Gold-backed ETF holdings have risen to the highest level since early 2013, with June showing the largest inflows in more than 3 years, data from the World Gold Council's June report shows.
What's happening: Investors have flocked to gold as expectations have risen for the Fed to lower interest rates, which is expected to push down the value of the dollar, and as continued global uncertainty has sent money into safe-haven assets.
The Trump administration said on Wednesday it will investigate a French plan to impose a 3% tax on U.S. tech companies including Amazon, Apple, Facebook and Google, the New York Times reports.
Why it matters: This move escalates the administration's global trade fight, "stok[ing] tensions with the European Union," per the Times. It is "a step that could lead Washington to impose trade penalties," the Washington Post adds.
News deserts that have been spreading across rural America are creeping towards small and medium-sized cities.
Why it matters: For decades, newspapers have served as a powerful check on the power of local municipalities. In their absence, city governments are becoming less efficient and fewer politicians want to run for local office.
The S&P 500 jumped above 3,000 on Wednesday after Fed Chair Jay Powell signaled an imminent interest rate cut later this month.
Our thought bubble, per Axios' Felix Salmon:We live in a world where the Dow Jones Industrial Average can rise or fall 1,000 points in one day. The S&P 500 is not only a much more useful index, it also hits round-number milestones like this one much less frequently.
Chewy was the latest stock to become a victim of its own success.
The big picture: In a familiar pattern for companies that have seen share prices skyrocket after their debut in public markets, a slew of analysts released largely upbeat ratings of the company, but warned that the stock may already be in overbought territory.
Some of advertising and marketing's biggest names will hit the stage at this year's Advertising Week New York, scheduled September 23-26 at Lincoln Square.
Why it matters: Advertising Week has successfully lured top executives in marketing, but it's beginning to branch out to include executives in technology and business in 2019.
The U.S. stock market is up almost 20% this year, but investors have missed out on much of the rally. They've sold equities and piled into bonds and money market funds — effectively low-yield savings accounts — largely out of fear.
What's happening: Institutional money managers and retail investors around the world have pulled a net $140.6 billion out of equity funds in 2019, according to data from Lipper, which tracks $49.1 trillion of assets.
For all the talk of American cities undergoing a renaissance, economic success has been concentrated in a few standout metropolises while the rest either struggle to keep up or fall further behind.
Why it matters: This winner-take-all dynamic has led to stark inequalities and rising tensions — both inside and outside city limits — that are helping to drive our politics off the rails.
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