Business and Finance News - 8.8.24

Airbnb's shares dropped 14% after missing Q2 earnings expectations and warning of slower year-over-year growth in its "Nights and Experiences" category, alongside shorter booking lead times and declining U.S. demand. Despite these concerns, users booked a record 125.1 million Nights and Experiences in Q2. (CNBC)

*Airbnb (ABNB)- Airbnb is an online marketplace that connects people looking to rent out their homes with those seeking accommodations. It allows hosts to list their properties, ranging from single rooms to entire homes, and provides travelers with unique, cost-effective lodging options worldwide.

The U.S. trade deficit narrowed by 2.5% to $73.1 billion in June, driven by a 1.5% rise in exports, particularly in aircraft, petroleum products, computers, and semiconductors. Imports increased by 0.6% due to cooling domestic demand, with the smaller trade gap potentially boosting GDP growth. (Investopedia)

*Trade Deficit - A trade deficit occurs when a country imports more goods and services than it exports. This means the value of its imports exceeds the value of its exports, resulting in a negative trade balance.

Lumen Technologies announced $5 billion in new AI-related business, driving its stock up 93%, with another $7 billion in potential deals due to growing AI demands. The company's stock has risen 164.6% this year, bolstered by partnerships like the one with Microsoft to enhance network capacity for data centers. (Quartz)

*Lumen Technologies (LUMN) - Lumen Technologies, formerly known as CenturyLink, is a multinational technology company that provides communications, network services, security, cloud solutions, and IT services.

Lyft shares dropped 16% to an eight-month low after issuing a soft forecast for the summer quarter, raising concerns about losing market share to Uber. Despite better-than-expected Q2 revenue and its first net profit, Lyft's forecasted gross bookings and earnings fell short of analyst expectations. (Reuters)

*Lyft (LYFT) - Lyft is a transportation network company that operates a ridesharing service primarily through a mobile app.

Rivian reported a $1.46 billion loss in Q2 2024, slightly higher than Q1, while transitioning to cost-efficient versions of its R1 trucks and SUVs. The company expects to benefit from a $5 billion investment deal with Volkswagen, which aims to enhance Rivian’s electrical architecture and software for future EV models. (TechCrunch)

*Rivian (RIVN) - Rivian Automotive is an American electric vehicle manufacturer and automotive technology company that focuses on producing sustainable transportation solutions.

Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 38,763.45 -234.21 (-0.60%)

• S&P 500: 5,199.50 -40.53 (-0.77%)

• Nasdaq Composite: 16,195.81 -171.05 (-1.05%)

• Russell 2000: 2,035.02 -29.28 (-1.42%)

• CBOE Volatility Index (VIX): 27.73 +0.02 (+0.07%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 518.66 -3.49 (-0.67%)

• iShares Core S&P 500 ETF (IVV): 521.49 -3.63 (-0.69%)

• Invesco QQQ Trust (QQQ): 434.77 -4.76 (-1.08%)

• Vanguard S&P 500 ETF (VOO): 476.61 -3.33 (-0.69%)

• Vanguard Total Stock Market ETF (VTI): 255.80 -1.97 (-0.76%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.217T]: 209.82 +2.59 (+1.25%)

• Microsoft (MSFT) [2.961T]: 398.43 -1.18 (-0.30%)

• Nvidia (NVDA) [2.437T]: 98.91 -5.34 (-5.12%)

• Alphabet (GOOG) [1.979T]: 160.75 +0.21 (+0.13%)

• Amazon (AMZN) [1.694T]: 162.77 +0.84 (+0.52%)

• Meta Platforms (META) [1.24T]: 488.92 -5.17 (-1.05%)

• Tesla (TSLA) [611B]: 191.76 -8.88 (-4.43%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $57,429.39 (8:15PM PST on 8/7/24)

• Ethereum (ETH): $2,447.09 (8:15PM PST on 8/7/24)

• Solano (SOL): $154.96 (8:15PM PST on 8/7/24)