It's a good day. The stock market is bouncing, and better things are coming for the streaming service. People are talking about something.
Over the past few years, the President of China has reined in the country's biggest tech companies, stamped out democracy in Hong Kong and locked down 26 million people. Middle-class homeowners in China are boycotting mortgage payments due to a slide in the property market. Just months away from a once-in-five-years Communist Party meeting, where he is expected to secure a third term in office, and where he is expected to trumpet his policies as beneficial to achieving "common", the timing couldn't be worse for him.
As investors assessed the outlook for earnings and as speculation grew that markets are close to bottoming out, US stocks surged in a broad based rally. The S&P 500 closed near session highs in its biggest one day gain since June 24, bucking the late day reversal that has been a cornerstone of this volatile market. Apple and Alphabet bounced back, as the tech-laden Nasdaq 100 outperformed. The dollar has fallen for a third day. Oil is back above $104 a barrel, and the yield on the Treasury bond has gone up.
The Delaware judge agreed to fast-track the case with an October trial date instead of two weeks in February as the billionaire requested. The company said it was suffering because of the withdrawal of the deal by the founder. It's the first victory for the company in a case in which many legal experts say Musk will be the favorite.
Things seem to be looking up for the streaming service. The leader in paid streaming TV lost 970,000 subscribers in the second quarter, less than Wall Street feared, thanks in large part to a new season of the popular English-language show, "Stranger Things." The company expects to sign up a million subscribers this quarter. The stock went up as much as 12% in extended trading.
Henry Kissinger is the man who helped reestablish US-China. In an interview with John Micklethwait, the 99-year-old was talking about his life.
Over the last 24 hours, this has caught our attention.
Interest rates are expected to be raised by the European Central Bank for the first time in a decade. The prospect of raising its benchmark by half a percentage point to zero is helping to spur a recovery in the euro, and many strategists think the ECB would be wise to show a determination to avoid falling behind the curve on inflation. The central bank's dilemma of balancing growth against inflation is in danger of being over-written because of soaring energy prices. The war in Ukraine has caused the price of gas to go up while copper has gone down.
Garfield Clinton Reynolds helped with the project.
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