Good morning. It's Saturday, Aug. 3, and in this weekend edition, we're covering a weaker-than-anticipated US jobs report, a federal lawsuit against TikTok, and much more. First time reading? Join over 3.5 million readers. Sign up here.
You share. We listen. As always, send us feedback at [email protected]. |
|
|
|
Jobs Slowdown Hits Stocks |
US employers added fewer-than-expected nonfarm jobs in July as the country's unemployment rate ticked up for the fourth consecutive month to 4.3%, the highest since October 2021, according to government data released yesterday. The latest report spurred a sell-off in the US stock markets, with all three major indexes closing down and the Nasdaq composite entering correction territory (S&P 500 -1.8%, Dow -1.5%, and Nasdaq -2.4%).
US employers added 114,000 jobs last month, below economist estimates of 185,000 and down from the downwardly revised 179,000 jobs in June. Average hourly earnings in July rose 0.2% month-over-month and 3.6% year-over-year, both below economist estimates. The data comes after the Federal Reserve on Wednesday signaled an interest rate cut was likely in September. Analysts say the report suggests the Fed could slash rates by half a percent. See a breakdown of data here.
Meanwhile, the average rate on the 30-year fixed mortgage dropped to 6.4% Friday, the lowest since April 2023. The average rate on a 15-year fixed mortgage dropped to 5.9%, the lowest since May 2023. |
|
|
|
|
In partnership with Pendulum |
Meet this 'Un-Hunger Hormone' |
Please support our sponsors! |
|
|
|
US regulators sue TikTok over child privacy violations.
The Justice Department and the Federal Trade Commission filed the challenge against the video-sharing app and its Chinese parent company, ByteDance, Friday. The regulators allege TikTok breached a federal law requiring services to obtain parental consent to collect personal information from children under 13. TikTok has roughly 170 million active US users, while ByteDance faces a legal deadline from the US government to sell TikTok or withdraw from the US market.
Harris secures Democratic nomination for president.
Vice President Kamala Harris made history Friday as the first Black woman and Asian American to become a presidential nominee from a major party in the US. Harris secured a majority of the votes (at least 2,350) needed for the nomination a day after voting opened. She will accept the nomination next week.
Hunter Biden to be sentenced in November for gun conviction.
The younger Biden became the first convicted child of a sitting US president in June when a jury found him guilty of three felony charges related to lying about his drug use in 2018 when purchasing a gun. Hunter Biden will be sentenced Nov. 13 in the gun case and faces a different trial in September for separate tax-related charges.
Intel shares plunge the most in 50 years.
Intel's shares fell 26% Friday, marking the chipmaker's second-largest single-day drop, behind a 31% drop in July 1974. The company's shares were trading at a level last seen in 2013. The decline came a day after Intel announced it would cut 15% of its workforce and pause dividends beginning in the fourth quarter as part of cost-cutting measures.
Chevron to relocate to Texas from California.
America's second-largest oil and gas company is moving its global headquarters from California—its home state for more than 140 years—to Houston, Texas, considered the US energy capital. The announcement comes weeks after Elon Musk said X (formerly Twitter) and SpaceX would move their headquarters from California to Texas and follows a growing trend.
Tropical storm warning issued for parts of Florida.
As of this writing, a developing system in the eastern Gulf of Mexico is expected to turn into Tropical Storm Debby today and drench the west coast of Florida this weekend. Up to a foot of rain is possible in some areas of the state, with flash flooding and heavy rainfall to continue through next week. |
|
|
|
A 10-year-old boy gets a surprise visit from his brother in the Army after 300 days apart. (More, w/video)
Woman who brought her boyfriend home to her parents finds out the couple grew up with the same rare home layout. (More, w/photos)
London man turns his neighbors' hedges into art to honor his late wife, an artist who died from breast cancer. (More)
Minnesota children raise $4K with lemonade stand for neighbors who lost their home in a fire. (More) |
|
|
In partnership with Sky Quarry |
|
|
|
Today, we're sharing a story from reader Suzanne B. in St. Louis, Missouri.
"I was 9.5 miles into a training walk for the Portuguese Camino when I stepped in a pothole and went down. I got up and sat on a grassy area to look myself over. A young woman came running out of a restaurant to see how I was. She went back in to get a first aid kit and bring me a glass of water. She waited while I patched up my knee and called for a ride. Jenna was my Florence Nightingale."
What act(s) of kindness did you experience this week? Tell us here. |
|
|
|
"If you don’t believe in yourself, why is anyone else going to believe in you?" |
|
Why 1440? The printing press was invented around the year 1440, spreading knowledge to the masses and changing the course of history. More facts: In every day, there are 1,440 minutes. We’re here to make each one count.
Send us your feedback at [email protected] and help us stay unbiased as humanly possible. We’re ready to listen.
Interested in reaching smart readers like you? To become a 1440 partner, apply here. |
*Disclosure: This is a paid advertisement for Sky Quarry’s Regulation A Offering. Please read the offering circular at investor.skyquarry.com |
1440 Media 222 W Merchandise Mart Plaza, Suite 1212 Chicago, IL 60654
Copyright © 2024, 1440 Media, All rights reserved.
J |
|
|
|
|
|
