The Dow Transportation index

 


The Dow Transportation index 


Blue Apron said on Wednesday its co-founder and chairman Matthew Salzberg has resigned from the board of the meal kit delivery company to focus on other business interests.


Jennifer Carr-Smith, a current independent board member, will succeed Salzberg, the company said.

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Blue Apron also said it was looking to raise $78 million in equity, including a $3 million private placement with Salzberg, to fund growth and raise wages for hourly employees.


Salzberg co-founded Blue Apron in 2012 and served as its chief executive until 2017. 

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The dollar languished near the middle of its range of the past month versus major peers on Thursday, as traders looked to next week's Federal Reserve policy meeting for indications on how soon the U.S central bank will start to taper stimulus.

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The dollar index , which measures the currency against six rivals, was at 92.506, little changed from Wednesday.

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It reached a two-week high of 92.887 at the start of the week, only to drop to a one-week low of 92.321 on Tuesday after a softer-than-expected inflation report. Its low for the month was 91.941, hit on Sept. 3, when payrolls data disappointed.

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"We're waiting for the FOMC next week - that remains the key focus," said Shinichiro Kadota, senior FX strategist at Barclays in Tokyo. "I don't think the dollar is going to go too far in either direction (before that)."

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The Federal Open Market Committee's (FOMC) two-day policy meeting ending Sept. 22 should provide some clarity on the outlook for both tapering and eventual interest rate hikes.


Tapering typically lifts the dollar as it suggests the Fed is one step closer to tighter monetary policy.

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It also means the central bank will be buying fewer debt assets, in effect reducing the amount of dollars in circulation, which in turn lifts the currency's value.


The dollar eased 0.1% to 109.24 yen , after sliding to a six-week low of 109.110 in the previous session.

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The euro was mostly flat at $1.18095, consolidating between the month's high and low of $1.1909 and $1.17705.


Kadota said the yen's strong performance on Wednesday may have been helped by foreign flows into Japanese stocks, with the Nikkei (.N225) reaching a multi-decade high this week, as well as traders covering of short positions.

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NORWAY'S CROWN


Elsewhere, Norway's crown was little changed at 8.5776 per dollar, edging back toward the more than two-month high of 8.5598 reached overnight amid a rally in oil prices.

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Against the euro, the crown touched its strongest level since June 25 at 10.1119.


"EURNOK is one of the preferred exposures to play a rising crude price, and we're seeing a solid bearish trend here," Chris Weston, head of research at broker Pepperstone in Melbourne, wrote in a note to clients.

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"If Brent and WTI crude are headed for their respective double tops then EURNOK is going one way in my view."


The Australian dollar slipped back toward the lowest this month as Dalian iron ore prices slumped to a new low for the year.

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The Aussie lost 0.16% to $0.7322, after dipping to $0.73015 on Wednesday for the first time since Aug. 31. 


Wall Street stocks advanced on Wednesday as surging crude prices boosted energy shares and a swath of U.S. data suggested inflation has crested and an economic revival has become increasingly certain.

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All three major U.S. stock indexes gathered strength throughout the session as investor favor pivoted back to value stocks, which stand to benefit most from an economic rebound.


"The main factor in that move between growth and value is COVID and the Delta variant and its impact on the economy," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.

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"Over time, we've seen the market focus flip flop between these two outlooks for the economy as investors try to grapple with the near-term economic outlook."


The Dow Transportation index (.DJT), a barometer of economic health, outperformed the broader market.


A host of economic data showed hints of waning inflation and an ongoing return to economic normalcy, even as supply constraints, complicated by hurricane Ida, hindered factory output. read more

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Import prices posted their first monthly decline since October 2020, in the latest sign that the wave of price spikes has crested, further supporting the Federal Reserve's position that current inflationary pressures are transitory.


Next week, the Federal Open Markets Committee is due to convene for a two-day monetary policy meeting, which will be closely parsed for signals as to when the central bank will begin to taper its asset purchases.

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The graphic below shows major indicators against the Fed's average annual 2% inflation target. 

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“He really convinced me this was something I needed to do,” Cohen, the founder of Point72 Asset Management and owner of the New York Mets, said Tuesday at the SALT conference, according to a person with knowledge of his remarks. That was part of a journey that included meeting with as many people over the past six months as he could to educate himself about the possibilities. 

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“Once I decided there were opportunities, and I thought this could be a space like the internet -- it could be incredibly transformational -- I wasn’t going to miss this,” Cohen said in a discussion in New York titled “Generating Alpha in Markets and Baseball” and moderated by Skybridge Capital founder Anthony Scaramucci. 

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Cohen, 65, who has a net worth of $11.1 billion, according to the Bloomberg Billionaires Index, has since thrown himself into the world of crypto in both a personal capacity and at his firm.   

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His interest in the virtual realm extends beyond crypto: Cohen expressed a fascination with the metaverse, or a vision of a virtual world where people interact through avatars.


“There’s some far-out ideas out there, about how people are going to spend their time,” he said. “Your mind can run wild,” he added, about how people will interact in the metaverse, potentially buying virtual real estate and virtual outfits for their avatars. 

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Cohen, a Mets fan since childhood who bought the team in December for about $2.5 billion, also addressed why he loves owning the franchise and the club’s performance.   


“It’s taken me into a different realm,” Cohen said, noting there are 30 owners of teams who meet on a regular basis, opening up his world to a different crowd. It also has its downsides. 

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“Owning a hedge fund, you have some notoriety, but it’s nothing like owning a sports team in New York.” 


It has been a rocky year for the Mets, who squandered their lead in the National League East by losing 19 of 28 games in August. 

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Read more: Cohen’s Mets Dream Keeps Eroding With DUI Bust for Acting GM


In January, Cohen fired General Manager Jared Porter over allegations of sexual harassment. Last month, Acting General Manager Zack Scott was arrested on a drunken driving charge after leaving a charity fundraiser at Cohen’s house. He was placed on administrative leave after pleading not guilty.

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The billionaire weighed in on the world of social media, where he has been more vocal since acquiring the Mets, saying it has helped people to see him as a human being, and not just a wealthy hedge fund owner. 


“Twitter is a tough place to be,” Cohen said. “But it’s a great way to interact with the fans and have your own voice.”

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See also: Steve Cohen Shuts Down Twitter Account After Receiving Threats


In a SALT panel on Monday, Cohen and fellow hedge fund manager Dmitry Balyasny said they support a hybrid work model for their employees.


“I do think we have to be flexible,” Cohen said in a video posted by the conference on YouTube. Allowing staff to work a few days a week from home makes sense “as long as they’re doing what they’re supposed to do and being part of the firm and communicating, I’m okay with that,” he said.

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The “big surprise” in the work-from-home shift is learning “that we can do this regardless of where we are,” he said.


Balyasny, founder of Balyasny Asset Management, said his firm has embraced a hybrid model as well. While employees need to spend some time in the office, flexibility is “a bit of a recruiting advantage” in a competitive talent market, he said, pointing out that “our two fastest growing offices are Austin and Miami.”

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It’s not just employees that like the flexibility -- it’s the billionaires too. 


“I like working at home. I don’t feel like I have to be in the office five days a week,” Cohen said. “I can run my firm from wherever I am.”



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