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U.S. markets retreat amid tariff escalations and inflation data revisions; S&P 500 and Nasdaq extend losses for third day, pressured by healthcare and tech sectors. Treasury yields rise, crypto markets sell off sharply on macro uncertainties. Investors eye Federal Reserve’s next moves amid mixed corporate earnings.
President Donald Trump intensifies tariffs targeting pharmaceutical drugs, home furnishings, and heavy trucks, aiming to boost domestic manufacturing amid trade tensions. This salvo includes potential 100% duties on drug imports and significant tariffs on furniture and trucks, impacting global markets and supply chains.
3.8% – Revised U.S. GDP growth rate for second quarter, surpassing earlier estimates.
US administration demands chipmakers match local manufacturing output with imports, threatening tariffs on firms failing compliance, signaling a strategic push for reshoring semiconductor production. This policy underpins wider industrial protection amidst rising global tech competition.
Former FBI Director James Comey faces federal indictment on charges of false statements and obstruction, sparking political tensions and raising concerns over DOJ’s use as a political tool. Comey publicly denies charges and vows to fight the allegations in court.
Accenture Advances Workforce Amid AI Shift Despite Cuts
Accenture restructures with a $865M plan to align with AI demands, cutting staff unable to retrain but maintaining hires, signaling confidence in future growth.
More on businessinsider.com
Amazon agrees to a historic $2.5 billion settlement with the US Federal Trade Commission over deceptive Prime membership enrollment practices, including automatic sign-ups and difficult cancellations, affecting millions of customers and prompting refunds and policy changes.
Starbucks announces a major restructuring plan that includes closing hundreds of stores across the US and Canada, and cutting 900 non-retail jobs, aiming to reverse sales decline and focus resources for transformation in a competitive retail landscape.
CarMax Profit Plummets as Used Car Market Hits Turbulence
CarMax shares plunged amid rapid used car value depreciation and intense price competition, warning of deeper pain ahead in tariff-affected auto retail sector.
More on axios.com
Accenture initiates a $865 million restructuring to realign workforce amid evolving AI demands, exiting roles that cannot be retrained, while maintaining plans for hiring in fiscal year 2026 despite lighter US corporate spending in consulting projects.
Federal Reserve Governor Lisa Cook becomes focus of legal battle as Trump administration seeks her removal, sparking warnings from former Fed chairs that firing could destabilize markets and compromise central bank independence. The Supreme Court is set to weigh in.
Trump administration imposes new tariffs on imported pharmaceuticals and heavy trucks, mandates chipmakers to balance imports with domestic production, and enforces a new $100,000 fee on H-1B visa applications.
U.S. economy’s second-quarter growth rate revised up sharply to 3.8%, fueled by stronger consumer spending and private investment, defying slowdown concerns and altering market expectations for economic momentum and Federal Reserve policy direction.
Elon Musk’s xAI wins federal contract to supply Grok AI services to U.S. agencies at $0.42 per license, undercutting OpenAI’s pricing and signaling closer ties with the Trump administration amid competitive AI landscape involving leading AI firms.
It should literally be if you graduate from one of America’s great universities, great graduate schools, you just get a visa stamp to your degree.
— Ken Griffin
Corporate debt market faces signs of strain with some issuers showing troubling financial metrics, raising concerns about private credit cycle shifts and the sustainability of debt levels amid changing economic conditions.
Microsoft suspends cloud and AI services to an Israeli military unit following reports of the technology’s use in mass surveillance of Palestinians, amid growing scrutiny and ethical debate over tech companies’ involvement in military and intelligence operations.
Cryptocurrency market experiences sharp downturn with Bitcoin, Ethereum, Dogecoin, and XRP plunging amid macroeconomic uncertainty and heavy liquidations, eroding bullish sentiments and challenging optimism around AI and crypto market synergy.
CarMax faces a significant hit as rapid depreciation of used car values and aggressive competitor pricing erode profits, leading to the sharpest share price decline since the dot-com bust and signaling distress in the auto retail sector under tariff pressures.
HSBC and IBM showcase a breakthrough in financial markets with their application of quantum computing, achieving a 34% improvement in bond price predictions, marking a significant leap in algorithmic trading technology and potential market efficiency gains.
Trump administration threatens and prepares for mass federal layoffs in the event of a government shutdown, escalating tensions in political negotiations and intensifying concerns about disruptions to government services and employee livelihoods.
TikTok sale to U.S. investors receives executive approval from President Trump through a series of signed orders, clearing regulatory hurdles amid concerns over Chinese ownership and setting a valuation of approximately $14 billion.
Japan’s financial sector braces for possible rate hikes with predictions of Bank of Japan increasing rates to 1.5% under new leadership, reflecting evolving policy stance amid inflation and economic growth concerns.
European banks form consortium to launch euro-denominated stablecoin under MiCA regulations, aiming to challenge dollar dominance and increase payment autonomy in Europe, marking a significant step toward digital currency innovation in the region.
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