Morning Brief: Instagram founders resign, latest Facebook executives to exit
Tuesday, September 25, 2018
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What to watch today
The Federal Reserve begins its two-day Federal Open Market Committee (FOMC) meeting today. At the conclusion of the meeting on Wednesday, the Fed is widely expected to raise interest rates by 25 basis points.
On Tuesday morning, we’ll get the FHFA and S&P/Case-Shiller home price indices for July. Both are expected to reflect a modest gain in home prices. At 10 a.m. ET, we’ll get the September consumer confidence index report from the Conference Board. Confidence is expected to have deteriorated marginally.
After the closing bell, we’ll get Nike’s (NKE) third quarter earnings. Investors will be particularly interested in anything management has to say about the impact of its new marketing campaign involving activist athlete Colin Kaepernick. It’s important to note that the campaign launched after the quarter ended.
Top news
Instagram founders resign in latest Facebook exec exit: Instagram on Monday said co-founders Kevin Systrom and Mike Krieger have resigned as chief executive officer and chief technical officer of the photo-sharing app owned by Facebook (FB), giving scant explanation for the move. [Reuters]
Starbucks plans ‘significant changes’ to company’s structure: Starbucks Corp. (SBUX), on a mission to move faster, is planning an organizational shakeup, including corporate layoffs. The leadership and organizational changes will begin this week and carry on into November. [Bloomberg]
Glencore to increase share buyback program by up to $1B: Glencore Plc (GLEN.L) will increase its share buyback program by as much as $1 billion, adding to a growing list of moves by the world’s biggest miners this year to return more money to investors. [Bloomberg]
Google names new privacy chief: Alphabet Inc.’s Google (GOOG, GOOGL) tapped its longtime privacy lawyer, Keith Enright, to become chief privacy officer as the company proposed policies for potential federal regulation of data. In his new role, Enright will be in charge of crafting Google’s strategy on privacy issues at a time when tech giants are facing rising pressure in Washington to take more precautions in how they handle users’ personal information. [Bloomberg]
Trump to target Iran, globalism in UN address: President Donald Trump will take aim at Iran over its nuclear program and ambitions in the Middle East in his second address to the United Nations General Assembly on Tuesday. The president — who threatened to “totally destroy” North Korea in his UN speech last year — is expected to employ a forceful tone toward the Islamic Republic, even if not as bellicose as he did toward Pyongyang. [Bloomberg]
Yahoo Finance Originals
What to expect when Apple, Amazon, and Google get grilled in Congress this week
Ken Langone: ‘Trump is the fever, he’s not the disease’
Fanatics founder: If you try to copy Amazon and Alibaba, ‘you’re dead’
macOS Mojave: A sweet, small, surgical upgrade
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The Morning Brief provides a quick rundown on what to watch in the markets, top news stories, and the best of Yahoo Finance Originals.
