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<ul class="summary-list"><li><keyword id="20241342" type="General" weightage="20" keywordseo="buck" source="keywords">Buck</keyword> and <keyword id="23582845" type="General" weightage="20" keywordseo="gracie-close" source="keywords">Gracie Close</keyword> are funding a basic income program for victims of unjust policing.</li><li>They view the program as a form of reparations for their family's history as slave owners.</li></ul>Buck and <keyword id="23582843" type="General" weightage="20" keywordseo="gracie" source="keywords">Gracie</keyword> <keyword id="20071130" type="General" weightage="20" keywordseo="close" source="keywords">Close</keyword> aren't shy about their family history. The siblings, both in their 70s, are the descendants of slave owners who operated lucrative cotton mills in South Carolina. "We were raised with the myth of the Old South and how wonderful everybody was, and kind, and family-like with the slaves that they did hold," Gracie Close, a 72-year-old based in Washington state, told Business Insider. "The role of slavery in creating generational wealth was not something that we discussed or thought about growing up," said Buck Close, who is 74 and now resides in Louisiana. "We were always immersed in the valor of the Old South. At that time we were, anyways." The two siblings are now privately funding a yearlong basic income program in Louisiana focused on transferring wealth to people who were victims of racist policing, an act they view as a form of reparations. The Truth and Reconciliation Project was brought to life by the American Civil Liberties Union of Louisiana, which selected 12 people who were "survivors of police misconduct who did not receive restitution in the courts," the ACLU of Louisiana website says. Program recipients told the ACLU they had spent thousands of dollars on court and legal fees while trying to fight charges and clear their names. Since November 2023, each recipient has received $1,000 a month in no-strings-attached payments. They also get access to free financial coaching, mental health counseling, and legal expungement services. The monthly checks will conclude this month, but the services will continue being offered for at least another year. "Those services were very important," Gracie said. "I think it puts a foundation under them that they've never had access to before." In a progress report after the program's sixth month, recipients of the guaranteed monthly income said they had better access to healthier food and basic necessities (such as transportation, housing, and healthcare). They were also significantly more comfortable withstanding surprise expenses. "I am proud of the GMI program we funded at the ACLU and look forward to the culmination of it in December. We will get to spend a day with the recipients and hear how they feel it has worked for them," Gracie said. <h2>Unraveling generations of hard truths</h2>In 2019, Buck, a donor to the ACLU of Louisiana, met for coffee with <keyword id="23582844" type="General" weightage="20" keywordseo="maggy-baccinelli" source="keywords">Maggy Baccinelli</keyword>, a senior director. They stayed in touch and continued their conversations in the following years. "She started talking about the roots of your generational wealth. She brought the subject up, and that was the spark, really, for me," Buck said. "I was very acquainted with racism and the evils of that. But I never focused on the history of my own family." Buck and Gracie grew up on the property of the White Homestead in Fort Mill, which is the site of the last full meeting of the Confederate Cabinet in 1865, according to the family's archives and The Rock Hill Herald, a local newspaper. While it wasn't a secret to Buck and Gracie that their generational wealth had been earned using slave labor centuries prior, it also wasn't something that they felt they had taken accountability for as a family. "I don't think my mother and father hid anything from us. I think this was just the milieu of the South at that time. Nobody was questioning the methods by which ancestors had become prosperous," Buck said. At the ACLU of Louisiana, Baccinelli and her colleagues started "discussing what it would be like to go deeper into the family history and to study the arc of slavery to mass incarceration and overlay the family history onto that arc," Baccinelli told BI. "We presented to Buck our idea about it, and he agreed, and he said that he wanted to invite his sister, Gracie, to participate," she said. With funding from Buck, the ACLU hired a genealogist to research the Close family history, including records of people their ancestors had purchased and enslaved. "It is time to spread the wealth and admit responsibility for our ancestors' participation in slavery," said Gracie, who noted she acts out of responsibility rather than guilt. "To work for justice today, we have to consider our past." In November, the two siblings <a target="_blank" class="" href="https://www.newsweek.com/learning-truth-reconciling-past-deep-south-opinion-1847646">published an op-ed</a> urging other descendants of slave owners to take similar action to investigate their pasts. <h2>Basic income as a form of reparations</h2>When considering how to address past wrongs, Buck and Gracie "latched on" to the idea of a <a target="_blank" class="" href="https://www.businessinsider.com/basic-income-opposition-discriminatory-universal-basic-income-argument-2024-4">guaranteed basic income</a>. Small-scale <a target="_blank" class="" href="https://www.businessinsider.com/los-angeles-guaranteed-basic-income-pilot-ubi-partner-violence-employment-2024-7">guaranteed basic income programs</a> have sprouted around the country in recent years, inspired in part by the success of pandemic-era cash handouts. These basic income programs offer unrestricted cash payments to specific groups of vulnerable low-income residents for a limited time period. The programs differ from a universal basic income, which would offer regular cash payments to all residents regardless of their financial status. "Our goal is to try to transfer wealth gained by us through the enslavement of others to descendants of the enslaved," Buck said. "So it fit that marker pretty well." American police systems can trace their <a target="_blank" class="" href="https://www.businessinsider.com/history-of-police-in-the-us-photos-2020-6">roots back to slave patrols</a>, Baccinelli said. "The reason why it's reparations is because policing started in the 1600s as slave patrols," Baccinelli said. "That's the beginning of the arc to where we are now, and so we see racist and unconstitutional policing as a vestige of slavery. I would venture to bet that every person in the program is a descendant of somebody who was enslaved, but I don't have confirmation on that." To that end, Buck and Gracie hope to establish a similar reparations-based program in South Carolina, the site of their ancestral home, that "transfers wealth from us as descendants of enslavers to other people who were descendants of the enslaved." "We're optimistic," Buck said. October 13, 2024 — A previous version of this story misstated where Buck and Gracie Close are from and what their future plans are. They are from Fort Mill, South Carolina, not North Carolina. In the future, they hope to implement a reparations-based program in South Carolina, not a basic income program.

