What's Happening

Politics

A Tale of Two Presidential Campaigns

What's going on: Yesterday, thousands of Democratic delegates officially nominated Vice President Kamala Harris (again) with a ceremonial roll call that might’ve just delivered the dance party of the summer. At one point, Lil Jon popped out to introduce the Georgia delegation, performing “Turn Down for What” and singing “VP Harris to the Walz.” Harris accepted the nomination from a rally in Milwaukee, Wisconsin, where the Republican National Convention took place last month. Back in Chicago, second gentleman Doug Emhoff took the mic, giving the public a peek into their family life. Former first lady Michelle Obama and former President Barack Obama also addressed the crowd, both chiding former President Donald Trump and urging voters to take action. Former President Obama also warned that despite all the enthusiasm, the election will be “a tight race in a closely divided country.”

Tell me more: Democrats aren’t the only ones making campaign stops. Trump was in Michigan yesterday to talk about crime, vowing to “make America safe again.” It comes as the former president tries to regain momentum in the race. Meanwhile, Trump said he’d consider giving RFK Jr a position in his potential administration, especiallyif the independent candidate drops out of the election and endorses Trump. As for Kennedy’s campaign, it is apparently considering exiting the race and backing the former president’s campaign. Even with the possible endorsement and all the energy at the DNC, it will all come down to November — and a lot can happen between now and then.

Related: Why Are People Trying to Decode Harris’s Tan Suit? (Guardian)

US News

Federal Judge Strikes Down Ban on Noncompetes

What's going on: A federal judge in Texas scrapped the Biden administration’s plans to ban noncompete agreements, which affect about 30 million Americans or 1 in 5 US workers. The clauses — typically signed as part of a work contract — can prevent employees from working for a competitor or opening up a similar business of their own. The Federal Trade Commission planned to enforce a ban starting next month, arguing that noncompetes stifle competition and workers’ pay. But the federal judge ruled the FTC doesn’t have the authority to issue such a ban.

What it means: The ruling is seen as a major win for employers, ranging from fast food restaurants to Wall Street. They argued noncompetes were necessary to protect their intellectual property and trade secrets. The FTC is considering an appeal. Meanwhile, the judge’s ruling largely maintains the status quo for millions of workers who are under noncompetes and could serve as a reminder to read the fine print in those work contracts.

Related: How One Dress Designer Battled for Her Name and Social Media After a Noncompete (YouTube)

Economy

All That Glitters Actually Is Gold

What's going on: In the latest news to grab the market’s attention: For the first time in history, a gold bar is worth $1 million. That's an average of about $2,500 for a troy ounce of spot gold. (Excuse us while we go raid our jewelry box.) This didn’t happen overnight, with gold prices rising by nearly two-thirds since late 2019. Prices have gone up more than 20% this past year alone, with many seeing gold as a safe investment. However, it’s worth noting that gold doesn’t have much practical use outside of looking pretty and being used in some electronics.

What it means: The soaring gold prices could be a hint that investors are preparing for the Federal Reserve to (finally) start slashing interest rates at its meeting next month. The agency has kept interest rates at a 23-year high since last July. In anticipation, investors are likely preparing for the cut to diminish the value of bonds and shares — making gold a more reliable and stable investment. Looks like we might need to add “gold bars” to the Costco shopping list.

Related: As the Fed Teases Interest Rate Cuts, Here’s What You Can Do With Your Cash (NBC)