Newsletter Aug 24, 2022

3 things you must know

S&P 500 forecast calls for slight gains by the end of the year
The S&P 500 will end the year a little above its current level after a recent rally that has lifted the index from its bear market lows, according to a new poll of strategists. Stronger-than-expected corporate earnings and forecasts, as well as optimism the Federal Reserve may avoid crippling the economy with more interest rate hikes, have lifted the S&P 500 about 13% from lows in mid-June. Investors are hoping the Fed may shed light on future rate hikes might be when they hold their annual meeting this week.
SEE WHAT EXPERTS ARE PROJECTING FOR THE MARKETS

US new home sales decline to the slowest pace since 2016
US new home sales fell sharply in July to their lowest rate since early 2016, the government reported Tuesday, as rising lending rates cool demand. Americans cut their new home purchases by 12.6% compared to June -- an annual rate of 511,000, seasonally adjusted -- continuing a downward trend, the Commerce Depart-ment reported. The results were far weaker than the consensus among economists, who expected to see a much smaller decline.
NEW HOME SALES HAVE FALLEN NEARLY 30% IN ONE YEAR

Whole Foods sued over 'No Antibiotics, Ever' claim for beef
Whole Foods Market was sued Tuesday by three consumers and an animal welfare group in a lawsuit accusing the Amazon.com unit of falsely marketing beef with the slogan "No Antibiotics, Ever." The proposed class action said recent independent laboratory testing found that Whole Foods' beef contained antibiotic and other pharmaceutical residue, meaning that cattle had been treated with antibiotics or other pharmaceuticals.
FIND OUT HOW MUCH THE CLAIM COULD COST AMAZON

Markets

DJIA	32,909.59	-0.47%
S&P 500	4,128.73	-0.22%
Nasdaq Composite	12,381.30	0.00%
Japan: Nikkei 225	28,410.11	-0.15%
UK: FTSE 100	7,488.11	-0.61%
Crude Oil Futures	93.64	-0.11%
Gold Futures	1,759.40	-0.10%
Yen	136.90	0.11%
Euro	1.00	-0.21%
* As of market close

Biden's approval rating takes a sudden turn

They aren't exactly bragging numbers but President Joe Biden will take what he can get. Biden's public approval rating rose this week to its highest level since early June, following a series of legislative wins for his Democratic Party. A new national poll found that 41% of Americans approve of Biden's job performance -- his first time above 40% since early June. Biden's lowest ratings of 36% -- in four weekly polls taken throughout the summer -- rivaled the lows of his predecessor, Donald Trump, whose popularity bottomed out at 33% in December 2017.

FIND OUT WHY BIDEN'S POLL NUMBERS HAVE TAKEN A TURN

Russia's war on Ukraine hits 6-month mark

For some it was "necessary", for others it is a source of "sadness" -- six months after Moscow launched its offensive in Ukraine, many Russians remain divided over the conflict. In and around Moscow ahead of the anniversary this week, some expressed support for what Russia calls its "special military operation" in its pro-Western neighbor, while others voiced deep regret at the suffering it had caused. But all agreed they hoped the fighting would end soon, even as the war is dragging on.

UKRAINE BRACING FOR ATTACKS ON ITS INDEPENDENCE DAY

TikTok influencers taking aim at Amazon

TikTok influencers with collectively more than 51 million followers say they won't work with Amazon until the e-commerce giant makes key concessions to workers and halts anti-union efforts. An advocacy group calling itself Gen-Z for Change said more than 70 TikTok talents will stand up for Amazon workers through a "People Over Prime Pledge." It's the latest example of creators lending their online stage to a cause on the platform better known for dance crazes and catchy songs.

SEE WHICH TIKTOK INFLUENCERS ARE BOYCOTTING AMAZON

Fifteen seconds of fame

What Is the most watched TikTok video of all time? How many views?

Tuesday's answer: The first Mickey D's opened in 1940, McDonald's Corp. didn't launch until 1955 -- months after Burger King's 1954 debut.