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Bank payments could be delayed by FOUR days under new anti-fraud rules coming in this month

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Bank payments could be delayed by FOUR days under new anti-fraud rules coming in this month

BANK payments for millions of customers could be paused by up to four days as part of a crackdown on fraudsters.

Banks and building societies currently have up to the end of the next business day to process or decline a transfer.

Banks will have new powers to delay payments for up to four days

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Banks will have new powers to delay payments for up to four daysCredit: PA

But under new Government legislation coming into effect at the end of the month, this will be extended by an extra 72 hours.

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It will give banks more time to investigate potentially fraudulent activity that can see customers scammed out of their hard-earned cash.

It comes as Government figures reveal an estimated £460million was lost to fraud just last year.

Tulip Siddiq, economic secretary to the Treasury, said: “Hundreds of millions of pounds are lost to scammers each year, targeting vulnerable communities and ruining the lives of ordinary people.

“We need to protect these people better, which is why we are giving banks more time to investigate suspicious payments and break the criminal spell that scammers weave.”

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The new law will better protect a growing number of vulnerable customers targeted by purchase and “romance” scams.

These scams see victims targeted and tricked into transferring large amounts of money.

Ben Donaldson, UK Finance managing director of economic crime, said it was “delighted” to see the new legislation put forward.

He added: “This could allow payment service providers time to get in touch with customers and give them the advice and support they need to avoid being coerced by the criminals who want to steal their money.

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“This could potentially limit the psychological harms that these awful crimes can cause and stop money getting into the hands of criminals.”

Switch bank accounts for free perks

Under the new rules, banks who believe a customer could be scammed will need to tell them if their payment is being delayed.

They will also have to explain to the customer what they need to do to unblock any payments and compensate them for any interest or late payment fees they receive because of any delays.

Rocio Concha, director of policy and advocacy from Which?, said the new law was a “positive step in the fight against fraud”.

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“While it should not affect the vast majority of everyday payments, it’s important that banks can delay a bank transfer and take action if they think a customer is being targeted by a scam.”

The new rules on extending the time banks have to investigate fraudulent transfers will come in just weeks after the introduction of a fresh scheme on fraud compensation.

UK banks currently don’t have to compensate customers who have been scammed out of money.

However, from next Monday (October 7), refunds up to a cap of £85,000 will become compulsory.

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Nicola Bannister, customer support direct at TSB, said the bank welcomed the new rules coming into force.

She added: “Social media and telephone companies must now work tirelessly to cut fraud off at source and protect their users from scam content.”

How to protect yourself from fraud

While the Government’s new law will go some way to protecting customers from being scammed, there are other steps you can take to avoid being conned out of cash, according to Action Fraud.

First, never give out any personal information including your name, address, bank details, email or phone number, to organisations before checking they are legitimate.

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And always think twice when receiving an unsolicited call, text or email requesting these types of details.

Instead, contact the company directly using a known email or phone number.

Second, make sure your computer, laptop and phone has up-to-date anti-virus software installed which will block any malware.

Third, always keep an eye out for phishing emails or texts which pretend to be legitimate but are designed to steal your personal information.

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These messages usually come with a link which, if clicked on, can see your personal information including bank details stolen.

Fourth, be wary of post, phone calls or emails offering you business deals out of the blue.

If an offer seems too good to be true, it probably is, so always question it.

Who to contact if you’ve been defrauded

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If you think you’ve fallen for a scam, report it to Action Fraud on 0300 1123 2040.

You can also contact Action Fraud by using its online tool found via https://www.actionfraud.police.uk/reporting-fraud-and-cyber-crime.

Once you’ve done this, your report will be sent to the National Fraud Intelligence Bureau (NFIB) which is part of the City of London police.

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Aldi shoppers rush to buy stylish homeware essential scanning at tills for just 49p

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Aldi shoppers rush to buy stylish homeware essential scanning at tills for just 49p

SAVVY shoppers are rushing to Aldi to get their hands on bargain home accessories scanning for just pennies.

The set of three textured vases in cream costs a mere 49p and for that you get three different styles.

This minimalist vase set costs less than 50p at Aldi

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This minimalist vase set costs less than 50p at AldiCredit: Extreme Couponing and Bargains UK

A shopper on the Extreme Couponing and Bargains UK Facebook group posted her find saying simply “49p Aldi!”

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Other members immediately reacted. “This is what I was looking for,” cried one woman, who said she hadn’t been able to find them.

“I paid £1.99 last week,” said another. 

A third poster simply added “Wow!”

