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☆ Nvidia set the market alight last quarter. Can it repeat the trick?
▼ + stars: | 2023-08-23 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

CNN —Artificial intelligence darling Nvidia’s upcoming earnings report could be a boost or a drag on a market already mired in the summer doldrums. Nvidia reached a $1 trillion market cap in May, becoming the ninth company to achieve that milestone. Tech stocks rose on Monday, indicating optimism among investors about Nvidia’s earnings. The tech-heavy Nasdaq Composite index on Monday gained 1.6%, marking its biggest one-day jump this month and stalling the recent sell-off in tech stocks. Tech stocks faltered somewhat on Tuesday, as weak retail earnings and elevated Treasury yields put pressure on stocks.

Persons: Jensen Huang, Phillip Toews, that’s, …, ”, Louis Navellier, Dan Ives, Jerome Powell, Anna Bahney, Read, Clare Duffy, —, X Organizations: CNN Business, Bell, CNN, Nvidia, Toews Asset Management, US Federal Reserve, Apple, Meta, Microsoft, Tesla, Navellier, Associates, Tech, Nasdaq, Wedbush Securities, Federal, Kansas City, Dow Jones, National Association of Realtors, NAR, Homeowners, Twitter Locations: Jackson Hole , Wyoming, Northeast, Midwest, West

☆ New video captures the moment Ukrainian forces destroyed a Russian S-400, a rare loss of a prized and formidable air-defense system
▼ + stars: | 2023-08-23 | by ( Jake Epstein | ) www.businessinsider.com time to read: +5 min

Ukraine published a video on Wednesday showing the moment it destroyed a Russian S-400. The S-400 is formidable air-defense system that has drawn comparisons to the US Patriot battery. Kyiv's military intelligence said in a statement that the attack dealt a "painful blow" to Russia. Russia's advanced S-400 Triumf is a mobile, surface-to-air system that's capable of shooting down targets at high altitudes and long ranges. According to open-source intelligence site Oryx, Moscow's military had lost just three S-400 launchers and one command post for the system.

Persons: that's, HUR, Anton Gerashchenko, ANDREY SMIRNOV, It's, Kyrylo Budanov, Budanov, Wednesday's Organizations: US Patriot, Service, Ukrainian, Directorate of Intelligence, American Patriot, Getty, Kyiv Locations: Ukraine, Russian, Russia, Wall, Silicon, Crimean, Olenivka, Kyiv, Crimea, Moscow, British, Western, Kerch

☆ Why are Treasury yields so high and what does it mean for you?
▼ + stars: | 2023-08-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

On Thursday, the yield on the US 30-year Treasury bond hit its highest since 2011 and the 10-year note notched its best return since October 2022. Bond yields go up as bond prices fall. What it means: Higher bond yields could mean bad news for stocks: Bonds compete with stocks for investors’ dollars, and when yields go up, equities often go down. If international bond yields rise, the demand for US bonds may decrease, meaning the US may have to offer even higher yields to attract investors. Still, whatever happens abroad, Turnquist said the key to bringing Treasury yields down will be a slower US economy.

Persons: Bond, Stocks, Adam Turnquist, Turnquist, ”, ” Taylor, Taylor Swift, QuestionPro, Swift, Krystal Hur, Bryan Mena, Elton John’s, Larry Miller, New York University Steinhardt Organizations: CNN Business, Bell, New York CNN, Federal, Federal Reserve, Atlanta Fed, LPL, Treasury, EU, Bank of, Electric, Hawaiian Electric Industries, Street Journal, P Global, CNN, North, New York University Locations: New York, Bank of Japan, Hawaii, Maui, Lahaina, Los Angeles, American, North America

☆ 9 New Books We Recommend This Week
▼ + stars: | 2023-08-17 | by ( ) www.nytimes.com time to read: +1 min

Officially, there’s still a month of summer left — but who are we kidding? Happy reading. —Gregory CowlesCOUNTERWEIGHTDjunaThis novel by a pseudonymous Korean science fiction writer (and translated by Anton Hur.) envisions a space elevator built on a fictional Asian island by a multinational corporation. Corporate dominance and environmental havoc inspire protest and armed resistance, in a fast-paced cyberpunk story where agency and identity are always in doubt.

