Stocks Slip After Broad Market Drop Weeks of Gains Ended
The S&P 500 fell 1.3 percent to 4,227.48 ending four weeks of gains and down 11.3 percent for the year. The Nasdaq slid 2 percent, the Dow dropped 292.30 points, and the Russell 2000 lost 43.38 points as technology shares led declines amid Fed rate hike expectations. Bright spots included General Motors up 2.5 percent and Foot Locker surging 20 percent after earnings and leadership changes. The market assessed inflation, with traders watching Fed signals ahead of Powell’s Jackson Hole speech.
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Bed Bath & Beyond tumbles after Cohen exit
New York reports Bed Bath & Beyond shares fall after activist investor Ryan Cohen confirms he no longer owns any stake. He sold nearly 7.8 million shares and options as the stock slumps in after hours, following a month of volatile gains driven by Reddit traders.
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Why you should update your iPhone right now
Apple warns of serious security flaws in iPhone iPad and Mac that could allow full control by attackers. The fix is simple: update devices immediately via Settings General Software Update or System Preferences Software Update. Most users face extremely low risk unless targeted as a journalist activist or dissident.
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GM to resume 9 cent dividend and boost buybacks
General Motors will restart quarterly dividends at nine cents per share with a record date of August and payment on September 15, resuming a program halted during the 2020 pandemic. The company also expanded its stock buyback authorization to five billion dollars. Wayfair cuts about 870 jobs as costs rise, while transportation chief Buttigieg urges airlines to improve passenger rights amid ongoing cancellations and delays.
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