US Economy Growing

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Author

Liam Gill
July 31, 2023

Market Overview
Read time 0.7 minutes

Year To Date Performances:

Dow Jones  35,459.29 7.01%
S&P 500  4,582.23 19.82%
Nasdaq  14,316.66 37.83%
Rusell 2000 1,981.54 13.18%
TSX  20,519.37 5.53%
Bitcoin $29,362.30 77.64%
Ethereum $1,881.54 57.38%
US to Canadian Dollar $1.33 -2.35%

  1. The US economy exceeded expectations in the second quarter with GDP growth of 2.4%, surpassing the projected 1.8%. Business spending saw its largest increase in six quarters, indicating growing confidence in the economic recovery. Additionally, consumer resilience was evident as personal consumption outpaced estimates. Notably, core PCE prices, closely watched by the Federal Reserve for inflation concerns, fell more than expected to 3.8% instead of the estimated 4%, potentially alleviating some inflation worries.

  2. According to a recent Reuters investigative report, Elon Musk's Tesla reportedly formed a "Diversion Team" to address a surge of customer complaints. The team's primary objective was allegedly to cancel as many service appointments as possible, and was even incentivized to do so. The team's creation was triggered by numerous complaints from customers about a significantly lower-than-expected driving range in their Tesla vehicles. These revelations have raised questions and concerns about the company's approach to customer service and handling of complaints.

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  4. Headlines

    1. US oil prices have risen for 5 consecutive weeks

    2. Shares of Tupperware were up over 300% last week as the new meme stock was the latest short squeeze.

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