| | | Are you overpaying your financial advisor? | Ah, summer. Time for barbecues, beach vacays, and oh yeah – your financial advisor taking their quarterly fees. | It's the perfect time to ask: How much are you really being charged? Are hidden fees gouging your returns? | Passive fund fees average 0.11% – what do you pay? Management fees range from 0.80% to 1% – are you overpaying? Red flag report: Is your advisor a true fiduciary, or just a registered broker? | With Rainbook, you can answer these questions in just a few clicks, at no cost. | Find out if your advisor is a fiduciary at Rainbook. | | Remember readers, your financial advisor works for you. Evaluate your advisor’s performance + uncover hidden fees with Rainbook (it’s free). | | | 📰 Market Headlines | | Tech took a tumble as Nvidia's 7% drop led to a market sell-off ahead of crucial Big Tech earnings. The Nasdaq fell 1.3% and S&P 500 dropped 0.5%, while the Dow Jones managed a 0.5% gain. | Consumer confidence rose to 100.3 in July from a revised 97.8 in the prior month. | US job openings fell by 46,000 to 8.184 million in June, with hires declining by 314,000 and quits decreasing by 121,000. | Meta agreed to pay Texas $1.4 billion to settle a lawsuit over its facial recognition technology. |
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| | 🕶️ Market Vibes | 🎰 Market Forecasts and Futures | Forecasts via Kalshi, the prediction market. | | 😱 Fear and Greed Index | | | 🎤 What you said last time | | 📈 Trends you need to know | | Another big round number conquered. |
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| | 🧠 What do you think? | Is the debt a problem | what should be done | | | 📊 Stocks | | | Winners and losers | Earnings, upgrades, and acquisitions | Starbucks reported a 3% drop in global comparable sales, missing estimates; shares fell 2%. Microsoft beat earnings expectations but Azure cloud revenue growth disappointed investors causing shares to drop 7%. Procter & Gamble posted mixed Q4 results, but revenue missed estimates; shares slid 5.8%. JetBlue unveiled a turnaround plan that launched shares 23%, the biggest gain since 2020. Pfizer beat Q2 earnings estimates and raised its 2024 outlook; shares rose 2.2%. BP reported a Q2 loss due to hefty charges, but underlying profit beat estimates as shares climbed 1.2%. | Market movers | Tesla recalled 1.85 million vehicles in the US due to a software issue with its hood latch detection. The SEC charged the founder of crypto startup BitClout with fraud and unregistered offering of securities. Wells Fargo was sued over employee prescription drug costs, and accused of mismanaging its health insurance plan. HealthEquity reported a data breach affecting 4.3 million people, exposing personal and protected health information. Blackstone bid to acquire Retail Opportunity Investments Corp, valued at nearly $2 billion. OpenAI launched an advanced voice mode to a small group of ChatGPT Plus users. Spotify expanded lyrics access for free users after receiving complaints about the previous limit. | Ideas, trends, and analysis |
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| | | | | 🌍 Global Perspectives | 🇱🇧🇮🇱 Israel launched a strike on Beirut targeting a senior Hezbollah commander, killing one woman and injuring several others. 🇬🇷 Greece banned the transportation of sheep and goats nationwide to contain a highly contagious "goat plague" infection. 🇺🇸🇵🇭 The US pledged $500 million in military aid to the Philippines to bolster its defense capabilities against China's aggression in the South China Sea. 🇹🇷 Turkey approved a controversial law to remove millions of stray dogs from the streets. 🇵🇸 Israel's military destroyed over 30 water wells in Gaza this month. |
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| | 📊 Crypto | | Bitcoin plunged to $66,000 after the US government moved $2 billion worth of seized BTC to unidentified wallets. SEC charged BitClout founder with wire fraud and unregistered securities sale, alleging he misused $7 million. Router Protocol launched its mainnet, joining the trend of "chain abstraction" to simplify cross-chain transactions for users. | |
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| | 🧠 Errata | A startup launched a $99 AI necklace to combat loneliness. Denmark's economy now runs on Ozempic. A Chinese film festival jury decided no movie deserved the Best Feature award this year. Nearly one-third of US adolescents received mental health treatment in 2023. The Seine River proved too polluted for Olympic swimmers. |
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| | 📺 What to Watch Today | It’s a ‘eau no’ from me. | | Olympics: Fears for Seine water quality as second day of triathlon training cancelled • FRANCE 24 |
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| That’s all for today. Did I miss anything? Smash the reply button to let me know. | Cheers, | Wyatt |
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