Read more on finding bargains

The vase set was originally on sale in Aldi’s middle aisle for £4.99 and available in neutral shades grey and beige, as well as cream, to suit all styles of decor.

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According to Aldi they are “perfect for filling with flowers or pampas grass” and tap into the trend for more organic forms in home decoration, emphasised by their textured finish.

We announced their arrival back in June so this is the retailer clearing stock for new lines, but at a tenth of their original price, they’re worth getting your hands on before they disappear for good.

Bear in mind availability will vary between stores – you can find Aldi’s store locator on its website.

B&M has an almost identical three-vase set on its website for £6, or this Bubble Paper Mache version selling for £5 and this Circular Sculpture for £6.

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What are Aldi Specialbuys?

H&M, too, has a similar set in light beige, but these mini stoneware vases will set you back £12.99. 

Tesco launched its new homewares range last month and you can find a cute recycled heart vase for just £3 and an apothecary-style bud vase for only £1.50.

To get the most for your money always shop around, comparing prices between retailers.

Use platforms such as Google Shopping and apps such Latest Deals or Trolley to check the best prices on particular products. 

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Check out discount code websites and sign up to cashback sites, including Quidco and TopCashback to earn money while you spend.

Facebook groups like Extreme Couponing and Bargains UK are a great way to discover what’s on offer in a wealth of stores, while following your favourite brands on social media and signing up to their newsletters mean you’ll be first to hear about new deals and discounts.

For other ways to save at Aldi keep an eye on their regular special buys, check for price reductions in store and on the website, and watch out for red stickers while you’re doing your grocery shop.

Speaking of groceries, Aldi’s Super Six is another great way to save money on your shopping, with six fruit and vegetables on special offer every fortnight. 

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Signing up to the Aldi newsletter will also bring you special offers from time to time and look out for money-off vouchers in newspapers.

When’s the best time to shop at Aldi?

WHEN it comes to shopping at Aldi, the best time to do so depends on what you want to buy.

For reduced items – when shops open

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Red sticker items are rare at Aldi’s 830 UK stores, but the supermarket says that none of its food goes to waste so there are some to be found – if you’re quick.

A spokesman for the supermarket said: “All items are reduced to 50 per cent of the recommend sales price before stores open on their best before or use by dates.”

That means you have the best chance of finding reduced food items if you go into stores as soon as it opens.

Opening times vary by shop but a majority open from 7am or 8am. You can find your nearest store’s times by using the supermarket’s online shop finder tool.

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For Specialbuys – Thursdays and Sundays

Specialbuys are Aldi’s weekly collection of items that it doesn’t normally sell, which can range from pizza ovens to power tools.

New stock comes into stores every Thursday and Sunday, so naturally, these are the best days to visit for the best one-off special deals.

For an even better chance of bagging the best items, head there for your local store’s opening time.

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Remember: once they’re gone, they’re gone, so if there’s something you really want, visit as early as possible

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

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True Potential CEO Daniel Harrison steps down after seven years

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True Potential CEO Daniel Harrison steps down after seven years

True Potential chief executive Daniel Harrison will be stepping down after seven years in the role.

Harrison’s departure, which has been kept under wraps, is part of a planned transition following the firm’s partnership with Cinven in September 2021.

Money Marketing understands that the announcement was given to staff today (October 3) at the firm’s annual conference.

Harrison said: “While I understand this news may come as a surprise, I want to assure everyone that this decision was made with the future of True Potential in mind.

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“Since partnering with Cinven, we have focused on developing a strong executive team that is well-prepared to lead the firm into the future.

“I am confident that True Potential is in excellent hands.”

Maxim Crewe, partner and head of the financial services and consumer teams at Cinven, added: “One of our key attractions to invest in True Potential was the client-centric culture that Daniel and his co-founders have established.

“We will continue to uphold these key values and continue to invest in the business to support True Potential on its growth journey.

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“We thank Daniel for all of his contributions over the many years.”

Harrison co-founded True Potential alongside his father, David, 17 years ago.

They have since developed the Newcastle-based wealth firm into an investment powerhouse, with over 500,000 clients and £31.4bn invested on its platform.

Daniel Harrison has served as CEO since 2017 and has been instrumental in driving the firm’s approach to wealth management.

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Under his leadership, True Potential has hit significant milestones, including achieving a compound annual growth rate of 39% in turnover and 40% in profits.

In 2021, True Potential sold a majority stake to private equity firm Cinven for an undisclosed sum.

The investment was to continue the firm’s organic growth and develop its investment technology platform.

Last year, David Harrison stepped down from his role as chair of True Potential. He is succeeded by Andrew Sibbald, who has been deputy chair since April 2023.

