September 11, 2023

Markets Now

Instacart is in free fall as its valuation plunges

Instacart’s latest valuation is tens of billions of dollars below what the company was once worth just a year ago, as the company attempts an initial public stock offering in a challenging climate for online delivery.  
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What China's new smartphone means for Wall Street

Stock prices of chipmakers have soared over the last year as AI became the story of 2023. But in recent weeks, there’s been a notable drop in those shares as growing tensions between the US and China cloud their outlook.  
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How booming Vietnam offers the US an alternative to China

President Joe Biden left Vietnam Monday after a visit that deepened economic ties between Washington and Hanoi as part of efforts to reduce America’s reliance on China.  
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The 4 key reasons why the UAW could strike GM, Ford and Stellantis this week

Time is running short to avoid a strike at America’s three unionized automakers, and the distance between the United Auto Workers union and the companies remains large.  
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Smucker is buying Twinkies maker Hostess for $5.6 billion

Hostess, the maker of Twinkies and Ho Hos, is being purchased by J.M. Smucker in a $5.6 billion deal.  
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DraftKings apologizes for 9/11-themed 'Never Forget' parlay bet

The wager, bearing the title “Never Forget,” was a parlay bet that the New York Mets, New York Yankees, and New York Jets would win their respective games on September 11. DraftKings apologized and said it respects the “significance of this day.”  
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Source: CNN Business

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