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By Staff Reporters
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MARKETS: Stocks rebounded after back-to-back losing sessions earlier this week: The Dow Jones Industrial Average was up 1.3%, over 400 points, while the S&P 500 rose 1.6% and the tech-heavy NASDAQ 2.6%. Markets got a boost after a surprise rebound in the U.S. services sector in July, with the ISM non-manufacturing purchasing managers index rising to a reading of 56.7—above 55.3 last month and 54 expected by economists. Investors also cheered comments from St. Louis Federal Reserve President James Bullard, who told CNBC that the U.S. economy is “not in a recession right now” and the Fed will keep hiking rates to bring down inflation. Shares of vaccine maker Moderna surged 16% after reporting strong quarterly profits and announcing $3 billion in share buybacks, while shares of coffee chain Starbucks jumped nearly 5% after similarly beating expectations. But, hawkish remarks from Federal Reserve [FOMC] officials this week suggest investors may be premature in assuming the Fed will be shifting its monetary policy approach anytime soon.The Federal Reserve raised its target fed funds rate by 0.75% last week to a new range of between 2.25% and 2.5%, its second 0.75% rate hike in two months. The market has reacted strongly to commentary by the Fed Chairman.
Venture capital is the latest to feel the pinch from the economic downturn, with venerable Silicon Valley incubator Y Combinator’s Summer 2022 cohort consisting of less than 250 companies, down from over 400 last Winter’s list – a drop of 40 percent.…”The economic downturn and almost certain resulting changes to come in the venture funding environment, as well as the realities of being back in person, led to our decision to reduce the number of companies we funded”. Lindsay Amos, Y Combinator’s communications director, confirmed to The Register that the incubator had done so intentionally, attributing the reduction to the current state of the economy. Despite the downturn, Amos said, Y Combinator’s summer 2022 cohort “is still a large batch relative to the last five years.” Amos said that batch sizes vary because “we are constantly evaluating every aspect of our batches and the environment in which the companies will be operating.”
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FINANCIAL PLANNING: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283
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