Jay Powell, the chairman of the Federal Reserve, has cemented the case for the US central bank to cut interest rates based on mounting risks to the US economic outlook, in dovish testimony to Congress that could fuel expectations of a looming monetary easing. Despite a strong jobs report for the month of June and last month’s new truce in the trade war between the US and China, Mr Powell said “uncertainties about the outlook have increased in recent months”, particularly internationally. (FT)
Something interesting is happening in the media landscape, where Netflix is becoming the incumbent, and the challengers are established firms that have been around for nearly a century. Disney, Warner Media, and NBCUniversal are all launching direct-to-consumer streaming services by the first quarter of 2020, and the race is heating up over content. The latest move has seen Warner Media pull Friends off Netflix in 2020 when it debuts its service, HBO MAX, and comes shortly after Netflix lost The Office to NBC Universal coming 2021. (SA)
After achieving record deliveries in the second quarter, Tesla is getting ready to increase EV production at its factory in Fremont, California. Tesla has said it plans to produce "significantly" more than the 360,000 to 400,000 vehicles expected to be delivered in 2019, easing concerns over demand for the company's electric cars.
Elon Musk’s automaker impressed Wall Street with record second quarter sales numbers yet analysts remain cautious, focusing instead on the company’s upcoming earnings report. Tesla is expected to report second-quarter earnings on Aug. 7. (CNBC)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.