Stock Market Coverage – Thursday September 29 Yahoo Finance

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U.S. stocks cascaded Thursday morning as recession jitters returned to Wall Street after a fleeting relief bounce in the previous session spurred by the Bank of England’s bond-buying move.

The S&P 500 plummeted 1% early into the session, while the Dow Jones Industrial erased more than 200 points, or around 0.8%. The technology-focused Nasdaq Composite sank 1.4%.

On the economic data front, initial jobless claims slid to 193,000, the lowest since April, in the week ended Sept. 24 from a downwardly revised 213,000 the prior week, the Labor Department said Thursday. Economists called for 215,000 claims, according to consensus estimates compiled by Bloomberg.

Elsewhere, a third reading from the Commerce Department on gross domestic product (GDP) showed U.S. economic activity contracted at an annualized 0.6%.

In corporate news, CarMax (KMX) shares tumbled 14% after the vehicle buyer reported second quarter earnings that missed Wall Street estimates, citing “affordability challenges” that weighed on sales.

Bed Bath & Beyond (BBBY) fell on Thursday after the company posted a wider quarterly loss as persistent merchandising and inventory snafus and inflationary pressures hit the home goods retailer. Shares fell about 2%.

The renewed risk-off mood places all three major averages on pace to give up gains that came after England’s central bank said Wednesday it would resume bond purchases to help stabilize financial and currency markets. Investors celebrated the shift away from aggressive policy tightening by officials in recent months. The S&P 500, Dow, and Nasdaq each rallied roughly 2%.

EY Parthenon Chief Economist Gregory Daco said in a note that “the absence of proper policy coordination along with the speed and synchronization of rate hikes” risks an “excessive and disorderly tightening of financial conditions.”

“In the UK, the economic outlook has recently taken a turn for the worse with the release of Prime Minister Liz Truss’ budget leading to a market rout, with treasury yields surging to their highest since 2010 and the British pound plunging to its lowest level in 37 years,” Daco said.

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Aerial Vantage to Participate in Newchip’s Online Demo Week

The aerial imagery analytics company will present to potential investors as one of the top applicants accepted into the Newchip Accelerator program.

Aerial Vantage (aerialvantage.us) is pleased to announce participation in Newchip's Online Demo Week, March 27-31. The aerial imagery, software, and analytics company will be among over 100 startups presenting to potential investors through the Newchip Accelerator program. Aerial Vantage is raising a Seed Round of funding to support expansion of its operations to Michigan this year.

Newchip's renowned global accelerator program is designed to provide all the skills and tools seed-stage founders need to rapidly fund, build and scale their companies. Aerial Vantage was recently accepted into this highly competitive program and will successfully graduate next month.

Aerial Vantage will present on March 30 as part of the Data, Analytics, and Cybersecurity segment. Newchip's Online Demo Week is a free, online, event that will be live-streamed to investors, entrepreneurs, industry thought leaders, students, academics, and community leaders worldwide.

"We are very excited to participate in the Newchip Online Demo Week," said Chris Brinton, Chair of the Board. "The Aerial Vantage team looks forward to sharing our vision of creating a more sustainable, efficient future for industries powered by cutting-edge AI technology and enabling customers to better utilize aerial data to meet their goals with thousands of investors worldwide. See you there!"

###

About Aerial Vantage

Aerial Vantage, an aerial imagery, software, and analytics company headquartered in Washington, D.C., has a multi-faceted vision to lead the industry toward safe, efficient, and economically viable VLOS and BVLOS operations. Business capabilities include Accelerate, a UAS operations, and data management SaaS platform, advanced data analytics, and drone operations as a service.

About Newchip

Newchip is an online, global startup accelerator led by a world-class team of entrepreneurs and investors. It was designed to provide founders with the tools needed to rapidly fund, build, and scale. Since its inception in 2019, the equity-free, remote accelerator has enabled over 2,500 startups from 50+ countries to raise over $2.2 billion in funding with an estimated $9B portfolio. It has three distinct six-month accelerator programs based on company stage: Pre-Seed, Seed, and Series A. Its vast network of global investors, strategic partners, and mentors guide companies from team building and prototype development to securing high-profile VC investment, corporate partnerships, and everything in-between. To learn more, visit https://launch.newchip.com/.

Contact Information:
Chris Brinton
Chair of the Board
cbrinton@aerialvantage.us
(703) 980-3961

Tom Davis
Chief Operating Officer
tdavis@aerialvantage.us
650-248-1088


Original Source: Aerial Vantage to Participate in Newchip's Online Demo Week

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