News to Kickstart Your Week
US NEWS
Hurricane Debby Hits Florida: Hurricane Debby made landfall in Florida, causing severe flooding and record rainfall in parts of Georgia and the Carolinas. The storm has led to at least six fatalities and significant property damage across the affected regions.
Google Found Guilty of Antitrust Violations: A federal judge in the District of Columbia ruled that Google violated the Sherman Antitrust Act, labeling the tech giant as a monopoly. This landmark decision could have far-reaching implications for the tech industry and future regulatory actions.
U.S. Sues TikTok: The U.S. government has filed a lawsuit against TikTok, citing national security concerns over data privacy and the platform's connections to the Chinese government. This legal battle marks another escalation in the tech tensions between the U.S. and China.
Historic Performances at Paris Summer Games: American athletes have set multiple records at the ongoing Paris Summer Olympics, with standout performances in track and field, swimming, and gymnastics. These achievements have brought a wave of national pride and attention to the games.
Missile Attack on U.S. Base in Iraq: Two missiles struck the Al Asad Airbase in Iraq, injuring at least five U.S. personnel. The attack is part of escalating tensions in the region, potentially linked to broader conflicts involving Iran and its allies.
Stock Market Turmoil: Global stock markets are experiencing significant declines, with Japan's Nikkei 225 suffering its worst two-day drop since Black Monday in 1987. Concerns about a potential U.S. recession and global economic instability are driving the market volatility.
GLOBAL NEWS AND WORLD EVENTS
Unrest in the UK Following Deadly Stabbing Attack: Violent far-right protests have erupted across the UK after a stabbing attack in Southport killed three girls and injured several others. The protests were fueled by misinformation about the suspect’s background, leading to riots and arson targeting asylum seekers' shelters. Prime Minister Keir Starmer condemned the violence, labeling it "far-right thuggery".
Egypt’s Alleged Bribery Scandal Involving Trump: The Washington Post reports that Egyptian President Abdel Fattah el-Sisi allegedly bribed Donald Trump with $10 million in 2017. This claim includes details of a cash withdrawal from the National Bank of Egypt and subsequent obstruction of an FBI probe by former Attorney General William Barr.
Sudan's Escalating Conflict in El Fasher: In Sudan, the Rapid Support Forces continue their assault on El Fasher, resulting in at least 23 deaths. The conflict has caused a humanitarian crisis, with 10 million people displaced and famine declared in the Zamzam camp.
Bangladesh Prime Minister Resigns Amid Protests: Bangladesh's Prime Minister Sheikh Hasina has resigned and fled the country following massive anti-government protests. The unrest, which has led to hundreds of deaths, has drawn close monitoring from the United Nations.
UN Calls for De-escalation in Middle East: The UN High Commissioner for Human Rights has urged for an urgent de-escalation of the ongoing conflict in the Middle East. The situation remains tense with mounting casualties in Gaza as the conflict approaches its tenth month.
Protests Against Economic Hardship in Nigeria: Nigeria continues to see widespread protests against economic hardship, now in their fifth day. Demonstrations have included looting in Kaduna and significant police presence in Lagos. The protests demand governmental action on economic issues, with some rejecting offers of monetary bribes to halt the demonstrations.
Historic First Medal for Refugee Olympic Team: Cindy Ngamba has made history by becoming the first athlete from the Refugee Olympic Team to secure an Olympic medal at the Paris Games. Ngamba's success in boxing marks a significant milestone for refugee athletes worldwide.
BUSINESS AND FINANCE
Global Market Sell-Off Triggered by Recession Fears: The U.S. stock market experienced a sharp decline as fears of an impending recession gripped investors. The Dow Jones Industrial Average plummeted by 1,033.99 points (2.6%), while the S&P 500 and Nasdaq Composite fell 3% and 3.43%, respectively. This marked the worst day for the Dow and S&P 500 since September 2022. Key economic indicators, including a weak jobs report and declining manufacturing activity, contributed to the downturn.
Tech Giants' Market Cap Plunges by $1 Trillion: Major technology companies, including Apple, Amazon, and Google, saw their combined market capitalization drop by over $1 trillion in intraday trading. Despite some recovery, the sector is on track for a historic single-day market cap decline. Apple's stock fell significantly after Warren Buffett's Berkshire Hathaway disclosed it had sold a large portion of its holdings in the company.
Mortgage Rates Decline Amid Rate Cut Expectations: Mortgage rates have reached a seven-month low as investors anticipate aggressive rate cuts by the Federal Reserve. The average 30-year fixed mortgage rate dropped to 6.73%. This decline follows recent data showing a rise in the unemployment rate and a slowdown in job creation, increasing expectations of a half-point rate cut by the Fed in September.
Heavy Trading Causes Brokerage Outages: The intense trading activity on Monday led to outages at several major brokerage firms, including Charles Schwab, Ameritrade, Robinhood, and Fidelity. These outages disrupted investors' ability to execute trades amid the market volatility, further complicating the financial landscape on a tumultuous trading day.
