Business and Finance News - 8.22.24

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Ford is revising its electric vehicle strategy due to lower-than-expected market demand, focusing more on hybrids and affordability. The company is cutting its EV investment, shifting to hybrid models, and delaying new all-electric vehicles, with plans for a new electric truck and van by 2027. (CNN)

*Ford (F) - Ford Motor Company is a global automotive manufacturer that designs, produces, markets, and services a full line of cars, trucks, SUVs, electrified vehicles, and luxury vehicles under the Ford and Lincoln brands.

Macy’s exceeded earnings expectations but lowered its full-year sales forecast due to selective consumer spending and increased promotions. The company is closing 150 stores and focusing on smaller locations and better-performing brands like Bluemercury, which continues to see growth despite overall sales declines. (CNBC)

*Macy’s (M) - Macy's is a retail company that operates a chain of department stores offering a wide range of products, including clothing, footwear, accessories, cosmetics, home furnishings, and housewares, along with online shopping and various customer services.

A federal judge in Texas blocked the Federal Trade Commission's ban on noncompete agreements, ruling it exceeded the agency's authority and would cause "irreparable harm." The ruling delays the ban's implementation, though the FTC may appeal the decision to the Fifth Circuit Court of Appeals. (The Verge)

*The Federal Trade Commission (FTC) - The Federal Trade Commission (FTC) is an independent agency of the United States government that focuses on promoting consumer protection and eliminating and preventing anticompetitive business practices.

*Noncompete Clause - A noncompete clause is a provision in an employment contract that restricts an employee from working for or starting a competing business within a specific geographic area and for a certain period of time after leaving their current employer.

Target exceeded Wall Street's earnings and revenue expectations in Q2, with sales growing 3% due to increased store and online visits, particularly in discretionary items like clothing. However, the company issued a cautious full-year outlook, expecting comparable sales to be in the lower range of its guidance. (CNBC)

*Target (TGT) - Target is a major American retail corporation that operates a large chain of discount department stores and hypermarkets, offering a wide variety of products.

Walmart sold its $3.74 billion stake in JD.com to focus on its own China operations, particularly its Sam's Club business, while maintaining a strategic partnership with JD.com. JD.com's shares fell nearly 9% in Hong Kong and over 7% in the U.S. following the announcement. (Reuters)

*JD.com (JD) - JD.com, also known as Jingdong, is one of China's largest e-commerce companies. It operates an online retail platform offering a wide range of products, including electronics, home appliances, clothing, and groceries.

*Walmart (WMT) - Walmart Inc. is a multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores. It offers a wide range of products, including groceries, apparel, electronics, and home goods, both in physical stores and online.

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Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 40,890.49 +55.52 (+0.14%)

• S&P 500: 5,620.85 +23.73 (+0.42%)

• Nasdaq Composite: 17,918.99 +102.05 (+0.57%)

• Russell 2000: 2,170.56 +28.37 (+1.32%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 560.62 +1.92 (+0.34%)

• iShares Core S&P 500 ETF (IVV): 563.96 +2.19 (+0.39%)

• Invesco QQQ Trust (QQQ): 482.50 +2.24 (+0.47%)

• Vanguard S&P 500 ETF (VOO): 515.30 +1.80 (+0.35%)

• Vanguard Total Stock Market ETF (VTI): 276.46 +1.38 (+0.50%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.472T]: 226.40 -0.11 (-0.05%)

• Nvidia (NVDA) [3.166T]: 128.50 +1.25 (+0.98%)

• Microsoft (MSFT) [3.152T]: 424.14 -0.66 (-0.16%)

• Alphabet (GOOGL) [2.07T]: 165.85 -1.33 (-0.80%)

• Amazon (AMZN) [1.874T]: 180.11 +1.23 (+0.69%)

• Meta Platforms (META) [1.357T]: 535.16 +8.43 (+1.60%)

• Tesla (TSLA) [712B]: 223.27 +2.17 (+0.98%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $60,968.80 (6:30PM PST on 8/21/24)

• Ethereum (ETH): $2,630.53 (6:30PM PST on 8/21/24)

• Solano (SOL): $143.10 (6:30PM PST on 8/21/24)