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Good morning investors! This is going to be a heavy issue as we have got a lot to share.
Today we cover:
US economy impresses again
Big earnings
Tesla in trouble
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📊 Economy and News
U.S. Economy Grows 3.3% in Q2 2025, Surpassing Expectations
The U.S. economy expanded at a 3.3% annualized rate in Q2 2025, exceeding the initial 3.0% estimate and the 3.1% Dow Jones forecast, driven by robust consumer spending, according to the Commerce Department. Consumer spending rose 1.6%, up from 1.4%, while final sales to private domestic purchasers jumped 1.9%, signaling strong domestic demand despite tariff uncertainties.
Imports fell 29.8% after pre-tariff stockpiling, while exports dropped 1.3%, with net exports boosting GDP by nearly 5 points. First-half 2025 GDP growth averaged 2.1%, with Q3 tracking at 2.2% per the Atlanta Fed’s GDPNow. Core PCE inflation held steady at 2.5%, and headline PCE hit the Fed’s 2% target.
“The economy is likely to maintain slower growth around 1.5% as tariffs impact consumers,” said Heather Long, chief economist at Navy Federal Credit Union.
Global hits:
Core inflation in Japan’s capital slows but stays above BOJ target.
Brazil starts formal process to assess US tariff retaliation.
India’s economy likely slowed in April-June ahead of US tariff blow.
European Union to remove tariffs on U.S. industrial goods, triggering cuts for EU autos.
Also check: Initial claims rose to 229,000 for the week ended Aug. 23, with the four-week average at 233,000; Reuters noted continuing claims near 1.86 million. Claims remain historically low. Labor demand continues to cool, but not crack.
Pending home sales drop: Pending U.S. home sales fell 0.4% in July, exceeding the expected 0.1% decline, due to high mortgage rates and a slowing labor market. Sales rose 0.7% year-over-year.
Reminder: Workers between the ages of 22 and 25 have experienced a 13% relative decline in employment since 2022, in occupations most exposed to AI.
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📈 Stocks
S&P 500 6,501.86 (+0.32%)
DJIA 45,636.90 (+0.16%)
NASDAQ 21,705.1 (+0.53%)
BRENT CRUDE 68.11 (-9.75%)
* Prices as of Aug 29th, 12:20 AM UTC
Some more big earnings
Ulta Beauty raised its full-year forecast, after reporting growth in all major categories and topping Wall Street’s quarterly sales expectations. Beauty has remained a hot category for consumers, even as they pull back or watch their spending in other discretionary categories. Ulta expects comparable sales to grow between 2.5% to 3.5% for the full year, up from prior projections of as much as 1.5%.
Gap posted mixed fiscal second-quarter results, beating on earnings per share but missing on revenue, driven by declines at its athleisure brand Athleta. The specialty apparel company behind Old Navy, Banana Republic, Athleta and its namesake banner is two years into CEO Richard Dickson’s turnaround plan. Dickson said his playbook is working but acknowledged he was “disappointed” in Athleta’s performance.
Affirm jumped 15% as the company reported earnings per share of 20 cents for the quarter, almost double what analysts expected. The company also reported better-than-expected revenue.
Dell Technologies reported second fiscal quarter results that beat Wall Street expectations for sales and revenue. The company attributed the results to strong growth in its AI server business. Dell said that it now plans to ship $20 billion of AI servers in its fiscal 2026, double what it sold last year.
Good to know: Intel gets $5.7 billion from Trump deal as White House says details are 'being ironed out'. Elsewhere, Nvidia’s top two mystery customers made up 39% of the chipmaker’s Q2 revenue. Lastly, Nike is planning to lay off about 1% of its corporate staff.
Tesla in trouble? New European car registrations of Tesla vehicles totaled 8,837 in July, down 40% year-on-year. In comparison, BYD recorded 13,503 new registrations in July, up 225% annually.
Also, a poll conducted this month shows more U.S. consumers say Tesla’s Full Self-Driving (Supervised) technology, or FSD, would push them away from the brand than draw them to it. Only 14% of those surveyed for the Electric Vehicle Intelligence report said FSD would make them more likely to buy a Tesla.
💵 Personal Finance
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Today actions:
Freeze at all three bureaus online today
Set a calendar reminder to thaw only when you are applying for credit
If you had a recent data leak or suspicious inquiry then make sure to freeze now and add a one-year fraud alert with your bureau’s portal.
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👩🏽⚖️ Legal Stuff
Nothing in this newsletter is financial advice. Always do your own research and think for yourself.