A basic income program funded by descendants of slave owners provides $1,000 a month as a form of reparations

<ul class="summary-list"><li>The final week of the election has seen one outrage cycle after another.</li><li>First, it was a joke about Puerto Rico. Then Biden's gaffe. And it only continued from there.</li></ul>At the end of a rally in Wausau, Wisconsin on Monday, Sen. JD Vance of Ohio called on Americans to toughen up."I think that we have to stop getting so offended at every little thing in the United States of America. I'm just — I'm so over it," said Vance, the GOP's vice presidential nominee. "Our country was built by frontiersmen who conquered the wilderness. We are not going to restore the greatness of American civilization if we get offended at every little thing."Vance was responding to a question about comedian Tony Hinchliffe's <a target="_blank" class="" href="https://www.businessinsider.com/trump-madison-square-garden-rally-overshadow-economy-puerto-rico-2024-10">joke about Puerto Rico</a> being a "floating island of garbage" at a Trump rally the previous day.By Tuesday, Vance himself seemed offended, <a target="_blank" class="" href="https://x.com/JDVance/status/1851419418842034332">taking to X</a> to weigh in on a clip of President Joe Biden responding to the Hinchcliffe controversy — and appearing to refer to former President Donald Trump's supporters as garbage. "This is disgusting," Vance wrote. "There's no excuse for this. I hope Americans reject it."In the final week of the 2024 presidential election, fury and indignation have been the name of the game, with one outrage cycle leading almost seamlessly into the next — and both sides doing their best to capitalize on the moment at each turn.Hinchliffe's Puerto Rico joke spawned the initial news cycle (and within 24 hours, a new digital ad from Vice President Kamala Harris' campaign). Then came <a target="_blank" class="" href="https://www.businessinsider.com/trump-biden-maga-supporters-puerto-rico-election-2024-10">Biden's own gaffe</a> on Tuesday night (the White House has insisted that he was referring to Hinchliffe's "demonization of Latinos.") Seizing on the moment, Trump climbed into a garbage truck branded with his campaign's logo in Wisconsin on Wednesday.But at a rally soon after, clad in the bright-orange vest of a garbage truck operator, Trump <a target="_blank" class="" href="https://x.com/atrupar/status/1851778142580384209">said</a> he would protect women "whether the women like it or not," which Harris and her campaign quickly sought to amplify, <a target="_blank" class="" href="https://x.com/KamalaHQ/status/1852099368288919577">casting the remarks</a> as an attack on women's agency and autonomy.On Thursday, Trump and his allies got their own talking point on women when billionaire investor <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-mark-cuban-campaign-swing-states-sec-chair-2024-10">Mark Cuban</a>, a highly visible Harris supporter, went on "The View." When Cuban was asked why Trump hadn't campaigned with former UN ambassador Nikki Haley, he said that people "never see" Trump "around strong, intelligent women." That's since led to a flood of <a target="_blank" class="" href="https://x.com/KariLake/status/1852118069138853982">social media posts</a> and <a target="_blank" class="" href="https://nypost.com/2024/10/31/opinion/strong-intelligent-women-do-vote-red-and-will-vote-for-donald-trump-on-election-day/">op-eds</a> from female GOP politicians. Cuban apologized, saying he'd unintentionally "set myself up" for a negative sound bite.Thus, no one heeded Vance's call — including the Ohio senator himself. The motivation for both campaigns to harness outrage to their advantage in the closing days of the election is simply too strong.<h2 id="d6dbfaca-0cdb-47ce-9aa5-cc6735301b76">It's all about breaking through the noise</h2>The last week has been all about candidates trying to create "breakthrough moments" to benefit their campaigns, leveraging instances where a candidate or someone associated with them was seen as demeaning a large swath of the American public.There's a lot of noise in the course of a presidential campaign, with candidates (and their surrogates) giving interviews and appearing at rallies virtually every day. For the average voter, particularly those who are less engaged, it's pretty easy to tune it all out — unless there's a moment when one particular event dominates headlines, filters down organically to social media, and spurs conversations at dinner tables.Some breakthrough moments are naturally built into the campaign schedule. Historically, candidates have received a "convention bump" in their polling after their respective nominating conventions, driven by the largely positive coverage that blankets TV networks, newspapers, and, increasingly, social media.Debates also provide natural breakthrough moments, with tens of millions of voters tuning in to watch the candidates face off. But the last debate was one month ago, and the broad contours of the race have remained relatively static since then.That leaves it to each campaign to try to generate their own moments, like when Trump <a target="_blank" class="" href="https://www.businessinsider.com/trump-harris-mcdonalds-fry-cook-economy-election-2024-10">did a photo-op</a> at McDonald's. If that fails, they can try to leverage other developments to their advantage.Both candidates tried to do that this week. Trump's <a target="_blank" class="" href="https://www.businessinsider.com/trump-madison-square-garden-rally-overshadow-economy-puerto-rico-2024-10">Madison Square Garden rally</a> was supposed to spur media coverage about his <a target="_blank" href="https://www.businessinsider.com/trump-blue-cities-minority-voters-republican-campaign-2024-10">inroads</a> with voters who aren't traditionally Republican, while Harris's <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-closing-argument-washington-dc-speech-policty-economy-trump-2024-10">Ellipse rally</a> was supposed to highlight January 6 and her campaign's closing message.In both cases, they were upstaged by secondary moments that their opponents successfully latched onto, with Hinchcliffe drowning out Trump's rally and Biden spoiling Harris' rally.Outrage is a powerful motivator in politics, and over the last several days, both campaigns have tried to keep up the momentum. It's not hard to see why: In recent memory, both Democratic and Republican presidential candidates have suffered as the result of gaffes made late in the campaign, whether it was Mitt Romney's "47%" comment in 2012 or Hillary Clinton's "basket of deplorables" comment in 2016.And in an election where the media ecosystem is more fragmented than before, social media virality and "meme" value are especially important.It's why Trump donned a bright orange vest and climbed into a garbage truck, and it's why his supporters are responding to Cuban's comments with a social media campaign. These sorts of moments generate far more attention than a policy rollout.In short, with just four days to go until Election Day, don't be surprised if we see one or two more last-minute outrage cycles before then.

The closing note of the 2024 campaign: How dare you?

