Mega Slump
Disappointing earnings from Alphabet and Tesla dragged down the Nasdaq and S&P 500, marking their worst sessions since 2022. Alphabet fell 5% due to a miss in YouTube advertising revenue despite overall earnings and revenue beats. Tesla shares dropped 12.3% following a year-over-year decline in auto revenue.
Auto Earnings Disappoint
Automakers Stellantis and Ford reported weaker-than-expected earnings. Stellantis saw a 48% drop in first-half net profit due to reduced volumes and temporary production gaps. Ford's second-quarter earnings missed expectations, mainly due to high warranty costs.
Biden Steps Aside
President Joe Biden announced his decision to not seek re-election, endorsing Vice President Kamala Harris as the Democratic Party's nominee. He emphasized the importance of passing the torch to a new generation.
Southwest Airlines Policy Shift
Southwest Airlines announced the end of its open seating policy, introducing extra legroom seats and overnight flights starting next year. This decision follows a significant profit drop and pressure from activist investors.
Box Office Success for Disney
Disney's "Inside Out 2" became the highest-grossing animated feature of all time, surpassing "Frozen II" with over $1.46 billion in global ticket sales. The film's success is expected to grow further with its upcoming release in Japan.
Disappointing earnings from Alphabet and Tesla dragged down the Nasdaq and S&P 500, marking their worst sessions since 2022. Alphabet fell 5% due to a miss in YouTube advertising revenue despite overall earnings and revenue beats. Tesla shares dropped 12.3% following a year-over-year decline in auto revenue.
Auto Earnings Disappoint
Automakers Stellantis and Ford reported weaker-than-expected earnings. Stellantis saw a 48% drop in first-half net profit due to reduced volumes and temporary production gaps. Ford's second-quarter earnings missed expectations, mainly due to high warranty costs.
Biden Steps Aside
President Joe Biden announced his decision to not seek re-election, endorsing Vice President Kamala Harris as the Democratic Party's nominee. He emphasized the importance of passing the torch to a new generation.
Southwest Airlines Policy Shift
Southwest Airlines announced the end of its open seating policy, introducing extra legroom seats and overnight flights starting next year. This decision follows a significant profit drop and pressure from activist investors.
Box Office Success for Disney
Disney's "Inside Out 2" became the highest-grossing animated feature of all time, surpassing "Frozen II" with over $1.46 billion in global ticket sales. The film's success is expected to grow further with its upcoming release in Japan.