- Market Momentum Continues: The S&P 500 and Nasdaq Composite both recorded their eighth consecutive winning day, with gains of 0.97% and 1.39% respectively. The Dow Jones Industrial Average also rose by 236.77 points. Market volatility has decreased significantly since the beginning of August.
- Lowe's Lowers Outlook: Lowe's reported better-than-expected second-quarter earnings but missed on sales and reduced its full-year outlook, citing weaker DIY spending and a challenging macroeconomic environment.
- GM Layoffs: General Motors is laying off over 1,000 salaried employees globally, including 600 at its Detroit tech campus, in a move to streamline operations amid industry downturn concerns.
- SEC Fines Icahn: Carl Icahn and his company were fined a total of $2 million by the SEC for failing to disclose substantial personal margin loans. This comes as Icahn has been under pressure from Hindenburg Research since 2023.
- Biden's "Swan Song": President Joe Biden passed the torch to Vice President Kamala Harris at the Democratic National Convention in Chicago, emphasizing his accomplishments and signaling his support for Harris as the party's presidential nominee.