Elon Musk Enters In-Flight Wi-Fi Market

• 3 min read
Elon Musk Enters In-Flight Wi-Fi Market

MARKET MOVERS

  • Elon Musk enters the in-flight Wi-Fi market with small satellites. The short jaunt from Burbank to San Jose, California, marks the start of Elon Musk’s bid to seize in-flight business from satellite providers Intelsat and Viasat which already serve thousands of aircraft. It recently held a demo for the media aboard a jet operated by its first airline customer, regional carrier JSX.

  • New ETFs will be tracking lawmakers’ portfolios. The options flow platform Unusual Whales is planning two ETFs divided along party lines: ticker NANC for Democrats and KRUZ for Republicans. Both will build portfolios based on the 300–600 investments disclosed by lawmakers and their families. The ETFs highlight a growing interest (and frustration) with lawmakers’ stacked portfolios. Read more here.

  • California home sales were off 24% YoY in August. Last month's sales pace was up 6.1 percent on a monthly basis from 295,460 in July and down 24.4 percent from a year ago, when 414,860 homes were sold on an annualized basis. The statewide median price edged up 0.7 percent in August to $839,460 from the $833,910 recorded in July and was up 1.4 percent from the $827,940 recorded last August.

  • Jobless rates tick up on the East Coast, led by New York City. August rates rose in 16 states and were little changed in the 34 others, according to Bureau of Labor Statistics data released Friday. Among states, the largest jumps were in Connecticut, Maryland, and New York, where the jobless rate rose 0.4 percentage points each from a month earlier.

  • Data centers might save Nvidia's loss from crypto and gaming. Nvidia has lost business from crypto as Ethereum transitioned to proof-of-stake. Meanwhile, sales to major data center customers in the U.S. look to remain strong through the end of this year. Overall data center sales soared 61% year over year in the most recent quarterly period. At $3.81 billion, those sales represented 57% of Nvidia's business. Read more here.
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WHAT TO WATCH

  • We may be entering a worldwide recession. FedEx CEO Raj Subramaniam warned of a potential "worldwide recession" during an interview on CNBC after the logistics giant reported that its operating profits fell 15% year over year in its fiscal 2023 first quarter, which ended Aug. 31. FedEx's business is viewed as a general indicator of the economy's health. FedEx's struggle might signal bad news for the global economy. Source(1:05:07)

  • EU proposes strict cybersecurity rules for digital-product makers. Companies that make digital devices and software will need to prove they fulfill basic cybersecurity requirements under a new European proposal intended to reduce hacking risks in a range of products, from home appliances and wearable devices to software and computers.

  • Goldman thinks European Natural Gas could fall by half in early 2023. Some analysts expect European power bills to triple early next year, necessitating government bailouts. Traders expect prices to stay high into 2023, moderating slightly by year-end. Gas futures for 2023’s first quarter are trading at 199.50 euros ($199.05) per megawatt hour.

  • Goldman cuts US growth forecast for 2023 after rate path change. US gross domestic product will increase 1.1% in 2023, economists including Jan Hatzius wrote in a note Friday, compared with a forecast of 1.5% previously. The projection for 2022 was left unchanged at 0%. Goldman raised its federal fund's rate forecast by 75 basis points over the last two weeks for a terminal rate forecast of 4% to 4.25% by the end of 2022. Read more here.

  • PayPal threatens to sever partnership with Phoenix Suns if owner Sarver returns. PayPal CEO Dan Schulman said the company would not renew its sponsorship with the Phoenix Suns if owner Robert Sarver returns from his one-year suspension. An NBA investigation found that Sarver committed multiple workplace violations, including the harassment of female employees.
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