The SEC settled fraud charges with Digital World Acquisition Corp (DWAC), the company planning to take Donald Trump's social media
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2023-07-24 | Sign Up | View Online | Advertise
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S&P 500 4,536.34 +0.03%
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Markets & Economy
Former Fed Chair Says Next Interest Rate Hike May Be Its Last (2 min read)

Despite the Fed saying there will likely be two more rate hikes, former Fed Chair Ben Bernanke predicts the upcoming rate increase will likely be the last one. Many investors are also expecting a rate hike in July with limited chances of further increases. Bernanke believes inflation will fall to the 3% to 3.5% range over the next six months due to decreasing rent and automobile prices. While there may be a slowdown in the US economy as a result of curbing inflation, Bernanke doesn't foresee a deep recession in the next year.
Soft Canadian retail sales data point to slowing economy (2 min read)

Canadian retail sales in May only rose by 0.2%, lower than the 0.5% increase estimated by analysts. The data also shows June will likely remain unchanged, pointing toward a slowdown in economic growth. The Bank of Canada just recently raised the key rate to 5%, the highest in Canada in 22 years, and said it may consider further rate hikes. However, the slowing economic data could lead the central bank to keep interest rates steady.
China's growth model is no longer suited to the global economy (2 min read)

Mohamed El-Erian believes that China's disappointing recovery from the pandemic highlights the misalignment with the global economy. The country’s industrial output, investment, and consumer activity have cooled sharply. Factors contributing to this slowdown include weakened global support, the dilemma over stimulus measures, and limited demand. To revive its economy, El-Brian said China must focus on an effective growth model rather than relying on external factors, but political inconsistency and other constraints make this challenging.
Business & Stocks
Trump Media merger partner DWAC settles with SEC over fraud charges (2 min read)

The SEC settled fraud charges with Digital World Acquisition Corp (DWAC), the company planning to take Donald Trump's social media venture public. The charges stem from DWAC's discussions with Trump's media company before going public but falsely stating no prior talks. DWAC now has to pay an $18 million civil penalty if it merges with Trump's company and goes public. However, the penalty will be waived if the merger isn't completed by January 1, 2025, and the investors' money is returned. Shares of DWAC jumped over 50% after the news.
Judge denies AMC settlement on stock conversion, shares surge (2 min read)

The court has blocked AMC’s proposal to convert it preferred shares (APE) into AMC stocks, which would have massively diluted its common shares. The company’s stock conversion plan was to raise capital to address its debt. However, it was challenged by shareholders that the shareholder vote was rigged and the judge has ruled in their favor. AMC stock surged over 60% in after-hours trading following the news on Friday.
Threads’ User Engagement Reportedly Plummets After Explosive Start (3 min read)

Meta’s Threads has experienced a significant decline in daily active users, dropping 70% since its peak less than 2 weeks ago. The app’s daily time spent also fell significantly behind Twitter. Meta said they anticipated the drop and will be introducing new features to retain users. This raised concerns about whether Threads can be a viable income stream for Meta or an expense like the Metaverse.
Funds & ETFs
Will Artificial Intelligence Eat ETFs for Lunch? (2 min read)

Recent advances in AI and fractional share trading could challenge the ETF industry. Instead of using ETFs, which are like pre-made investment packages, investors might use AI to create their own custom baskets of stocks that match their specific preferences. For example, they can exclude certain industries or focus on companies that pay high dividends. This technology makes it easier and quicker for investors to get exactly what they want without relying on ETFs. This stresses the need for the ETF industry to adapt if it wants to stay relevant to investors.
Cathie Wood’s flagship fund has completely exited China (2 min read)

Cathie Wood has sold off all China exposures in her flagship fund, the ARK Innovation ETF (ARKK), to focus on her preferred investments like Tesla, Coinbase, Roku, and Zoom. Wood was initially impressed by China's response to the pandemic but changed her stance as Beijing tightened control over the economy, especially the real estate market burdened with debt. Despite ARKK’s inconsistent and volatile past returns, it has gained over 50% this year.
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