Business news update for Monday, Aug 4th
capitalcurrentsdaily.substack.com
--
* Apple and Amazon earnings đđŚ
* Tariffs go live for 80+ countries đ
* ESPN takes a stake in NFL Media đ
---
In today's episode, we'll recap earnings from Apple and Amazonâlowkey, Iâm getting tired of all these earnings. Itâs been every episode last week. Then, Iâll tell you about a new deal update between ESPN and the NFL. I got a great show for you today. Letâs go.
Stocks continued to slide at market close on Friday, and the S\&P 500 dropped for the third day in a row, closing down 0.4%.
Also on Friday:
* The **tariff deadline expired**, and the new rates are now in effect (15% to 40% for 80+ countries).
* **China** is the exception with another 90-day extension.
* Countries not named in the order now face a **10% baseline tariff**.
* The **July jobs report** came in cold: just **73,000 jobs** added vs. 100k expected.
We got hit with a double whammy: inflation is heating up while job growth slows. Could be a rocky August.
---
### đ Apple Earnings
Apple posted a surprisingly strong quarter:
* Revenue jumped **10% to \$94B**, the fastest growth in 3 years.
* Profit came in over **\$23B**.
iPhone sales were up **13%**, possibly because buyers rushed in before tariffs hit. Even though Apple hasnât raised prices yet, tariffs cost them **\$800M** in Q2 and are expected to reach **\$1.1B** in Q3.
Their **services business**âApp Store, iCloudâgrew **13% to \$27B**. Overall, a solid quarter. Apple shares rose nearly 2%.
---
### đŚ Amazon Earnings
Amazon also beat on revenue and profits:
* Sales up **13% to \$167B**.
* But the stock dropped **7%** on weak profit guidance and AWS concerns.
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you wonât hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, youâve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
The Clay Travis and Buck Sexton Show
The Clay Travis and Buck Sexton Show. Clay Travis and Buck Sexton tackle the biggest stories in news, politics and current events with intelligence and humor. From the border crisis, to the madness of cancel culture and far-left missteps, Clay and Buck guide listeners through the latest headlines and hot topics with fun and entertaining conversations and opinions.