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Rare new error discovered on King Charles £1 coins and it could be worth £1,000s if you spot it in your change

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Rare new error discovered on King Charles £1 coins and it could be worth £1,000s if you spot it in your change

AN unearthed rare King Charles III coin could be sitting in your spare change worth thousands of pounds.

An error £1 piece has been spotted by an online coin enthusiast that may be worth a hefty sum.

A rare 'Bee' £1 has been spotted by collectors who have

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A rare ‘Bee’ £1 has been spotted by collectors who haveCredit: TIKTOK @COINCOLLECTINGWIZARD

“Bee” £1 coins were first put into general circulation in August this year with three million making their way into tills and pockets.

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But an error version of the coin appears to have also entered circulation.

TikTok user @coincollectingwizard explains in one their recent videos how the rare coin is made up of just brass instead of being struck with nickel-plated brass alloy on the inner ring and nickel brass on the outer ring like it should have been.

In the video, which has had almost 80,000 views, they say: “All new £1 coins are made with two metal rings.

“The outside is made from nickel brass while the inside is nickel-played brass alloy.

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“But the rare £1 coin that has been found recently is all one colour.”

The rare piece still comes with the King’s portrait on the front side and two bees on the reverse side, in honour of the monarch’s loves of nature.

Change Checker, which writes blogs on rare coins in the UK, said it had not seen the coin previously.

However, it said a similar error coin was released in 2017 that sold for £2,375.

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Other £1 error coins have been known to sell for up to £2,500.

Is Your 50p Worth More Than You Think

Rachel Barnes, coin specialist at Change Checker, said the error coin released in 2017 was believed to have been struck in error when an old round pound blank was mistakenly used, or the brass outer ring did not have the middle punched out.

She added: “We could likely see the same thing here (with the bee £1 coin), which will undoubtedly make the error coin incredible sought-after.”

Rachel also said that as few of the coin have been found, if you do stumble across the error version, to make sure you get it verified by The Royal Mint, the official maker of British coins.

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A spokesperson for The Royal Mint added: “The Royal Mint has tight quality controls in place and the chance of encountering any UK coin with error is exceptionally low.

“We always urge collectors to be cautious and to do their research.”

How to spot if your coin is rare

The most valuable and rare coins are usually the ones with low mintage numbers or an error.

A mintage number relates to how many of a certain coin were made, so the lower the number, the rarer and, generally, the more valuable a coin is.

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Meanwhile, error coins are pieces that were incorrectly struck during the manufacturing process.

The ultra-rare “lines over face” 50p error coin is one such coin, which has been known to sell for £1,500 in the past.

Meanwhile, others with little-known designs have been known to sell for up to £3,000.

How to sell a rare coin

There are three ways you can sell rare coins – on eBayFacebook, or in an auction.

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If you’re selling on Facebook, there are risks attached.

Some sellers have previously been targeted by scammers who say they want to buy a rare note or coin and ask for money up front to pay for a courier to pick it up.

But the courier is never actually sent and you’re left out of pocket.

Rather than doing this, it’s always best to meet a Facebook seller in person when buying or selling a rare note or coin.

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Ensure it’s a public meeting spot that’s in a well-lit area and if you can, avoid using payment links.

Next, you can sell at auction, which is generally the safest option.

You can organise this with The Royal Mint’s Collectors Service.

It has a team of experts who can help you authenticate and value your coin.

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You can get in touch via email and a member of the valuation team will get back to you.

You will be charged for the service though – the cost varies depending on the size of your collection.

You can also sell rare coins on eBay.

But always bear in mind, you will only make what the buyer is willing to pay at that time.

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You can search for the same note or coin as you have to see how much the same one has sold for on the website previously.

This can help give you an indication of how much you should sell it for.

How to spot valuable items

COMMENTS by Consumer Editor, Alice Grahns:

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It’s easy to check if items in your attic are valuable.

As a first step, go on eBay to check what other similar pieces, if not the same, have sold for recently.

Simply search for your item, filter by “sold listings” and toggle by the highest value.

This will give you an idea of how much others are willing to pay for it.

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The method can be used for everything ranging from rare coins and notes to stamps, old toys, books and vinyl records – just to mention a few examples. 

For coins, online tools from change experts like Coin Hunter are also helpful to see how much it could be worth.

Plus, you can refer to Change Checker’s latest scarcity index update to see which coins are topping the charts. 

For especially valuable items, you may want to enlist the help of experts or auction houses. 

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Do your research first though and be aware of any fees for evaluating your stuff.

As a rule of thumb, rarity and condition are key factors in determining the value of any item. 