Persons: slouches, longue, noirish, — Gregory Cowles, Anton Hur Organizations: Corporate Locations: Korean

New York CNN Business —Taylor Swift’s era-defining “Eras” tour is flying like a jet stream, high above the music scene — by billions of dollars. The tour could gross $2.2 billion in North American ticket sales alone, according to August survey data from research firm QuestionPro provided to CNN exclusively. ‘An economic phenomenon’“Taylor Swift’s ‘Eras’ tour is rewriting the playbook of entertainment economics,” said Chris Leyden, director of growth marketing at SeatGeek. “She’s not just a performer — she’s an economic phenomenon.”The average resale price of an “Eras” ticket was $1,607, SeatGeek told CNN. Swift kicked off the highly-anticipated “Eras” — her first tour since her “Reputation” stadium tour in 2018 — in March.

Persons: New York CNN Business — Taylor, QuestionPro, Swift, Elton John’s, Larry Miller, New York University Steinhardt, “, ”, Miller, concertgoers, Taylor, Chris Leyden, “ She’s, —, SeatGeek, “ Taylor, Terri Shoemaker, Taylor Swift, Hell, Swifties, “ We’ve, Ethan Chernofsky, That’s, it’s, I’ve Organizations: New York CNN Business, North, CNN, New York University, Swift, Arizona Food Bank Network, Retailers, Ticketmaster, Entertainment, Nissan Locations: Los Angeles, American, North America, Arizona, Philadelphia, Nashville , Tennessee, Arlington , Texas

CNN —Earnings season continues this week with Target, Walmart, TJ Maxx parent company TJX and other high-profile retailers set to release their quarterly results. That shift showed up in earnings results for retailers including Home Depot and Target earlier this year. US retail spending, which is adjusted for seasonality but not inflation, inched up in June but fell below economists’ expectations. Americans feel hopeful inflation is coolingAmericans are feeling more optimistic that inflation is trending down now and into the future. Consumer spending expectations ticked up from the month before but remain below levels seen during the past year, according to the report.

Persons: TJ Maxx, hasn’t, Christina Hennington, Doug McMillon, they’re, Matt Egan Organizations: CNN Business, Bell, CNN, Target, Walmart, TJ, Shoppers, Home Depot, Refinitiv, “, University of Michigan’s, Consumer, Federal Reserve Bank of New, Federal Reserve, AAA, Labor Locations: Federal Reserve Bank of New York, Russia, Saudi Arabia

☆ Explainer: US special counsels work with independence and a spotlight
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +5 min

Unlike other federal prosecutors, special counsels work without day-to-day control by the Justice Department. Unlike with other cases, the attorney general must notify Congress if he or she overrules one of the special counsel's decisions. And the special counsel must submit a report laying out the reasons for charging people or declining to do so. Those lawyers worked with an even greater degree of independence than special counsels. When statute creating independent counsels expired in 1999 it was replaced by existing Department of Justice rules for appointing special counsels.

Persons: General Merrick Garland, David Weiss, Hunter Biden, Joe Biden, Bonnie Cash, Joe Biden's, Hunter, Weiss, Garland, Jack Smith, Donald Trump's, Smith, Robert Mueller, Trump, Biden, Robert Hur, Brad Heath, Don Durfee Organizations: U.S, Justice Department, REUTERS, FBI, of Justice, Thomson Locations: Washington , U.S, Florida, Russia, U.S, Delaware, Maryland, Kosovo

☆ Explainer: How Hunter Biden, Trump special counsels work independently
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +5 min

Unlike other federal prosecutors, special counsels work without day-to-day control by the Justice Department. Unlike with other cases, the attorney general must notify Congress if he or she overrules one of the special counsel's decisions. And the special counsel must submit a report laying out the reasons for charging people or declining to do so. When statute creating independent counsels expired in 1999 it was replaced by existing Department of Justice rules for appointing special counsels. The special counsel's investigation could weigh on Biden's 2024 reelection campaign, some Democrats say, because it has the potential to broaden to other issues.

