Ticker: Nvidia, Big Tech stocks lift market despite drops
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A rebound for some influential Big Tech stocks helped lift the U.S. market despite a drop for Apple and mixed trading elsewhere on Wall Street.
The S&P 500 rose 0.4% Tuesday, even though the majority of stocks within the index fell. The Dow Jones Industrial Average lost 0.4%, and the Nasdaq composite added 0.8%. Apple sank after warning it may squeeze out less profit from each $1 in revenue as costs jump for memory chips. But Nvidia and other AI-related stocks offset that after bouncing back following weeks of their own sharp swings. Oil prices sank.
Higher oil prices boost Saudi Aramco profits
Saudi Aramco is reporting a 35% increase in third-quarter net profit, boosted by higher oil prices and the sale of a stake in a Malaysian company.
Net profit rose to $36.3 billion from $26.9 billion a year earlier. Adjusted net profit, excluding the sale, increased 9% to $31.2 billion. The company benefited from high profit margins at its refineries. Oil prices surged after the Iran war began in February, disrupting supply.
Australia social media ban for kids challenged
Australia's highest court is hearing challenges to a law banning children younger than 16 from social media. The law that took effect last year targets platforms like Facebook, Instagram, and TikTok.
A Sydney rights group argues it violates freedom of political communication.
Reddit disputes its categorization under the law and says the ban raises privacy issues. Communications Minister Anika Wells defends the law, emphasizing children's right to be free from harm. The hearing ends Wednesday. The law allows the platforms to be fined if they fail to take steps to keep children from holding accounts.
Paraguay seizes digital bank tied to president
Paraguay's central bank has seized Ueno Bank, a major digital lender with close ties to President Santiago Pena, fueling a political crisis and threatening the country's reputation among investors.
The takeover leaves millions of customers' savings and up to $850 million in public funds in limbo. Central bank President Carlos Carvallo, who previously ran Ueno, says he has signed his resignation but will temporarily oversee its resolution.
NKorea denies involvement in hack
North Korea has denied its involvement in the recent cryptocurrency heist at Binance, dismissing as "a trite provocation" a U.S. announcement that North Korean hackers were behind the incident.
Binance, the world's biggest cryptocurrency exchange, said Friday that hackers stole more than $6 billion in what appears to be the largest cryptocurrency heist on record.
AI cyberattacks on critical infrastructure to be likely
Britain's cyberchief says the U.K. is likely to face artificial intelligence cyberattacks on its critical infrastructure by 2028.
Richard Horne warned on Tuesday that criminals and states like China and Russia will increasingly use AI in their cyberactivities. This could include AI-powered malware for ransomware attacks. He emphasized that outdated technology could lead to severe consequences like empty shelves and power outages.
Taco Bell sales recover in US after outbreak
Taco Bell's U.S. sales are climbing again after a cyclospora outbreak tied to the chain slowed visits over the summer.
Yum Brands, which owns Taco Bell, said Tuesday that Taco Bell's same-store sales have been outperforming the U.S. fast-food industry since the end of September.