US economy grew modestly in recent weeks, Fed survey shows (3 min read) The US economy has been growing slowly in recent months, according to a Federal Reserve report. It showed that there was less job growth and prices weren’t rising as fast in July and August. Businesses are also expecting the wage increases to slow down. All of this points to the US not booming and it means the Fed will likely keep interest rates steady for now and might not raise any time soon as they continue to monitor the economy’s development.
China’s exports drop by 8.8% in August as trade slump persists (2 min read) China’s imports and exports continued to decline in August, falling 7.3% and 8.8% respectively. However, the drops were actually slightly better than what most economists and analysts had expected. These declines have been a trend throughout 2023 due to weakening global demand for Chinese goods. Despite the improvements last month, other challenges still persist, like the property crisis, rising oil prices, and currency fluctuations that can affect China's trade outlook.
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Business & Stocks
Disney’s $218 Billion Rout Not Enough For Dip Buyers (4 min read) Investors are staying away from Disney stocks even though they’ve lost $219 billion in market value and are at their cheapest since the pandemic. The company is facing multiple challenges, including losses in its online video business, a decline in Disney+ subscribers, and ongoing Hollywood strikes. Major changes like cost-cutting measures have been taken but investors are still waiting for a resolution to these issues before considering Disney as an investment.
China Seeks to Broaden iPhone Ban to State Firms and Agencies (3 min read) China is planning to expand its ban on the use of iPhones from central government officials to state-backed companies and agencies as well. While Apple has always been viewed as relatively safe from government restrictions in China, the situation is now uncertain. This move threatens Apple's position in its biggest foreign market and global production base. Apple’s stocks continued to fall on Thursday in response to this news.
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Funds & ETFs
Want To Bet Against 'Woke' Companies? There's An ETF For That (2 min read) Tuttle Capital is launching another unique ETF, the Tuttle Capital Inverse Socially Conscious ETF (GWGB). This ETF aims to invest in companies with conservative or politically neutral perspectives while shorting those considered "woke" or antagonistic towards conservative values. It also screens for high ESG scores, believing excessive ESG focus may harm a company's core financial fundamentals and lead to underperformance.
Nvidia’s 230% Gain Lifts Tech-Focused ETFs (2 min read) Nvidia has seen its stock soar by 230% this year due to strong earnings and investors’ bullish bet on AI's potential. This success has boosted ETFs like ProShares Ultra Semiconductors ETF (USD) and VanEck Semiconductor ETF (SMH) which have a significant allocation to Nvidia and are up 176% and 54.3% this year. Other ETFs that have Nvidia in their top holdings also posted substantial gains and outperformed the S&P 500.
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