1. A bad day
Stocks fell on Tuesday as Wall Street was troubled by worries about China and banks. The Nasdaq Composite plummeted 1.14% and the Dow Jones Industrial Average sank 361.24 points, or 1.02%, ending a three-day gaining streak. The S&P 500 declined 1.16% at the closing and finished the session below its 50-day moving average, a development that might portend the start of a downward trend. Following Fitch’s warning that it might have to lower the credit rating of numerous banks, financial equities including those of JPMorgan Chase, Wells Fargo, and Bank of America all decreased in value.
2. Off-course
Due to its difficulty luring budget-conscious customers, big-box retailer Target lowered its full-year guidance on Wednesday. Both the company’s full-year sales and profit projections were drastically reduced. In spite of July’s improvements in sales and shop visitation, it also fell short of forecasts for quarterly sales. The second part of the year could be difficult, CEO Brian Cornell cautioned, as student loan payments start up again this autumn and costs for basic necessities continue to rise. These elements may result in consumers continuing to avoid impulsive purchases, along with high interest rates.
3. Bank issues
Neel Kashkari, president of the Minneapolis Federal Reserve, wants to handle regional banks more harshly. Kashkari is well recognised for his work on the programme that bailed out banks during the 2008 financial crisis. He claimed that the crisis, which began in March and resulted in the failure of a number of local institutions, including Silicon Valley Bank, might still be ongoing.
4. Cava applauds
There is cause for celebration for one of the newest names on the New York Stock Exchange. Cava, which completed its IPO in June, reported a healthy quarter as its first earnings report since entering the market.
5. What is on TV?
The TV celebrity was killed off by streaming, right? According to Nielsen’s monthly streaming report, total traditional TV usage, which includes broadcast and pay-TV, fell below 50% in July for the first time ever.
Source (CNBC)
