In the past week:
- The Federal Reserve’s Jackson Hole symposium began, and Wall Street was eager for a rate cut.
- Goldman Sachs lowered its U.S. recession risk forecast. But data showed U.S. workers are worried about job prospects and compensation. The U.S. and China agreed to cooperate on financial stability. U.S. home sales rose in July. Mortgage rates and gasoline prices fell.
- Lowe’s lowered its full-year outlook. Target had an earnings beat, but Macy’s fell short. Walmart dumped its JD.com stake.
- UAW threatened a strike against Stellantis. GM announced layoffs. Tesla stock got a boost from an EU tariff cut. Ford revamped its EV strategy.
- The FAA ordered inspections of Boeing 787s. Boeing tests revealed structural problems in 777s.
- Berkshire Hathaway further trimmed its Bank of America stake. AMD bought a server maker for nearly $5 billion. Rail freight in Canada briefly came to a halt.
- There was a bidding war for Paramount. Disney ramped up its search for Bob Iger’s successor. Nestle replaced its CEO.
- A gold bar became worth $1 million.
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