Newsletter Aug 10, 2022

3 things you must know

FBI search of Trump's Mar-A-Lago home was 'by the book'
The Justice Department's silence about its search of former President Donald Trump's Florida home at Mar-A-Lago is a sign of an investigation being run "by the book," former federal prosecutors said on Tuesday. Trump disclosed on Monday that FBI agents were "raiding" his Palm Beach home. The search was part of the DOJ's investigation into the removal of presidential records considered official government property from the White House at the end of his term in January 2021.
SEE WHAT EX-PROSECUTORS SAID ABOUT THE SEARCH

Stocks retreat again as investors await key inflation data
With all eyes on back-to-back inflation data coming this week, Wall Street stocks tumbled again Tuesday as earnings warnings tanked tech shares. Investors may have been taking advantage of a recent upswing in share prices to cash out before a pair of July government reports. The Consumer Price Index comes out Wednesday, followed by the Producer Price Index on Thursday.
SEE ANALYSTS' PROJECTIONS FOR THIS WEEK'S DATA

Oil producers expect strong demand for second half of 2022
U.S. oil refiners and pipeline operators expect strong energy consumption for the second half of 2022, even though analysts and industry watchers have worried that demand could falter if the global economy enters a recession or high fuel prices deter travelers. The company outlooks suggest a stronger view than recent data showing weakness in fuel demand as gas prices fall.
WHY GAS DEMAND IS AT ITS LOWEST LEVEL IN 6 MONTHS

Markets

DJIA	32,774.41	-0.18%
S&P 500	4,122.47	-0.42%
Nasdaq Composite	12,493.93	-1.19%
Japan: Nikkei 225	27,861.31	-0.50%
UK: FTSE 100	7,488.15	0.08%
Crude Oil Futures	90.41	-0.10%
Gold Futures	1,808.20	-0.23%
Yen	135.14	-0.01%
Euro	1.02	-0.02%
* As of market close

Lawmakers look to crack down on airlines

Two House Democrats on Tuesday proposed making it unlawful for airlines to offer flights if they know they lack sufficient staff or to cancel flights close to scheduled departures because of foreseeable staffing issues. In a summer of frustration over thousands of canceled flights, the measure would repeal an exemption passenger airlines received from oversight by the FTC under a 1958 law. It's the latest push by lawmakers to convince regulators to get tough on the aviation industry.

SEE THE AIRLINE PRACTICES THE LAW WOULD SEEK TO STOP

USPS seeks another stamp price increase

Surging inflation will prompt the U.S. Postal Service to seek higher prices for stamps and other services in January, just five months after its recent hike, as it continues to lose money. USPS raised prices in July by about 6.5%, including increasing the price of a first-class stamp from 58 cents to 60 cents after hiking stamps by 3 cents in August 2021. Postmaster General Louis DeJoy said Tuesday inflation would cause costs to exceed its 2022 budget plan "by well over $1 billion."

WHY THE USPS IS LOSING MONEY ON PACKAGE DELIVERIES

Serena Williams leaving tennis for trading

Serena Williams announced she will step off the court after this year's U.S. Open tournament. Now tennis' dominant player plans to devote more time to her other passion -- startup investing. The winner of 23 Grand Slam titles has backed new companies for nearly a decade. She was in on the ground floor of MasterClass - one of 16 unicorns, or companies with a market value over $1 billion, in her portfolio.

SEE THE RESULTS OF MUSK'S TWITTER POLL ABOUT TWITTER

Holding serve

Serena Williams' 23 Grand Slam singles titles is second only to whom?

Tuesday's answer: Smokey Bear was unveiled on posters by the U.S. Forest Service in 1942. The cartoon bear's iconic "Only You" anti-forest fire messaging is the longest-running PSA campaign in U.S. history.