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Hereâs Fridayâs headlines to close out the week and what to watch for heading into the weekend.
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Market Update
The health of the U.S. labor market is one of the key measures for the Fed in considering in determining the path for interest rates. Traders are pricing in a more than 98% probability of a rate increase next month, according to the CME Group data.
The Dow Jones Industrial Average rose 30 points, or 0.1%, to 23,547, after hitting an intraday record of 23,553.73 in early trading. The S&P 500 SPX, rose 6 points to 2,586, a gain of 0.2%. The Nasdaq Composite Index COMP, climbed 36 points, or 0.5%, at 6,752.
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Pizza Hut counters Papa John's claim of NFL hurting pizza sales
Papa John is blaming NFL player protests for a dip in pizza sales, but Pizza Hut says otherwise.
Such are the extensive ripple effects that an NFL season full of political controversy is having on all sorts of adjacent businesses.
CEO John Schnatter said the reason is the NFL. âThe NFL has hurt us by not resolving the current debacle to the playersâ and ownersâ satisfaction⦠NFL leadership has hurt Papa Johnâs shareholders,â he said on the earnings call.
But one day later, Greg Creed, CEO of Yum Brands, which owns Pizza Hut, Taco Bell, and KFC, was asked to comment on the claim.
âWeâre not seeing any impact from any of that,â Creed said on Yumâs earnings call.
Indeed, NFL ratings are down an average 5% through the first half of the season, but it is unclear how much of the reason is outrage over seeing some players protest. Many media execs, including 21st Century Fox CEO James Murdoch, blame an excess of football games.
Yum Brand beat the street and its stock spiked, but Pizza Hut sales only rose by 1% in the quarter, the same result as Papa Johnâs. So both chains saw a slowdown in sales, but only one blamed the NFL, which casts doubt on Schnatterâs narrative.
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Ford made a trucker hat that might save drivers' lives
Truck driving is an exhausting job that requires constant attention to the road. Falling asleep during long stretches is an occasional -- and sometimes lethal -- concern. That's why Ford helped develop the SafeCap, a hat that senses head movements associated with sleepiness and wakes the driver up with sound, light and vibration.
Ford partnered with the Sao Paulo-based creative agency GTB to make the cap. They researched and mapped head motions, differentiating those made while driving (checking the instrument panel, looking in mirrors) from those made while getting drowsy. The hat has an inboard accelerometer and gyroscope that measure head movements throughout the drive along with components that vibrate, make sound light up.
Obviously, the SafeCap is a nice brand promotion to show Ford as company that cares (well, enough to make a prototype).
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Bitcoin Price Shoots Up Again; Will The Rally Last?
The price for bitcoin hit another landmark Friday, jumping by about $400 to trade at $7,453.58 at 10:39 UTC this morning. At 15:20 UTC, the cryptocurrency was trading at $7,290.
Significantly, trading volume in bitcoin dropped to $3.6 billion (from $4.3 billion yesterday), even as it registered price gains.
Other cryptocurrencies registered strong gains as well. Bitcoin Cash continued its upward rise after a fork designed to make it attractive to miners earlier this week.
The cryptocurrency rose by 18.57% within the last 24 hours and was trading at $661.51, as of this writing.The collective boost helped push the total market capitalization for cryptocurrencies past the $200 billion mark.
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Exxon Goes Green
Exxon Mobil (XOM) will pour over $1 billion per year into alternative forms of energy rooted in algae and engineered to develop into biofuels and cells that turn emissions into electricity, Bloomberg is reporting.
The funds from Exxon will allow for over one hundred research projects to be completed in five to 10 areas, according to Vice President of Research and Development Vijay Swarup
"These areas are massively challenging, and if we can solve those, they will have huge impacts on our business," said Swarup in a phone interview. "We bring more than money. We bring the science, the commitment to research."
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Sincerely,
Market Rising
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