Markets Rebound After Sell Off

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BUSINESS & ECONOMY

🏠 Interest Rate Cut Won't Solve Housing Crisis, Says Moody's Economist

Cutting interest rates won’t resolve the U.S. housing crisis according to Moody’s economist Nick Villa. While a rate reduction by the Federal Reserve is anticipated in September, it won't address the fundamental issues of housing supply and high prices. With a shortage of 1.9 million homes and rising unemployment affecting home buying, He stated, “The country has a structural housing deficit and needs to continue building more homes.” 

📈 Major Indexes Rebound After Three-Day Sell-Off

Major indexes rebounded after a three-day sell-off due to a weaker-than-expected July jobs report. Economist Torsten Slok explains that despite the labor data, indicators like airline passengers, restaurant visits, and retail sales remain strong. He attributes the tech sell-off to overstretched valuations and the unwinding of carry trades. Slok stated, "The market is overreacting to just one data point."

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WORLD

🚀 Hezbollah Attacks Northern Israel with Rockets and Drones

Hezbollah launched a major attack with 150 rockets and 30 drones at 15 Israeli military sites in northern Israel on Wednesday, targeting bases and the occupied Golan Heights. This was in retaliation for the assassination of senior commander Taleb Abdullah. The attack, aimed to establish deterrence, injured two people and caused 15 fires, with numerous launches intercepted by Israel.  

📰 Hamas Appoints Yahya Sinwar as New Leader Following Ismail Haniyeh's Death

Hamas has named Yahya Sinwar as its new leader following the assassination of Ismail Haniyeh in Tehran. Sinwar, previously the head of Hamas in Gaza since 2017, orchestrated the October 7 attack on Israel. He led the Al-Majd security apparatus, targeting Palestinians suspected of collaborating with Israel. Despite Israeli efforts to capture him, Sinwar remains at large, reinforcing Gaza's significance in Hamas's strategy. 

SCIENCE & TECH

🍏 Apple Launches Third iOS 18 and iPadOS 18 Public Betas

Apple has launched the third public betas of iOS 18 and iPadOS 18. Users can join the beta program and update via Settings > General > Software Update > iOS 18 Public Beta. By signing into the program users will get access to features like AI-powered writing and image tools, customizable Home Screen and Control Center, and enhanced Messages with text scheduling and RCS support.

🌟 Gemini Intelligence Enhances Google Home

Google integrates Gemini AI into Google Home, introducing smart security cameras with detailed video captions, natural language home automation, and an improved Google Assistant with new voices. These features, available via Nest Aware subscription, debut in the Public Preview beta, enhancing home security and automation, with a broader rollout planned for next year. 

SPORTS & ENTERTAINMENT

🏅 Cole Hocker Wins Gold in Men's 1,500

Cole Hocker of Team USA won gold in the men's 1,500-meter race at the Paris Olympics with a record time of 3:27.65, breaking Jakob Ingebrigtsen's 2021 record. Hocker's final sprint surpassed Britain's Josh Kerr who took silver with 3:27.79 and American Yared Nuguse who secured bronze with 3:27.80. Hocker stated, "With 100 meters to go, I knew I had enough." 

🌟 Openly Gay Former MLB player  Billy Bean dies at 60 

Billy Bean, former MLB player and senior VP for diversity, equity, and inclusion, died at 60. Bean, who came out as gay in 1999, played from 1987 to 1995 for the Tigers, Dodgers, and Padres. He joined MLB's office in 2014, promoting inclusion until he passed from acute myeloid leukemia. MLB commissioner Rob Manfred said, "Our hearts are broken today as we mourn our dear friend and colleague."

🏅 Kevin Durant Becomes USA’s Top Olympic Scorer 

Kevin Durant becomes USA's Olympic all-time leading scorer after scoring six points in the quarterfinal against Brazil, bringing his career total to 489 and surpassing Lisa Leslie’s record of 488. Durant, pursuing his fourth gold medal, also holds the U.S. men's Olympic record for rebounds with 126.  Devin Booker, his Phoenix Suns teammate stated, “He’s one of the most efficient players ever.” 

OTHER NEWS

🇺🇸 Harris and Walz Kick Off First Rally as New Democratic Ticket

Kamala Harris and Tim Walz held their debut rally as the new Democratic ticket in Philadelphia. Harris introduced Walz, focusing on his rural roots and his sharp critique of Trump who Walz labeled “self-serving” and “weird as hell.” They stressed their commitment to personal freedoms, including abortion rights. Walz stated, “He doesn’t know the first thing about service because he's too busy serving himself.”  

🌍 5.3 Earthquake Hits Near Bakersfield, California

California was rocked by a 5.3 magnitude earthquake centered in Lamont, near Bakersfield, at 9:09 p.m. PT on Tuesday. Over a dozen aftershocks followed, including magnitudes 4.5 and 4.1. Tremors were felt in Los Angeles and Orange County. No injuries or damage were reported in LA, but the Fire Department remains on alert.

🇺🇸 Pakistani Man Arrested for Plot to Kill US Politicians

Asif Merchant, a Pakistani man with ties to Iran, was arrested in New York for allegedly plotting to assassinate prominent US politicians, including former President Donald Trump.  Arriving in April, Merchant allegedly tried to hire undercover FBI agents posing as hitmen. FBI Director Christopher Wray called the plot a "dangerous murder-for-hire plot straight out of the Iranian playbook." 

🌧️ Debby is to bring 2+ feet of rain to the southeast coast, moving at 5mph

Tropical Storm Debby is unleashing heavy rains on Georgia and South Carolina, causing severe flooding and tornadoes. The storm is set to strengthen slightly before a second landfall in South Carolina on Thursday, leading to catastrophic flooding in the Carolinas. Debby will then travel through North Carolina and Virginia by Saturday, causing widespread disruption and challenging recovery efforts.

THIS DAY THAT YEAR

On August 7, 1978, U.S. President Jimmy Carter declared a federal health emergency in Love Canal, a neighborhood in Niagara Falls, New York. This action was taken in response to the leakage of toxic chemicals buried beneath the community, marking the worst environmental disaster involving chemical wastes in U.S. history.

BRAIN TEASER

What common English verb becomes its own past tense by rearranging its letters?

Nailed it or stumped? Hit us with a reply and find the correct answer 🎯

Here’s what Yesterday’s teaser was:

If you are running a race and pass the person in second, then what place are you in?

The answer is: Second place

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