What we’re reading (10/3)
“Stocks Kick Off October With A Huge Rally” (CNN Business). “The Dow rose 765 points, or 2.7%. That was its biggest gain since mid-July. The Nasdaq and S&P 500 gained 2.3% and 2.6%, respectively. Stocks ended September (and the third quarter) with a resounding thud on Friday.”
“Elon Musk’s Texts Shatter The Myth of the Tech Genius” (The Atlantic). “What is so illuminating about the Musk messages is just how unimpressive, unimaginative, and sycophantic the powerful men in Musk’s contacts appear to be. Whoever said there are no bad ideas in brainstorming never had access to Elon Musk’s phone.”
“Why Interest Rates Are Rising Everywhere—Except Your Savings Account” (Wall Street Journal). “‘The biggest reason consumers don’t seem to reoptimize their finances seems to be a belief that it will be a huge hassle,’ said Christopher Palmer, a professor of finance at MIT’s Sloan School of Management and a co-author of the study. The study also found that customers tend to overestimate how much of a hassle it actually is, and underestimate how much their interest rate might increase.”
“Advanced Economies Need To Change Course On Monetary Policy As Excessive Central Bank Tightening Risks Sparking A Global Recession, UN Trade Group Says” (Insider). “‘Excessive monetary tightening could usher in a period of stagnation and economic instability,’ the United Nations Conference on Trade and Development warned in a statement on Monday, shortly after releasing a report on growing recession risks.”
“Useless Meetings Waste Time And $100 Million A Year For Big Companies” (Bloomberg). “Unnecessary meetings are a $100 million mistake at big companies, according to a new survey that shows workers probably don’t need to be in nearly a third of the appointments they attend.”
