Newsletter Aug 17, 2022

3 things you must know

Biden signs $430 billion Inflation Reduction Act into law
President Joe Biden on Tuesday signed into law a $430 billion bill that is the biggest climate package in U.S. history. Designed to cut domestic greenhouse gas emissions as well as lower prescription drug prices, it also raises taxes on the wealthiest Americans and corporations. Biden was joined by Democratic leaders including Sen. Joe Manchin, whose support was crucial to passage of the Inflation Reduction Act along party lines. Biden used the event to slam Republicans and boost Democrats in the midterm elections.
SEE THE AD BLITZ DEMOCRATS PLAN TO TOUT THE BILL

Walmart's upgraded profit forecast good news for economy
Walmart nudged up its annual profit forecast on Tuesday, partly reversing a hefty cut less than a month ago, as discounts to clear excess merchandise and lower fuel prices helped it beat expectations for quarterly sales. Last month, the top U.S. retailer spooked markets across the globe when it forecast a drop of 11-13% and warned consumers were pulling back on purchases at a faster pace than feared as inflation hit their spending power.
WHY ANALYSTS SEE THE REPORT AS A POSITIVE SIGN

Homebuilding hits 18-month low as housing market cools
Homebuilding fell to the lowest level in nearly 1-1/2 years in July, weighed down by higher mortgage rates and construction material prices, suggesting the housing market could contract further in the third quarter. Tuesday's Commerce Department also showed permits for future home construction slipping to a 10-month low, with the drop concentrated in the single-family housing segment.
FIND OUT WHAT THE SLOWDOWN MEANS FOR BUYERS

Markets

DJIA	34,152.01	0.71%
S&P 500	4,305.20	0.19%
Nasdaq Composite	13,102.55	-0.19%
Japan: Nikkei 225	28,868.91	-0.01%
UK: FTSE 100	7,536.06	0.36%
Crude Oil Futures	87.00	0.54%
Gold Futures	1,790.20	0.03%
Yen	134.39	0.12%
Euro	1.02	-0.05%
* As of market close

American Airlines buys supersonic planes

American Airlines on Tuesday agreed to buy up to 20 jets from aircraft maker Boom Supersonic, becoming the second major U.S. airline to bet on ultra-fast passenger travel in the last two years. The deal brings Boom's order book to 130 airplanes, including options, valued at about $26 billion. The return of interest in supersonic jets comes two decades after Concorde, flown by Air France and British Airways, was retired following a deadly crash and high costs of fuel and maintenance.

SEE HOW FAST, FAR AND HIGH SUPERSONIC PLANES CAN FLY

Court rules ADA covers transgender people

The 4th U.S. Circuit Court of Appeals ruled Tuesday that transgender people are protected under the Americans with Disabilities Act. Gender dysphoria is a "disability" following a 2020 case where a transgender woman, Kesha Williams, sued because she was incarcerated with men and had her hormone replacement therapy withheld. Williams claimed that this caused her "emotional, psychological, and physical distress."

WHAT THE RULING DOES FOR THE TRANSGENDER MOVEMENT

NASA rolls out new Space Launch System

NASA's gigantic Space Launch System moon rocket, topped with an uncrewed astronaut capsule, is set to begin an hours-long crawl to its launchpad Tuesday night ahead of the behemoth's debut test flight later this month. The 322-foot-tall rocket is scheduled to embark on its first unmanned mission to space on Aug. 29 as part of a multibillion-dollar effort to return humans to the Moon and for future Mars missions.

CHECK OUT THE MAIDEN MISSION PLAN FOR THE NEW SYSTEM

Maiden voyage

What year did NASA launch its first space shuttle mission? What was the name of the shuttle and who were the two astronauts onboard?

Tuesday's answer: The S.S. Savannah was the first "cruise ship" to cross the Atlantic from a U.S. port. It sailed to Liverpool, England in 1819, taking nearly a month to make the trip relying mainly on its sails.