The Market News Today: NY Community Bancorp Stock Plummets

Elon Musk Sues OpenAI, Alleging Abandonment of Humanity’s AI Mission

Elon Musk files lawsuit against Microsoft-backed OpenAI and CEO Sam Altman, claiming deviation from original goal of developing AI for humanity’s benefit. Musk, a co-founder, stepped down from OpenAI’s board in 2018, citing AI dangers. Lawsuit accuses OpenAI of becoming a Microsoft subsidiary, prioritizing profit over humanity. Legal battle intensifies amid soaring AI expectations. Musk’s Tesla, SpaceX, and Neuralink ventures contrast with Altman’s turbulent tenure at OpenAI.

Congress Averts Shutdown with Short-Term Funding Bill

Congress averts government shutdown with short-term funding bill, buying time for broader spending deal. Senate passes continuing resolution, avoiding shutdown with bipartisan support. House Speaker emphasizes move away from omnibus spending, aims for individual appropriations bills. Funding deadline extended for key spending bills, providing more time for negotiations. Critics decry lack of significant spending cuts, while foreign aid remains separate from funding deal.

Euro Zone Inflation Eases to 2.6% in February, Core Figures Surpass Expectations

Flash figures reveal euro zone inflation dropping to 2.6% in February, slightly above economists’ forecasts. Core inflation, excluding volatile components, surpasses expectations at 3.1%. Food, alcohol, and tobacco lead inflation at 4%, followed by services at 3.9%. Energy prices deflate further after Russia-Ukraine tensions ease. While headline inflation inches closer to ECB’s 2% target, core inflation remains above 3%. Investors await ECB’s move amid mixed signals on interest rate cuts.