The most important interest rate in the country isn't the fed funds rate, which was lowered Wednesday to below 5%, but rather the yield on the 10-year Treasury note, which rose Wednesday to 3.71% from a closing level of 3.65% on Tuesday.
Why it matters: Most corporations and individuals don't borrow money overnight. When they borrow for long-term investments, including mortgages, the cost of money is priced off the 10-year Treasury yield.
More than 20 local Teamsters groups have parted ways with the national organization to endorse Vice President Kamala Harris in the presidential election.
Why it matters: That support represents one million members including councils in battleground states of Michigan, Nevada, Pennsylvania and Wisconsin, per the Harris campaign.
Why it matters: Two previous attempts to place a specially created subsidiary into Chapter 11 protection failed after courts ruled the parent company wasn't broke and therefore couldn't use bankruptcy to its advantage.
Former President Trump is now free to sell shares in the parent company of Truth Social, as a stock lockup provision expired after Thursday's market close, although last week he pledged that he wouldn't.
Catch up quick: Trump and some other insiders had been prohibited from selling for six months after Truth Social's parent company went public via a blank-check company.
OpenAI is expected raise around $6.5 billion at a $150 billion pre-money valuation, while also turning down billions of oversubscribed dollars, as first reported by Bloomberg.
Why it matters: This would be the largest venture capital round of all time, topping the $6 billion raised earlier this year by Elon Musk's xAI.
Microsoft and Constellation Energy just unveiled a power purchase deal that would enable a restart of a reactor at Pennsylvania's Three Mile Island nuclear plant.
Why it matters: The plan to bring a plant associated with an infamous 1979 partial meltdown back online in 2028 blends two big energy trends.
Waffle House pays its tipped workers less than minimum wage to put in hours of un-tipped work — cleaning bathrooms, cooking and washing dishes — according to a union complaint filed Thursday at the Labor Department.
Why it matters: Tipped workers are in the national spotlight, with first Donald Trump and then Kamala Harris, promising to get rid of taxes on tips. Many restaurant workers don't earn enough to owe income tax, so higher minimum wages might be a more pressing need.
Across Silicon Valley, entrepreneurs are clashing with the professionals hired to oversee the companies they founded — and they seem to have the upper hand.
Why it matters: In Silicon Valley, entrepreneurs are known as "founders" and are broadly exalted. Hired hands, by contrast, are seen as "professional fakers" who often "drive the company into the ground," as venture capitalist Paul Graham put it in a controversial essay this month.
Thought experiment: Do you feel at least slightly more anxious today than six months ago? Do you feel at least slightly more skeptical that what you're reading is real and true than six months ago?
Why it matters: Join the club. We've been asking people that as we travel the country. Almost everyone nods — regardless of age, region or education. Here's why: This election combines the worst of 2016 with the worst of 2020.
New York Magazine Washington correspondent Olivia Nuzzi is on leave after an alleged "romantic" relationship with former independent presidential candidate Robert F. Kennedy, Oliver Darcy's Status newsletter reported on Thursday.
The big picture: The magazine said in an online statement that Nuzzi "acknowledged" to editors "that she had engaged in a personal relationship with a former subject relevant to the 2024 campaign while she was reporting on the campaign, a violation of the magazine's standards around conflicts of interest and disclosures."
