The Soft Landing

The Nasdaq had its worst monthly loss of 2023, but it managed a small gain on Thursday, adding 0.11%. The Dow Jones slipped by 0.48% and the S&P 500 decreased by 0.16%. However, both the S&P 500 and the Dow had four consecutive days of gains, reducing their monthly losses. In August, the broad-market index lost 1.77%, the Nasdaq shed 2.17%, and the Dow dropped 2.36%.

Traders had an interesting day on Thursday as they analyzed new U.S. inflation data. In July, the core personal consumption expenditures index rose by 0.2% from the previous month and 4.2% from last year. These figures matched economists' predictions. The core PCE is a crucial inflation indicator monitored closely by the Federal Reserve.

UBS shares jump to 2008 highs after profit beat, job cuts announcement. UBS shares surged to highest level since 2008. The Swiss banking giant exceeded profit expectations and plans to absorb Credit Suisse's Swiss bank. UBS posted a staggering second-quarter profit of $28.88 billion, surpassing analysts' predictions. UBS is making waves in the banking world.

Oil heads for weekly gain as Russia to extend export cuts. West Texas Intermediate prices are above $83 a barrel, up almost 5% this week. Moscow has agreed to further cuts in oil exports with OPEC+ partners. Deputy Prime Minister Alexander Novak will provide more details next week. Rumor has it that Saudi Arabia may also make a similar announcement soon. US crude stockpiles have decreased by over 10 million barrels this week, the lowest level since December.

Kylie Jenner Reportedly In Talks To Re-Buy 51% Stake In Cosmetics Brand She Sold To Coty. The Kardashian-Jenner family is discussing buying back their popular makeup and skincare brands, Kylie Cosmetics and SKKN by Kim. They sold these brands to Coty Inc. in 2020 for $600 million and $200 million.

Microsoft To Unbundle Teams From Office Suite In Europe, Seeking To Dodge EU Antitrust Fine. Starting in October, Microsoft will unbundle the Teams app from Office 365 and Microsoft 365 suites in Europe.