<ul class="summary-list"><li>OpenAI has gotten some heat for not being as "open" as its name may suggest.</li><li><a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-chatgpt-openai-ceo-career-net-worth-ycombinator-prepper-2023-1">CEO Sam Altman</a> explained the company's shift to closed AI models in a Reddit AMA on Thursday.</li></ul>Why doesn't OpenAI <a target="_blank" class="" href="https://www.businessinsider.com/guides/tech/what-is-open-source-software">open-source</a> the AI models behind ChatGPT if the company is called OpenAI?It boils down to what OpenAI is "good at" and the pathway to hitting the company's safety thresholds for its AI models, CEO Sam Altman said in a Reddit <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-chatgpt-answer-reddit-ama-questions-openai-2024-10">Ask Me Anything session</a> Thursday."OpenAI has shifted from a more open-source approach to a more closed model in recent years," a Reddit user <a target="_blank" class="" href="https://www.reddit.com/r/ChatGPT/comments/1ggixzy/comment/luq0o7g/?utm_source=share&amp;utm_medium=web3x&amp;utm_name=web3xcss&amp;utm_term=1&amp;utm_content=share_button">said</a>. "Can you elaborate on the reasoning behind this change, and how you weigh the trade-offs between openness and the potential risks associated with widely accessible advanced AI technologies?"Altman responded that open source "plays an important role in the ecosystem and there are great open source models in the world.""We also think there's an important role in the world for powerful and easy-to-use APIs and services, and given what we are good at, we see an easier way to hit the safety threshold we want to hit this way," he said. "We are pretty proud of how much value people get out of our services."Altman added that he "would like us to open source more stuff in the future."The comments from Altman follow a year in which OpenAI has received criticism for no longer open-sourcing its AI models. The company previously released the code for its <a target="_blank" class="" href="https://openai.com/index/gpt-2-1-5b-release/">GPT-2 AI model in November 2019</a>. However, it did not release the code for its future models, including its most recent GPT-4o and o1-preview models.Elon Musk, who <a target="_blank" class="" href="https://www.businessinsider.com/history-of-openai-company-chatgpt-elon-musk-founded-2022-12">cofounded OpenAI in 2015</a> alongside Altman and others before leaving the company's board, has been one of the most vocal critics of its new approach.In December 2022, a month after ChatGPT came out, he tweeted, "OpenAI was started as open-source &amp; non-profit. Neither are still true." OpenAI became <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-openai-mission-drift-for-profit-nonprofit-structure-investment-2024-9">"capped profit,"</a> a hybrid of nonprofit and for-profit structures, in 2019.Musk filed a lawsuit against Altman and OpenAI in March, claiming a breach of contract and that the company has abandoned its original mission. OpenAI published a blog post responding to his claims shortly after.One email exchange published in the blog post showed Ilya Sutskever, one of OpenAI's cofounders and its former chief scientist, writing to Musk, "As we get closer to building AI, it will make sense to start being less open. The Open in openAI means that everyone should benefit from the fruits of AI after its built, but it's totally OK to not share the science (even though sharing everything is definitely the right strategy in the short and possibly medium term for recruitment purposes)."The screenshot OpenAI published showed Musk responding simply, "Yup."<a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-drops-lawsuit-against-sam-altman-and-openai-2024-6">Musk dropped the lawsuit in June</a> before <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-sues-openai-sam-altman-again-why-2024-8">filing a new lawsuit in August</a> alleging he was "deceived" into cofounding the AI firm.Whether to be open- or closed-source is a hot topic in the AI industry right now. One of OpenAI's competitors that touts its open-source efforts is <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-open-source-ai-platforms-future-competition-apple-llama-2024-9">Meta</a>, whose latest offering in the space, the Llama 3.2 models, came out in September. CEO Mark Zuckerberg has said he believes open-source is "safer than the alternatives" and "necessary for a positive AI future."It's worth noting the company requires firms with a user base of 700 million active users a month or more <a target="_blank" class="" href="https://www.businessinsider.com/meta-llama-2-ai-model-not-open-source-2023-7">to request use of Llama</a>, and Meta can decide whether to grant access or not.The nonprofit Open Source Initiative has previously said this license "would not be qualified as an open-source license because it contains restrictions on commercial needs." The OSI also recently <a target="_blank" class="" href="https://www.emarketer.com/content/new-industry-definition-of-open-source-ai-challenges-meta-s-llama-model">said</a> Meta's Llama doesn't satisfy its definition of open-source AI.A Meta spokesperson said the company disagrees with OSI's definition."There is no single open source AI definition, and defining it is a challenge because previous open source definitions do not encompass the complexities of today's rapidly advancing AI models," the spokesperson said."We make Llama free and openly available, and our license and Acceptable Use Policy help keep people safe by having some restrictions in place," they added. "We will continue working with OSI and other industry groups to make AI more accessible and free responsibly, regardless of technical definitions."Elsewhere in the Reddit AMA, Altman said <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-chatgpt-answer-reddit-ama-questions-openai-2024-10">OpenAI's GPT-5 model is likely not launching this year</a> and that he was using ChatGPT to respond to some of the online questions.

