Wall Street climbs
on hopes for rate cuts
U.S. stocks saw an increase following positive news on inflation and reassurances from the Federal Reserve regarding potential interest rate cuts this year. On Wednesday, the S&P 500 rose by 0.9%, adding to its record high from the previous day. The Nasdaq composite also saw gains, rising by 1.5% to set a new record. In contrast, the Dow Jones Industrial Average lagged behind, slipping marginally by 0.1%. Bond prices dropped after a morning report revealed a slowdown in consumer price inflation in May. Despite this, Treasury yields remained lower after the Fed maintained its main interest rate.
Sony Pictures buys
Alamo Drafthouse
Sony Pictures Entertainment has entered the exhibition business by acquiring Alamo Drafthouse Cinema, a well-known theater chain. The deal, announced on Wednesday, also includes the acquisition of the genre film festival Fantastic Fest. Despite the acquisition, Sony plans to continue featuring content from various studios and distributors at these theaters. Historically, Hollywood studios were prohibited from owning theaters, but this changed in 2020 after the termination of the Paramount Consent Decrees. For Sony, acquiring Alamo Drafthouse aligns with its experiences initiatives.
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WeWork emerges
from bankruptcy
WeWork has successfully emerged from bankruptcy and introduced new leadership. The co-working space provider, once highly regarded on Wall Street, faced challenges due to rapid expansion and unsustainable real estate costs. Through its restructuring, WeWork has managed to reduce billions in debt and cut future rent obligations by half. Now operating as a private entity, WeWork aims to regain success under new leadership. David Tolley has stepped down as CEO, with John Santora, previously from real estate company Cushman & Wakefield, appointed as his successor.
X is now hiding posts
you like from others
Social media platform X has implemented changes to hide users’ likes. In an update shared earlier this week, X’s engineering team announced that all users’ likes would be made private, only visible to the account owner. This adjustment, effective as of Wednesday, removes the ability for others to view liked posts on users’ profiles. This is one of several modifications on the platform since its acquisition by billionaire Elon Musk for $44 billion in 2022.
Baltimore’s busy
port fully reopens
The Port of Baltimore anticipates a return to normal commercial shipping traffic following the full reopening of its main channel. A cleanup costing approximately $160 million was conducted after a bridge collapse in March, causing some shipping companies to divert cargo to other ports. U.S. Transportation Secretary Pete Buttigieg is confident that companies will resume operations at the restored channel. President Joe Biden has pledged federal government coverage for the rebuilding costs, pending approval from Congress.
From Gazette news services