Despite ongoing losses of over $1 billion, Rivian Automotive exceeded Wall Street's revenue and earnings estimates for Q2 2024 through cost-cutting measures.
Investors
European Shares Gain While Dollar Weaken as Fed Signals Rate Cuts Ahead
European and US share prices rose on August 22 following Federal Reserve signals of potential interest rate cuts, while the dollar remained weak and oil prices stabilized after a recent decline.
Consunji Family to Invest $177M in DMCI and Fund Its Cement and Construction Business
The Consunji family is investing $177 million into DMCI Holdings to fund the purchase of Cemex's Philippine cement business, with the deal expected to boost DMCI's portfolio.
Saudi Oil Giant Aramco to Strengthen Ties With China in Petrochemicals and Low-Carbon Solutions
Saudi Aramco is expanding its partnership with China by investing in petrochemicals and low-carbon technologies, aligning with China's energy security and sustainability goals.
Markets Await Inflation Data to Guide Federal Reserve's Rate Cut Decision
As markets await crucial inflation data this week, investors hope it will allow the Federal Reserve to implement its anticipated interest rate cut next month amid recent market stability.
Latest News
Tech giants in the US lost approximately $1 trillion in market value this week due to recession fears and disappointing economic data, with sharp declines in Nvidia, Apple, and Amazon.
Elon Musk criticized the Federal Reserve's decision not to cut interest rates, calling it "foolish" and warning that the policy could harm the US, which could potentially stall economic growth.
Apple's stock stake has been reduced by Berkshire Hathaway, which has boosted its cash reserves to a record-high ($277 Billion) as a cautious approach against US economy concerns.
Donald Trump has proposed eliminating federal income taxes on Social Security benefits for seniors, potentially reducing federal revenue by up to $1.8 trillion over the next decade.
Fast-food chains are extending their $5 meal deals to continue attracting budget-conscious customers. Still, investors are worried about the long-term benefits for the companies and fear these discounts may not turn into profits.
Recent earnings reports raise concerns about AI investments and consumer spending, causing a dip in tech stocks and interrupting a stock market rally.
The self-driving car units are now in service in Metro Phoenix, San Francisco, Los Angeles, and Austin.
The new round of monthly payments will be sent out to eligible retirees born on or after the 21st of a month.
To compensate for the lost value, payments would need to increase to more than $4,400 a year. Read more here.
