Markets Now Thursday, July 18, 2024

Dow closes more than 500 points lower and tech rout continues

US stocks sold off broadly Thursday as Wall Street continued to shed tech stocks.  
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Netflix is axing its cheapest, ad-free plan in the US

Netflix will start phasing out its Basic plan, its cheapest advertising-free plan, which costs $11.99 per month in the United States, the company said on Thursday.  
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A rash of tech billionaires are pivoting to Trump — but not because they’re MAGA bros

The Bay Area has long been, and remains, a hippie-dippie bastion of Democrats who voted overwhelmingly for Hillary Clinton in 2016 and Joe Biden in 2020. But there’s a small, powerful sect of Silicon Valley billionaires who are carving a path for the maybe-Trumpers and the MAGA-curious in the tech world.  
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Former Goldman analyst gets 28-month prison sentence for insider trading

A former Goldman Sachs and Blackstone analyst was sentenced to 28 months in prison Wednesday for insider trading, after admitting that his conduct was “catastrophically stupid.”  
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John Deere backs away from diversity and inclusion efforts after a conservative backlash

John Deere says it will no longer sponsor “social or cultural awareness” events, becoming the latest major US company to distance itself from diversity and inclusion measures after being targeted by conservative backlash.  
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Opinion: Why we can’t give up on capitalism

CNN Opinion’s Bethany Cianciolo spoke with Ruchir Sharma about how capitalism has become increasingly distorted, and why true capitalism is still the best economic system.  
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Source: CNN Business

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