Earnings Reports from Major Companies: This week's earnings spotlight includes reports from prominent companies such as Uber, Walt Disney, and Eli Lilly. Investors are closely watching these updates for insights into the companies' performance and broader economic trends. Disney is expected to return to profitability, driven by its experiences segment and streaming services.
POLITICS
Kamala Harris Secures Democratic Nomination: Vice President Kamala Harris has clinched enough votes to secure the Democratic Party's presidential nomination. The DNC will hold a virtual roll call ahead of its convention in Chicago. In related news, Donald Trump has withdrawn from a scheduled debate on ABC, stating he will only debate Harris on Fox News.
Trump and Harris Campaign in Georgia: Former President Donald Trump and Vice President Kamala Harris are campaigning in Georgia, with both candidates polling neck and neck. Their rallies focus on contrasting economic policies and visions for the future.
Biden's Economic Policies Under Scrutiny: President Biden continues to defend his economic record amidst concerns about inflation and high prices for essentials. His administration emphasizes federal investments in infrastructure and clean energy as long-term solutions.
Harris to Announce VP Pick: Vice President Kamala Harris is expected to announce her vice presidential pick on Tuesday, just ahead of their first joint rally in Philadelphia. Speculation includes various Democratic leaders who have been recently interviewed by Harris.
Trump's Legal Battles: Trump's legal issues continue to be a significant topic. He faces multiple indictments related to efforts to overturn the 2020 election and mishandling classified documents. Recent Supreme Court rulings could impact the timing and outcomes of these cases.
Border Security Policies: Both Biden and Trump are highlighting border security in their campaigns. Biden has implemented new measures to curb illegal crossings, while Trump promises to oversee a large-scale deportation effort if re-elected.
Abortion Rights Debate: Abortion rights remain a pivotal issue in the 2024 campaign. Biden pledges to codify abortion rights into federal law, while Trump advocates for state-level decision-making with certain exceptions.
SPORTS
Simone Biles Aims for More Gold at Paris 2024 Olympics: Simone Biles competes today in the gymnastics individual all-around final, seeking to add to her already impressive tally of Olympic gold medals. Her performance will be closely watched as she aims to solidify her legacy as one of the greatest gymnasts of all time.
MLB Power Rankings: Orioles Take Top Spot: The Baltimore Orioles have ascended to the top of the MLB power rankings, bouncing back from a rough patch to lead the standings. With key divisional matchups against the Blue Jays and Rays this week, they aim to maintain their position. The Phillies, despite their recent slump, are close behind in second place.
NFL Training Camp Highlights: NFL training camps are in full swing with teams evaluating their rosters ahead of the regular season. Notable updates include the Chiefs preparing for Lamar Jackson and ongoing battles for starting positions across various teams. Players and coaches are focused on refining strategies and ensuring top performance as the season approaches.
MLB Series to Watch: Heated Playoff Rematches: This week's MLB series to watch includes rematches of last year's league championship series. The Texas Rangers face off against the Houston Astros, and the Arizona Diamondbacks take on the Philadelphia Phillies. Both series are expected to be highly competitive and could impact playoff standings significantly.
College Football Preseason Coaches Poll Released: The US LBM Coaches Poll for college football's preseason rankings is out, stirring excitement among fans. Top teams are preparing for the season opener later this month, with perennial powerhouses like Alabama, Ohio State, and Georgia leading the pack. The poll provides early insights into potential national championship contenders.
Kansas City Royals' Surprising Playoff Push: The Kansas City Royals, initially not considered playoff contenders, have made a strong case for themselves with a 6-1 road trip last week. Their performance has them in a key series against the Boston Red Sox, with both teams vying for postseason spots.
ENTERTAINMENT
Deadpool & Wolverine Dominates Box Office: Deadpool & Wolverine continues to lead the box office, grossing $97 million over the weekend. The film's success is bolstered by its star-studded cast and action-packed storyline, keeping audiences engaged and theaters packed.
Time Bandits Series Premieres on Apple TV+: The new Apple TV+ series Time Bandits, created by Taika Waititi, follows 11-year-old Kevin as he navigates time travel with a group of thieves. Starring Lisa Kudrow, this family-friendly show has quickly garnered positive reviews since its debut.
Michael Keaton's Knox Goes Away on Max: Michael Keaton directs and stars in Knox Goes Away, a thriller about a hitman with rapid-onset dementia racing against time to clear his son's name. The film, featuring James Marsden and Al Pacino, premiered on Max on July 26 and has received critical acclaim for its intense narrative.
Cirque du Soleil Documentary on Prime Video: Cirque du Soleil: Without a Net documents the challenges faced by the iconic show during the COVID-19 pandemic, including bankruptcy and the struggle to return to the stage. This gripping documentary is now available on Prime Video.
Netflix's Simone Biles Rising: Netflix's new series Simone Biles Rising delves into the gymnast's decision to step back from the Tokyo 2020 Olympics and her journey towards the Paris 2024 Games. The series provides an intimate look at Biles' mental health struggles and her path to recovery.
