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Business Highlights: Consumer prices, new iPhone lineup

Business Highlights: Consumer prices, new iPhone lineup

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Stocks went back to falling on Wall Street Tuesday after a blip higher the day before, giving the S&P 500 its sixth loss in the last seven trading days. The benchmark index lost 0.6%.

The market had started higher after the latest data on inflation came in better than economists had expected, but those gains faded quickly. Bond yields fell following the report, which showed that consumer prices rose just 0.3% last month, the smallest increase in seven months and a hopeful sign that inflation pressures may be cooling. The yield on the 10-year Treasury note fell to 1.29%.

Pandemic hasn’t dimmed Boeing’s rosy prediction for planes: Despite the pandemic’s damage to air travel, Boeing says it’s optimistic about long-term demand for airplanes. The company said Tuesday it expects the aerospace market to be worth $9 trillion over the next decade. That includes planes for airlines and military uses and other aerospace products and services. That outlook is even rosier than the one Boeing gave in 2019, when it predicted industrywide sales of $8.7 billion over the next decade. In the U.S. and around the world, air travel within countries is picking up faster than cross-border travel, as the U.S. and many other countries maintain high barriers to international travel.

Billionaire Cohen to invest in new crypto trading firm Radkl: A cryptocurrency company launched by partners of a major Wall Street trading firm has snagged the support of billionaire investor Steven A. Cohen. The hedge-fund manager and owner of the New York Mets has agreed in principle to invest in Radkl, a crypto trading firm, though the deal is not final. The company is being launched by partners of GTS, a firm that trades as much as a billion shares of U.S. stocks on a given day. Radkl, which is pronounced “radical,” plans to trade across cryptocurrency coins and exchanges. It’s the latest foray by big names from the traditional financial world into crypto.

Amazon brings palm-swiping tech to Red Rocks concert venue: Your palm could soon be your ticket to a concert. Amazon says it is bringing its palm-recognition technology to the Red Rocks Amphitheatre in Denver and it will be available at other venues in the coming months. It’s the first time the technology, called Amazon One, will be used outside some of Amazon’s stores, where shoppers can pay for groceries and snacks by swiping their palms. Starting Tuesday, concertgoers at Red Rocks can sign up to connect their palm to a ticketing account by hovering their hand over a device. An Amazon account is not needed to use the technology.

— Associated Press

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