Sam Altman explains OpenAI's shift from open to closed AI models

<ul class="summary-list"><li>The relationship between Trump and Putin has long been a source of controversy.</li><li>Analysts say Trump could broker a Ukraine peace deal on terms favorable to Russia.</li></ul>With only a month to go before the presidential election, <a target="_blank" class="" href="https://www.businessinsider.com/trump-touts-russia-army-history-justify-deal-putin-over-ukraine-2024-9">Donald Trump's relationship with Russian President Vladimir Putin</a> has once again come under the spotlight.In a forthcoming book, journalist <a target="_blank" rel="" class="" href="https://www.businessinsider.com/bob-woodward-trump-unparalleled-danger-democracy-president-2022-10">Bob Woodward</a> says that the former president and Putin have a closer friendship than previously known.According to <a target="_blank" class="" href="https://www.businessinsider.com/trump-putin-woodward-book-secret-covid-tests-seven-calls-2024-10">excerpts</a> published by CNN and the Washington Post on Tuesday, Trump sent Putin COVID testing devices in early 2020 for his personal use.The book also says that Trump may have had up to seven phone calls with Putin since leaving office in 2021, citing a Trump aide.The Trump campaign denied the report, with spokesman Steve Cheung claiming it is "the work of a truly demented and deranged man who suffers from a debilitating case of Trump Derangement Syndrome."The Kremlin on Tuesday<a target="_blank" class="" href="https://www.nbcnews.com/news/world/donald-trump-vladimir-putin-covid-testing-devices-phone-calls-kremlin-rcna174632"> said </a>that Russia received the COVID-19 testing kits, though added that Russia sent kits to the US in return. It denied <a target="_blank" class="" href="https://www.businessinsider.com/kremlin-says-trump-sent-putin-covid-tests-pandemic-denies-calls-2024-10">the seven calls that Woodward said Trump had with Putin.</a>While speculation and criticism about Trump's relationship with Russia's autocratic leader are nothing new, they are taking on a new significance amid the possibility of a second Trump presidency.<h2 id="ca1622e9-b987-46c8-878b-d263ec452e14">The Trump-Putin relationship</h2>Only weeks before Trump took office after his presidential victory, his administration-in-waiting was rocked by the publication of a dossier prepared by a former British spy.The report said that the Kremlin had secured compromising information that it could use to blackmail Trump.Trump's legal team said the dossier contained inaccurate information and that it breached his data protection rights.A subsequent inquiry by Special Counsel Robert Mueller found no evidence of coordination between Putin and the Trump campaign.<div type="image" title="Robert Mueller, who headed the FBI for 12 years, speaks into a microphone." height="2316" width="3500" msid="114090479" hostid="261" sizebytes="235904"></div>Throughout his presidency, however, Trump appeared friendly toward Putin and was reluctant to criticize Russia over reports of interference in the 2016 US presidential election.Trump has continued to praise Putin for being <a target="_blank" rel="" href="https://www.businessinsider.com/trump-praised-smart-putin-us-stupid-country-2022-2">"smart" </a>and<a target="_blank" rel="" href="https://www.businessinsider.com/donald-trump-vladimir-putin-ukraine-invasion-justification-genius-savvy-2022-2"> "genius"</a> after he began his unprovoked invasion of Ukraine."I'd say that's pretty smart. He's taking over a country – really a vast, vast location, a great piece of land with a lot of people, and just walking right in," Trump <a target="_blank" class="" href="https://x.com/american_bridge/status/1496682759208775683?s=21">said</a> in 2022.<h2 id="8940f3b3-81cf-4fcd-b657-4036ec84ba83">A Ukraine deal</h2>The US, under President Joe Biden, has provided billions in aid to Ukraine to battle the invasion launched by Russia in 2022, which the president has characterized<a target="_blank" class="" href="https://www.cbsnews.com/news/biden-normandy-d-day-ukraine-unchecked-tyranny/"> as a fight between</a> the forces of democracy and tyranny.Yet Trump has questioned why the US is helping Ukraine defend itself and had urged Republicans in Congress to block a Ukraine aid bill earlier this year, resulting in Ukraine suffering ammunition shortages.He has claimed that he'd be able to swiftly negotiate a peace deal between Ukraine and Russia if he became president.And though he's offered few details on how, a peace plan suggested by his running mate, JD Vance, on a podcast <a target="_blank" class="" href="https://thehill.com/opinion/international/4884798-the-trump-vance-plan-for-ukraine-is-insane/">in September indicates </a>that it'd involve Ukraine ceding the territory Russia holds and pledging neutrality.Trump could hypothetically compel Ukraine's President Volodymyr Zelenskyy to agree to the deal or face US aid being cut off.Critics say it's a deal that would likely delight the Kremlin and infuriate US allies in Europe and beyond. It could also come back to haunt the US.<h2 id="8ad46fa4-95d4-47d5-919b-551c0fc2121b">There could be catastrophic consequences</h2>Philip Ingram, a former UK military intelligence officer, told Business Insider that a Trump deal with Putin that involved ceding Ukrainian territory could have catastrophic effects."I think if Trump forces Zelenskyy into a peace deal where he has to give up any territory, then that will stimulate the start of World War Three, and it will happen within a relatively short period of time," he said."And the economic impact that that will have across the globe will be enormous."The Ukraine war has already roiled markets for food, oil, gas, and other products, and wider conflict could have an even more devastating impact.Economist Kenneth Rogoff in an article for <a target="_blank" class="" href="https://www.imf.org/en/Publications/fandd/issues/2022/03/the-long-lasting-economic-shock-of-war">The International Monetary Fund</a> warned that the war is worsening "rising inflation, extreme poverty, increasing food insecurity, deglobalization, and worsening environmental degradation."William Pomerantz, an analyst at the Wilson Center in Washington, DC, told BI a deal would hugely damage US alliances."Trump believes that he can end the war in Ukraine in a week, but that would require conceding to all of Putin's demands," he said."That would essentially end our alliance with Europe and our international credibility."<h2 id="62871981-d67f-4884-a229-94adfdbc3ed3">Empowering China</h2>Some Republicans, including Vance, say the US needs to shift its stance away from helping Ukraine battle Russian aggression toward the more urgent threat they say China poses.Yet analysts <a target="_blank" class="" href="https://www.businessinsider.com/vance-trump-wants-us-focus-china-russia-one-big-problem-2024-7">told BI in July </a>that China's threat is closely linked to Russia's, with Putin and fellow Chinese autocrat Xi Jinping having formed a pact to weaken US global dominance.A Russian victory in Ukraine would likely embolden Xi to launch an invasion of US ally Taiwan, said Ingram.<div type="image" title="Vladimir Putin and Xi Jinping talking." height="3452" width="5402" msid="114090480" hostid="261" sizebytes="395676"></div>If Xi believes that the West has "given in" regarding Russia's invasion of Ukraine despite the money and diplomatic effort spent trying to defeat Russia, "we would very quickly see his invasion of Taiwan," he said.European leaders have also issued stark warnings that Russia, emboldened by its territorial victory in Ukraine, could seek to attack a NATO state in as little as five years.Spiralling conflicts in Asia, Europe, and the Middle East would have a devastating economic impact.<a target="_blank" rel="" class="" href="https://markets.businessinsider.com/stocks/jpm-stock">JPMorgan</a> CEO Jamie Dimon warned last month that investors are overlooking geopolitcal tensions as key risk that could significantly weaken the global economy."Geopolitics is getting worse, they are not getting better. There is chance for accidents in energy supply. God knows if other countries get involved. You have a lot of war taking place right now," Dimon told <a target="_blank" rel=" nofollow" class="" href="https://www.cnbc.com/2024/09/24/jpmorgan-ceo-jamie-dimon-warns-geopolitics-is-getting-worse.html">CNBC-TV18</a> during a visit to India.Dimon said that if geopolitical tensions elevate to instability and conflict, it will drag down the stock market in a way that pales in comparison to prior market crashes.<h2 id="cccccb09-431b-470e-9b1b-e688d2ce7308">Trump's words and actions differ</h2>Ingram pointed out that there has in the past been a gap between Trump's words and actions, and questioned whether Trump would be willing to risk the economic blowback on the US of canceling Ukraine aid, with arms manufacturing firms in swing states such as Pennsylvania massively boosted by the Congressional aid bills."What we're hearing from him, from a political perspective, but what he'd actually practically do will be different," said Ingram.It is also unclear Trump would continue to impose sanctions on Russia if he becomes president."It's much harder to predict him on that stuff," William Reinsch, a senior advisor at the Center for Strategic and International Studies, told <a target="_blank" href="https://www.wsj.com/articles/tough-u-s-sanctions-packages-are-here-to-staywhether-its-harris-or-trump-11f884ba">The Wall Street Journal</a> in August. "I would say [he is] sort of inconstant. He tends to veer from one thing to another.'"Either way, Trump will have to deal with economic problems at home, including record debt levels and surging interest payments.Trump's economic plans are estimated to raise the federal debt level by double the figure expected if Kamala Harris is elected, according to a <a target="_blank" href="https://www.crfb.org/sites/default/files/media/documents/CRFB_US%20Budget%20Watch%202024_The%20Fiscal%20Impact%20of%20the%20Harris%20and%20Trump%20Campaign%20Plans_Final_10062024.pdf">report</a> out this week.Harris would add $3.5 trillion to the projected fiscal debt through 2035, while Trump would add $7.5 trillion, the <a target="_blank" href="https://www.crfb.org/papers/fiscal-impact-harris-and-trump-campaign-plans">Committee for a Responsible Federal Budget</a> analysis said."Our large and growing national debt threatens to slow economic growth, boost interest rates and payments, weaken national security, constrain policy choices, and increase the risk of an eventual fiscal crisis," it added.If elected for a second term, Trump has pledged to purge the US government of those he deems disloyal to his agenda if reelected and could surround himself with loyalists rather than career officials seeking to check his more impulsive decisions.Pomeranz said that Trump's policies in a second term would more openly reflect his admiration for Russia's leader, regardless of the US' economic plight."Putin is the autocratic leader that Trump most admires," he said. "Trump will present any end of hostilities [in Ukraine] as a personal victory, and Putin will validate this."

