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US stocks extended losses for a third day amid mixed economic signals despite robust Q2 GDP revision to 3.8%. The S&P 500 and Nasdaq declined as investors weighed the impact of fresh tariffs on pharmaceuticals and heavy trucks, tech stock volatility, and concerns over potential government shutdowns. Defensive sectors and gold saw gains amid uncertainty.
Amazon faces historic $2.5 billion settlement for deceptive Prime enrollment practices, committing to repay customers and reforming subscription processes amid broad scrutiny and multiple reports.
3.8% – Revised US Q2 GDP growth rate, surpassing expectations
Trump’s administration launches a sweeping tariff offensive targeting pharmaceutical drugs, heavy trucks, and various home goods, including kitchen cabinets and furniture, imposing duties up to 100% to protect domestic producers.
Former FBI Director James Comey faces federal indictment on charges of false statements and obstruction, igniting political controversy as Trump administration intensifies legal actions against former officials.
Databricks Bets $100M on OpenAI Models to Accelerate AI Adoption
Databricks announced a $100 million investment to embed GPT-5 and AI agent technologies into its platforms, aiming to drive widespread enterprise AI integration.
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Microsoft restricts access to cloud and AI services to Israeli military units after findings they were used for surveillance of Palestinians, leading to significant tech supply cutoffs amid geopolitical tensions.
Starbucks announces a major restructuring plan involving the closure of hundreds of stores across the U.S., Canada, and Europe, alongside layoffs of approximately 900 nonretail employees to drive turnaround efforts.
CarMax Shares Crash 25% Amid Tariff Pressures and Used Car Value Slide
CarMax stock plunged sharply by 25% as tariffs and sudden depreciation in used car prices weigh heavily on automotive resale profits and investor confidence.
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US economy unexpectedly expands at a robust 3.8% annualized rate in Q2 2025, driven by strong consumer spending and investment, prompting an upgrade to growth estimates amidst mixed signals on inflation and labor market strength.
Asian markets decline following President Trump’s announcement of new tariffs on pharmaceuticals, heavy trucks, and furniture, fueling trade tensions and unsettling regional investors amid ongoing volatility.
Trump administration imposes 100% tariffs on pharmaceutical imports and new $100,000 fee for H-1B visa applications; White House directs federal agencies to prepare for mass layoffs in event of government shutdown.
Quantum computing achieves a breakthrough as HSBC and IBM report a 34% improvement in bond trade prediction accuracy, signaling revolutionary financial technology integration to enhance trading strategies.
Tech giant OpenAI and Databricks collaborate to integrate GPT-5 and AI agent products, investing $100 million to accelerate enterprise adoption of artificial intelligence capabilities.
Removing Fed governor Lisa Cook risks ‘chaos and disruption’ in markets.
— Lisa Cook
TikTok’s US sale gets President Trump’s executive order approval, advancing a $14 billion valuation deal involving Oracle and other US investors to keep TikTok operating amid national security and regulatory scrutiny.
CarMax shares plunge sharply amid a sudden depreciation in used car values and tariff pressures on the auto sector, raising concerns over consumer demand and pricing strategies in the automotive resale market.
HSBC, along with European banks, forms consortium to launch a euro stablecoin aiming to strengthen Europe’s financial autonomy and challenge dollar dominance amid growing interest in digital currencies.
Russia intensifies drone and airspace incursions over Europe; NATO responds cautiously amid rising tensions, with Denmark and the Baltic states raising alarms over suspicious drone activities and Russian military deployments.
Elon Musk’s xAI signs deal to sell Grok AI to US government agencies for a heavily discounted rate, pointing to warming ties with the Trump administration and intensifying AI competition with OpenAI.
The U.S. government warns of mass firings planned should a shutdown occur, with the administration urging agencies to prepare for large-scale workforce reductions, escalating tensions amid an impending budget impasse.
Intel explores potential investments from Apple and strengthens ties with TSMC and Apple executives to fuel turnaround efforts as stock surges, highlighting industry shifts and semiconductor consolidation trends.
Cryptocurrency markets suffer significant sell-offs amid macroeconomic uncertainties and regulatory scrutiny, with Bitcoin, Ethereum, XRP, and others dropping sharply, triggered by mixed economic data and liquidation waves.
HSBC reports successful quantum computing trials with IBM showing a 34% boost in bond price trade predictions, marking a pioneering step in applying quantum tech to financial markets to optimize trading strategies.
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