Twitter is considering legal action against Meta, accusing the company of trade secret theft through the hiring of former Twitter employees
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2023-07-10 | Sign Up | View Online | Advertise
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Market Snapshot 📷
S&P 500 4,398.95 -0.29%
Nasdaq 13,660.72 -0.13%
Dow 33,734.88 -0.55%
10-Year 4.066% +0.025%
Oil 73.66 +2.59%
Gold 1,930.90 +0.81%

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

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Markets & Economy
US job growth slows in June; unemployment rate falls to 3.6% (2 min read)

US job growth in June slowed more than expected, with nonfarm payrolls increasing by 209,000 jobs, falling short of economists' forecast of 225,000. However, the unemployment rate decreased to 3.6% from 3.7% in May, and wage gains remained fairly strong. Average hourly earnings rose 0.4% in June, matching the previous month's increase, and annual wage growth remains higher than the Fed's inflation target. Despite job growth slowing, the labor market remains resilient and is helping the economy to defy predictions of a recession for now.
What Happened to the Recession? (3 min read)

This article highlights multiple instances of recession predictions from various news outlets over the past year and emphasized that despite the expectations, a recession has yet to materialize. It suggests that factors like the Fed's efforts to slow the economy and companies being cautious may have helped extend the period of growth. It also discussed the rarity of recessions and concludes that while the current economic expansions will eventually come to an end, the duration of it may exceed expectations based on historical patterns.
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Business & Stocks
Twitter threatens to sue Meta after rival app Threads gains traction (2 min read)

Twitter is considering legal action against Meta, accusing the company of trade secret theft through the hiring of former Twitter employees for its new rival app, Threads. In a letter from Twitter's attorney to Meta, the company alleges “unlawful misappropriation” of Twitter's trade secrets and intellectual property. Meta spokesperson denied the claims, stating that no Threads engineering team member is a former Twitter employee. While the threat of litigation may be a strategy to slow down Meta, it remains uncertain if legal action will be pursued.
Why Rivian Stock Jumped Again (2 min read)

Rivian stock continues to rise on Friday, marking its seventh consecutive day of gains, driven by the company's strong Q2 production and delivery update. Few analysts have increased their price target for Rivian, noting the company's progress in executing its long-term business model. The company's R1T being the best-selling electric pickup in the US is also an indication that it has overcome the prior production and supply chain challenges. However, some suggest its valuation has gotten too high as its stock surged over 55% in just a month.
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Funds & ETFs
Key ETF Highlights From the First Half of 2023 (Podcast)

The first half of 2023 was phenomenal for the stock markets, with the S&P 500 and Nasdaq surging to levels beyond many investors’ expectations. As a result, it has also shifted some of the trends and flows in the ETF market as well. This short Podcast is with the director of passive strategies at Morningstar Research where he discusses the major ETF themes that emerged during the market rally and insights on where assets are being allocated to this year.
Fidelity Poised to Be a Active ETF Leader (2 min read)

Fidelity Investments, known for its index-based ETFs, is increasing its focus on active products in the ETF industry. While Fidelity's largest ETFs are index-based, the firm is expanding its lineup of active equity and fixed-income ETFs. The Fidelity Total Bond ETF (FBND), for example, has become a popular active ETF, outperforming its peers and attracting significant inflows this year. Fidelity has also converted thematic equity ETFs and plans to convert more actively managed mutual funds into ETFs in the coming years.
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Thomas
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