The daily business briefing: December 1, 2023

1. Tesla begins Cybertruck deliveries

Tesla started delivering its long-awaited electric Cybertrucks to customers on Thursday. The EV maker unveiled the futuristic, sharp-angled electric pickup truck in November 2019. It starts at $60,990 and runs as high as $90,990. CEO Elon Musk touted the vehicle at a live event at the company's Gigafactory in Austin, Texas, boasting that its ride is "silent" and its exterior bulletproof. The Cybertruck, which has a six-foot bed, is Tesla's first vehicle that isn't a sedan. It joins a growing electric-pickup market that already includes vehicles from Ford and Rivian. Cnet, Fox Business

2. Dow jumps to end November at 2023 high

The Dow Jones Industrial Average jumped 1.5% on Thursday to end November at a 2023 high. The S&P 500 rose 0.4% and the Nasdaq fell 0.2%, but all three of the main U.S. benchmark indexes ended November with big gains, each rising 8.8% or more. U.S. stock futures were little changed early Friday. Futures tied to the Dow were up 0.1% at 7 a.m. ET. S&P 500 futures were flat, while those of the tech-heavy Nasdaq were down 0.2%. Investors were awaiting comments from Federal Reserve Chair Jerome Powell later in the day for signs about whether the central bank is done raising interest rates, and might possibly cut them next year, now that inflation is cooling. The Wall Street Journal, CNBC

3. COP28 starts with surprise deal

The United Nations–sponsored COP28 climate summit kicked off Thursday with the approval of a new fund to help poor nations tackle the costs of climate change–driven storms and drought. COP28 President Sultan Ahmed al-Jaber called the deal on the two-week conference's first day a "positive signal of momentum to the world and to our work here in Dubai." Several governments followed up with about $400 million in pledges meant to get the "loss and damage" fund started, including $100 million from the United Arab Emirates, which is hosting COP28, and contributions from the United States, the European Union and the United Kingdom. Reuters

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up

4. Key inflation gauge falls to lowest rate in 2 1/2 years

The Commerce Department reported Thursday that prices were flat in October after rising 0.4% the previous month. Consumer prices were up 3% in October compared to a year earlier, the lowest inflation rate in more than 2 1/2 years and down from a 3.4% annual rate in September. So-called core inflation, excluding volatile food and energy costs, increased 0.2% from September to October, down from a 0.3% rise the previous month. The cooling of the Federal Reserve's preferred inflation measure increased expectations that the central bank's policymakers would keep interest rates unchanged at their December meeting. The Associated Press

5. Judge blocks Montana's TikTok ban

A federal judge on Thursday temporarily blocked a Montana law that would have banned TikTok in the state starting next year, while a challenge moves through the courts. U.S. District Judge Donald Molloy said in court documents that the law likely "oversteps state power and infringes on the constitutional rights of users," NBC News reported. Montana lawmakers approved the measure in May, making the state the first to ban the short-video sharing app, which is owned by China's ByteDance. The company is suing, as are five content creators who argue that the law violates their free-speech rights and imposes "power over national security that Montana does not have." NBC News