Persons: General Merrick Garland, David Weiss, Hunter Biden, Joe Biden, Bonnie Cash, Joe Biden's, Hunter, Weiss, Garland, Jack Smith, Donald Trump's, Smith, Robert Mueller, WEISS, HUR, SMITH, Trump, Biden, Robert Hur, HUNTER BIDEN, Brad Heath, Don Durfee, Heather Timmons Organizations: U.S, Justice Department, REUTERS, WHO CAN, FBI, of Justice, Thomson Locations: Washington , U.S, Florida, Russia, U.S, Delaware, Maryland, Kosovo

☆ Premarket stocks: Does it matter whether the Federal Reserve hikes or pauses rates in September?
▼ + stars: | 2023-08-14 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

New York CNN —After the Federal Reserve raised interest rates in July to the highest level in 22 years, Wall Street’s focus is on whether September will bring another rate hike. But does it really matter whether the Fed raises or pauses rates next month? Before the Bell: Does it matter whether the Fed raises rates in September by another quarter point or holds steady instead? And, that earnings can grow even in an environment where interest rates are back to levels that they have been in for the past couple of decades. Year-over-year comparisons should improve, but I think investors want to see that.

Persons: Bell, Ed Yardeni, they’ve, Moody’s, they’re, We’ve, Fitch, CNN’s Kathleen Magramo, Women Jan Tinetti, Tinetti, Read, CNN’s Olesya Dmitracova, Darren Morgan, ”, Jonathan Moyes Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Employers, Traders, Yardeni, Women, Labour, Organisation for Economic Co, Development, Gross, National Statistics, Wealth Locations: New York, New Zealand

☆ Hunter Biden could face trial, newly named US special counsel says
▼ + stars: | 2023-08-11 | by ( Andrew Goudsward | ) www.reuters.com time to read: +6 min

The filing came moments after U.S. Attorney General Merrick Garland elevated Weiss to special counsel status, giving him additional authority and independence to pursue the investigation. As a special counsel, Weiss will be free from day-to-day supervision from the Justice Department and file charges anywhere in the United States. Hunter Biden has worked as a lobbyist, lawyer, consultant and investment banker and has said he has struggled with alcoholism and crack cocaine use. "If Weiss negotiated the sweetheart deal that couldn’t get approved, how can he be trusted as a Special Counsel?" Hunter Biden has been a focus of several Republican congressional committees.

Persons: Joe Biden's, Hunter Biden, David Weiss, Republican Donald Trump, Biden, Weiss, General Merrick Garland, TRUMP, Garland, Chris Clark, Joe Biden, Jonathan Ernst, Kevin McCarthy, couldn’t, McCarthy, Jack Smith, Robert Hur, Hunter, Devon Archer, Trump, Stephen Cheung, Sarah N, Lynch, Jeff Mason, Rami Ayyub, Moira Warburton, Jacqueline Thomsen, David Ljunggren, Andy Sullivan, Scott Malone, Alistair Bell Organizations: Republican, Republicans, Attorney, Trump, Justice Department, REUTERS, CIA, Reuters, Biden, Thomson Locations: Delaware, United States, Washington, California, Delaware , Washington, Wilmington , Delaware, U.S, Ukraine, China

Mr. Garland, who made the announcement at the Justice Department’s headquarters in Washington, said David C. Weiss, the U.S. attorney in Delaware, who has handled the case for years, would become the special counsel. The move comes seven months after Mr. Garland appointed Robert K. Hur to be a special counsel investigating whether President Biden has mishandled classified documents. Mr. Garland said he made the decision to elevate Mr. Weiss after the prosecutor informed him on Tuesday the investigation had “reached the stage” where the powers of a special counsel were necessary to continue. Mr. Garland said Mr. Weiss would have the authority to investigate all related matters in his inquiry and might bring charges in any jurisdiction. The appointment on Friday all but ensures that a yearslong investigation into a wide array of conduct in Hunter Biden’s life — including his foreign business dealings, drug use and taxes — will continue.

