Newsletter Jul 26, 2022

3 things you must know

Biden administration braces for bad news about recession
U.S. Treasury officials said on Monday overall income and jobs figures suggested the economy was in good health and not in a recession, even if data due this week shows gross domestic product falling for a second consecutive quarter. The Commerce Department is scheduled to report second quarter GDP on Thursday, following a 1.6% annualized drop in first-quarter GDP. A negative result would signal a recession under traditional measures by economists -- two consecutive quarters of decline.
WHAT TREASURY SECRETARY YELLEN SAID ABOUT GDP

Tesla receives second SEC subpoena over Musk's tweets
Tesla disclosed in its quarterly regulatory filing that it received a second subpoena from the SEC on June 13 over 2018 tweets by CEO Elon Musk about taking the $835 billion company private. The subpoena follows a settlement that stripped Musk of his title. He came under scrutiny from the regulatory agency after he posted on Twitter that funding was "secured" to take Tesla private.
MUSK DENIES AFFAIR WITH GOOGLE CO-FOUNDER'S WIFE

1 in 5 Americans afraid to look at credit card statements
A new study found that 1 in 5 Americans are afraid to view their credit card statements for fear of seeing their high balances. This comes as consumers increasingly turned to credit card spending to finance pricey purchases they could not afford but did not wish to wait on. The survey was conducted in April 2022, and recent months have seen inflation and interest rates climb higher.
FIND OUT WHY AMERICANS ARE ALL IN ON CREDIT CARDS

Markets

DJIA	31,990.04	0.28%
S&P 500	3,966.84	0.13%
Nasdaq Composite	11,782.67	-0.43%
Japan: Nikkei 225	27,655.21	-0.16%
UK: FTSE 100	7,352.42	0.63%
Crude Oil Futures	98.29	1.64%
Gold Futures	1,717.80	-0.08%
Yen	136.58	-0.07%
Euro	1.02	-0.41%
* As of market close

Greenland loses 18B tons of ice in heatwave

The record-breaking global heatwave is exacting a toll in the Arctic that scientists worry could be among its worst-felt impacts. Last week, Greenland shed a record 18 billion tons of ice from its ice sheet into the Atlantic Ocean in the span of three days. This has raised significant concerns among scientists, who are warning that this will worsen the situation for coastal cities that are most at risk of rising sea levels.

SEE HOW ENOUGH ICE WAS MELTED TO COVER WEST VIRGINIA

Police halt woman in Dallas airport shooting

A police officer shot and wounded a 37-year-old woman in the leg on Monday at Love Field Airport in Dallas after she left a restroom and opened fire with a handgun. The shooter, identified as Portia Odufuwa, is being treated at a hospital. The shooting began around 11 a.m. CT near the Southwest Airlines ticket counter. Police said the shooter did not injure anyone when she fired eight to 12 shots into the ceiling.

FIND OUT WHAT POLICE SAID ABOUT HER POSSIBLE MOTIVE

NFL kicks off subscription streaming service

The National Football League has launched its first-ever subscription streaming service that includes preseason and regular-season games. NFL+ costs $4.99 a month or $39.99 for the whole year, giving fans access to out-of-market exhibition games, and live local and primetime games that count in the standings. Previously, fans could stream local and primetime regular-season games for free with the NFL app.

FIND OUT WHY NFL+ COULD CHANGE THE SPORTS LANDSCAPE

Color commentary

When and what teams played in the first NFL game broadcast in color?

Monday's answer: China is the world's top producer of wheat (134 million tons in 2020 and '21), but it exports only about 1 million tons.