Broke On: Tuesday, 30 July 2024
The Federal Reserve is expected to make the first interest rate reduction since 2020 on September 30, 2024, following a year of economic growth and cooling inflation. This development could lead to lower mortgage rates for homeowners and buyers, potentially refinancing or securing more affordable housing. The Fed's decision will impact markets as investors rotate from tech shares to other sectors in anticipation of broader interest rate trends.
Broke On: Tuesday, 30 July 2024
Institutional investors, who own over 44% of NVIDIA Corporation's shares, remain confident in the company's long-term profitability despite recent stock price declines. With significant insider selling and volatility, some analysts see potential for a massive technical sell-off.
Broke On: Tuesday, 30 July 2024
US consumer confidence showed mixed signs of improvement in July 2024, with Americans expressing optimism and concerns about current economic conditions. Despite a slight increase in overall confidence, consumers were less positive about labor and business conditions due to inflation worries and economic uncertainty. Lower-income consumers, who spend a significant portion of their income on basic needs, are particularly vulnerable to price increases and contribute to overall economic uncertainty.
Broke On: Tuesday, 30 July 2024
BP reported stronger-than-expected Q2 earnings of $2.76 billion, up from $2.59 billion last year, leading to a rise in share price and a 10% dividend increase to 8 cents per share. Net debt was reduced to $22.6 billion and underlying cash flow exceeded forecasts, driving robust cash flow of $8.1 billion for the quarter.
Broke On: Monday, 29 July 2024
The Federal Reserve is anticipated to signal an interest rate cut in September amid rising unemployment and a dip in annual inflation. Despite the benchmark short-term rate remaining at a 23-year high, economists predict hints of a potential rate cut during the Fed's policy meeting. The impact of an interest rate cut on borrowing costs could boost the economy, though a single reduction may not make a significant difference.
Broke On: Monday, 29 July 2024
New Chancellor Rachel Reeves announces spending cuts and axes projects to address a reported 22-billion-pound shortfall in public finances, including scrapping winter fuel payments for pensioners. Controversial decisions spark criticism, particularly regarding the impact on vulnerable populations.
Broke On: Monday, 29 July 2024
Two major events dominate the financial landscape this week: the Federal Reserve's policy meeting and earnings reports from tech giants Apple, Amazon, Meta Platforms (Facebook), and Microsoft. The Fed's potential rate cut decision and tech earnings could impact market sentiment. Four other companies - Merck, Pfizer, PayPal, Procter & Gamble - also release earnings reports with positive analyst expectations. Economic insights come from the Federal Reserve meeting and the official employment report.
Broke On: Tuesday, 30 July 2024
White Sox pitcher Garrett Crochet's trade demands for a contract extension and refusal to pitch in relief have complicated potential deals, despite his Cy Young-caliber season and dominance in strikeouts. His injury history and uncertainty surrounding availability could limit trade value.
Broke On: Tuesday, 30 July 2024
Despite having the highest income and wealth inequality globally, Burundi contrasts with Monaco's near-complete equality. The UBS Global Wealth Report reveals that half of the world's wealth is held by just 1.5% of global adults, with millionaires numbering over 21 million in the US and expected to grow to 25.4 million by 2028. Japan is predicted to surpass China as the second country with the most millionaires, while Taiwan's microchip industry drives global wealth growth due to AI technology.
Broke On: Monday, 29 July 2024
McDonald's grapples with declining sales due to consumer spending shifts amid inflation, extending $5 value meal promotion to boost business and adapt to economic pressures.