Persons: Thrush, Luke Broadwater, General Merrick B, Garland, Biden’s, Hunter, Justice Department’s, David C, Weiss, Robert K, Hur, Biden, “, Donald J, Trump’s, Chris Cameron Organizations: Justice, Privately Locations: Washington, U.S, Delaware

“The appointment of Mr. Weiss reinforces for the American people the department’s commitment to both independence and accountability in particularly sensitive matters,” Mr. Garland said. Mr. Clark and the Justice Department prosecutors overseeing the case had distinctly different understandings of the immunity Hunter Biden would receive from the deal. House Republicans quickly signaled the special counsel appointment would not alleviate their criticism of the investigation into Hunter Biden. agents was that Mr. Weiss had sought to bring charges against Hunter Biden in Washington and California but was rebuffed after prosecutors in those jurisdictions declined to partner with him. House Republicans have also issued subpoenas to six banks, detailing millions that were paid to Hunter Biden and his business partners from overseas companies.

Persons: General Merrick B, Garland, Biden’s, Hunter, Justice Department’s, David C, Weiss, Hunter Biden, Biden, —, Garland scoffed, Weiss —, “, Mr, Jack Smith, Donald J, Trump, Robert K, Hur, Trump’s, Hunter Biden’s, Christopher Clark, ” Mr, Clark, ”, Russell Dye, Jim Jordan, “ Weiss, Kevin McCarthy, Biden’s D.O.J, couldn’t, Devon Archer, Archer, Chris Cameron Organizations: Justice, Internal Revenue Service, Mr, Republican, Republicans, Justice Department, House Republicans, Biden, Congress, Department, Trump Locations: Washington, U.S, Delaware, Delaware , Washington, Wilmington, Del, Ohio, Washington and California

☆ Hunter Biden's plea deal is dead as the DOJ appoints a special counsel to oversee its investigation
▼ + stars: | 2023-08-11 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +4 min

Hunter Biden's legal troubles just got a whole lot worse. Meanwhile, Biden's plea deal for tax crimes and a gun charge has collapsed. The surprise announcement came as federal prosecutors suggested that a plea deal with the president's son is now effectively dead after a Trump-appointed judge refused to accept it. Many in the GOP are still furious over Weiss' role in Hunter Biden's now-potentially dead plea deal. "'[T]he parties are at an impasse and are not in agreement on either a plea agreement or a diversion agreement," prosecutors wrote in the court filing.

Persons: Hunter, General Merrick Garland, Biden's, Hunter Biden, David Weiss, Trump, Joe Biden's, Garland, Weiss, DOJ's Hunter Biden, Biden, Jack Smith, Donald Trump's, Robert Hur, Bill Barr, Robert Mueller, Barr, Hunter Biden's, Judge Maryellen Noreika Organizations: Service, Justice Department, Trump, Obama, GOP Locations: Wall, Silicon

☆ Biden attorneys are in talks with special counsel Robert Hur over terms to interview the president
▼ + stars: | 2023-08-11 | by ( Monica Alba | Carol E. Lee | ) www.cnbc.com time to read: +3 min

WASHINGTON — Attorneys for President Joe Biden and the special counsel appointed to investigate his handling of classified documents have been negotiating for about a month over the terms under which he would be interviewed, two people familiar with the matter said. Discussions between Biden's lawyers and special counsel Robert Hur's office are focused on how, when and where the interview might take place, as well as the scope of the questions, these people said. For months now, Biden's lawyers have been gaming out various scenarios for an interview, with the expectation that he would provide one once his legal team and the special counsel agreed on the specifics. The documents were found in an office Biden used after he left the vice presidency and at his home in Wilmington, Delaware. Attorney General Merrick Garland appointed Hur in January, two months after he named Jack Smith as special counsel to oversee the investigation into former President Donald Trump's handling of classified documents and alleged efforts to overturn the 2020 election.

Persons: Joe Biden, Robert Hur's, Bob Bauer, Hur, Biden, Department's, General Merrick Garland, Jack Smith, Donald Trump's Organizations: White, WASHINGTON —, Justice Locations: Kentucky, Washington, U.S, Wilmington , Delaware

☆ What does Moody’s downgrade mean for markets?
▼ + stars: | 2023-08-09 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

CNN —Moody’s on Monday evening downgraded 10 US banks and put the credit ratings of six others on review, an indication that the agency could also eventually downgrade those institutions. Some investors say that while the Moody’s downgrade isn’t groundbreaking, it’s a reminder that the economy, and markets, still have challenges ahead. Moody’s downgraded Commerce Bank, BOK Financial, M&T Bank, Old National Bank, Prosperity Bank, Amarillo National Bank, Webster Financial, Fulton Financial, Pinnacle Financial and Associated Bank. Wall Street firms fined $549 million for using WhatsApp and other channelsWells Fargo is among a number of Wall Street firms that admitted Tuesday to using WhatsApp, Signal and other messaging platforms for “off-channel” communications in violation of federal recordkeeping requirements. The Securities and Exchange Commission said the Wall Street firms acknowledged wrongdoing and have agreed to pay penalties totaling $289 million, reports my colleague Matt Egan.

