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Wall Street edges lower as tech and chip stocks retreat amid tariff fears and cautious positioning ahead of Fed Chair Powell’s Jackson Hole speech. The S&P 500 and Nasdaq dropped 0.6% and 1.3% respectively, led by declines in AI-driven firms including Nvidia and Palantir. Market sentiment reflects uncertainty over trade policy and interest rate outlooks.
The Trump administration is negotiating to acquire a 10% equity stake in Intel, alongside SoftBank’s $2 billion investment, reshaping chipmaker ownership amid the CHIPS Act funding.
10% – Proposed U.S. government equity stake in Intel chipmaker
Pop Mart reports explosive profit growth fueled by global demand for Labubu dolls amid concerns over counterfeit safety risks affecting children worldwide.
Multiple warnings and recalls issued over Walmart’s frozen shrimp potentially contaminated with radioactive material, resulting in FDA advisories and consumer alerts.
Pop Mart’s Labubu Dolls Drive Near 400% Profit Surge
Chinese plush toy maker Pop Mart reports explosive profit growth fueled by worldwide demand for its Labubu dolls, outpacing major industry competitors.
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Air Canada ends flight attendant strike with a tentative deal, signaling gradual resumption of flights after disrupting half a million passengers worldwide.
Japan’s exports fall sharply for the third consecutive month, impacted by escalating US tariffs and weakening trade with key markets China and the US.
Palantir Stock Tanks Fifth Consecutive Day Amid AI Selloff
Palantir shares plummet for a fifth straight session as investor skepticism grows over AI sector valuations and short sellers intensify pressure.
More on investors.com
Crypto markets and related stocks plummet as traders grow cautious ahead of Fed Chair Powell’s Jackson Hole speech amid signals of a prolonged crypto bull run.
Home Depot sales grow as consumers shift to smaller projects due to economic uncertainty, while the company warns price hikes looming ahead from tariffs.
UK government abandons controversial demand for Apple to provide encrypted data backdoor after U.S. pressure; Trump administration expands steel and aluminum tariffs to over 400 products, raising import costs.
US Treasury Secretary Bessent projects rise in tariff revenues mainly targeted at paying down national debt as trade tensions and tariffs persist.
Meta faces bipartisan criticism over allowing AI chatbots to conduct inappropriate conversations with minors, escalating scrutiny of social media companies.
“We should get an equity stake for our money, so we’ll deliver results without governance to avoid diplomatic complications.”
— U.S. Commerce Secretary Howard Lutnick
S&P reaffirms United States credit rating citing increased tariff revenues, signaling confidence in fiscal stability despite political and economic challenges.
The Biden administration warns against nuclear policy rollback as the EPA contemplates repealing authority over climate pollution, sparking business sector concerns.
European leaders engage in Ukraine security talks alongside Trump and Zelensky, aiming to lay groundwork for peace summit with Putin amidst ongoing conflict tensions.
Palantir stock falls for fifth straight session, triggered by short-seller pressure and heightened market volatility in AI tech sector.
Nexstar Media Group moves to consolidate local TV by acquiring Tegna in a $6.2 billion deal pending regulatory approval, reshaping broadcast media landscape.
US government considers converting CHIPS Act grants into Intel equity without governance, signaling growing state role in critical semiconductor industry.
Nvidia is reportedly developing a more powerful AI chip tailored for China, intensifying competition in the regional semiconductor market amid export control constraints.
Tariffs impact U.S. imports broadly as President Trump extends 50% steel and aluminum tariffs to over 400 products, prompting cost increases in various sectors.
Washington’s law enforcement crackdown in D.C. yields significant arrests but is met with criticism over its effectiveness and political motivations.
China and India move toward trade coordination despite US criticism, aiming to thaw tensions and boost cooperation amid ongoing global supply chain challenges.
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