Investors on Tuesday sloughed off dour housing data, choosing instead to focus on encouraging second-quarter earnings that have mostly absorbed the brunt of spiking interest rates and a slowing economy.
The big picture: The S&P 500 popped by nearly 3%, with markets choosing to downplay a drop in June housing starts.
Homebuyers in China, frustrated by construction delays, have stopped paying their mortgages.
Why it matters: The protest is part of (and now contributing to) China’s deepening housing crisis — an issue that the Fed has warned could impact U.S. and global markets and economies.
Netflix's stock was up more than 10% in after-hours trading Tuesday after the streaming giant said it lost 970,000 subscribers last quarter, as opposed to the 2 million it initially forecasted.
Why it matters: Investors worried after Netflix's shocking subscriber loss last quarter that the streamer's growth runway was shrinking. Tuesday's results and forecasts suggest the wreckage may not continue to be as bad as investors were expecting, although headwinds still persist.
Twitter's trial for its lawsuit against Elon Musk will take place over five days in October, the Delaware Chancery Court decided following a hearing in which both parties made the case for their preferred timelines.
Why it matters: This is much closer to Twitter's preferred timeline. The judge sided with the company's arguments that delays will further harm its business.
National gas prices fell below $4.50 per gallon on Tuesday, marking a two-month low, according to AAA.
Why it matters: The national average for a gallon of regular hit $4.495 on Tuesday, marking around a 10% decrease from June's peak of over $5 a gallon and giving people a bit of relief at the pump during peak driving season in the U.S.
Volkswagen's plan to roll out a new line of sporty electric trucks and SUVs under the resurrected Scout brand is a rare chance to win back Americans' hearts, Scout's new boss tells Axios in an exclusive interview.
Why it matters: Despite its global standing as the world's second-largest carmaker, Volkswagen is a chronic underachiever in the United States. Admitting in 2015 that it had been cheating on diesel emissions standards only worsened its reputation.
Over 43% of digital media subscribers become inactive the day after they subscribe, according to a new report, up from 39% in 2021.
Why it matters: The rise of "subscription sleepers" is a grim signal for digital media companies looking to bolster subscription dollars as the growth in the ad market decelerates.
Money, once a prominent business title under Time Inc., is officially a profitable business again in online-only form, its new owner Greg Powel told Axios.
Why it matters: The brand was on life support when Powel acquired Money from Meredith Corporation in late 2019. Now, following a redesign and business overhaul, Money is making money as a niche, consumer finance brand.
Bloomberg Media is planning a major expansion into localized coverage of different regions around the world, CEO Scott Havens told Axios.
Why it matters: “I believe we'll run out of runway on both engagement and audience size if we don't also go deep within the national and regional story,” he said.
Charter, the digital media and insights company focused on the future of work, has raised a $3 million seed round to jump-start a new membership offering for human resources professionals.
What they're saying: “The pandemic solidified CHROs [chief human resources officers] as strategic leaders critical to the success of their businesses," said Erin Grau, co-founder and COO of Charter.
Select pouches of Natierra Organic Freeze-Dried Blueberries sold nationwide have been voluntarily recalled because they could contain high levels of lead, according to a recall notice.
Why it matters: Consumers are being warned to "not consume" the product due to "the presence or potential presence of lead above the FDA's recommended limits," BrandStorm Inc. said in the recall posted on the U.S. Food & Drug Administration website.
Macy's is preparing for a new generation of Toys R Us kids with a planned comeback for the iconic toy brand.
Driving the news: Ahead of the holiday season, the department store chain announced it is adding small toy shops to all of its U.S. locations that will range from 1,000 to 10,000 square feet at flagship locations.
Employment levels for mothers of young children are still lagging their pre-pandemic mark, according to a new analysis of women's economic recovery from jobs site Indeed.
Why it matters: Though women are almost back to where they were before — the reverberations of this era will linger.
Despite lawsuits and political name-calling about how cities, counties and states are spending their COVID-19 relief funds, much of the money is going to the mundane purposes it was meant for — like paying government workers and replacing tax revenue lost during the pandemic, U.S. Treasury Department data shows.
Why it matters: Many local lawmakers are busy deciding how to spend their share of the $350 billion in emergency funding from the American Rescue Plan Act (ARPA), and the flame-throwing going on overhead can singe the process.
Industry Dive, a Washington, D.C.-based business media company, has signed an agreement to be acquired by Informa, a publicly traded events and publishing company, for an enterprise value of $525 million, a source familiar with the deal told Axios.
Why it matters: It's a great outcome for Industry Dive, which has grown its business to over $100 million in annual revenue over the past 10 years.
Treasury Secretary Janet Yellen on Tuesday called for the modernization of world trading practices in order to be less dependent on countries like China for products, which she said has "benefited enormously" from the current system.
Driving the news: "We cannot allow countries like China to use their market position in key raw materials, technologies or products to disrupt our economy or exercise unwanted geopolitical leverage," Yellen said in a speech in Seoul.
University of Florida quarterback Anthony Richardson will no longer use the nickname "AR-15" and will rebrand a line of merchandise linked to him.
Driving the news: Richardson had used "AR-15," a combination of his initials and his jersey number, as his brand, but now says it’s important his name is not linked in any way to the semiautomatic rifle used in several recent mass shootings.