Persons: CNN — Moody’s, JPMorgan Chase, Wells, Goldman Sachs, BNY, Cullen, Frost, ” Moody’s, ”, Kara Murphy, Fitch, Christopher Marinac, Janney Montgomery Scott, Price, Matt Egan, Houlihan Lokey, Alicia Wallace Organizations: CNN Business, Bell, CNN, Bank, Dow Jones, Nasdaq, JPMorgan, Banking, BNY Mellon, Northern Trust, Frost Bankers, Truist Financial, US Bank, Moody’s, Commerce Bank, BOK, T Bank, National Bank, Prosperity Bank, Amarillo National Bank, Webster Financial, Fulton Financial, Pinnacle Financial, Associated Bank, PNC Financial Services, Financial, Citizens Financial, Fifth Third Bank, Huntington Bank, Regions Financial, Cadence Bank, FNB Corp, Simmons, Ally Financial, Bank OZK, Valley Bank, Signature Bank, Federal Reserve, Kestra Investment Management, Consumer, Wall Street, Securities, Exchange Commission, SEC, BNP, SG Americas, BMO Capital Markets, Mizuho Securities, SMBC Nikko Securities, Federal Reserve Bank of New Locations: Wells Fargo, Amarillo, Marinac, Wells, SMBC Nikko Securities America, WhatsApp, Federal Reserve Bank of New York, York

☆ Here's what CEOs are saying about consumers this earnings season
▼ + stars: | 2023-08-08 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Consumers have more cash on hand now than before the pandemic, according to a July analysis from the JPMorgan Chase Institute. So, what do corporate earnings reveal about the health of the consumer? “The consumer is in good financial shape, particularly the premium consumer base that we target,” Ed Bastian, chief executive of Delta Air Lines (DAL), said last month. “Both the lower-income consumer and our higher-income consumers are showing really good strength,” said Brian Niccol, chief executive of Chipotle, during the company’s post-earnings call. “The macro effects of higher inflation and a slowing US economy have put increased pressure on the price-sensitive consumer,” said Chip Bergh, chief executive of Levi Strauss.

Persons: Taylor Swift’s, ” Ed Bastian, ”, Robert Jordan, “ We’re, Laxman Narasimhan, Chipotle, Brian Niccol, Levi Strauss, LEVI, Chip Bergh, “, Tarang Amin, Zachary Kirkhorn, Peter Valdes, Kirkhorn, Tesla, Elon Musk’s, Vaibhav, Read, Jennifer Korn, it’s, Google Organizations: CNN, JPMorgan Chase Institute, Airlines, Consumers, Delta Air Lines, DAL, Southwest Airlines, Papa Johns, Apparel, Tesla, Google Locations: United States, Pacific, Papa Johns ’ North, bitcoin

☆ Not everyone is convinced the US will avoid a recession
▼ + stars: | 2023-08-07 | by ( Krystal Hur | ) edition.cnn.com time to read: +8 min

New York CNN —The case for no US recession is building, but some on Wall Street are cautioning against getting overconfident. That has raised hopes among investors that the United States could avoid a recession despite the Federal Reserve’s aggressive pace of interest rate hikes. Still, some investors are maintaining that the US economy could tip into a recession later this year. The index of leading economic indicators is just kind of at an extreme rating. One of the reasons for the rise in equity valuations in recent weeks was the pricing out of recession or economic weakness.

