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U.S. markets fell for a third consecutive day despite robust economic data including a 3.8% GDP growth revision. The S&P 500 and Nasdaq retreated amid rising bond yields and rate cut skepticism, while small caps show promise. Tech and auto sectors faced pressure, with Amazon and CarMax sliding amid regulatory and sales challenges.
Starbucks announces a major restructuring plan involving the closure of hundreds of stores and layoffs of 900 employees in the U.S. and Canada to address declining sales and operational challenges.
3.8% – Revised U.S. GDP growth rate for Q2, signaling stronger economic expansion
Amazon reaches a historic $2.5 billion settlement with the FTC over allegations that it misled customers into paying for Prime memberships, including a civil penalty and consumer redress.
Former U.S. Federal Reserve chairs, Treasury secretaries, and economic advisors urge the Supreme Court to block President Trump’s attempt to fire Fed official Lisa Cook, emphasizing central bank independence.
Alibaba boosts AI budget beyond $50 billion, shares surge amid strong cloud growth
Chinese tech giant Alibaba significantly increased its artificial intelligence spending, fueling investor confidence with strong cloud business performance and driving shares to a four-year high.
More on benzinga.com
Economic data revisions reveal the U.S. economy grew at a robust 3.8% pace in Q2, signaling continued resilience despite challenges, while labor market data shows mixed signals with jobless claims falling.
The Trump administration signals mass firings of federal workers looming if a government shutdown occurs due to funding impasse, prompting political tensions and concerns over economic impact.
CarMax profit plunges as tariff pressures and used-car sales slump
CarMax shares tumbled after reporting a sharp profit decline and unexpected drop in used-car sales, highlighting persistent headwinds from tariffs and soft consumer demand in the auto sector.
More on cnbc.com
Elon Musk’s xAI signs major deal to provide its Grok chatbot to U.S. federal agencies at a discounted rate, marking a significant government adoption of AI technology.
Cryptocurrency and blockchain sectors respond to regulatory scrutiny as firms like Circle investigate transaction reversals, stablecoin firms seek growth, and crypto exchange Gate launches a new Layer 2 network.
Trump administration proposes $100,000 H-1B visa fee increase, signaling tighter immigration controls impacting tech hiring; European Commission launches antitrust probe into SAP’s software support practices.
Nuclear energy stocks experience volatility with companies like Oklo seeing sharp declines after insider selling; meanwhile, governments and firms push forward on nuclear innovation and supply contracts.
Geopolitical developments include U.S. sanctions targeting North Korean arms sales, NATO readiness to respond to Russian incursions, and diplomatic efforts between Trump and Erdogan to address Russian oil purchases.
Stocks may be ‘fairly highly valued,’ but the path forward demands vigilance and careful policy moves.
— Federal Reserve Chairman Jerome Powell
Technology sector updates highlight Intel courting Apple for investment, Alibaba boosting AI cloud spending beyond $50 billion, and CoreWeave expanding multi-billion-dollar contracts with OpenAI to grow data center capacity.
U.S. home sales data indicates a pause or slight decline amid higher mortgage rates, while new home sales surge to a three-year high, reflecting a complex housing market environment.
Walmart and Amazon see significant impacts from AI technology, with ChatGPT driving referral traffic for Walmart and Amazon successfully settling regulatory disputes while investing in AI partnerships.
Starbucks continues restructuring with closures of iconic locations like its Seattle Roastery and multiple store shutdowns in North America as part of its billion-dollar turnaround plan.
US stock markets are volatile with major indices slipping amid concerns about rate cuts, economic data strength, and tech sector pressure, while small caps show potential for near-term growth.
The Federal Reserve signals cautious stance on rate cuts despite easing measures, citing economic vulnerability and policy tightness, while Jerome Powell warns stocks are fairly highly valued.
European regulators intensify scrutiny of major tech firms, launching antitrust probes into SAP and digital market practices, alongside moves to develop euro-backed stablecoins to rival the dollar.
The United States and Trump administration are navigating key trade and tech policy moves, including approving TikTok’s US deal, lobbying South Korea on project investments, and negotiating stakes in lithium mining.
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