Market News
1. Harris' economic proposals and plans
Kamala Harris is advocating for an expanded child tax credit of up to $6,000 for families with newborns, alongside a series of new economic proposals aimed at addressing inflation and lowering costs, including a ban on food price gouging and incentives for housing. Her economic agenda seeks to counter Republican critiques and promote what she describes as an "Opportunity Economy," although some of her ambitious plans, such as building 3 million homes, face skepticism regarding their feasibility. (newslink)
2. China's economic challenges and policy responses
Chinese consumer demand is slowing, as highlighted by disappointing results from Alibaba and JD.com, while new data shows that China's loans have hit a 15-year low. In response to these economic challenges, the central bank notes reduced risks from local government debt and is implementing new measures like limiting antimony exports and issuing gold import quotas to navigate the downturn. (newslink)
3. Fed's Jackson Hole Symposium and Rate Decisions
At the upcoming Jackson Hole Symposium, Fed Chair Powell is expected to outline the economic outlook and provide insights on a potential rate cut, with traders anticipating a smaller reduction in September. The event will highlight the economy's unusual strength and the implications for future monetary policy. (newslink)
4. Massive data breach exposing Social Security numbers and personal information
A massive data breach potentially compromising the Social Security numbers and financial data of 2.9 billion individuals has raised significant concerns about identity theft and personal security. Experts are advising those affected on how to freeze their credit and protect their personal information in light of the breach. (newslink)
5. US Labor Market and Economic Indicators
Recent state-level data indicates that the weak US jobs report was not solely influenced by Hurricane Beryl, suggesting broader challenges in the labor market as the Federal Reserve navigates ongoing inflation risks. Despite these concerns, consumer sentiment has increased, and analysts point to the labor market and AI developments as significant themes in recent US earnings calls. (newslink)
Company News
1. FuboTV wins antitrust cases against Disney, Fox, and Warner ( $FUBO )
FuboTV has secured a temporary judicial win against Disney, Fox, and Warner Brothers, successfully blocking a joint sports streaming service due to antitrust concerns. The ruling highlights Fubo's ongoing legal challenges against major players in the sports streaming industry, emphasizing competition issues. (news link)
2. Changes in home buying and selling rules ( $Z )
Changes in home buying and selling rules are set to impact how transactions are conducted, particularly regarding real estate agent commissions. Buyers and sellers should be prepared for potential confusion as new regulations take effect, affecting costs and responsibilities in the housing market. (news link)
3. H&R Block stock movements and performance ( $HRB )
H&R Block's stock is experiencing significant movement in premarket trading, despite tax day being several months away. Other notable stocks making headlines include Applied Materials, Microchip, and Texas Instruments, while S&P 500 futures are showing declines. (news link)
4. New performance and luxury EV concepts revealed ( $TSLA )
Cadillac unveiled its 'Opulent Velocity' performance EV concept, while Ford has enhanced the Lincoln Navigator, adding luxurious features like a spa mode and a massive 48-inch entertainment display. In other developments, the Rimac Nevera R boasts impressive acceleration, BMW is set to delight fans by introducing the M5 station wagon to the US, and Lamborghini announced the hybrid successor to the Huracán supercar, the Temerario. (news link)
5. BHP Miners End Strike After Wage Agreement ( $BHP )
BHP miners in Chile have ended their strike at the Escondida copper mine after accepting a wage proposal negotiated with union representatives. The agreement marks a successful conclusion to the labor dispute, allowing operations to resume at one of the world's largest copper mines. (news link)