Persons: Michael Gapen, Michael Feroli, ”, Bell, David Donabedian, we’ve, There’s, Catherine Thorbecke, Danielle Romain, Romain, Read, Uno Mattel, Uno Quatro, Ellie Stevens, “ We’re, Ray Adler Organizations: CNN Business, Bell, New York CNN, Bank of America, ” Bank of America, JPMorgan Chase’s, CIBC Private Wealth, Fitch, Google, Trust, Mattel, Uno Locations: New York, United States, New York City

☆ Oil prices are up 20% and energy stocks are rebounding
▼ + stars: | 2023-08-04 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

New York CNN —Energy stocks are making a comeback after being left for dead earlier this year. Energy stocks faltered in the beginning of the year, defying investors’ expectations for last year’s boom to accelerate on a lack of global supply. That drop in energy stocks came despite OPEC+ producers, the cartel of oil producing countries plus Russia, announcing several output cuts in a bid to bump up crude prices. US WTI crude oil prices have gained 22% since June 11, while global benchmark Brent is up by 19%. Jobs report will likely be strongMarkets and economists are expecting another solid jobs report on Friday, reports my colleague Alicia Wallace.

Persons: That’s, what’s, ”, Rebecca Babin, Chevron, Derek Amey, Jobs, Alicia Wallace, Daniel Zhao, Refinitiv, Read, Here’s what’s, Danielle Wiener, Bronner, We’ve, ” Read Organizations: CNN Business, Bell, New York CNN — Energy, Energy, OPEC, Brent, Federal Reserve, CIBC Private Wealth, titans, Shell, Reuters, Glassdoor, USA Rice Federation Locations: New York, Russia, Saudi Arabia, China

☆ Warren Buffett isn’t worried about Fitch’s downgrade
▼ + stars: | 2023-08-03 | by ( Krystal Hur | ) edition.cnn.com time to read: +1 min

New York CNN —Warren Buffett is shrugging off Fitch Ratings’ historic downgrade of US credit from the top AAA grade to AA+. The “Oracle of Omaha” told CNBC on Thursday that his company, Berkshire Hathaway, bought $10 billion worth of US Treasuries on Monday and did the same exactly a week prior. “The only question for next Monday is whether we will buy $10 billion in 3-month or 6-month [Treasury notes],” Buffett said. That suggests that much like others on Wall Street, Buffett believe Fitch’s downgrade won’t have much of a long-lasting, negative impact on the economy, the government’s ability to borrow, nor the safety of US Treasuries. Even after the most recent downgrade, Moody’s has kept its top rating of US credit.

Persons: New York CNN — Warren Buffett, Omaha ”, Berkshire Hathaway, ” Buffett, Buffett, Moody’s Organizations: New, New York CNN, Fitch, AAA, CNBC, AA Locations: New York, Omaha, Berkshire, United States

☆ US investors are searching overseas for opportunities
▼ + stars: | 2023-08-03 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

CNN —Despite the gains in US stocks this year, some investors are looking for opportunities elsewhere. That’s despite what’s been shaping up to be a banner year for the US stock market — at least prior to this week’s US credit rating downgrade (more on that below). But some investors say that cheaper valuations for non-US stocks, compared to their domestic counterparts, are enticing some on Wall Street to look for deals overseas. The S&P 500 index currently trades at about 19.6 times its expected earnings, according to FactSet. That MSCI All Country World ex USA index has risen roughly 9% on a US dollar basis, underperforming the S&P 500.

Persons: Goldman Sachs, That’s, what’s, ”, Adam Turnquist, China’s, Jimmy Lee, bode, Fitch, ” Richard Francis, CNN’s Matt Egan, Francis, “, ” Francis, Janet Yellen, Obama, Jason Furman, Larry Summers, Read, Sam Stovall Organizations: CNN Business, Bell, CNN, Investors, Federal Reserve, LPL, Global, The Wealth Consulting, America, Fitch, Treasury Department, AAA

The global financial system relies on the promise that the US government will always pay back its debts. Although the timing was a surprise, Fitch's downgrade wasn't shocking. This May, Fitch put the country’s perfect AAA rating on watch as the debt ceiling fight raged on. The downgrade, said Fitch, reflected the “expected fiscal deterioration” of the country over the next three years. The rating agency cited the “high and growing” government debt, which currently stands at more than $32 trillion (that’s just under $100,000 for every single person in America).

