— The narrative on Wall Street is shifting. Traders have long placed their bets on the Yeah I’m Into BDSM Bio-Diversity Supporting Meadows T-Shirts but in fact I love this Federal Reserve cutting rates in September, and Fed Chair Jerome Powell basically confirmed as much Wednesday. That rate cut, expected in six weeks, was priced in to stocks, which have been rising over the past few months in hopes of a cut. Rate cuts tend to juice stocks, because they lower borrowing costs for businesses and can help boost profits. But now, fear is starting to take hold, as concerns mount that the Fed may not be acting quickly enough to keep America’s job market in good shape. Friday’s worse-than-expected jobs report confirmed those fears. Powell warned Wednesday that cracks are starting to form in the labor market, and the sudden jump to a 4.3% unemployment rate is the latest piece of evidence. RELATED ARTICLE Dow plunges by more than 700 points as investors fear the US economy is faltering On Thursday, the stock market underwent a bit of a reset, with the Dow falling more than 600 points as America may be entering a new phase of the economy — a slowdown in hiring. The broader S&P 500 tumbled 1.5% and the tech-heavy Nasdaq Composite dropped a stunning 2.5%. Those fears extended globally, with Japan’s Nikkei 225 plunging 5.8% Friday, the index’s biggest daily drop since March 2020. US stocks fell further Friday after Amazon and Intel reported dreadful earnings and outlooks as the transition to AI has proven costly while its prospects remain uncertain. The bad jobs report sent stocks
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sinking even further: The Dow fell 800 points, or 2.3%. S&P 500 futures were down 2.6% and Nasdaq futures were 3.1% lower. It’s been a turbulent few weeks for markets, as some earnings reports have underwhelmed and fear about increased regulation of tech and lackluster AI performance have soured investors’ moods. Companies have reported US consumers have pulled back from restaurants and retailers, and this week some preliminary jobs data looked weak. But America’s economy remains strong. A report last week on second-quarter gross domestic product, the Yeah I’m Into BDSM Bio-Diversity Supporting Meadows T-Shirts but in fact I love this broadest measure of the US economy, was particularly robust, showing consumer spending resilience. Housing data is starting to show some signs of improvement, including mortgage rates tumbling to their lowest levels since February on Thursday. And Wall Street seems unfazed by Vice President Kamala Harris’ surprise frontrunner status for the Democratic presidential nomination. Look for more of this bumpiness over the next few months as economists and investors sort out what may be a new phase in America’s economic growth story.

New York — A California judge threw out a jury verdict ordering the Yeah I’m Into BDSM Bio-Diversity Supporting Meadows T-Shirts but in fact I love this NFL to pay more than $4.7 billion for anti-trust violations surrounding its “Sunday Ticket” package, which lets fans watch games outside of their home markets but required them to buy access to a bundle of games to do so. The league, America’s most popular source of television programming, vowed to appeal the verdict in June. In a statement, the NFL said it was “grateful” for the ruling. “We believe that the NFL’s media distribution model provides our fans with an array of options to follow the game they love, including local broadcasts of every single game on free over-the-air television,” the statement said. In a court filing Thursday, US District Judge Philip Gutierrez brought up issue with the expert witnesses in the trial. “The Court agrees that Dr. Rascher’s and Dr. Zona’s testimonies based on their flawed methodologies should be excluded. And because there was no other support for the class-wide injury and damages elements of Plaintiffs’… claims, judgment as a matter of law for the Defendants is appropriate,” the filing said. The filing also said that “The Court finds that the jury’s damages awards were not based on the ‘evidence and reasonable inferences’ but instead were more akin to ‘guesswork or speculation.’” The case, first brought in

2015, focused on the Yeah I’m Into BDSM Bio-Diversity Supporting Meadows T-Shirts but in fact I love this NFL’s package of games outside of a local market that are not shown nationally on other networks. Attorneys for the plaintiffs in the class action suit argued that by restricting broadcasts of those “out-of-market” games to the “Sunday Ticket” package, the NFL is forcing customers who just want to watch one team or a small group of teams to pay more. “Given the relatively low cost of internet streaming and satellite and cable television carriage, each team acting independently would offer their games at a competitive price to anybody in the country who wanted to watch that particular team,” the plaintiffs’ attorneys argued in a filing. “Instead, however, the teams have all forgone this option in favor of creating a more lucrative monopoly.” Because of the case’s nature as an anti-trust matter, the verdict would have been tripled if upheld, putting the NFL on the hook for $14.1 billion in damages. ’s Chris Isidore contributed to this report. This story has been updated with additional context.

