by Jenifer Nike
If you are wondering what happened on the stock market today, you’ve come to the right place! We’ve got all the latest updates about the most important events that occurred in the world of stocks. From Facebook’s settlement of a class action lawsuit to Disney’s plans to build an entire theme park from scratch, we’ve got all the latest news.
Facebook agrees to pay $725 million to settle a class-action lawsuit
The parent company of Facebook has agreed to pay $725 million to settle a class-action lawsuit involving the social network’s relationship with Cambridge Analytica, a data analytics firm that helped Donald Trump’s presidential campaign in 2016. The settlement is the largest ever in a data privacy class action, according to lawyers representing the plaintiffs.
The settlement comes after an investigation by the US Federal Trade Commission. The commission opened a probe into the social network’s data practices after news emerged that Cambridge Analytica had harvested the personal information of millions of users without their consent.
According to the lawsuit, Facebook allowed third parties to gain access to the data of 87 million users without their permission. During the 2016 election, Facebook used the data to target voters.
US economic data revives worries about the Federal Reserve’s attempts to battle inflation
The US Federal Reserve’s attempts to battle inflation are once again coming under fire. While the economy is improving, wages are climbing and employment levels are strong, some experts worry that the Fed may not be able to control prices.
In June, the core PCE price index hit an all-time high of 9.1%, compared to an average of 4.9% from 2000-2010. This is well above the Fed’s 2% target.
But some economists have argued that the Fed is unlikely to be too hawkish. They see little evidence that the Fed is overly worried about the effects of inflation. Jeremy Rudd, a Federal Reserve economist, said that empirical evidence of high inflation expectations was weak.
A group of economists and policymakers who call themselves the doves have taken a stand against a more hawkish Fed. Their arguments include that the US is in the early stages of a recession, and the risk of overshooting is higher than the market believes.
S&P 500 price-to-earnings ratio declines about 26% from its peak
The S&P 500 price-to-earnings (P/E) ratio is a useful measure of how expensive a share of stock is. This is the equivalent of dividing the price of a share by the trailing twelve month “as reported” earnings of the stock. When the P/E ratio is low, the market is relatively cheap. On the other hand, when the P/E ratio is high, the market is relatively expensive.
The S&P 500 price-to-earnings ratio has declined by approximately 26% from its peaks. However, the ratio is not just an indicator of bear markets. It is also a measure of how much a company’s earnings have grown over the past year. And, in the long term, it is a good indicator of the health of the economy.
NYSE completed a second-straight year of record new listings
The New York Stock Exchange (NYSE) completed a second straight year of record new listings, registering more than $2 billion in IPO proceeds. In addition, the NYSE achieved a number of firsts, including the largest single-day IPO in history, a new benchmark U.S. debut, and an exchange-wide record for IPO market capitalization.
Among other notable achievements, the NYSE also launched a Best Practices Guide for ESG Disclosure, designed to help listed companies become more fluent in the language of ESG. It has also embraced technology and has adopted a trading floor approach that brings greater transparency and quality to issuers.
The NYSE’s new approach is expected to improve the quality of trading from the opening bell to the closing auction. Many of the trades previously conducted on the floor have transitioned to electronic systems.
Disney’s theme parks have huge plans for new rides and attractions
The Walt Disney Company is planning a number of new rides and attractions for their theme parks. Some of these ideas have already been developed, and others have only been imagined. This article will outline some of the most notable of these plans.
In 2023, the Magic Kingdom will be getting a number of new rides and attractions. They include the return of the iconic Haunted Mansion, the return of Cars Land, and a new nighttime show. These are all part of the company’s 100 Years of Wonder celebration.
In addition to these attractions, Disney has been teasing new land concepts for Disneyland’s Animal Kingdom. Imagineering’s Chris Beatty has teased concepts such as the Lilliputian Land, the Villains Land, and the Zootopia land.