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Tech stocks overshadow gains for Wall Street
A morning rally for U.S. stocks petered out as the tech and AI industries remained shaky following their sell-off last week.
The S&P 500 fell 0.5% Monday after erasing a gain that reached 1.1% early in the day. The Dow Jones Industrial Average added 0.4%, while the Nasdaq composite fell 1.1%. The mixed performance for indexes came even though the majority of stocks within the S&P 500 climbed.
Meta delays new business terms
Meta is delaying new terms for business accounts after a backlash from media companies and open-web advocates.
The terms, set for
Oct. 30, would allow Meta to use automated tools to scrape data from business accounts. Critics argue this could lead to Meta building competing services using the scraped content. A Norwegian court recently suspended the terms, and the UK is investigating.
Supermarket freezers hit by apparent cyberattacks
Supermarkets in Sweden, Belgium, Luxembourg, Ireland and Estonia reported disruptions to their refrigeration systems, apparently caused by cyberattacks.
Some of the stores affected by Monday's incident were forced to discard spoiled food. Similar attacks in France last month sent temperatures soaring inside supermarket fridges and freezers. In Sweden, the ICA retail group said a limited number of stores were affected, while Coop reported problems at six stores.
Anthropic posts $17B quarterly revenue
Anthropic reports quarterly revenue swelling to $17 billion but still posts a net loss for the latest three months.
The AI giant released this update in an IPO filing on Monday. The company behind the Claude chatbot has committed to spending $895.4 billion on AI computing and infrastructure, including $70 billion in the next
12 months.
Trump to cut South Africa from trade program
U.S. President Donald Trump will cut South Africa and Rwanda from the AGOA trade agreement at the end of the year as punishment for not meeting certain criteria.
The Office of the U.S. Trade Representative made the announcement on Monday. It said the two nations will lose their memberships from Jan. 1 next year. In South Africa's case, it's another sanction against Africa's biggest economy by the Trump administration.
Carney reports progress in trade talks with US
Canadian Prime Minister Mark Carney says he had a constructive conversation with U.S. President Donald Trump about a potential trade deal. Trump subsequently said both sides had "the concept of a very good deal."
Negotiators will work in the coming weeks toward an agreement. Carney shared this update Sunday, signaling fresh momentum in a trade dispute just days before the U.S. midterm elections. Talks had stalled in August when Canada rejected U.S. demands.
Apple posts
strong Q4 revenue
Apple Inc. has posted stronger-than-expected revenue in the fiscal fourth quarter, giving new CEO John Ternus a positive start to his tenure that began in September.
The company earned $30.71 billion, or $2.10 per share, in the July-September period. That's up 12% from $27.47 billion, or $1.85 per share, in the same period a year earlier. Revenue rose 12% to $114.5 billion from $102.5 billion. Analysts, on average, were expecting earnings of $1.99 per share on revenue of $113.4 billion, according to a poll by FactSet.