The Dow Jones Industrial Average snapped a three-day winning streak on Thursday, with the 30-stock index falling over 130 points due to hotter-than-expected inflation data. Despite this, the Dow is still up for the week, showing signs of a potential reversal after two weeks of losses. Other major indexes also saw declines, with the Nasdaq Composite and the S&P 500 both dipping on Thursday.
In other news, Morgan Stanley has named a head of firm-wide artificial intelligence, signaling Wall Street’s increasing focus on the rise of AI. Jeff McMillan, who led a project last year introducing an AI solution for employees based on OpenAI’s GPT-4, will now oversee AI implementation and governance across the firm. This move follows similar actions by JPMorgan and Goldman Sachs, who have also identified in-house AI leads.
Meanwhile, SpaceX’s Starship rocket achieved several major milestones during its third test flight, reaching space and soaring for roughly an hour before breaking apart above the Indian Ocean. This success marks a significant step forward for Elon Musk’s space company as it continues to push the boundaries of space exploration.
On the retail front, retailers are facing billions in losses due to organized refund fraud, with fraudsters tricking companies like Amazon into issuing refunds without returning the purchased items. This practice, which takes advantage of lenient refund policies and can involve insiders at the retailer, is becoming increasingly common and is being marketed on social media platforms.
Lastly, a new report from Altrata reveals that a larger share of individual charitable giving is coming from ultra-high-net-worth individuals, who accounted for 38% of charitable donations in 2022. This concentration of donations has implications for where funds are directed and how nonprofit organizations tailor their philanthropic outreach.
Overall, these news items provide valuable insights for investors and the broader market, highlighting key developments in finance, technology, space exploration, retail, and philanthropy.
