Stock Market Winners & Losers: Markets Rally a Day After Big Fed Rate Cut | Legacy Brands Struggle in an Influencer Era | Instagram Rolls Out Stricter Rules for Teens
Stocks rose after the Federal Reserve lowered interest rates to 4.75%-5%, boosting market optimism. Jobless claims fell, while August home sales dropped 4.2% as prices hit a record high. Amazon raised wages for warehouse workers, and Tupperware filed for bankruptcy. Tapestry is attempting an $8.5 billion acquisition of Capri Holdings, despite FTC concerns over reduced competition in luxury handbags.
On social media, Instagram is tightening restrictions on minors’ accounts to address mental health concerns. NYC sued major platforms over mental health costs, and a single post from Taylor Swift crashed a little-known handbag designer’s website.
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