Oil prices continued to rise on Wednesday due to a significant decrease in US crude inventories, along with concerns about
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2023-08-31 | Sign Up | View Online | Advertise
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Market Snapshot 📷
S&P 500 4,514.87 +0.38%
Nasdaq 14,019.31 +0.54%
Dow 34,890.24 +0.11%
10-Year 4.118% -0.004%
Oil 81.71 +0.68%
Gold 1,971.60 +0.33%

*All data as of the previous day’s market close.

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Markets & Economy
Oil rises on US stockpile draw and hurricane jitters (2 min read)

Oil prices continued to rise on Wednesday due to a significant decrease in US crude inventories, along with concerns about Hurricane Idalia. It was reported that the hurricane moved over the oil production sites in the Gulf of Mexico which accounts for 15% of US oil output. The weakening US dollar, soft job data, and a draw of 11.5 million barrels in US crude stocks have also contributed to the price surge in the past days.
U.S. second-quarter GDP growth revised lower (2 min read)

The US economy grew at a 2.1% pace in Q2, slightly lower than the 2.4% previously reported. However, momentum seems to be building in Q3 due to strong consumer spending. The economy has grown in the face of multiple rate hikes by the Fed since March 2022. Although the labor market is slowing, employers are holding onto their workers, which maintains wage growth and drives spending. Despite this optimism, economists boosting their Q3 growth estimates to 5.9% might be overstating the actual health of the economy.
Business & Stocks
OpenAI Nears $1 Billion Revenue as Big Companies Boost AI Spending (2 min read)

OpenAI is on its way to achieving $1 billion in annual revenue as businesses are increasingly adopting ChatGPT, the company’s AI chatbot. This Microsoft-supported startup reportedly earns around $80 million currently in monthly revenue. Despite its popularity, running AI models like ChatGPT is very expensive because it requires substantial computing power. That’s why the company launched the ChatGPT Enterprise recently, a premium subscription service, that aims to boost revenue and attract a wider range of business customers.
Cannabis stocks jump as US health officials calls for easing restrictions (2 min read)

Cannabis stocks surged over 10% following news that the US government is considering reclassifying marijuana. The US health officials are recommending shifting marijuana from a Schedule I to a Schedule III drug classification, based on a Food and Drug Administration (FDA) review. This reclassification would lower taxes for cannabis companies and potientially allowing bank transactions and business across states, which is a challenge in this industry for years. Despite state-level legalization, only the FDA can federally approve drugs for medical use.
Funds & ETFs
Best US Dividend ETFs by AUM in 2023 (6 min read)

For investors who prefer a steady stream of income in their investments, US dividend ETFs may be a good option. Choosing the right one typically involves considering factors like yield, performance, fees, or size. Currently, the most notable US dividend ETFs are Vanguard Dividend Appreciation ETF (VIG) and Schwab U.S. Dividend Equity ETF (SCHD). This article provides a full list of the top 10 US dividend ETFs measured by their assets under management.
F/m Investments Courts 401(k) Investors with Novel ETF Structure (2 min read)

F/m Investments has filed to create a mutual fund share class of its single-treasury ETFs which would make them accessible to the $6 trillion 401(k) market. The company believes that it can overcome the SEC’s main objections because both their ETF and mutual fund share classes will have the same fee and the underlying are treasuries, which can be quickly converted into cash with significant costs. While approval might take around 6 to 7 months, this innovative approach could open doors for more investment options in US retirement accounts.
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