Major computer chip manufacturers like Nvidia and TSMC continued to slump Thursday as warnings from both President Biden and Republican nominee Donald Trump fueled renewed geopolitical concerns among investors.The selloff occurred after the Biden administration threatened severe restrictions on exports by foreign chipmakers to China, while former President Donald Trump rattled the market by suggesting Taiwan should pay the US to defend against China’s aggression.Taiwan Semiconductor Manufacturing Company sh ...

Microsoft has reportedly laid off a team devoted to diversity, equity and inclusion after pouring millions of dollars into the initiative — becoming the latest major company to ditch the “woke” policy.The Big Tech giant disbanded the DEI team at the beginning of the month due to “changing business needs,” according to a July 1 email obtained by Business Insider. It is unclear how many employees were affected.The decision was a further sign that companies are pulling back on diversity-based initiatives that ...

Core Insights - Fast-food and casual dining chains are successfully attracting customers with affordable meal deals amid ongoing inflation pressures [1][4] - McDonald's, Starbucks, Chili's, and Buffalo Wild Wings have reported increased foot traffic following the introduction of value-oriented promotions [1][2][3] McDonald's - McDonald's launched a $5 Meal Deal on June 25, which includes a McDouble or McChicken, a four-piece nugget, a small fry, and a small beverage, resulting in an 8% increase in visits compared to the year-to-date Tuesday average [1] - The deal contributed to an average of at least 5% more visits throughout the launch week [1] - Additionally, McDonald's introduced Free Fries Friday, offering a free medium fry with a $1 minimum purchase for app users, valid through the end of the year [1] Starbucks - Starbucks experienced a significant increase in foot traffic with its half-off iced drinks promotion on Fridays, which began on May 10, leading to a 20% spike in visits compared to the year-to-date average [1][2] - Prior to the promotion, visits on May 3 were 1.1% below the year-to-date average [1] Chili's - Chili's revamped its "3 for Me" value menu in April, introducing new options like the Big Smasher burger, with meals starting at $10.99 [2] - The week before the update saw a 4.7% increase in visits compared to 2023, while the week of the update experienced a 17.3% increase over the 2023 average [3] Buffalo Wild Wings - Buffalo Wild Wings introduced an unlimited boneless wings deal for $19.99 on Mondays and Wednesdays, which led to an 8% increase in foot traffic immediately after the launch [3] - Visits on Mondays and Wednesdays spiked by 45.6% and 49.3% respectively, and remained above average for seven weeks following the deal's introduction [3] Industry Context - The restaurant industry is responding to long-lasting inflation, which has seen food prices rise by 25% from 2019 to 2023, with grocery and fast-food prices sharply increasing since the pandemic [4] - The average price of a McDonald's Big Mac has risen to $5.29, reflecting a 21% increase since 2019 [4] - Despite inflation easing to around 2.6%, restaurants are focusing on affordable meal deals to attract cash-strapped customers [4]

Tesla is reportedly seeking to hire around 800 new employees – just a few months after CEO Elon Musk reportedly slashed thousands of jobs in the company’s biggest-ever round of layoffs.Hundreds of new roles have appeared on the Tesla website over the past few weeks, especially AI specialist and service roles, according to a Bloomberg analysis. Musk posted on X that both Tesla and xAI, his latest AI startup company, “are looking to hire networking engineers & technicians.” 6 Tesla is reportedly seeking to ...

Data from Walt Disney’s internal Slack workplace collaboration system have been leaked online, including those related to ad campaigns, studio technology and interview candidates, the Wall Street Journal reported Monday.Hacking group NullBulge published data from thousands of Slack channels at the entertainment giant including computer code and details about unreleased projects, the report said, citing the group’s blog post.The hacker group said in a post on Friday that it had released over 1 terabyte of da ...

