Federal Reserve is set to cut rates again while facing a hazy post-election outlook
WASHINGTON (AP) -- No one knows how Tuesday's presidential election will turn out, but the Federal Reserve's move two days later is much easier to predict: With inflation continuing to cool, the Fed is set to cut interest rates for a second time this year. The Fed's future actions, though, will become more unsettled once a new president and Congress take office in January, particularly if Donald Trump were to win the White House again. Trump's proposals to impose high tariffs on all imports and launch mass deportations of unauthorized immigrants and his threat to intrude on the Fed's normally independent rate decisions could send inflation surging, economists have said.
OPEC extends its oil output cuts by one month until the end of December
Saudi Arabia and allied oil producing countries say they will postpone a plan to gradually increase oil output until the end of the year. The group extended output cuts by one month. No reason was given for the move on Sunday, which comes ahead of the U.S. presidential election on Tuesday. In June, OPEC said 2.2 million barrels a day in voluntary cuts were extended until September but would then be gradually reduced month by month until they are eliminated by September 2025. OPEC later extended the cuts until November. On Sunday, they extended the cuts again by one month.
Stock market today: Asian shares are mostly higher as China begins major economic meeting
Shares are mostly higher in Asia as China's leaders begin a major meeting expected to bring fresh pledges of help for the world's second-largest economy. Oil prices gained more than $1 a barrel after the OPEC+ oil producing nations said they would extend production cuts until the end of the year. On Friday, the S&P 500 rose 0.4%, recovering some of its loss from the day before, which was its worst in eight weeks. The Dow Jones Industrial Average gained 0.7%, and the Nasdaq composite added 0.8%. Amazon rallied after delivering a stronger profit for the latest quarter than analysts expected.
TGI Fridays files for bankruptcy protection as sit-down restaurant struggles continue
Restaurant chain TGI Fridays says it has filed for bankruptcy protection as it looks for ways to "ensure the long-term viability" of the casual dining brand. The Dallas-based company filed for Chapter 11 bankruptcy protection in a Texas federal court Saturday. Executive Chairman Rohit Manocha said in a statement that the "primary driver of our financial challenges resulted from COVID-19 and our capital structure." Sit-down chain restaurants more broadly have faced challenges in recent years as diners choose to get food delivered or visit upscale fast-food chains.
A TV as big as a bed? With the holidays approaching, stores stock more supersize sets
NEW YORK (AP) -- For some television viewers, size apparently does matter. Forget the 65-inch TVs that were considered bigger than average just a few years ago. In time for the holidays, manufacturers and retailers are rolling out more XXL screens measuring more than 8 feet across. That's wider than a standard three-seat sofa or a king-size bed. Supersize TVs only accounted for 1.7% of overall TV revenues in the U.S. during the first nine months of the year., according to market research firm Circana. But companies preparing for shoppers to go big for Christmas, Hanukkah and Kwanzaa have reason to think the growing ultra category will be a bright spot in an otherwise tepid television market, according to analysts.
Warren Buffett is sitting on over $325 billion cash as Berkshire Hathaway keeps selling Apple stock
OMAHA, Neb. (AP) -- Warren Buffett is now sitting on more than $325 billion cash after continuing to unload billions of dollars worth of Apple and Bank of America shares this year and continuing to collect a steady stream of profits from all of Berkshire Hathaway's assorted businesses without finding any major acquisitions. Berkshire said in its earnings report Saturday that it sold off roughly another 100 million Apple shares in the third quarter after halving its massive investment in the iPhone maker last quarter. The stake valued at $69.9 billion at the end of September remains Berkshire's biggest single investment, but it has been cut drastically since the end of last year when it was worth $174.3 billion.
'Venom 3' tops box office again, while Tom Hanks film struggles
"Venom: The Last Dance" is enjoying another weekend at the top of the box office charts. Sunday's studio estimates show the Sony and Marvel collaboration starring Tom Hardy added $26.1 million in ticket sales. Globally, it passed $300 million. It was a relatively quiet weekend for North American movie theaters leading up to the presidential election. Charts were dominated by major studio holdovers, like "The Wild Robot" and "Smile 2." But audiences roundly rejected the Tom Hanks, Robin Wright and Robert Zemeckis reunion "Here," which debuted with only $5 million.
Nevada lithium mine will crush rare plant habitat US said is critical to its survival, lawsuit says
RENO, Nev. (AP) -- Conservationists and a Native American advocacy group are suing to block a Nevada lithium mine they say will drive an endangered wildflower to extinction, disrupt groundwater flows and threaten cultural resources. The Center for Biological Diversity promised the court battle a week ago when the U.S. Interior Department approved Ioneer's lithium-boron mine at the only place Tiehm's buckwheat is known to exist in the world. It is the latest in a series of legal fights over projects President Joe Biden's administration is pushing under his clean energy agenda intended to cut reliance on fossil fuels. Lithium is used to make electric vehicle batteries and solar panels.
Listen to business owners and voters in Erie, Pennsylvania. They could help decide the White House.
ERIE, Pa. (AP) -- Both Donald Trump and Kamala Harris have campaigned in the Rust Belt city of Erie, Pennsylvania. And control of the White House could come down to how business owners and voters in Erie view each candidate's economic vision. In every presidential election since 1992, Erie County has gone for the candidate who ended up winning Pennsylvania. Many people in town say they want predictability. They question Trump's ideas on tariffs in particular. But there's also doubt that either candidate can do what's being promised.
Harris and Trump focus on Sunbelt states during final weekend push for votes
CHARLOTTE, N.C. (AP) -- Democrat Kamala Harris and Republican Donald Trump are zeroing in on Sunbelt states as they embark on one last weekend quest to sway undecided voters in battleground states that will determine the next president. On Saturday, Harris encouraged supporters in Atlanta to vote early while Trump spoke in North Carolina about his days as a candidate coming to a close with this election. Harris ended her day in Charlotte, North Carolina, with rocker Jon Bon Jovi and actress Kerry Washington. Trump was in Salem, Virginia -- which isn't a battleground state -- and rallied in Greensboro in North Carolina.