You’re never guaranteed to make a mint, however.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

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This 6.5%-Yielding Dividend Stock Just Closed the Final Phase of a Once-in-a-Generation Opportunity

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Motley Fool


Last fall, Enbridge (NYSE: ENB) made a bold strike. The Canadian pipeline and utility giant agreed to buy three natural gas utilities from Dominion in a $14 billion deal. The transaction would create the largest natural gas utility franchise in North America.

At the time, Enbridge’s CEO Greg Ebel stated, “Adding natural gas utilities of this scale and quality, at a historically attractive multiple, is a once-in-a-generation opportunity.” While it took a little more than a year, the company has finally closed this generational opportunity to expand its gas utility business. The deal significantly enhances the company’s ability to sustain and grow its 6.5%-yielding dividend.

Closing the final phase

Enbridge recently announced that it has closed its acquisition of Public Service Company of North Carolina (PSNC) from Dominion. The deal adds over 600,000 service customers in the state, which it serves with over 13,000 miles of gas distribution and transmission pipelines and other related gas infrastructure assets.

The utility should supply Enbridge with stable, low-risk cash flow backed by government-regulated rate structures and steady gas demand. That cash flow should grow in the coming years as Enbridge invests in expanding PSNC’s infrastructure to support rising gas demand in its service region.

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Closing the PSNC acquisition was the final phase of this transformational transaction. Enbridge previously closed the purchase of The East Ohio Gas Company in March and completed its deal for Questar Gas Company in June.

The trio of gas utilities significantly expands Enbridge’s gas distribution platform. It will supply 22% of the company’s annual adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), up from 12% before the deal. It further diversified the company’s business while increasing its exposure to lower carbon energy.

The new gas utilities also increased the company’s cash flow from stable regulated assets and enhanced its growth profile. Enbridge expects to invest 5 billion Canadian dollars ($3.7 billion) over the next three years into low-risk, quick-return projects, which will increase its earnings from these utilities.

Enhancing an already strong foundation

Enbridge has built one of the lowest-risk businesses in the energy infrastructure sector. The company has a diversified platform focused on four core franchises: liquids pipelines (50% of its EBITDA), gas transmission and midstream (25%), gas distribution and storage (22%), and renewable power (3%).

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About 98% of the EBITDA generated from those businesses comes from cost-of-service or contracted assets, which are very predictable and stable. As evidence, Enbridge has achieved its annual financial guidance for 18 straight years, despite two major recessions and two additional periods of oil market turbulence.

The company targets to pay 60% to 70% of its very stable cash flow to investors in dividends. It retains the rest to invest in its large backlog of commercially secured capital projects. The utility acquisitions pushed its backlog to CA$24 billion ($17.8 billion) of projects it should complete through 2028. Those projects give it lots of visibility into its future earnings growth.

The company expects those projects will help grow its EBITDA by about 5% annually. Meanwhile, it has additional investment capacity, thanks to its strong balance sheet, which it can use to sanction additional expansion projects and make accretive acquisitions, further enhancing its growth rate.

With a strong financial profile and visible earnings growth, Enbridge should have plenty of fuel to continue increasing its dividend. It could grow its dividend by as much as 5% per year over the medium term, further extending a streak that is currently at 29 straight years.

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An elite dividend stock

Enbridge has closed its once-in-a-generation opportunity to add three high-quality gas utilities to its portfolio. They enhance the stability of its earnings base, increase its diversification, and bolster its growth profile.

Because of that, Enbridge is in an even stronger position to continue growing its dividend. That makes it an excellent dividend stock to buy for the long term.

Should you invest $1,000 in Enbridge right now?

Before you buy stock in Enbridge, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Enbridge wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

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Consider when Nvidia made this list on April 15, 2005… if you invested $1,000 at the time of our recommendation, you’d have $716,988!*

Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than quadrupled the return of S&P 500 since 2002*.

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*Stock Advisor returns as of September 30, 2024

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Matt DiLallo has positions in Enbridge. The Motley Fool has positions in and recommends Enbridge. The Motley Fool recommends Dominion Energy. The Motley Fool has a disclosure policy.

This 6.5%-Yielding Dividend Stock Just Closed the Final Phase of a Once-in-a-Generation Opportunity was originally published by The Motley Fool



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Supermicro And Fujitsu Partner For AI-Powered Server: What’s In Store?

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Supermicro And Fujitsu Partner For AI-Powered Server: What's In Store?


Supermicro And Fujitsu Partner For AI-Powered Server: What's In Store?

Supermicro And Fujitsu Partner For AI-Powered Server: What’s In Store?

