Welcome to Today's Markets!
Hello there! I'm excited to share with you the latest updates and trends in the market. Let's dive right in!
Stocks to Watch
- Hawaiian Electric Industries (HE): Authorities sued the utility over the Maui wildfires, leading to a credit rating downgrade and a dividend suspension. The stock tumbled 20%.
- Marvell Technology (MRVL): Despite reporting solid earnings, the chip maker's stock fell due to a broader sell-off in the chip sector.
- Better Home & Finance (BETR): Shares of this mortgage lender rose 42% after completing a merger with a special-purpose acquisition company.
The Economy
One significant development is the rising insurance costs, which are starting to impact home sales. Vulnerable coastal areas, like Cape Coral, Florida, are experiencing soaring home-insurance premiums, causing concerns among buyers and affecting the real-estate market.
Other Significant Events
- Nordstrom (JWN) reported a drop in quarterly net sales, citing high losses from theft.
- Nvidia continues its impressive surge, with its market value reaching $1.2 trillion, while the Nasdaq is up 29% this year.
- Vietnam's Vinfast Auto and Britain's Arm Holdings face unique challenges due to their decision to list abroad.
These are just a few highlights from today's market. For more details and live coverage, you can check out the live coverage and livestream of Federal Reserve Chair Jerome Powell's remarks at Jackson Hole.
Remember, stay informed and keep an eye on these exciting market developments!
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