Business Update – August 17, 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Stock futures flat after modest gains
Opening another uncertain week, stock futures were flat after modest gains on Monday. Energy and financials initially dragged markets down, but later in the day, consumer staples, communication services and consumer discretionary stocks rallied.
IRS announces interest rate increases that will apply to most taxpayers
The Internal Revenue Service announced this week that interest rates will increase for the calendar quarter beginning October 1. Details can be found here.
House Democrats call for Social Security reform
The Social Security program reached its 87th anniversary this month, and it’s been over 50 years since it’s been updated. House Democrats are trying to pass a bill that would expand the program and ensure it’s payable for years to come.
WeWork’s former CEO has a new billion dollar startup
Former WeWork CEO Adam Neumann is once again in charge of a billion-dollar real estate startup, nearly three years after he stepped down as CEO following a failed attempt to take the company public.
Experts warn that a housing market recession is here
The National Association of Home Builders report that higher interest rates, lingering supply chain problems, and record home prices continue to exacerbate housing affordability challenges.
Gas prices continue to fall
The average price of gas fell to $3.96 this week. It’s possible that they could keep falling, resulting in prices below $3 a gallon in much of the country before the end of the year
Paramount+ and Walmart+ strike a deal
Walmart has reached an exclusive deal with Paramount+ to offer the streaming service as part of its Walmart+ offering. Members will get an ad-supported version of the streaming service.
New data suggests Chinese economy losing steam
China’s central bank cut interest rates on Monday as new data showed the economy slowing last month because of renewed Covid lockdowns and a deepening property downturn. Experts disagree on what this may mean for the global economy.
Dodge Charger and Challenger to be discontinued at the end of this year
Dodge will discontinue its gas-powered Challenger and Charger muscle cars at the end of next year. The brands, which were resurrected in the early 2000s, will be retired to make way for electric vehicles.
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