Tue, Sep 10, 2024 11:36 AM
SBI Life, HDFC Life shares trade 3% lower as GST cut on insurance premium
A Flip by Shubhangi Gupta
Amazon delivery drivers and Starbucks baristas are on strike in a handful of US cities as they seek to exert pressure on the two major companies to recognize them as unionized employees or to meet demands for an inaugural labour contract. The strikes that started Thursday and Friday followed other recent standoffs between corporate America and organised labour.
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With its 0.04% gain Thursday, the Dow finally broke its 10-day losing streak, the worst since the 70s. This week’s performance was yet another reminder of why the historically important index is now more historical than important, having long ceded its role to the S&P 500. Before the market’s dramatic reaction to the Fed on Wednesday, the Dow had been running counter to the S&P 500 and Nasdaq.
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Between March 2022 and July 2023, the Federal Reserve raised its benchmark rate 11 times. As a result, money market account (MMA) interest rates rose sharply. However, the Fed slashed the federal funds rate by 50 basis points in September, and another 25 basis points in November and December. So deposit rates — including money market account rates — have started falling.
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