Shoppers are likely to spend a record $14 billion during Amazon’s Prime Day two-day online extravaganza this week, data analytics firm Adobe said on Monday.The spending frenzy, which kicks off Tuesday, is expected to increase by about 10.5% from last year and acts as a vital barometer for the all-important back-to-school shopping season. 3 The annual Amazon Prime Day promotion will take place July 16-17. Shutterstock / Mikel DabbahWhile Amazon spearheaded the event 10 years ago, dozens of retailers, inclu ...

Goldman Sachs’ profit more than doubled in the second quarter and beat analysts’ estimates on strong debt underwriting and fixed-income trading, but slipped from a bumper first quarter when earnings were the highest since 2021.The resilience of the US economy has given corporate executives the confidence to pursue acquisitions, debt sales and stock offerings.“We are pleased with our solid second quarter results and our overall performance in the first half of the year, reflecting strong year-on-year growth ...

Google parent Alphabet is in advanced talks to buy cybersecurity startup Wiz for roughly $23 billion, according to a report by The Wall Street Journal Monday. If a deal is struck, it would mark the largest acquisition ever for the tech giant. The move comes as Alphabet and other tech firms are under immense antitrust scrutiny. An acquisition could also help the search giant’s efforts in cloud computing, a important growth driver for the business. 3 Google is nearing a deal to acquire cybersecurity startup ...

Core Point - A New York federal judge has ordered Amazon to comply with a subpoena from the EEOC regarding claims of discrimination against pregnant warehouse workers [1][3]. Group 1: Legal Proceedings - U.S. District Judge Lorna Schofield rejected Amazon's claims that the EEOC subpoena was overly broad and sought irrelevant information [1][3]. - The EEOC is investigating complaints from five women alleging pregnancy discrimination at Amazon warehouses located in New Jersey, Connecticut, North Carolina, and California [1][3]. Group 2: Company Response - Amazon has provided approximately 370,000 pages of data to the EEOC but not in the specific format requested [3]. - An Amazon spokesperson stated that the company has cooperated with the investigation for three years and disagreed with the EEOC's characterization of its conduct [2][3]. Group 3: Regulatory Context - In 2022, a New York state agency filed a complaint against Amazon for allegedly requiring pregnant and disabled workers to take unpaid leaves instead of providing necessary accommodations [3][4]. - A law passed later in 2022 mandates that employers must accommodate workers' pregnancies, regardless of how they treat employees with disabilities [4].

Economic Outlook - JPMorgan Chase CEO Jamie Dimon warned that inflation and interest rates may remain elevated for longer than anticipated due to various inflationary pressures, including large fiscal deficits and global geopolitical tensions [1] - The consumer price index showed a 0.1% decrease month-over-month and a 3% increase year-over-year, marking the slowest annual rate in three years [2] - Federal Reserve Chair Jerome Powell indicated that rate cuts will depend on economic readiness, despite the upcoming presidential election [2] JPMorgan Chase Performance - JPMorgan reported adjusted earnings per share of $4.26, exceeding analysts' expectations of $4.19, with revenue increasing by 20% to $50.99 billion, surpassing expectations of $49.87 billion [3] - The bank generated $2.3 billion in investment banking fees, contributing to its strong quarterly results [3] - Despite positive results, Dimon expressed concerns about socioeconomic risks and the complex geopolitical situation [3] Wells Fargo Performance - Wells Fargo reported adjusted earnings per share of $1.33, above expectations of $1.29, with revenue of $20.69 billion, exceeding analysts' expectations of $20.29 billion [4] - The bank experienced growth in fee-based revenue, which offset a decline in net interest income [4] - Shares of Wells Fargo fell nearly 7% in early trading despite the positive earnings report [4] Citigroup Performance - Citigroup's adjusted earnings per share were $1.52, surpassing expectations of $1.39, with revenue of $20.14 billion, exceeding expectations of $20.07 billion [5] - The bank's equities trading revenue increased by 37% to $1.5 billion, and investment banking revenue surged by 60% to $853 million [5] - Citigroup's shares fell 2% in early trading, although they are up 20% year-to-date [6]