| | Good afternoon, it is Saturday, August 3rd, and we're covering the state of employment in the US and reasons to worry, a plea deal pulled away against the 9/11 masterminds, Olympic updates & much more!! First time reading? Sign up here. | | American Fact of the Day! | On August 3, 1992, the U.S. men's basketball "Dream Team" won the gold medal at the Barcelona Olympics. This legendary team, featuring NBA stars like Michael Jordan, Magic Johnson, and Larry Bird, is widely regarded as one of the greatest basketball teams ever assembled and helped popularize international basketball. | | Breaking Updates | | 3 reasons to worry about July's weak jobs report — and 1 reason not to panic | The U.S. job market faces uncertainty following a disappointing July hiring report, which saw the unemployment rate rise to 4.3%, its highest level in three years. Employers added just 114,000 jobs in July, falling short of the 175,000 expected by economists. Wage growth also slowed, reaching its weakest annual rate since May 2021. This weak data contrasts sharply with the previous robust job market, with job openings and new applications for unemployment benefits showing significant declines. | This sluggish job report has put pressure on the Federal Reserve, which recently maintained interest rates at high levels. While the Fed's decision to keep rates steady was intended to combat inflation, the latest jobs data suggests a potential economic slowdown. Despite this, there is cautious optimism among some economists about the possibility of avoiding a recession, with a "soft landing" still considered a viable outcome. | On Wall Street, the poor jobs report triggered a market selloff, with major indices experiencing significant drops. However, the decline might be an overreaction as investors anticipate that the Fed will likely reduce interest rates soon. Lower rates could alleviate borrowing costs for consumers and businesses. The Fed's upcoming decisions will be closely tied to further economic indicators, including the next jobs report, which could prompt more aggressive rate cuts if necessary. | Read More Here |
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| Defense Secretary Lloyd Austin withdraws plea deal for accused 9/11 terrorists. | On Friday, Defense Secretary Lloyd Austin withdrew a controversial plea deal involving three men accused of planning the 9/11 attacks. Austin signed a memo taking over the authority to enter into pre-trial agreements for these military commission cases and canceled the previously negotiated deals. This move comes as the plea agreements, which would have resulted in the men pleading guilty to lesser charges and avoiding the death penalty, were set to be finalized. The decision was driven by Austin's belief that such a significant decision should rest with him rather than the previous convening authority, Susan Escallier. | The revocation of the plea deal has sparked mixed reactions. Congressional Republicans, including Rep. Michael McCaul and Sen. Lindsey Graham, praised Austin's decision, arguing that the deal would have sent the wrong message and failed to provide justice for the 9/11 victims. On the other hand, victims' families, represented by 9/11 Justice, expressed frustration at being excluded from discussions and urged that the accused should be held fully accountable. The decision also prompted investigations by Republican-led committees into the White House's involvement, with former Attorney General Eric Holder criticizing the plea deal as a failure of the justice system. | Read more updates here | | | American Sports & Culture |  | Paris Olympics: Simone Biles flies to another gold in vault | Biles claimed her seventh Olympic gold medal, and third of the Paris Games. |
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|  | NFL Power Rankings: A lot of teams dealing with contract standoffs as preseason starts | Some key teams could be affected by contract situations. |
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|  | Paris 2024: Sobbing Mozambique sprinter the latest victim of the cruelest rule in sports | Steven Sabino was disqualified after a false start in his men's 100 preliminary round, ending his Olympic Games without ever running. |
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| American Business & Markets |  | Big Tech AI investment is going right to Nvidia: Chart of the Week | This earnings season has confirmed that Big Tech is still spending massively on AI. And a lot of that is going directly to Nvidia — especially from one company in particular. |
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|  | Berkshire halves Apple stake, boosts cash to $277 billion even as operating profit sets record | Warren Buffett appears to have soured on stocks, letting cash at Berkshire Hathaway soar to nearly $277 billion and selling about half of its stake in Apple, even as the conglomerate posted a record quarterly operating profit. |
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|  | The 10 worst states to retire in the U.S. No. 1 isn't California or New York | Lack of affordability is a common thread among the low-ranking states on the list, however. |
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|  | AMD stock jumps after earnings beat driven by AI chip sales | Shares of AMD rose in after-market trading after the company beat Wall Street's earnings estimates on better-than-anticipated AI chip sales. |
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|  | Stock market news today: Stocks rally before Fed decision as Nvidia surges | A tech revival is helping lift stocks, with the Federal Reserve's rate decision on deck. |
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| | American Politics |  | North Carolina GOP candidate Mark Robinson, a harsh abortion critic, says his wife once had the procedure in new ad | The Republican nominee for governor of North Carolina is out with a new TV ad where he and his wife tell viewers that she had an abortion 30 years ago. |
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|  | Trump and Vance head to battleground Georgia looking to put recent struggles behind them | Former President Donald Trump and running mate JD Vance are set to rally supporters Saturday in Georgia, a battleground state that has taken on new importance in the wake of the shake-up on the Democratic ticket. |
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|  | The pros and cons of Harris' VP list — and how contenders would balance the ticket | The candidates who have been in vetting interviews with the Harris team offer unique pluses and minuses to the Democratic Party ahead of the election. |
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