Economy grows 2.4 percent in Q2 despite Fed hikes
The Commerce Department reports U.S. GDP rose 2.4 percent annualized from April to June, supported by business investment and higher government spending. Excluding housing, investment grew 7.7 percent, the fastest since early 2022, while consumer spending eased to 1.6 percent. Mortgage rates weighed on housing, but the overall expansion remains above trend despite aggressive rate increases.
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Wall Street Rally Fades as Bond Yields Jump
Stocks slip after a rally, with the S&P 500 down 0.6 percent to 4,537.41 and the Dow off 0.7 percent to 35,282.72 as Treasury yields rise. Honeywell weighs on earnings despite stronger spring results, while Fed rate expectations and a cautioned view on a soft landing temper optimism.
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Southwest Airlines posts mixed second quarter results
Southwest Airlines reported Q2 earnings of 683 million dollars, down 10 percent, as labor costs rose while record revenue provided some offset. The carrier warned nonfuel costs will rise and a key revenue ratio will fall in Q3, with shares dropping about 9 percent.
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Ford Q2 profit surges on strong revenue
Ford Motor Co. posted a Q2 profit of 1.92 billion, up from a year earlier, driven by internal combustion and commercial vehicle sales while its EV unit Model E posted pretax losses exceeding 1 billion. Ford lifted full year pretax profit guidance to 11-12 billion, but warned EV losses will grow to about 4.5 billion.
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