Meta Platforms Inc. said it agreed to pay up to $18 billion in landmark settlements to resolve allegations from multiple US states that the company deliberately designed Facebook and Instagram to encourage compulsive use among young users. Matthew Schettenhelm, Bloomberg Intelligence Media Litigation Analyst joins to discuss.
Abercrombie & Fitch Co. shares rallied after revenue topped estimates and the retailer raised its annual earnings guidance, suggesting the preppy apparel company is regaining some momentum even after another quarter of slow sales growth. Bloomberg's Mary Ross Gilbert joined Bloomberg Intelligence to discuss their earnings.
The US "economic D-Day" against Iran turned out to be less Normandy and more Grenada, with Scott Bessent providing few details on how the administration's new initiative would achieve any of Donald Trump's desired results, namely the full opening of the Strait of Hormuz. Dan Tannebaum, Global Anti-Financial Crime Practice Leader at Oliver Wyman, discusses the move from Bessent and how previous threats from the Trump Administration, particularly in the tariff space, compare.
Wall Street traders sent bonds lower and stocks wavered, with the latest economic reports doing little to alter bets the Federal Reserve will raise interest rates this year. Michael Purves, CEO and founder at Tallbacken Capital Advisors, discusses the 5% yield ceiling and the exceptional moment in US equities.
July's personal income and outlays report indicates the underlying pace of inflation increased relatively modestly. Real spending also came in soft. The weakness was exaggerated by temporary factors such as the earlier-than-usual Amazon Prime Day, but the concentration of spending in essentials suggests the underlying pace of spending has decelerated. Michael Ball, Macro Strategist with Bloomberg News, reacts to the PCE data.
On this episode of Stock Movers: - Intuit (INTU) shares are down after the tax-preparation software company gave a full-year forecast for both adjusted earnings and revenue that was weaker than expected. - Abercrombie & Fitch (ANF) is climbing as it raised its outlook for the year after logging higher second-quarter profit and sales, driven by improving demand across multiple geographies. - JM Smucker (SJM) shares are rising as it raised its full-year outlook for sales and profit, buoyed by growth in its Uncrustables sandwiches and coffee.
Vanguard CEO Salim Ramji and Altruist CEO Jason Wenk explain why they decided to combine assets. Speaking with Dani Burger on "Bloomberg Open Interest," Ramji and Wenk say they're focused on making financial advisors more accessible.
Meta Platforms has reached a $16.7 billion settlement in a high-profile case concerning harm caused to teens through its social media platforms. The settlement amount is significantly lower than Meta's worst-case scenario estimate of $1.4 trillion, which represented the maximum potential penalties if all accusations had been upheld at their severest levels. Ed Ludlow reports on "Bloomberg Open Interest."
Stephanie Roth, chief economist at Wolfe Research, expects to see cooler economic data ahead, giving the Federal Reserve cover to "credibly" avoid hiking interest rates in September.
Jay Goldberg, senior analyst at Seaport, says, "there's a lot more that can go wrong here than go right," as he previews earnings from Nvidia.
The Federal Reserve's preferred inflation metric, the so-called core PCE price index, which excludes food and energy items, rose 0.2% in July and advanced 3.3% from a year ago. Inflation-adjusted consumer spending was flat last month. Michael McKee reports on Bloomberg Television.
Improving economic conditions are driving renewed activity in Africa's capital markets according to Yvonne Ike at Bank of America. She spoke to Chief Africa correspondent Jennifer Zabasajja on Bloomberg's Next Africa program.