Trump's close relationship with Putin could come back to haunt the US

<ul class="summary-list"><li>Wendy's says will close 140 "outdated" stores this year, leaving its growth count flat for 2024.</li><li>The company said Thursday the move will set the chain up for faster expansion in the coming years.</li></ul>Wendy's is pulling off the Band-Aid.The fast-food chain said Thursday that it will close 140 "outdated" stores in underperforming areas this year, ahead of schedule.Wendy's has 7,000 worldwide locations, and previously said it expected to close around 100 locations this year. The company has opened more than 500 locations in the last two years.While the additional 140 closures will leave Wendy's growth count flat for 2024, CEO Kirk Tanner said it sets the company up for <a target="_blank" class="" href="https://www.businessinsider.com/wendys-breakfast-is-just-as-good-as-mcdonalds-2021-11">faster expansion</a> starting next year.Tanner said annual sales and profit margins at the closing locations are far below the overall company average. CFO Gunther Plosch added that these locations would have been closed over the next three years."We have designed this initiative to ensure that, over time, many of these units will be replaced by new restaurants at better locations with significantly improved sales and profitability," Tanner said during Wendy's third-quarter earnings call.Wendy's is in the home stretch of a redesign it began two years ago that features <a target="_blank" href="https://www.businessinsider.com/wendys-restaurant-design-parking-pick-mobile-orders-delivery-food-photos-2022-8">new tech and drive-thru improvements</a>, with nearly 90% of restaurants completed.Tanner said the redesign allows employees to work more efficiently, simplifies delivery orders, improves customer satisfaction, and boosts sales and profitability above current system-wide averages.The company previously said that the new design costs nearly 10% less to build and is cheaper for franchisees to operate, with more efficient lighting, energy usage, and redesigned kitchens."The overall strategy and initiative here is to build on an already strong system. This initiative makes us even stronger," Tanner said Thursday.

Wendy's is closing another 140 'outdated' stores as it looks to build out new higher-tech locations

<ul class="summary-list"><li>Drugstores have long been viewed as stable and prominent tenants in US shopping centers.</li><li>As major pharmacy chains announce store closures, thousands of storefronts are emptying out.</li></ul>America's retail pharmacy giants are undergoing an uncomfortable period of decline, <a target="_blank" class="" href="https://www.businessinsider.com/pharmacy-cvs-walgreens-problems-desert-7-eleven-convenience-store-2024-10">with their convenience in question.</a>For years, landlords viewed drugstores as stable tenants in shopping centers since shoppers relied on them for prescriptions.That made them attractive fits for prominent storefronts, including as an anchor tenant for small shopping centers, said Steven Teitelbaum, a professorial lecturer at American University's Kogod School of Business who previously practiced commercial real estate law at Jones Day.Known in the industry as a "junior box" — as opposed to a big box store, like Walmart or Target — these 20,000 square-foot formats were often purpose-built to support pharmacies' dual business of dispensing medication in the back and snacks in the front.Many are now expected to close — thousands over the next several years across CVS, Walgreens, and Rite Aid. Walgreens CEO Tim Wentworth <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.fool.com/earnings/call-transcripts/2024/06/27/walgreens-boots-alliance-wba-q3-2024-earnings-call/">said</a> last summer that the retail pharmacy industry was "largely overbuilt for where the future was going to be."The pullback raises the question: What happens to the leftover spaces?Walgreens told BI the company works with community stakeholders to minimize the disruption to customers when a store is set to close."When we do close a store that has a lease term remaining, we explore several options, including buyouts, subleases, and renegotiating the rate. Maintaining the lease without occupancy is our option of last resort," the spokesperson said. "More often than not, we successfully find a new tenant which is beneficial to our business, consumers, and the community."In cases where leases of closing stores dictate that drugstores have to keep paying rent, some landlords may opt to leave the spaces empty, especially in downtowns and other dense urban environments, Teitelbaum told BI. In other cases, such as when a drugstore closes in a suburban shopping center, the loss of a drugstore can mean a drop in shoppers visiting the area, he added."They tend to have good locations on corners and as the anchor tenants in small shopping centers, so when they close, it's an obvious, in-your-face phenomenon," Teitelbaum said.That can impact other businesses in the shopping center, which often rely on anchor tenants like drugstores and supermarkets to draw people in, he added. The loss of foot traffic can have a negative ripple effect on the landlord, even if rent payments for the closed store continue.It's not always obvious what could slot into the leftover space — but companies see opportunities in the locations.Walgreens' CEO also said on the company's third-quarter earnings call that Walgreens locations are "widely acknowledged to be on the best corners in America.""We believe there's the opportunity to not simply carry the lease as a dark store," he said. "There's gold in them hills, as they say."US retail vacancy rates are at historic lows of around 4%, according to <a target="_blank" class="" href="https://www.colliers.com/en/research/nrep-usret-us-retail-market-statistics-q3-2024">data</a> from property management giant Colliers, and asking rents are nudging higher as prospective tenants compete for space."When you have a junior box, that is like gold to a landlord," Anjee Solanki, Colliers' head of retail services, told BI.Solanki said she sees a broad range of post-pharmacy uses for the format, from sporting goods and furniture to apparel and beauty. Some landlords are subdividing larger units to offer space to a mix of smaller businesses."There's just so many amazing concepts out there," she said.Some of the real estate investment trusts, or REITs, that are landlords for the drugstore chains see other potential uses for the spaces."They're good spots for urgent cares," John Albright, CEO of Alpine Income Property Trust, a REIT that counts Walgreens as a tenant, said on an earnings call in July. Other possible tenants include fast-casual restaurants, dollar stores, and schools, Albright said.Teitelbaum told BI that no single type of tenant is likely to take up most of the empty storefronts. Many potential retail tenants, such as grocery stores, need more parking and other accommodations for their high foot traffic relative to pharmacies. Others, such as restaurants, would require kitchens and other expensive renovations."They have ranges of sizes and formats, and you can't just say, 'Well, we'll just convert them all to pickleball courts or urgent care,'" he said.A CVS spokesperson said 95% of the company's closing locations are leased, while 5% are owned."We make every effort to market available properties and find new tenants as soon as possible. In most instances, we sublease to other tenants to ensure the property is utilized and contributing to the community," the CVS spokesperson said.A Rite Aid spokesperson said that the company routinely evaluates its store network and is "committed to becoming financially and operationally healthy."Compared to many of the <a target="_blank" class="" href="https://www.businessinsider.com/retail-apocalypse-last-decade-timeline-2019-12">store closings last decade</a>, many of the closures are occurring in a more orderly fashion and coming onto the property market at a pace that allows them to be absorbed in a reasonable period of time.In addition, Colliers' Solanki said the gauntlet of the pandemic has forged a stronger relationship between retailers and landlords to work together.Where a normal lease renewal conversation might have occurred within a year of the contract's expiration, those agreements are being reached with 24 to 30 months of lead time, giving the parties involved time to plan, she added.Solanki also said half of retail real estate deals tracked by Colliers last quarter were on the market for less than three months. It indicates that while retail pharmacies have been criticized for <a target="_blank" class="" href="https://www.businessinsider.com/why-your-pharmacy-may-be-closing-walgreens-cvs-rite-aid-2024-6">failing to offer something new and exciting</a> for US shoppers, their future replacements are willing to bet they can use the locations to do just that."That 50% is a strong number," Solanki said.

