|  | *past 24-hour performance |
| | Fitch downgrades US rating: Fitch Ratings on Tuesday downgraded America's long-term foreign currency rating from a pristine AAA to the next level down, AA+, citing the country's deteriorating fiscal position — and the frequently chaotic process driving governance decisions. (Axios)
Uber is finally profitable: Uber Technologies (UBER) posted its first-ever operating profit in the second quarter, while also warning that Lyft (LYFT) is competing effectively on prices. (NYT)
Nuclear milestone: The first American nuclear reactor to be built from scratch in decades is officially sending electricity reliably to the grid in Georgia. It’s only seven years late and $17 billion over budget. (AP News)
Labor market still tight: U.S. job openings fell to the lowest level in more than two years in June, but remained at levels consistent with tight labor market conditions, which could spur the Fed to keep interest rates elevated for some time (Reuters) Marijuana merger up in flames: Cannabis producers Cresco Labs (CL) and Columbia Care Inc (CCHW) have mutually terminated their $2 billion merger announced in March last year (Reuters)
BP profits down but dividend hiked: Supermajor BP joins its energy peers in posting markedly lower quarterly profits (down 70% from same quarter last year) but hikes its dividend payout by over 10% (Forbes) No Covid, no sales: Pfizer (PFE) reported a lower-than-expected Q2 revenue of $12.73B as COVID-19-related sales dropped by more than 80% (Reuters)
| | | | | FBI fraud advisor: ‘Sell META immediately’ | As millions of investors pile into AI stocks like Mark Zuckerberg’s Meta… | One highly respected forensic accountant just sounded the alarm – and named three popular stocks it’s crucial you dump today. | It’s all because of a stock market manipulation scheme he’s warning will fool millions of investors this year… | Do these three things today to protect yourself. | SPONSOR |
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| | US money-market yields haven't been this juicy for 22 years: Tight monetary policy has once again increased the appeal of government bills and bonds, savings-accounts, and bank CDs. Read more » | The hottest real-estate play is in your neighborhood: An index of shopping center REITs is up 3.7% from a year ago, vastly outperforming a broader REIT index by 12.7%. While strip malls are no bargain, given their strong balance sheets, it might take a plunge in retail spending, a mass migration back to the office, a sudden overbuild of strip malls or a sharp increase in interest rates to throw them off their foundations. Read more » | Rent is finally cooling. See how much prices have changed in your area:
There’s good news for renters: Your too-high rent is finally not skyrocketing anymore. Monthly asking prices shot up by 15% between 2020 and 2022, marking the fastest run-up in rents in nearly a century. But now costs are calming down. Read more » | Alts firms want to break into DC plans — it won’t be easy: Investment managers and defined contribution plan fiduciaries alike want to offer alternative investments to participants in defined contribution plans. Here’s what is standing in their way. Read more »
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| | Miami Sees Its First Population Drop in Decades (WSJ) YouTube star MrBeast sues ghost kitchen behind his burger chain (TC) TikTok has reportedly pushed Chinese propaganda ads to millions across Europe (Forbes) An investment scheme based on a time traveler’s inside information (Truly Adventurous)
| |  | Michael A. Gayed, CFA @leadlagreport |  |
| The US market’s momentum wasn’t driven by AI. It was driven by Japan. Hat tip @acrossthespread. twitter.com/i/web/status/1… |  | | | Aug 1, 2023 | | |  | | | 913 Likes 176 Retweets 55 Replies |
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