US markets tread cautiously as major indices deal with back-to-back losses amid tech sell-offs sparked by AI bubble fears. Investors await critical economic data including jobless claims and GDP revisions, while geopolitical tensions and potential government shutdown weigh on sentiment.
Starbucks initiates major turnaround closing 1% of stores and cutting 900 non-retail jobs to rescue declining sales and strengthen operations in North America.
3.8% – Revised US Q2 GDP growth rate, fastest pace in nearly two years.
Disney faces shareholder pressure over Jimmy Kimmel suspension amid accusations of politicizing content and demands for internal documents.
Trump to sign executive order approving TikTok US deal transferring assets to American investors, ending months of regulatory uncertainty.
HSBC Claims Quantum Bond Trading Breakthrough with IBM
HSBC announced it achieved the world’s first empirical evidence showing quantum computing can enhance bond trading algorithms, marking a breakthrough in real-world applications.
More on ft.com
US economy shows resilience with second quarter growth revisions up to 3.8% and fastest pace in nearly two years, led by consumer spending.
US jobless claims drop to lowest since July amid signs of labor market resilience despite a slowing economy; claims fall below estimates again.
Texas ICE Facility Shooting Kills Two Detainees, Sparks FBI Probe
A shooting at a Dallas ICE facility left two detainees dead; FBI is investigating the incident as targeted ideological violence, raising security and political tensions.
More on axios.com
Oracle raises $18 billion in debt capital to finance AI infrastructure expansion, betting on future demand despite risks from leverage and funding.
Bitcoin miner Cipher Mining secures $3 billion AI hosting deal backed by Google, with Alphabet taking equity stake, highlighting crypto and AI synergy.
White House orders federal agencies to plan for mass layoffs if government shutdown occurs; Russia extends diesel and gasoline export bans to year-end impacting global energy markets.
Hong Kong advances yuan internationalization with new roadmap to deepen offshore yuan market and expand financial products for liquidity enhancement.
European Commission launches antitrust probe into SAP over its ERP software maintenance and support practices, raising risks of substantial fines.
America’s chaotic, confusing style is its greatest strength in the AI race.
— Eric Schmidt, Former Google CEO
Texas ICE facility shooting kills two detainees, prompts FBI investigation as targeted ideological violence, sparking political blame and security concerns.
France convicts former President Nicolas Sarkozy over Libya corruption trial with five-year prison sentence, marking significant legal and political fallout.
US lawmakers and activists call for corporate accountability as reports reveal US tech firms’ involvement in China’s surveillance state raising ethical concerns.
Alibaba stock soars on plans to increase AI spending beyond $50 billion, igniting rally and intensifying competition with domestic rivals.
US faces critical government shutdown threat as Trump cancels budget talks and White House warns agencies to prepare for mass firings if no deal is struck.
Intel seeks investment from Apple to support turnaround amid challenges, while HSBC achieves a quantum computing trading breakthrough showing real-world value.
Russia extends diesel and gasoline export bans through year-end, heightening concerns over energy market supply amid ongoing geopolitical tensions.
US trade deficit narrows by 16.8% in August, signaling shifts in exports and imports amid global economic adjustments and tariffs.
Stock markets remain cautious with tech shares pulling back amid AI bubble worries; major indices drift amid economic data and geopolitical uncertainties.