The US is facing a drugstore graveyard as stores close. Filling the leftover spaces is the next challenge.

<ul class="summary-list"><li>Indexes slipped Thursday as investors priced in a higher-than-expected inflation reading.</li><li>The data raises the possibility of a "no landing" scenario for the US economy.</li></ul>Stocks fell on Thursday from records reached in the previous session, as traders took in a sticky inflation reading for September. All three benchmark indexes fell, with the Dow Jones Industrial Average down TK points, a 0.40% fall, while the S&amp;P 500 and Nasdaq fell 0.% and 0.%, respectively.The declines follow rises across the board on Wednesday, which saw a fresh record close for both the S&amp;P 500 and the Dow, and comes after inflation proved stickier than expected last month. September consumer price index data released on Thursday showed inflation <a target="_blank" class="" href="https://www.businessinsider.com/inflation-september-cpi-consumer-price-index-federal-reserve-interest-rates-2024-10">rose 2.4% year-over-year</a>, slightly above consensus forecasts of a 2.3% rise.The core CPI reading, which excludes more volatile food and energy costs, was up 3.3% year-over-year and just above forecasts of 3.2%.The reading, coupled with last week's blockbuster jobs report, <a target="_blank" class="" href="https://www.businessinsider.com/us-economy-outlook-retail-sales-no-landing-inflation-jobs-report-2024-10">has sparked talk of a "no landing"</a> scenario for the US economy, a scenario in which strong economic growth fuels inflation and makes it harder for the Federal Reserve to cut rates. A no landing would likely mean rate cuts are fewer or slower than markets had previously forecast. It would also mean borrowers are saddled with higher interest rates on their debt for longer.After the CPI release, investors <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-volatility-cpi-inflation-september-jobs-report-bofa-2024-10?_gl=1*24ex3i*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyODU2NDg1Mi4yNTAuMS4xNzI4NTY1OTMzLjYwLjAuMA..">adjusted their expectations</a> for the Federal Reserve's easing cycle. The September jobs report had killed the odds of another big 50 basis point cut, but the slightly higher-than-expected CPI likely isn't enough to fully pump the brakes on Fed easing."Heading into the report, we thought only a very firm print would lead the Fed to consider pausing in November based on inflation alone. We did not get that," analysts from Bank of America said Thursday."While core PCE will be firmer than recent months, we think it will be enough for the Fed to follow through with a 25bp cut in November," they added.Investors are now pricing in higher odds of a 25 basis point rate cut at the central bank's meeting next month, according to the <a target="_blank" rel=" nofollow" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html">CME FedWatch Tool</a>.Meanwhile, weekly jobless claims edged up 33,000 to 258,000, according to Labor Department data released Thursday. That number marks its highest level in over a year and outpaced forecasts of 230,000.Here's where US indexes stood shortly after the closing bell on Thursday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,780.05, down 0.21% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 42,454.12, down 0.14% (-57.88 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,282.05, down 0.05% </li></ul>Here's what else is going on:<ul><li>Inflation is scrambling Americans' <a target="_blank" class="" href="https://www.businessinsider.com/inflation-cost-of-living-what-is-middle-class-housing-market-2024-4">perceptions of middle-class life</a>, making the economy seem worse than it really is.</li><li>Insurance companies face massive losses, but catastrophe bond investors <a target="_blank" class="" href="https://markets.businessinsider.com/news/bonds/catastrophe-bond-investors-losses-unlikely-hurricane-milton-florida-reinsurance-helene-2024-10?_gl=1*3h318o*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyODU4NzA5Ny4yNTMuMS4xNzI4NTg5NzI4LjQyLjAuMA..">won't see huge damages</a> in the wake of Hurricane Milton.</li><li>Jamie Dimon says the "Buffett Rule" approach to taxing the wealthy could <a target="_blank" class="" href="https://www.businessinsider.com/jamie-dimon-us-debt-unsustainable-higher-taxes-buffett-rule-millionaires-2024-8">solve America's debt problem</a>.</li></ul>In commodities, bonds, and crypto:<ul><li>Oil futures rose. <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> rose 3.7% to $75.93 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, climbed 3.7% to $79.44 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> rose 0.8% to $2,646.7 an ounce.</li><li>The 10-year Treasury yield was about flat at 4.07%.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> fell 2% to $59,654.</li></ul>

Stock market today: Indexes close lower after CPI shows sticky inflation in September

