Citadel CEO Ken Griffin has made a historic contribution of $3 billion to Carnegie Mellon University, marking what the school calls the "largest individual gift in higher education history." This news comes as stock futures remain mostly unchanged following two consecutive negative trading days.
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In a significant development, John Harold Rogers, a former senior official at the Federal Reserve, has been arrested and is under investigation for allegedly passing sensitive information to a Chinese government spy. According to CNBC’s Eamon Javers, the case raises questions about whether Rogers, 65, was operating as a spy or was merely manipulated by foreign intelligence. His personal circumstances reportedly played a role, with an agent exploiting his desire for companionship. Rogers has not commented on the allegations, and his legal team maintains that he did not share any valuable information. The Federal Reserve declined to comment on the matter.
OpenAI unveiled several new products, including Dots, "always-on" agents, at its developer conference. The company also introduced GPT-6.1 Sol shortly after abandoning plans for GPT-6.1 Astra due to safety concerns. Amid speculation about a potential IPO, CEO Sam Altman noted that he prioritizes safety and mission over a specific timeline for going public. Meanwhile, President Donald Trump announced a new agreement with tech leaders to create a "morally binding" AI pact and proposed renaming AI to "super intelligence" via executive order, aiming to reshape public perception of the technology.
Today's economic outlook includes the release of August's PCE price index, the Federal Reserve's preferred measure of inflation, along with data on employment, consumer spending, and GDP. This comes after the Conference Board reported a drop in the Consumer Confidence Index to its lowest level since 2014, which many attributed to concerns over the job market and inflation. Additionally, the yield on 30-year Treasury bonds has hit its highest point since 2002, affecting the stock market.
Oura, the biometric ring manufacturer, announced a delay in its IPO, joining several other companies that have postponed their public offerings recently, bringing the total to seven for the third quarter. Analysts suggest that rising bond yields are contributing to companies' hesitance to go public. Oura cited market uncertainty while insisting on strong demand for its stock.
The U.S. Treasury Department is set to auto-enroll millions of children in "Trump Accounts," a change expected to significantly increase enrollments. This could add over 60 million children to the existing accounts and is projected to raise annual enrollment by about 2 million in the coming years. Treasury Secretary Scott Bessent indicated that current enrollment figures are between 7 and 8 million, with expectations to reach 70 million with the new automatic enrollment regulations.