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US markets ended August slightly lower amid a tech selloff led by Nvidia and Marvell as AI growth doubts grew. The S&P 500 holds August gains despite volatility ahead of Labor Day. Tariff rulings and Fed uncertainties added to cautious sentiment. California’s labor deal and Spirit Airlines’ bankruptcy filings weighed on investor mood.
Federal appeals courts ruled against most of President Trump’s sweeping tariffs, declaring them illegal, but allowed the tariffs to remain temporarily pending appeals. This could disrupt U.S. trade policy and revenue from tariff collections.
$679 million – Federal funding cut for offshore wind projects by Trump administration.
Spirit Airlines files for Chapter 11 bankruptcy protection for the second time within a year, signaling ongoing financial struggles despite recent restructuring efforts. The low-cost carrier assures flights will continue during the process.
California Governor Gavin Newsom strikes historic deal with Uber and Lyft, allowing rideshare drivers to unionize, marking a major labor milestone. This could reshape gig economy labor relations nationwide.
California Enables Historic Union Deal For Gig Economy Drivers
Gov. Newsom and lawmakers struck a deal letting Uber and Lyft drivers unionize, marking the largest private sector bargaining expansion in California history.
More on fortune.com
Alibaba pushes forward in AI and cloud computing development, launching new AI chip technology to challenge Nvidia’s dominance amid rising US-China tech tensions. The company seeks to expand its cloud business despite revenue misses.
Federal Reserve Governor Lisa Cook faces legal battles as President Trump attempts to terminate her appointment, raising concerns about Fed independence and potential political interference in monetary policy.
Spirit Airlines Files Bankruptcy Protection Again Amid Struggles
Budget carrier Spirit Airlines filed for Chapter 11 for a second time in less than a year, underscoring ongoing financial distress despite recent restructuring attempts.
More on npr.org
Tech stocks, led by Nvidia and Marvell Technology, suffer a sharp selloff amid investor uncertainty about AI growth and chip demand, impacting overall market sentiment before Labor Day weekend.
Elon Musk’s lawyer Alex Spiro is set to chair a $200 million Dogecoin treasury company, signaling a new institutional move in cryptocurrency markets with high-profile backing from Musk’s team.
End of de minimis tariff exemption now subjects small imports under $800 to US duties, causing supply chain and pricing shifts. Federal appeals courts ruled most Trump tariffs illegal, but they remain temporarily; legal battles continue. California passes law allowing Uber and Lyft drivers to unionize, boosting gig worker rights.
US Postal Services and e-commerce platforms scramble to adjust after the end of the ‘de minimis’ tariff exemption, which subjects packages under $800 to tariffs, causing delays, higher prices, and supply chain disruptions.
California regulators pause plans to penalize oil companies for high profits amid rising energy costs, reflecting tensions between state climate goals and political influence of energy producers.
“We shouldn’t ignore this: firing Fed Governor Lisa Cook threatens central bank independence.”
— Longtime investor Rebecca Patterson
South Korean chipmakers Samsung and SK Hynix lose US export license waivers for their China operations, signaling increased US restrictions on semiconductor tech transfers amid geopolitical tensions.
Government funding for offshore wind projects is cut by the Trump administration as the industry faces ongoing federal pushback, cancelling $679 million in approvals, further straining renewable energy initiatives.
A federal appeals court blocks expansion of Trump’s fast-track deportation program, halting new expedited removals and signaling judicial limits on executive immigration policies under scrutiny.
Nvidia’s CEO Jensen Huang forecasts AI-driven societal change potentially including four-day work weeks, but warns workers will be busier than ever as AI reshapes economies and labor markets.
Ukrainian officials confirm Israeli airstrikes killed Houthi-led government prime minister, escalating Middle East conflict tensions and raising international security concerns.
Investors and analysts express concern over President Trump’s impact on Federal Reserve independence after moves to fire Fed Governor Lisa Cook, highlighting risks of political interference in US monetary policy.
California lawmakers and Governor Gavin Newsom reach a deal enabling Uber and Lyft drivers to unionize and collectively bargain, marking the largest expansion of private-sector collective bargaining in state history.
Multiple recalls are announced for frozen shrimp products due to potential radioactive contamination, prompting growing food safety concerns across major retailers.
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