7 Things to Know Before the Opening Bell | Stock Market Prep
- softbank and Toyota are collaborating on driverless car technology.
- This partnership is the latest in a string of alliances between tech firms and automakers focusing on autonomous vehicle development.
- Meanwhile, Facebook is under investigation by the Irish Data Protection Commission following a hack that compromised up to 50 million accounts.
Prepare yourself: SoftBank and Toyota are joining forces to carve a lane in the driverless car market, creating a joint venture, Monet, to develop mobile services such as convenience stores and food delivery vehicles. This bold move signals another major shift in the autonomous vehicle landscape, as tech giants and automakers increasingly partner to accelerate self-driving technology. The venture, with SoftBank holding the majority stake, reflects a trend of strategic alliances transforming the automotive industry. Also, Facebook faces scrutiny over a data breach, and U.S. Treasury yields hit a seven-year high amid robust economic data—a volatile cocktail for the market. News Directory 3 keeps you in the know, with key market-shaping developments. Discover what’s next as the U.S. jobs report looms.
SoftBank, Toyota Join Forces on Driverless Car Services
softbank and Toyota are collaborating on driverless car technology. The two companies are launching a joint venture called Monet to create services such as mobile convenience stores and food delivery vehicles where meals are prepared en route. SoftBank will own slightly more than half of Monet, wiht Toyota holding the remaining stake.
This partnership is the latest in a string of alliances between tech firms and automakers focusing on autonomous vehicle development. SoftBank’s Vision Fund has already invested $2.3 billion in GM Cruise, General Motors’ self-driving car division. Honda and General Motors also announced a partnership to develop next-generation autonomous vehicles. BMW has joined Apollo, Baidu’s autonomous driving project.
Meanwhile, Facebook is under investigation by the Irish Data Protection Commission following a hack that compromised up to 50 million accounts. The investigation will assess Facebook’s compliance with European data protection laws. Facebook reported that it has addressed the vulnerability, but as a precaution, 90 million users were logged out of thier accounts.
the yield on 10-year U.S. Treasuries has reached its highest level in seven years after strong economic data. favorable hiring figures released Wednesday and perhaps positive initial claims numbers are contributing to the trend. According to Kit Juckes, a strategist at Societe Generale, the U.S. economy is performing exceptionally well, fueling expectations of Federal reserve rate hikes.
Constellation Brands is scheduled to release earnings before the market opens, followed by Costco after the close. Danske Bank shares fell after the bank disclosed it received inquiries from the U.S.Department of Justice regarding a money laundering scandal.
What’s next
the U.S. jobs report is due Friday, which will provide further insights into the strength of the American economy.