ALL THE MONEY NEWS YOU NEED TO KNOW | | | | | | Daniel de Visé | Personal Finance Reporter
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Good morning! It's Daniel de Visé with your Daily Money. |
The S&P 500 and Nasdaq closed at multiweek lows Wednesday, as lackluster earnings from Tesla and Alphabet undermined investor confidence in megacap tech names that had previously driven 2024's equity rally. |
Behind the numbers, analysts sensed the market was correcting itself following a dramatic runup in stock prices this year for the so-called "Magnificent Seven," an elite group of tech companies, including Amazon and Apple, whose rise has lifted stock indexes in 2024. |
What caused the CrowdStrike outage? |
Last week's global tech outage has been traced back to a bug in U.S. cybersecurity firm CrowdStrike's quality control system, Bailey Schulz reports. |
The impact of the outage has been far-reaching, affecting roughly 8.5 million Windows devices and disrupting banks, emergency call centers and airlines. Fortune 500 companies – not including Microsoft – face an estimated $5.4 billion in losses from the outage, according to insurer Parametrix. Meanwhile, hackers have used the outage as an opportunity to target CrowdStrike customers. |
📰 More stories you shouldn't miss 📰 |
Who invented Flamin' Hot Cheetos? |
I did, says a man named Richard Montañez. Now, he's taking the fiery dispute to court. |
Montañez, a motivational speaker, has filed a lawsuit against PepsiCo, Frito-Lay's parent company, accusing the corporation of orchestrating a "smear campaign" against the self-proclaimed creator of the popular spicy chip flavor, Anthony Robledo reports. |
Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you. |
Daniel de Visé covers personal finance for USA Today. | | | | The S&P 500 and Nasdaq closed at multiweek lows on Wednesday, as lackluster earnings from Tesla and Alphabet undermined investor confidence. | | | |  | CrowdStrike on Wednesday said a bug in its quality control system was the cause of last week's global tech outage. | | | | The complaint against PepsiCo and Frito-Lay claims that Richard Montañez was the victim of fraud, racial discrimination, and defamation. | | | | The economy expanded at a 2.8% annual rate in the second quarter. Growth is expected to slow this year as high interest rates take a bigger toll. | | | | Inflation didn't boost Americans' expectations this year for what they think they need to retire. But it's still a lofty $1.8 million, a survey says. | | | | The swift ascension of Kamala Harris has knocked some of the wind out of Trump Media & Technology, Donald Trump's social media company. | | | | A new photo ad for Matthew and Camila McConaughey tequila brand Pantalones shows the couple lounging by the pool wearing everything but pants. | | | | A study from a research organization backed by OpenAI CEO Sam Altman examined the effects of giving people $1,000 a month, no strings attached. | | | | A historic retirement spike is expected this year as a record 4.1 million Americans turn 65. The wave is likely to hurt some industries more than others | | | | Is it a bad idea for retirees to own homes? Research shows anyone who takes a mortgage into retirement could be in trouble. | | | | |  | Sign up for the news you want | Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. | | | | | | |
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