Super Micro Computer, Inc. (NASDAQ:SMCI) has entered a long-term strategic partnership with Fujitsu Limited to develop and market a platform that will feature Fujitsu’s future Arm-based “FUJITSU-MONAKA” processor.

The platform is designed for high performance and energy efficiency and is scheduled for release in 2027.

The partnership will also focus on creating liquid-cooled systems for high-performance computing (HPC), generative AI, and next-generation green data centers.

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Fujitsu and Supermicro will combine their expertise to create a leading server portfolio.

Supermicro’s flexible Building Block design enables quick customization of servers for AI, HPC, and general computing, supporting both cloud and edge deployments.

The collaboration will involve Fsas Technologies Inc., a Fujitsu subsidiary, to deliver global generative AI solutions using Supermicro’s GPU servers and support services for data centers and enterprises.

“Supermicro is excited to collaborate with Fujitsu to deliver state-of-the-art servers and solutions that are high performance, power efficient, and cost-optimized,” said

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Charles Liang, president and CEO of Supermicro.

“These systems will be optimized to support a broad range of workloads in AI, HPC, cloud and edge environments. The two companies will focus on green IT designs with energy-saving architectures, such as liquid cooling rack scale PnP, to minimize technology’s environmental impact.”

Investors can gain exposure to Super Micro through iShares Future AI & Tech ETF (NYSE:ARTY) and Defiance Daily Target 2X Long SMCI ETF (NASDAQ:SMCX).

Price Action: SMCI shares are down 0.26% at $41.89 premarket at the last check Thursday.

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This article Supermicro And Fujitsu Partner For AI-Powered Server: What’s In Store? originally appeared on Benzinga.com

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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.



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Dow, S&P 500, Nasdaq slip with focus on jobs report, wait for Mideast moves

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Dow, S&P 500, Nasdaq slip with focus on jobs report, wait for Mideast moves


US stocks drifted lower on Thursday as the focus tentatively turned back to the economy and the monthly jobs report. Meanwhile, worries over the Middle East conflict rumbled in the background.

The S&P 500 (^GSPC) dropped 0.2%, while the Dow Jones Industrial Average (^DJI) fell about 0.3%. The tech-heavy Nasdaq Composite (^IXIC) moved roughly 0.4% lower. All three gauges closed Wednesday slightly above the flatline.

Some calm has returned to a market rattled by escalating Mideast tensions that have driven sharp gains in oil prices. Israel has yet to launch its promised retaliation to Iran’s missile strike on Tuesday, amid efforts by Western and regional leaders to stabilize the situation.

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Investors are now bracing for the highly anticipated September jobs report on Friday, after a surprise uptick in private payrolls came alongside signs the labor market is loosening up.

Investors received more signs of general cooling in the labor market on Thursday. Weekly jobless claims ticked up slightly from the prior week. Meanwhile, planned layoffs in the US dipped from a five-month high, according to a report from Challenger, Gray and Christmas. But the firm’s vice president said the data showed the labor market is at an “inflection point.”

Any new signs of deterioration in the labor market could prompt the Federal Reserve to follow up its 0.5% interest-rate cut last month with another jumbo move, despite policymakers’ expectation of a 0.25% cut in November.

Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards

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Meanwhile, the Israel-Iran crisis helped drive oil prices higher for a third day, another potential drag on economic activity. Brent crude (BZ=F) and West Texas Intermediate (CL=F) futures were both up over 2% on Thursday.

On the corporate front, Levi Strauss (LEVI) shares tumbled over 10% in premarket after the jeans giant posted a disappointing revenue forecast and said it is considering a sale of its Dockers brand. Tesla’s (TSLA) stock continued to slide in the wake of downbeat delivery figures, as Reuters reported the EV maker has halted US online orders for its cheapest Model 3.

Live1 update

  • Stocks open lower with monthly jobs report on deck, Middle East tensions high

    Stocks opened lower on Thursday as investors turn their attention this week to monthly jobs data for clues about the health of the economy, while keeping a close eye on the Middle East conflict.

    The S&P 500 (^GSPC) fell 0.3%. The Dow Jones Industrial Average (^DJI) fell 0.3% while the tech-heavy Nasdaq Composite (^IXIC) moved lower 0.5% after all three averages closed above the flatline on Wednesday.

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    Investors await the highly anticipated September jobs report out on Friday morning. Weekly jobless claims releaseed on Thursday ticked up slightly from the prior week.

    In commodities, oil prices were up Thursday as the Israel-Iran crisis has raised concerns of supply disruptions in the region. Brent (BZ=F) and West Texas Intermediate (CL=F) each up more than 2% in early trading.



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