DAILY UPDATE: Inflation and “Bumble” Down as Stock Markets Rise and UHC Hackers ID’d

Posted on March 1, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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The Bumble dating app said this week that it plans to lay off 30% of its staff (about 350 employees) after a Q4 earnings report highlighted that profits are ghosting the company and Gen Z considers dating apps a turnoff. Bumble CEO Lidiane Jones, who took over in November when founder Whitney Wolfe Herd stepped down, said the cuts would save the company around $55 million. The company plans to invest in relaunching the app next quarter with new safety and AI features to entice all those looking for love.

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Here’s where the major benchmarks ended:

  • The S&P 500 index rose 26.51 points (0.5%) to 5,096.27, up 5.2% for the month; the Dow Jones Industrial Average® (DJI) added 47.37 points (0.1%) to 38,996.39, up 2.2% for the month; the NASDAQ Composite gained 144.18 points (0.9%) to 16,091.92, up 6.1% for the month.
  • The 10-year Treasury note yield (TNX) fell about 3 basis points to 4.244%.
  • The CBOE Volatility Index® (VIX) dropped 0.44 to 13.40.

Chipmaker shares were among the strongest performers Thursday, helping lift the Philadelphia Semiconductor Index (SOX) 2.7% to a record high close. Banks and food and beverage industries were also firm. Small-cap stocks also extended a recent upswing. The Russell 2000® Index (RUT) erased much of an initial surge to a 22-month high but still finished with a 0.7% advance, gaining 5.5% for the month.

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Hackers that allegedly caused the UnitedHealth Group cyberattack reportedly posted on the dark web that they stole personal data and the records of “millions” of patients.

In a now-deleted post, the Blackcat ransomware group – also known as ALPHV or Noberus – said it stole several terabytes of data from UnitedHealth, which includes medical insurance and health data, Reuters reported, citing screenshots of the post.

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