— U.S. GDP rose a surprisingly strong 2.8% for the 2nd quarter of 2024 (vs. 2.1% forecasted) and double the rate of the first quarter’s 1.4% growth.
— The Fed’s preferred gauge for inflation rose 0.1% in June and was down slightly to 2.5% from a year ago, indicating decelerating inflation that may allow the Fed to cut interest rates in Sept.
— S&P 500 earnings growth for 2nd quarter 2024 is on track to hit 9.8%, which would be the highest growth since 4th quarter 2021, on a rebound from the pandemic.
— Amid slowing economic growth, the Chinese Communist Party released a plan with 300 reforms to boost the country’s standard of living and business climate, with specific regulations to follow.
— “Scope 3” carbon emissions generated by companies’ supply chains are much higher (an estimated 26x) than Scope 1 and Scope 2 emissions pertaining to company operations, per a recent Boston Consulting Group report.
