The Treasury is expected to run out of cash in October, at which point things like Social Security payments and government paychecks would be delayed, and interest rates could spike.Īdding to jitters were concerns that a default by China Evergrande Group would ripple through global markets. Yellen warned of economic catastrophe if Congress did not raise the U.S. Throughout the month, Treasury Secretary Janet L. The tech-heavy Nasdaq composite fell 5.31 percent in September, including a 0.4 percent drop on Thursday. Apple ended the month nearly 10 percent off its Sept. Large technology stocks, which have an outsize influence on the major stock indexes and which typically fall as bonds become more appealing to investors, recorded double-digit drops. By Thursday afternoon the yield was 1.52 percent. With investors also eyeing the Federal Reserve’s plans to start slowing its purchases of government-backed bonds, yields on the 10-year Treasury note jumped to their highest levels in months, reaching 1.55 percent on Wednesday. debt default and as instability in China’s real estate market shook Wall Street. But stocks started to slide as concerns grew about political gridlock leading to a U.S. 2 record and a dizzying 21 percent gain since the beginning of the year. Until the recent decline, investors had shaken off the emergence of the coronavirus’s Delta variant, problems with a backed-up supply chain and persistent inflation, with the S&P 500 rallying to a Sept.
In December, a Zoom executive was indicted and accused of working with the Chinese government to disrupt online events held for the anniversary of the Tiananmen Square massacre.Ī long list of worries caught up with Wall Street in September, the stock market’s worst month since the early days of the pandemic.Īfter a 1.2 percent slide on Thursday, the S&P 500 ended down 4.8 percent for September, its sharpest monthly decline since March 2020 and one that snapped a seven-month streak of gains. The agency said it was worried about the possibility of “foreign participation” in the transaction. In August, the Justice Department pushed for a federal review to determine whether the deal “poses a risk to the national security or law enforcement interests of the United States,” according to a letter to the Federal Communications Commission. The proposed deal between the companies, both based in California, had attracted government scrutiny. Yuan, said in a blog post that while the acquisition had been an opportunity for the company to expand, it “was in no way foundational to the success of our platform.” A spokesperson for Zoom, CJ Lin, said the company had no further comment. Allison Wilson, a spokeswoman for Five9, said the company believed it would build on its “current proven momentum” as an independent firm.
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Zoom’s roughly $15 billion acquisition of the call center software company Five9 fell apart on Thursday evening, when the companies said they would terminate a deal that had drawn national security scrutiny.įive9 said in a news release that the deal had failed to garner enough support from its shareholders, and that the company would continue to operate independently. I remain an investor in the company and wish it the best going forward.” “For that reason, I have stepped down from the company’s board. “I believe that going forward Ozy requires experience in areas like crisis management and investigations, where I do not have particular expertise,” Mr. Rao has not replied to questions about his role on the call. Watson attributed the incident to a mental health crisis. During the call, the supposed YouTube executive praised Ozy, saying it was a great success on the platform. Ozy’s chief executive, Carlos Watson, told The Times that the person had been Samir Rao, the company’s co-founder and chief operating officer. Marc Lasry, a hedge fund manager who is also a co-owner of the Milwaukee Bucks, made the announcement four days after The New York Times reported that someone from Ozy appeared to have impersonated a YouTube executive during a conference call with Goldman Sachs bankers while trying to raise $40 million.
The chairman of the Ozy Media board resigned on Thursday, saying he lacked the experience in “crisis management and investigations” to continue leading the company.
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