-Mandab strait, alongside Iranian control of the strait of Hormuz, would strengthen the chokeholds of anti-western forces over global energy shipments. Oil prices have risen to more than $100 a barrel as the fighting in Yemen has escalated. Iran hailed the Houthi advances in an official statement on Friday, its first extended comment on the renewed fighting inside Yemen. Iran and the Houthis have been allied since the Houthis rose to power inside Yemen in 2014.

Iran’s Houthi allies capture strategic island on vital oil shipping route
Europe
The Guardian

AI-linked stocks slide after tech bosses call for slowdown in ‘reckless’ development

Shares in chipmaker Nvidia were down 3% by early afternoon in New York. Photograph: VCG/Getty ImagesView image in fullscreenShares in chipmaker Nvidia were down 3% by early afternoon in New York. Photograph: VCG/Getty ImagesAI (artificial intelligence)AI-linked stocks slide after tech bosses call for slowdown in ‘reckless’ developmentDonald Trump dismisses attempts to increase controls on artificial intelligence as ‘sick conspiracy’ AI-linked stocks tumbled on Monday after the bosses of Anthropic, OpenAI and SpaceX called for a slowdown in AI “reckless” development, citing fears the technology could soon run out of control. Shares in the semiconductor designer Nvidia – the world’s most valuable company – were down 3.3% by market closing in New York City, while Advanced Micro Devices (AMD) slid 4% and Micron Technology and Sandisk shares slumped by 5%. The tech-heavy Nasdaq index fund was down 0.5% by the end of the day. The sell-off came after the chief executive of Anthropic, Dario Amodei, appealed at the weekend for the AI industry to “slow down”. However, Donald Trump dismissed calls to increase controls on AI as a “sick conspiracy”. The president added that his administration had “stopped AI ‘people’ from doing bad, or potentially bad, ‘things,’ like Dario (Anthropic!)”. Trump offered a similar assessment when he called Nvidia chief, Jensen Huang, while the executive was on stage at an AI conference in California on Monday. “It’s a hoax,” Trump said via speaker phone to the audience. “The robots are not going to be taking over the world. That’s not going to happen.” The UN security council, meanwhile, is planning to hold a meeting on AI next week as international concern rises, Agence France-Presse reported on Monday. Shares in SoftBank, a Japanese investor that is a big backer of OpenAI, slumped 13%, while the South Korean Kospi stock index, which relies heavily on chipmakers that supply AI companies, dropped by 3%. Shares in the big global microchip supplier Taiwan Semiconductor Manufacturing Company dropped 1.2%. In Europe, shares in the Dutch tech manufacturer ASML, Europe’s biggest company by value and an important supplier for the semiconductor industry, slumped by 6%.

AI-linked stocks slide after tech bosses call for slowdown in ‘reckless’ development
Europe
BBC Business

Government set to nationalise troubled steel firm

A plan to nationalise the UK's third-largest steelworks is being developed by the government, MPs have been told. Business Secretary Jonathan Reynolds told the House of Commons ministers were looking to acquire Speciality Steel UK (SSUK), which has sites in Stocksbridge and Rotherham in South Yorkshire and Wednesbury in the West Midlands. The government initially took control of SSUK, previously part of Liberty Steel, last year after it was forced to liquidate by the High Court. Reynolds said a bidder had come forward earlier this year, but the government had decided against supporting it, citing "serious concerns" over the proposed financing of the deal and "protections for UK taxpayers". Ministers had therefore decided that the government would plan its own formal acquisition of the business, he explained. Production at the business, which employs about 1,300 people, was paused several months ago, with staff put on furlough on reduced wages. Reynolds told the Commons: "Having concluded that we cannot support the preferred bidder's proposal, we are faced with a choice. "We can allow events to take their course through the liquidation process and risk being left with no say in the future of these sites, or we can act. "We will therefore engage with the official receiver sale process and develop a proposal for the public acquisition of SSUK. "This will preserve strategic control and ensure that all credible future opportunities can be properly considered before irreversible decisions are taken." Future decisions and spending commitments relating to the business would be "subject to detailed due diligence and funded from existing government budgets", Reynolds said. He added: "Working towards public acquisition will create the necessary time and space to undertake a full assessment of the opportunities available.

Government set to nationalise troubled steel firm
North America
CNBC Economy

Canada's retaliatory tariffs worth $27.6 billion take effect as trade rift with U.S. deepens

Canada's retaliatory tariffs on a swathe of U.S. goods took effect on Tuesday after trade talks collapsed last month, as relations between Washington and Ottawa continue to sour. The duties range from 15% to 50% across hundreds of U.S. products worth a total $27.6 billion, including dairy, agricultural equipment, paper, household appliances and electronics. Canadian tariffs on U.S. steel, aluminum and iron products doubled to 50%, while furniture, motorbikes, clothing and some beauty products were among the goods hit with the highest rate. Canada called the move a "dollar for dollar" response to U.S. levies on its own goods, which have been targeted by Section 338 tariffs. Its Department of Finance said it would protect Canadian workers, producers and manufacturers by allowing them to better compete with U.S. products sold in the domestic market. Existing Canadian counter-tariffs against the U.S., including 25% on the politically sensitive autos sector, remain in place. Trade talks between the longstanding allies fell apart at the end of August, with officials on each side blaming one another for the failure to reach a deal and publicly disagreeing over which areas they could not find compromise. The U.S. exported $333.6 billion worth of goods to Canada, and imported $381.9 billion from its northern neighbor. The pair share trade in many of the same sectors, including energy, vehicles, heavy machinery, aircraft, pharmaceuticals, gems and jewelry, furniture, clothing and a host of foods and drinks. Economists say that while the impacted goods are a relatively small portion of overall trade, small- to medium-sized businesses and those in the most-impacted sectors face a severe blow. Ottawa announced a $7.5 billion support package for businesses and workers last month, extending an existing $25 billion it provided in response to the U.S. global tariff offensive, which began in April 2025. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Canada's retaliatory tariffs worth $27.6 billion take effect as trade rift with U.S. deepens