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Unstoppable US Shopper, BofA Q2 Earnings and Musk Relocates SpaceX to Texas
Anna Eisenberg
July 16, 2024
Anna's Daybreak News
Wednesday, 5:18 AM
July 17, 2024
Good morning news friend! Keep informed with the latest updates, following the ever-changing headlines and stories. 📰🌟
Unstoppable US Shopper Keeps Retail Sales Steady
US retail sales remained steady in June. A drop in auto dealership sales, due to a cyberattack, was balanced by growth in other sectors. Online store sales jumped 1.9%, and building materials saw a 1.4% increase.
The Commerce Department report showed an upward revision in May's retail sales to 0.3%.
Despite a 2% decline in auto sales, excluding this sector, retail sales rose 0.9% in June.
Economists predict a 2% growth in consumer spending for the second quarter. The Atlanta Fed raised the GDP growth estimate to 2.5%.
Source: Read More
US retail sales remained steady in June. A drop in auto dealership sales, due to a cyberattack, was balanced by growth in other sectors. Online store sales jumped 1.9%, and building materials saw a 1.4% increase.
The Commerce Department report showed an upward revision in May's retail sales to 0.3%.
Despite a 2% decline in auto sales, excluding this sector, retail sales rose 0.9% in June.
Economists predict a 2% growth in consumer spending for the second quarter. The Atlanta Fed raised the GDP growth estimate to 2.5%.
Source: Read More
Bank of America Beats Profit Expectations
Bank of America's second-quarter profit surpassed expectations, despite higher deposit costs lowering interest income.
Investment banking had a 29% jump in fees to $1.6 billion. Underwriting income soared by 32%, and syndication fees surged 77%. Sales and trading revenue increased by 7%, reaching $4.7 billion.
Despite a 3% fall in net interest income to $13.7 billion, Bank of America predicts a rebound. They project fourth-quarter net interest income to hit $14.5 billion.
The lender earned $6.9 billion, or 83 cents per share. Wealth and investment management saw 6% higher revenue, and client balances grew 10% to $4 trillion.
Source: Read More
Bank of America's second-quarter profit surpassed expectations, despite higher deposit costs lowering interest income.
Investment banking had a 29% jump in fees to $1.6 billion. Underwriting income soared by 32%, and syndication fees surged 77%. Sales and trading revenue increased by 7%, reaching $4.7 billion.
Despite a 3% fall in net interest income to $13.7 billion, Bank of America predicts a rebound. They project fourth-quarter net interest income to hit $14.5 billion.
The lender earned $6.9 billion, or 83 cents per share. Wealth and investment management saw 6% higher revenue, and client balances grew 10% to $4 trillion.
Source: Read More
Do you think the US will be able to avoid a recession? |
Senator Bob Menendez Convicted of Corruption
Senator Bob Menendez (New Jersey Democrat) was found guilty of bribery, extortion, and acting as a foreign agent for Egypt.
FBI agents uncovered $500,000 in cash, gold bars, and a Mercedes-Benz at Menendez's home. Prosecutors argued that Menendez sold his influence for these bribes.
Menendez faced 16 criminal counts. Witnesses described deals made over cigars and fine dining, often coordinated by his wife.
The senator will be sentenced on October 29. Menendez faces up to 20 years in prison for the most serious charges.
Source: Read More
Senator Bob Menendez (New Jersey Democrat) was found guilty of bribery, extortion, and acting as a foreign agent for Egypt.
FBI agents uncovered $500,000 in cash, gold bars, and a Mercedes-Benz at Menendez's home. Prosecutors argued that Menendez sold his influence for these bribes.
Menendez faced 16 criminal counts. Witnesses described deals made over cigars and fine dining, often coordinated by his wife.
The senator will be sentenced on October 29. Menendez faces up to 20 years in prison for the most serious charges.
Source: Read More
Elon Musk Relocates X and SpaceX Headquarters to Texas
Elon Musk announced he will move X and SpaceX headquarters from California to Texas.
This decision follows California's new transgender legislation. The law prevents schools from informing parents about their child's gender changes. Musk criticized this law.
SpaceX will move from Hawthorne to Boca Chica. X will move from San Francisco to Austin.
Musk moved Tesla to Texas in 2020. He cited strict COVID-19 rules and overregulation as reasons.
Source: Read More
Elon Musk announced he will move X and SpaceX headquarters from California to Texas.
This decision follows California's new transgender legislation. The law prevents schools from informing parents about their child's gender changes. Musk criticized this law.
SpaceX will move from Hawthorne to Boca Chica. X will move from San Francisco to Austin.
Musk moved Tesla to Texas in 2020. He cited strict COVID-19 rules and overregulation as reasons.
Source: Read More
Baked with love,
Anna Eisenberg ❤️
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