Forbes Daily: Markets Get Jitters Ahead of Key Fed Speech

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in peace,

In the world of Grand Slam tennis, everything about the US Open has an air of bright lights, a big city—and big numbers.

When the biggest tennis tournament in the world starts on Monday, the players of the game will not only compete for glory, every player will get a piece of record $75 million in earnings.

Last year’s champions Coco Gauff and Novak Djokovic will be looking to defend their titles. Doing so would give Djokovic a record-extending 25th Grand Slam tournament, and Gauff faces a challenge from top seed Aryna Sabalenka. The tournament, held at the USTA Billie Jean King National Tennis Center in Queens, generated $514 million in operating income last year.

Fans attending the tournament can quench their thirst by signing up for the “Honey Deuce,” a candy bar decorated with three balls of honey. More than 450,000 of them were sold last year.

GO AHEAD

The FDA approved Pfizer and Moderna’s new Covid-19 vaccines on Thursday, the drugmakers said. shots will be available in the coming days before the expected respiratory virus outbreaks in the fall and winter. Both vaccines target the KP.2 strain—a descendant of the omicron subvariant—that was the major strain circulating in the US earlier this year, and the CDC recommends that everyone for six months to the upper one received a renewed vaccine.

Former billionaire Ryan Breslow surprised investors with a plan to raise $450 million for his “one-click” payments startup. Bolt at a price of $ 14 billion. But the head of the main investment firm named in the financial filings, Silverbear Capital, said it had never spoken to Breslow or Bolt.

BUSINESS + FINANCE

Peloton shares jumped 35% Thursday, its the biggest one-day profit since it went public in 2019, after reporting annual revenue growth for the first time in two years. However, the company’s market share is 97% below its all-time high during the pandemic, as reduced Covid restrictions have reduced demand for the company’s domestic bikes.

The major stock indexes had their worst days in weeks ahead of a key speech from Federal Reserve Chairman Jerome Powell in Jackson Hole, Wyoming, and The S&P 500 and Nasdaq end lower 0.9% and 1.7%, respectively. There wasn’t a single trigger for the losses, but it was the result of traders moving away from riskier rates ahead of Powell’s speech, which could reveal the Fed is weaker than it has been. -investors expected.

Powell’s address today is arguably his most important of the year, and is widely expected to shed light on the central bank’s game plan ahead of interest rate cuts expected to begin in September. Investors will want it suggests how quickly and how much expects to lower rates.

PROCEDURE + PROCEDURE

Andela, a ten-year-old talent startup, has tapped former Uber executive Carrol Chang as its new CEO. After the crisis caused by the epidemic, Andela, was founded to help companies find remote workers in emerging markets like Africa and Latin America, saw its hiring demand dry up by 2022. But two years later, the company’s future looks bright amid the boom AI is generating and long-term demand for versatile talent.

Founded in 2022 by four friends who met at MIT, AI startup Cursor builds code completion tools, and announced it raised $60 million in Series A funding on Thursday, a value of start with $400 million. Engineers at leading AI startups like OpenAI, Midjourney, Perplexity and Scale AI, as well as tech companies like Shopify and Instacart, are. among 30,000 Cursor customers who use its tools to write and edit all parts of the code.

FINANCE + POLITICS

Vice President Kamala Harris accepted the Democratic presidential nomination on Thursday, becoming a candidate the first Black woman to lead the presidency of a major party a ticket. In his speech, he grilled former President Donald Trump about his efforts to overturn the 2020 election, his recent legal woes, his plans for a second presidency and the overturning of Roe v. Wade.

TRAVEL + LIFESTYLE

Two years after Florida Governor Ron DeSantis passed his controversial “Don’t Say Gay” law, the state quietly removed the “LGBTQ Travel” section from its tourism website. Tourism is Florida’s number one industry, and The LGBTQ+ travel market is worth more than $200 billion a yearaccording to the World Travel & Tourism Council. “From a business perspective, it doesn’t make sense,” says the president and CEO of Visit Lauderdale.

METHODS + EXPLANATORY STATEMENT

Former President Donald Trump has a busy court schedule in the coming months, as does the New York court planned his appeal in the civil fraud case against him and his company in late September. Several cases are not expected to go to trial until after the election, and if he wins, he will likely have several charges against him dismissed (although he would not have the power any on the charges of the state against him).

DATE DATE COVER

World’s Highest Paid Tennis Players 2024

SUBJECT While Novak Djokovic extended his record with his 24th Grand Slam title last year, he also took the first place in. Forbes‘ annual list of the world’s highest-paid tennis players. But his reign at No. 1 lasted only one year.

The 37-year-old Serbian star’s next challenger, 21-year-old Spain’s Carlos Alcaraz, has moved to the top of the financial leaderboard this year with estimated at $42.3 million before taxes and agent fees in the last 12 months.

Djokovic is back at No. 2 with $37.2 million and still leads by $12.2 million in earnings alone. However, tennis insiders firmly believe that Alcaraz has the upper hand, with an estimated $32 million in endorsements and a busy schedule of appearances and shows that are believed to be they pay him $1 million—or even $2. million—just to show up.

In general, tennis’ The 10 highest paid players earned an estimated $246 million In the past 12 months, below the 2020 record of $343 million – when retired Roger Federer and Serena Williams made $142 million between them – but a 26% increase from last year ago.

Four women are in the top 10 – down slightly from five in 2023, but another reminder that tennis is the only major professional sport out there. male and female athletes are on the same financial footing feet.

WHY IT’S IMPORTANT “No tennis player has come close to the financial status of Roger Federer, who was the sport’s richest man from 2007 until his retirement in 2022 and is still raking in an estimated $90 million a year when he hangs up his racket,” said. Forbes Assistant Director of Communications Brett Knight. But Carlos Alcaraz’s total of $42.3 million is the best by a player not named Federer, Novak Djokovic, Naomi Osaka or Rafael Nadal. within 17 years Forbes he played tennis salary levels. Ms Alcaraz has won four Grand Slam titles before her 22nd birthday, with a shot at a fifth at the US Open in the next two weeks – meaning the future of tennis is here. “

AGAIN Jasmine Paolini’s Golden Year of Tennis Gets More Than Awards

ILLUSTRATIONS + ILLUSTRATIONS

A new study finds that this year’s wildfires could devastate the US economy tens of millions of dollars. Some of the costs are long-term, such as the health effects of smoke exposure, while others are immediate:

Over $89 million: Estimated cost of lost economic output in the US due to wildfires

466,000: The number of jobs the economy could lose due to wildfires

Up to $893 billion: The cost of wildfires worsens the climate in the United States each year, a 2023 Congressional study found.

STRATEGY + SUCCESS

Talk about whether the US is headed for recession again this month, but regardless of what happens, it’s a good idea to have a recession plan for your job. If you have a secure job, apply ways to make sure you are valuedand if your job is not secure, start approaching recruiters for opportunities. Research your company’s financial situation, and create a list of contacts that can help you if you have to look for a new role.

VIDEO

QUESTION

The Supreme Court has partially rejected a bid to enforce a GOP-backed law in one state that would have barred thousands of registered voters from voting in the presidential election. What a situation was it?

A. Wisconsin

B. North Carolina

C. Arizona

D. Pennsylvania

Check your answer.

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Thanks for reading! This edition of Forbes Daily is edited by Sarah Whitmire.