For Friday, August 2nd, 2024
>>Stocks Close Lower To Start Month
(New York, NY) -- Wall Street closed Thursday with stocks sharply lower to start the new month. This comes as new data like high unemployment numbers caused some fear among investors about the possibility of a recession. It's also one day after the Federal Reserve left interest rates unchanged once again, but hinted a rate cut is likely to happen next. At the closing bell, the Dow Jones Industrial Average fell by 494 points to 40-347. The S&P 500 dropped by 75 points to 54-46. The Nasdaq dropped by 405 points to 17-194.
>>Senate GOP Block Passage Of Tax Bill
(Washington, DC) -- Senate Republicans are blocking a tax package that would have expanded the Child Tax Credit and extended some business tax credits. The bill failed to advance in a procedural vote of 48-44, short of the 60 it needed to pass. The bipartisan tax bill passed the Republican-led House earlier this year. But Senate Republicans raised concerns over the cost. Senate Majority Leader Chuck Schumer accused GOP lawmakers of tanking the bill to avoid handing Democrats a win ahead of the 2024 presidential election.
>>Intel To Lay Off 15% Of Its Staff
(Santa Clara, CA) -- Intel is preparing to cut 15-percent of its work force. On Thursday, the tech company announced it would soon begin mass layoffs as part of a ten-billion-dollar plan to reduce overall costs. In this year's second quarter, Intel reported a revenue of 12-point-eight-billion-dollars, down one percent from 2023.
>>Group Of Venture Capitalists Back Harris
(Undated) -- More than a hundred venture capitalists including Mark Cuban are backing Democratic Vice President Kamala Harris for the White House. The group on Wednesday posted a petition online praising democracy and said that without trustworthy institutions, their industry and every other industry would collapse. Former President Trump also has the support of venture capitalists and investors, including Tesla CEO Elon Musk and former PayPal executive David Sacks.
>>Federal Court Blocks Net Neutrality Rules
(Washington, DC) -- A U.S. appeals court is blocking the Biden administration from reinstating net neutrality rules. The rules would prohibit internet service providers from slowing speeds or blocking content for certain users, and would also stop providers from blocking certain websites. During the Trump administration, the FCC argued the rules were unnecessary, but last April they voted to reinstate them. On Thursday, the Sixth Circuit U.S. Court of Appeals said it was temporarily blocking the rules because broadband providers were likely to succeed in a legal challenge. Oral arguments on the issue will be scheduled for late October.
>>Former CNN Host Sues Musk
(San Francisco, CA) -- Former CNN host Don Lemon is suing Elon Musk for cancelling his show on the billionaire's social media platform X. The suit, filed Thursday in San Francisco, accuses X of using Lemon's name and reputation to attract advertisers and make a profit. The first episode was recorded in March with Lemon interviewing Musk. The next day, according to the suit, Musk canceled the deal, which had promised Lemon a one-point-five-million-dollar payment annually along with a percentage of ad revenue.
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Distributed: Aug 2nd 12:42 am
