Wall Street Today | Biden Signs Inflation Reduction Act Into Law, Setting 15% Minimum Corporate Tax Rate
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Biden Signs Inflation Reduction Act Into Law, Setting 15% Minimum Corporate Tax Rate
President Joe Biden signed the Inflation Reduction Act into law, which passed with majority Democratic support in the Senate and the House. The more than $430 billion package is expected to reduce the deficit by more than $300 billion over a decade.
Home Building Fell Sharply in July as Costs Increased
House construction in the U.S. continued to slow in July, as high inflation and higher mortgage rates make it more expensive to build and buy property. Housing starts in July fell 9.6% from the month before to a seasonally adjusted annual rate of 1.45 million, the Commerce Department said Tuesday, down from a revised 1.6 million the prior month.
SECTORS
Money Pours Into Funds Targeting Solar Power, Cell Towers and Data Centers
Investment companies such as $KKR & Co (KKR.US)$ and $Brookfield Asset Management (BAM.US)$ are raising money at a record clip to invest in power plants, telecom towers, and data centers—businesses that can thrive even as inflation runs rampant.
Consumers Pay More for Less, Boosting Walmart and Home Depot
$Walmart (WMT.US)$ and $Home Depot (HD.US)$ reported stronger revenue in the most recent quarter, signs that Americans are spending even as they pay more for fewer products and are shifting their purchases to mitigate the effects of inflation.
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COMPANY
Walmart Jumps Most Since 2020 After Tempering Gloom Over Profit
$Walmart (WMT.US)$ surged the most in almost two years as a less-dire profit forecast signaled that the retail giant is finding its footing after slashing its outlook three weeks ago. Adjusted earnings edged down to $1.77 a share during the second quarter, Walmart said Tuesday, topping the $1.63 average of analysts' estimates compiled by Bloomberg.
Amazon Says FTC Is Harassing Jeff Bezos, Top Executives in Prime Probe
$Amazon (AMZN.US)$ is accusing the Federal Trade Commission of making excessive and unreasonable demands on founder Jeff Bezos and company executives as the agency probes Amazon's Prime membership program.
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Apple Avoids Back 'Netflix Taxes' Owed to Chicago in Settlement
Apple Inc. will begin collecting Chicago's tax on streaming entertainment services on Sept. 15, ending a legal challenge that asserted the first-of-its-kind municipal tax violates the US Constitution and the federal Internet Tax Freedom Act.
Bed Bath & Beyond Shares Surge Despite Liquidity Concerns
$Bed Bath & Beyond Inc (BBBY.US)$ shares soared as much as 70% on Tuesday before retreating to close up 29%, defying recent analysts' warnings over the retailer's exaggerated valuation given its shrinking liquidity.
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Apple and Meta Headsets Could Face a Big Challenge: Sticker Shock
$Apple (AAPL.US)$ and $Meta Platforms (META.US)$ are expected to release mixed reality headsets in the coming year that could finally fulfill the industry's promise to turn head-worn devices into the next big shift in personal computing. But there's one major potential snag: sticker shock.
Source: Bloomberg, Dow Jones, CNBC
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