S&P 500 reshuffle

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📈 US GDP Grows. The U.S. economy grew at a revised 2.1% annualized rate in Q2, slower than initially estimated, while a separate report indicated that employment growth is moderating. [BB]

🏠 Home Prices Rise. Home prices rose 0.7% in June, marking the fifth consecutive month of increases, driven by low inventory. The Midwest and Northeast regions showed the strongest gains. [CNN]

💵 Paycheck To Paycheck. Despite some easing in inflation, 61% of adults are still living paycheck to paycheck, and Fed Chair Jerome Powell warns that interest rates could rise further, affecting consumer spending and disproportionately impacting lower-income workers. [CNBC]

🔥 Inflation Increase. Despite some signs of easing, the Fed remains cautious as July's PCE price index, a key inflation gauge, rose to 3.3% year-over-year, exceeding the Fed's 2% target. Consumer spending continues to be strong. [NYT]

🤖 Uber Bot. Uber $UBER is developing an AI chatbot for its Uber Eats app to recommend dishes and expedite food orders. [BB]

🔮 Google’s AI Suite. Google $GOOGL unveiled new AI technologies and partnerships aimed at attracting large businesses, including custom AI chips and enterprise tools for watermarking AI-generated images. [R]

💳 Higher Credit Card Fees. Visa $V and Mastercard $MA plan to increase merchant fees for credit card transactions, potentially costing merchants an additional $502M annually. [WSJ]

🥇 Grayscale Wins. The U.S. Court of Appeals ruled in favor of Grayscale $GBTC, stating that the SEC was wrong to deny the company's request to convert its popular bitcoin trust into an ETF. [CNBC]

💊 Walmart Cuts Pay. Walmart $WMT is asking some of its U.S. pharmacists to voluntarily reduce their working hours to cut costs, amid pressures like high-priced weight-loss drugs and a $3.1B opioid-related legal settlement. [R]

🏎️ Tesla Price Cuts. Tesla $TSLA has updated its Model 3 sedan with a sleeker design and longer range, while also cutting prices for its Model S and Model X vehicles and its Full Self-Driving package. The company is aiming to boost sales and compete with rising domestic rivals in China. [BB]

🏎️ S&P 500 Reshuffle. Airbnb $ABNB and Blackstone $BX are replacing Lincoln National $LNC and Newell Brands $NWL in the S&P 500 before the markets open on 9/18. [YF]

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