• Tesla grows revenue by 42%, but automotive margins decline. In the recent earnings call, Tesla reported that Q2 revenue, at $16.9 billion, was up 42% from the year before, though the figure fell slightly short of the $17.1 billion Wall Street had been expecting.  Automotive gross margin came in at 27.9%, down from 32.9% last quarter and 28.4% a year ago, impacted by inflation and more competition for battery cells and other components that go into electric vehicles. Read more here.

  • Existing-home prices hit a new record as sales slow. June home sales fall 5.4% from May. Sales of previously owned homes in June fell 5.4% from May, according to a monthly report from the National Association of Realtors. This is the slowest sales pace since the same month in 2020 when sales dropped very briefly at the start of the pandemic. The median price of an existing home sold in June set yet another record at $416,000, an increase of 13.4% year over year.

  • Mattel partners with Elon Musk’s SpaceX to launch a new line of toys. The toy company expects to begin releasing the SpaceX product line in 2023. The partnership comes after Mattel sent two Barbie dolls into space as part of a collaboration with the International Space Station National Lab. With Mattel's help, SpaceX can delve into ventures such as plush, dolls or building sets with a veteran toy manufacturer.

  • FaZe Clan's market debut will test the Gen-Z hype machine. It becomes the first publicly traded Gen-Z influencer company and one of only a handful of esports companies on the market. FaZe went public via $725 million SPAC. The company will trade under the ticker FAZE. FaZe Clan is an online media company made up of 93 members, consisting primarily of esports competitors and content creators, plus a handful of celebrities like Snoop Dogg, who also serves on the company’s board of directors. Read more here.

  • Single-family construction is going soft. Builders are growing concerned that demand for new homes is leveling off, and they’re slowing production out of fear that too many buyers have been priced out of the market. Single-family construction in June dropped to its lowest level since April 2020. Housing permits also fell, indicating a further decline is ahead in single-family construction.


  • Putin says Russia to meet gas commitments to Europe but warns of further disruptions. Mr. Putin said that Gazprom will fulfill all of its obligations. But the Russian president added that flows might fall to some 20% of capacity as soon as next week if a pipeline turbine that was undergoing repairs in Canada isn’t returned to Russia soon. Mr. Putin said that another turbine had to go for maintenance on July 26. Read more here.

  • US housing affordability is set to drop to 2007 levels this year, S&P says. By the end of this year, mortgage payments will make up 28% of income for the typical first-time buyer -- the highest since the first quarter of 2007 -- assuming a 10% down payment. That threshold has already been breached for low- and middle-income buyers and will remain “well above” it through 2025, leaving 60% of US households out of the market, S&P said. Read more here.

  • Senate advances more than $50 billion bill to boost U.S. semiconductor production. The bill is a multifaceted bipartisan effort that combines the interests of several committees, ranging from national security to economics. The Senate’s procedural step paves the way for the chamber to hold a vote on the final passage later this week or early next week. The bill would then travel to the House for passage before it would head to the President.

  • Microsoft Teams is rolling out a stories feature. Microsoft announced Viva Engage, a new social app within its Teams product that will allow employees to share Snapchat and Instagram-esque stories of their activities. Microsoft thinks the service will help liven up remote work and foster new connections between employees. Stories will launch on Teams later this summer to the app’s 270+ million monthly users. Read more here.

  • It will be a run-of-the-mill recession, says Chen Zhao. By observing where the real income is, it's inevitable that we're going to have a period of weak consumer spending. We will go into a recession but it won't be a financial crisis-driven recession but more of a run-of-the-mill recession. This is because rates have been lifted too high but the income growth is not going to be there. People tend to save a little more and spend less and then we're going to have a contraction in economic activity. Source(17:14)

  • Gas prices could soar again as ‘Oil’s Second Act’ is coming, expert predicts. Low stockpiles of diesel, in particular, mean more price uncertainty going forward. Diesel could go absolutely parabolic in a replay of what we saw in March and April. Concerns that gasoline and diesel prices could soar again are also tied to efforts to further tighten the sanctions screws on Russia over its invasion of Ukraine. Source.
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