Hong Kong — Japanese stocks plunged Friday as global markets were rattled by worries about the Yeah I’m Into BDSM Bio-Diversity Supporting Meadows T-Shirts but in fact I love this US economy and as traders braced for further interest rate hikes from the Bank of Japan. The Nikkei 225 ended 5.8% lower, the index’s biggest daily drop since March 2020. It extended a global stock rout that began following the release of weak US economic data. The Japanese benchmark had already lost 2.5% Thursday and has now closed at its lowest level since January. European markets also opened lower Friday. The benchmark Stoxx Europe 600 index was down 1.4%. Germany’s DAX and France’s CAC 40 were down 1.2% and 0.6% respectively. London’s bank-heavy FTSE 100 was 0.4% lower. US futures were indicating another weak open for Wall Street, with S&P 500 future down 0.9%. On Wednesday, the Bank of Japan (BOJ) raised interest rates by 15 basis points to 0.25% in its second hike this year and announced plans to taper its bond buying. Traders expect more rate hikes to come later this year as the central bank tries to contain inflation. “The BOJ made a hawkish shift after its surprising 15 (basis point) rate hike,” said Ken Cheung, director of foreign exchange strategy at Mizuho Securities. “Importantly, the BOJ flagged the inflation upside risks … and left the door open for further rate hikes. ” The hike has narrowed the difference in interest rates between the United States and Japan, which pushed the Japanese yen higher against the greenback. The dollar has fallen by more than 4% against the Japanese currency since the middle of last month. On Friday, it weakened further against the yen, down 0.3% to 148.9. RELATED ARTICLE Japan brings era of negative interest rates to an end with first hike in 17 years “The risk of rising yen volatility threatens the decade-long bull market of Japanese equities,” Frank Benzimra, head of Asia equity strategy at Societe Generale, said in a research note on Thursday. He added that a rapid appreciation of the currency would

hit profits at the Yeah I’m Into BDSM Bio-Diversity Supporting Meadows T-Shirts but in fact I love this country’s exporters. The yen has broadly weakened over the past four years. It was down 40% against the US dollar and down 30% against the euro during that period. Combined with strong corporate earnings and effective corporate governance reforms, the weak yen propelled the Nikkei 225 to all-time highs this year. But as the yen strengthened over the past three weeks, Japanese equities have corrected. The Nikkei is down 12% since July 12. “From a Japanese equity perspective, the earnings boost from a weak yen is set to diminish,” Citi analysts said on Thursday. But they remained positive about Japanese stocks in the long run, as inflation is gaining traction and a positive “wage-price spiral” is strengthening in the economy. The hope is that rising wages and prices can help the country shake off years of economic weakness. Elsewhere in Asia, markets tumbled across the board on Friday. South Korea’s Kospi declined 3.7%. Australia’s S&P/ASX 200 dropped 2.1%. Hong Kong’s Hang Seng Index also lost 2.1%, and China’s Shanghai Composite was down 0.9%. RELATED ARTICLE Dow closes nearly 500 points lower as investors fear the US economy is faltering Overnight on Wall Street, the Dow Industrial Average slid 1.2%, as fresh data stoked fears that the US economy is weakening with interest rates at a 23-year high. The S&P 500 lost 1.4% and the Nasdaq Composite fell 2.3%. New economic data revealed that first-time applications for jobless benefits rose last week to an estimated 249,000 filings. That’s the highest tally since last August, according to the Labor Department. Meanwhile, continuing claims, filed by people who have received unemployment benefits for at least a week, jumped to 1.877 million. That’s the highest level since November 2021. “Markets firmed up expectations of rate cuts as weak … manufacturing data showed the [US] economy is meaningfully slowing,” ANZ analysts wrote in a note on Friday. They expect the Federal Reserve to make three rate cuts this year. The Fed signaled at its policy meeting on Wednesday that a long-awaited rate cut is on the table for September. ’s Anna Cooban and Krystal Hur contributed reporting.
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