🚀 Harris Proposes Price-Gouging Ban

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Vice President Kamala Harris is set to propose the first federal ban on corporate price-gouging in the food and grocery industries as part of her economic policy platform. The plan, which she will unveil at a rally in North Carolina, also includes increasing scrutiny of mergers in the grocery sector to prevent price hikes for consumers. Harris’ proposal targets industries like meat processing, where companies have seen record profits amid rising consumer costs. This initiative aligns with the Biden administration's focus on consumer protection but marks one of Harris' early efforts to define her economic agenda independently.

2. U.S. consumer spending surged in July, defying expectations and bolstering hopes for economic resilience. Retail sales jumped 1%, far exceeding forecasts, as Americans opened their wallets for vehicles, electronics, and dining out. The labor market also showed strength with initial jobless claims dropping to 227,000. While inflation eased slightly, wholesale prices ticked up, presenting a mixed picture. These economic crosscurrents have investors anticipating a Federal Reserve interest rate cut in September, though the central bank may tread cautiously given the consumer's surprising vitality. Manufacturing activity, however, contracted in key regions, raising concerns about industrial production.

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4. Headlines

   1. Walmart reported better-than-expected earnings, with revenue up 5%.

   2. Cisco announced that it will be cutting another 7% of its workforce after cutting 5% earlier this year.

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