<ul class="summary-list"><li>China looks to be building a new radar system purported to have counter-stealth capabilities, analysts found.</li><li>Satellite images appear to show a SIAR system on Triton Island in the South China Sea.</li></ul>China appears to be closing surveillance gaps in the South China Sea with the construction of a new radar said to have counter-stealth capabilities on Triton Island, new satellite images show.This project, especially if the radar functions as advertised, could complicate US operations in the tense and contested region.Chatham House's John Pollack and Damien Symon <a target="_blank" class="" href="https://www.chathamhouse.org/publications/the-world-today/2024-09/how-beijing-closing-surveillance-gaps-south-china-sea">reported</a> on new satellite images of Triton Island, part of the Paracels and home to a Chinese military base, earlier this month. The report called attention to the expansion of China's military installations on the island between August 2022 and September of this year, including a new radar system.Business Insider obtained copies of the satellite images, collected by Maxar, courtesy of Chatham House.In the photos is what appears to be a synthetic impulse and aperture radar octagonal in structure and purportedly technology able to detect stealth aircraft. China previously built a SIAR system on Subi Reef in the Spratly Islands, further south in the South China Sea and west of the Philippines.<div type="image" title="A satellite image of China's Triton Island in the South China Sea showing the sandy island with some military infrastructure surrounded by a blue ocean." height="2572" width="4203" msid="114884300" hostid="261" sizebytes="2247854"></div>Chatham House noted that once the SIAR system is finished, it'll add to China's larger surveillance and reconnaissance network in the South China Sea by providing overlapping coverage stretching from Hainan Island on the northernmost edge of the strategic waterway to the Spratlys in the south.Along with SIAR, "China has built dozens of different types of radars across the Spratlys and Paracels over the last 10 years," Gregory Poling, director of the Southeast Asia Program and Asia Maritime Transparency Initiative at the Center for Strategic and International Studies, told Business Insider."This is an iteration on a long-term Chinese strategy to dominate the sensor space in the South China Sea," he said.Last fall, the Pentagon <a target="_blank" class="" href="https://media.defense.gov/2023/Oct/19/2003323409/-1/-1/1/2023-MILITARY-AND-SECURITY-DEVELOPMENTS-INVOLVING-THE-PEOPLES-REPUBLIC-OF-CHINA.PDF">documented</a> growth in China's intelligence-gathering capabilities in the South China Sea, especially at the Spratlys.While Beijing has stated the main goals of these projects are to improve marine research, safety of navigation efforts in the area, and conditions for personnel stationed at these outposts, the Pentagon said that the effort also "improves the PRC's ability to detect and challenge activities by rival claimants or third parties and widens the range of response options available to Beijing."<div type="image" title="A satellite images shows a closer look at a Chinese military base on Triton Island, including buildings and infrastructure. The island is surrounded on its left side by blue ocean water." height="2572" width="3712" msid="114884298" hostid="261" sizebytes="1932960"></div>China says the SIAR system can track stealth aircraft by operating at a lower frequency. As J. Michael Dahm, a senior resident fellow for Aerospace and China Studies at the Mitchell Institute, wrote in a <a target="_blank" class="" href="https://www.jhuapl.edu/sites/default/files/2022-12/IntroductiontoSCSMILCAPStudies.pdf">2020 report</a>, SIAR is a "unique, circular VHF-band radar array" that's "purposed to have significant counter-stealth capabilities."If true, that creates potential challenges.Stealth aircraft are specifically designed with low-observable features to significantly reduce the size of their radar signatures, making them harder to detect and allowing them to penetrate enemy air defenses.There's a lot unknown about how SIAR works, Dahm told BI, including its specific operating frequency, waveform characteristics, and power emitted. Similarly unclear is how SIAR would affect individual stealth aircraft and how vulnerable those platforms would be to SIAR. He said Chinese scientists who designed the SIAR system claim it can track aircraft such as the B-2 Spirit bomber and fifth-generation F-22 Raptor and F-35 Lightning II fighter jets.Similar assertions about Chinese detection capabilities have been made previously, but the claims remain unproven. That China appears to be taking steps to construct SIAR in the South China Sea is, however, indicative of the systems having at least some surveillance value.<div type="image" title="Aircraft on the USS Theodore Roosevelt." height="2572" width="3600" msid="114884301" hostid="261" sizebytes="366072"></div>China likely aims to create "these dense networks of overlapping radar coverage as a way to constrain US operations and funnel the US into operating into areas where the Chinese can array different defenses," Dahm said. Those defenses could be electronic warfare capabilities, surface-to-air missiles, and more.Dahm said that this is just the latest example of such efforts by China, which has long had the goal of countering and attacking enemy stealth aircraft dating back to observations of how US forces operated during the 1991 Gulf War, in which the stealth F-117 Nighthawk played an important role.As part of China's massive military buildup and modernization efforts, it has increasingly emhasized advanced technologies for reconnaissance and information warfare.Earlier this week, the US Air Force Secretary said that the US and China were locked in "<a target="_blank" class="" href="https://www.businessinsider.com/us-china-new-technology-race-air-force-secretary-2024-10">a race for technological superiority</a>" rather than a "classic arms race," with a focus on advanced satellites, battle management systems to effectively integrate and control combat assets, and artificial intelligence.

China is closing a South China Sea surveillance gap with a new radar made to spot stealth aircraft, satellite images suggest

<ul class="summary-list"><li>Indexes were mixed Tuesday after the S&amp;P 500 touched a fresh record high intraday. </li><li>Investors are waiting for the Federal Reserve's interest rate decision on Wednesday.</li></ul>Indexes were mixed on Tuesday with investors still split on the potential size of an interest rate cut, with less than 24-hours to go before the Federal Reserve announces its policy decision.Unanticipated strength in Tuesday's retail sales data convinced investors that the economy remains robust, and the <a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a> briefly hit a record high before paring gains. Risk assets also gained, with bitcoin notching its largest <a target="_blank" href="https://markets.businessinsider.com/news/commodities/bitcoin-price-increase-outlook-cryptocurrency-fed-rate-cut-risk-recession-2024-9?_gl=1*1x2x4pe*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyNjYwMDkzNy42MjAuMS4xNzI2NjAzMjYwLjYwLjAuMA..">intraday jump in more than a month</a>.According to the <a target="_blank" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html">CME FedWatch Tool</a>, investors are pricing in 65% odds that the Fed will deliver a half-point cut at 2 p.m. on Wednesday.Bond yields edged up ahead of the Fed decision, nodding to the possibility that the odds of a jumbo rate cut fell after retail sales surprised to the upside. The 10-year Treasury bond yield rose two basis points to 3.646%. Strong retail sales suggest that the Fed does not necessarily have to hurry with larger cuts, as the consumer economy appears intact for now. But in recent months, previous data — especially related to labor — has also hinted at a slowdown."The Fed is dealing with mixed signals as they debate how much to cut rates," LPL Financial's chief economist Jeffrey Roach said. "Consumer spending is growing despite early signs of labor market weakness, so the Fed may end up falling behind the curve again if they rely too much on stale data and not enough on the forward-looking outlook."Here's where US indexes stood at the 4:00 p.m. closing bell on Tuesday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,634.58, up 0.03% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 41,606.18, down 0.04% (-15.90 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 17,628.06, up 0.2%</li></ul>Here's what else is going on:<ul><li><a target="_blank" href="https://markets.businessinsider.com/news/currencies/us-debt-crisis-dedollarization-dollar-dominance-treasury-bond-china-jpmorgan-2024-9?_gl=1*t4iaw3*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyNjYwMDkzNy42MjAuMS4xNzI2NjAyNjM5LjMyLjAuMA..">US federal debt is the largest de-dollarization threat</a>, experts told JPMorgan.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/investors-consumer-staples-economic-slowdown-defensive-stocks-recession-stock-market-2024-9?_gl=1*l9emk9*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyNjYwMDkzNy42MjAuMS4xNzI2NjAyNzMxLjE2LjAuMA..">Investors are piling into defensive plays as fears of an economic slowdown </a>rise.</li><li><a target="_blank" href="https://www.businessinsider.com/fed-rate-cuts-us-economy-jpmorgan-unemployment-rate-inflation-recession-2024-9">Fed rate cuts might not even be warranted,</a> a JPMorgan analyst said.</li><li><a target="_blank" href="https://www.businessinsider.com/housing-market-mortgage-rates-outlook-lock-in-sales-2022-mba-2024-9">New home sales notched their biggest burst in activity since 2022</a>, Mortgage Bankers Association says.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-war-revenue-ukraine-western-sanctions-crude-production-2024-9?_gl=1*jytw0m*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyNjYwMDkzNy42MjAuMS4xNzI2NjAyODE0LjkuMC4w">$2 billion worth of Russian oil products are being passed on to the West through middlemen</a>, a think tank says.</li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?type=wti&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">WTI crude</a> increased 1.81% to $71.36 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, jumped 1.51% to $73.84 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Gold</a> slid 0.54% to $2,594.8 an ounce.</li><li>The 10-year Treasury yield rose two basis points to 3.646%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> climbed 3.63% to $60,038.</li></ul>