Persons: Fitch, Read Organizations: Treasury Locations: America

CNN —There may not be any lasting major negative ramifications from the surprise US credit rating downgrade by Fitch this week — not for the economy, not for consumers and not for the government’s ability to borrow. Normally, when your credit score as a consumer falls — or your credit rating as a country — there are negative consequences. Here’s why the United States is unlikely to see that kind of impact from the Fitch downgrade. The downgrade wasn’t a huge dropFitch cut its US credit rating to AA+ from what had been a sterling AAA rating. “Fitch’s credit rating is an expression of the probability of a default.

Persons: You’re, Fitch, “, brinkmanship, Marc Goldwein, you’re, ”, Mark Zandi, Yellen, Jamie Dutta, Dutta, ” George Mateyo, ” Mateyo, ” José Torres, Torres, it’s, ” Torres, Uncle Sam, CRFB, – CNN’s Krystal Hur, Allison Morrow Organizations: CNN, Fitch, AAA, Committee, U.S . Treasury, Moody’s, AA, “, Vantage, Key Private Bank, Federal Reserve, Interactive Brokers, Moody’s Investors Service, Treasury, Congressional, Social Security Locations: United States, States, corporates, United

☆ The US stock market just had its best year — so far — since 1997
▼ + stars: | 2023-08-01 | by ( Krystal Hur | ) edition.cnn.com time to read: +2 min

New York CNN —The stock market just had its best performance through July in 26 years. The benchmark S&P 500 index closed last month with a boost of about 21% for the year. Along with the Nasdaq Composite, the S&P 500 notched its fifth winning month in a row in July, marking the broad-based index’s longest monthly winning streak since 2021. About 81% of the 292 companies in the S&P 500 that have reported their second-quarter results so far have reported earnings above analyst expectations, according to data from Refinitiv Lipper. An equal-weighted version of the S&P 500 underperformed year to date through July.

Persons: Dow Organizations: New, New York CNN, Dow Jones, Nasdaq, Tech, Nvidia, Apple, Microsoft, Tesla, Meta, Royal, Federal Reserve Locations: New York, Royal Caribbean

☆ The case for a soft landing is slowly but surely building
▼ + stars: | 2023-07-30 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

It’s not difficult to see why – economic data released this past week points to a cooling but still strong economy. Still, it’s far too soon to assume that a soft landing is in the bag. There’s more economic data slated for release this coming week, and the US labor market is in focus. The Bureau of Labor Statistics’ latest jobs report is due Friday. Friday: Jobs report for July.

Persons: Jerome Powell, ” Powell, ”, Jeffrey Roach, WhatsApp, Catherine Thorbecke WhatsApp, Read, Kraft Heinz, Yum, Kellogg, Jobs Organizations: CNN Business, Bell, CNN, Federal Reserve, Fed, Commerce Department, LPL, Bureau of Labor Statistics, Labor, Survey, ADP, Labor Statistics ’, Community Bank, Caterpillar, Pfizer, Uber, Marriott, Starbucks, PayPal, CVS, Kraft, Brands, DoorDash, Apple, ConocoPhillips, Booking Holdings, Warner Bros

☆ Why is the US dollar losing its shine?
▼ + stars: | 2023-07-28 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

CNN —The US dollar’s decline has gained speed this month as investors pare back their interest rate expectations. Last week, that helped lead the US Dollar Index, which tracks the dollar versus the British pound, euro, Swiss franc, Japanese yen, Canadian dollar and Swedish krona, to its lowest level in more than a year. The dollar’s decline could offer some support to tech earnings, further boosting those stocks and in turn the broader rally. Gold prices have risen over 6% this year, supported by sliding Treasury yields and a decline in the dollar. The Dow slips to snap 13-day rallyThe Dow Jones Industrial Average index fell Thursday, cutting short a historic 13-day streak of gains.

Persons: pare, ”, Kathy Jones, Charles Schwab, Jones, Seema Shah, “ It’s, Shah, Gold, Dow, Read, Barbie ”, “ Oppenheimer, Matt Egan, “ Barbie, “ Oppenheimer ” Organizations: CNN Business, Bell, CNN, Federal, Swiss, Canadian, Fed, Microsoft, Apple, Asset Management, Japan, European Central Bank, Dow Jones, Nasdaq, Bank of America, Warner Bros Locations: Swedish

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