Major Indices Remain Strong, Despite Jump in Consumer Prices
Investors remain optimistic about the prospects for continuing growth in the near term. Initial jobless claims dropped slightly, sending positive signals for the economy, but raising concerns about inflation down the road.
“The market shrugged off a jump in consumer prices and new jobless claims data with the Dow Jones Industrial Average and S&P 500 at record levels,” writes Thomas Franck and Tanaya Macheel of CNBC. “Dow futures rose 20 points, less than 0.1%. S&P 500 futures held steady, and Nasdaq 100 futures traded just under the flatline.”
Palantir Revenue Surges 49 Percent, Topping Estimates
Are there big dollars in big data analytics? The market says yes.
“Data-analytics company Palantir released its second-quarter earnings, beating Wall Street’s expectations for revenue and giving upbeat guidance for the current quarter. Shares of the company were up more than 9% premarket,” writes Annie Palmer of CNBC. “Palantir’s revenue jumped 49% year-over-year for the second consecutive quarter.”
Palantir has been a pioneer in data science, advanced data analytics, artificial intelligence, machine learning and data integration.
Proposed Law Would Allow App Developers to Use Their Own Payment Systems
A proposed new law would give app developers more freedom in choosing their payment systems.
“The bipartisan ‘Open App Markets Act,’ introduced by Sens. Richard Blumenthal (D-CT), Marsha Blackburn (R-TN), and Amy Klobuchar (D-MN) would ban app stores from forcing developers to use the store’s payment systems. It would also bar companies from punishing developers that offer lower prices on a separate app store or through their own payment systems, along the lines of Apple’s public dispute with Epic Games,” writes Makena Kelly of The Verge.
Coinbase Exceeds Estimates, Beating Sales and Profit Forecasts
Coinbase, the world’s largest publicly traded cryptocurrency exchange, is having a great week - and apparently is gaining momentum.
“Coinbase Global topped Wall Street forecasts for sales and profits in the second quarter, as trading volume and transaction revenue continued to build,” writes Daren Fonda in Barron’s. “Coinbase easily topped consensus estimates for sales and profits. Total revenue of $2.2 billion beat forecasts for $1.85 billion.”
Amazon Fined $887 Million by Luxembourg
Amazon has been fined $887 million by the Grand Duchy of Luxembourg’s National Commission for Data Protection, according to news reports.
“Amazon has been hit with the largest GDPR fine to date; although, how the company violated the European Union's data privacy law remains unclear,” writes Makenzie Holland of TechTarget. “The original complaint was filed by the French civil liberties group La Quadrature du Net in 2018, which alleged Amazon's advertising practices didn't rely on consumers' freely given consent.”