Stock market today: Stocks close mixed as investors gear up for major Fed rate decision

The <keyword id="19949639" type="General" weightage="20" keywordseo="Rupee" source="keywords">rupee</keyword> traded in a narrow range to settle 2 paise higher at 83.95 (provisional) against the American currency on Wednesday, helped by a sharp decline in the <keyword id="19949640" type="General" weightage="20" keywordseo="US-Dollar" source="keywords">US Dollar</keyword> against major currencies overseas. <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">Forex traders</keyword> said a mixed-to-positive tone in the domestic market also supported the rupee. However, foreign fund outflows and <keyword id="19955176" type="General" weightage="20" keywordseo="geopolitical-tensions" source="keywords">geopolitical tensions</keyword> in the <keyword id="19904316" type="General" weightage="20" keywordseo="Middle-East" source="keywords">Middle East</keyword> restricted the rise in the local unit. At the interbank foreign exchange market, the local unit opened at 83.90 but soon fell into the negative zone and touched an intra-day low of 83.97 against the American currency. The domestic unit finally settled at 83.95 (provisional) against the American currency, 2 paise higher from its previous close. On Tuesday, the rupee settled for the day on a flat note at 83.97 against the US dollar. "We expect the rupee to trade with a slight negative bias on elevated commodity prices and heightened geopolitical tension in the Middle East between Israel and Iran. "However, the weak Dollar and rising odds of a rate cut by the US Fed may support the rupee. Positive global markets may also support the rupee at lower levels," said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas. Choudhary further noted that traders may take cues from US CPI data today. "USD/INR spot price is expected to trade in a range of Rs 83.75 to Rs 84.20," it added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.13 per cent lower at 102.42. Forex traders said the US dollar has weakened against majors post the US Producer Price Index (PPI) print, which came in softer than anticipated, leaving the Dollar Index vulnerable to further correction. Brent crude, the global oil benchmark, advanced 0.28 per cent to USD 80.92 per barrel. On the domestic equity market front, Sensex advanced 149.85 points, or 0.19 per cent, to 79,105.88 points. The Nifty rose 4.75 points, or 0.02 per cent, to 24,143.75 points. Foreign institutional investors (FIIs) were net sellers in the capital markets on Tuesday, as they offloaded shares worth Rs 2,107.17 crore, according to exchange data. On the domestic macroeconomic front, wholesale inflation fell to a 3-month low of 2.04 per cent in July on the decline in prices of food items especially vegetables, government data released on Wednesday showed. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-launched-in-india-at-172999-but-you-cant-get-your-hands-on-it-right-now/articleshow/112517193.cms">Google Pixel 9 Pro Fold launched in India at ₹1,72,999, but you can’t get your hands on it right now</a> <a href="https://www.businessinsider.in/tech/mobile/news/pixel-9-pixel-9-pro-and-pixel-9-pro-xl-launched-in-india-starting-at-79999/articleshow/112512198.cms">Pixel 9, Pixel 9 Pro and Pixel 9 Pro XL launched in India starting at ₹79,999</a> <a href="https://www.businessinsider.in/stock-market/news/ipo-scam-two-victims-from-hyderabad-lose-over-11crore-in-fake-ipo-scams/articleshow/112488051.cms">IPO scam – Two victims from Hyderabad lose over ₹11 crore in fake IPO scams</a>

Rupee rises 2 paise to close at 83.95 against US dollar

The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> consolidated in a narrow range and settled for the day lower by 1 paisa at 83.96 (provisional) against US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> on Thursday, after the Reserve Bank expectedly kept the benchmark interest rate and stance unchanged for the ninth straight policy meeting. Forex traders said weak domestic markets, surge in crude oil prices and foreign fund outflows weighed on the rupee. However, a decline in the US Dollar index prevented the local unit from declining sharply. At the interbank foreign exchange market, the local unit opened at 83.94 and touched an intraday low of 83.97 and a high of 83.93 against the dollar during the session. It finally settled at 83.96 (provisional) against the American currency, down 1 paisa from its previous close. On Wednesday, the rupee consolidated in a narrow range and settled for the day lower by 3 paise at 83.95 against US dollar. The local unit had slumped 37 paise to settle at an all-time low of 84.09 against the US dollar on Monday. "We expect the rupee to trade with a negative bias on selling pressure from foreign investors and weak domestic markets. Ongoing geopolitical tensions in the Middle East may also pressurise the rupee," said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas. However, weak US dollar may support the rupee at lower levels. Any intervention by <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> may also support the rupee. "Traders may take cues from weekly unemployment claims data from the US. USDINR spot price is expected to trade in a range of Rs 83.75 to Rs 84.20," Choudhary said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.12 per cent to 103.07 points. <keyword id="20025497" type="General" weightage="20" keywordseo="Brent-crude" source="keywords">Brent crude</keyword>, the global oil benchmark, was trading 0.78 per cent lower at USD 77.72 per barrel in futures trade. On the macroeconomic front, the Monetary Policy Committee (MPC) of the Reserve Bank kept the benchmark repurchase or repo rate unchanged at 6.50 per cent. Announcing the bi-monthly monetary policy review RBI Governor Shaktikanta Das said Indian rupee remained largely range-bound so far this financial year. The panel also decided to retain a policy stance at "withdrawal of accommodation" to aid MPC's focus on bringing inflation towards its 4 per cent target. The status quo by RBI comes amid varied central bank action in advanced economies. While the Bank of England reduced interest rates last week, the Bank of Japan hiked rates to their highest levels since 2008. Also, fears of a US recession have risen on the back of weak employment numbers, piling up pressure on the Federal Reserve to start cutting rates to support the economy. In the domestic equity market, the 30-share BSE Sensex fell 581.79 points, or 0.73 per cent, to close at 78,886.22 points, while the Nifty declined 180.50 points, or 0.74 per cent, to 24,117.00 points. Foreign institutional investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 3,314.76 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a><a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank">RBI MPC meet – Cheque clearing time reduced, UPI limit increased for tax payment</a><a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

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