Morning Brief
GDP surges, tariffs expand, Starbucks cuts jobs
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Show notes
US stocks fall for a third straight day as the summer rally cools, even after revised Q2 GDP showed the US economy grew 3.8% — the fastest pace in nearly two years. Weekly jobless claims also came in below estimates, underscoring resilience in consumer spending and the labor market. The Trump administration launched new national security investigations into imports of robotics, industrial machinery, and medical devices, a move that could pave the way for fresh tariffs on hospitals, manufacturers, and PPE like masks and gloves. Starbucks (SBUX) announced a $1B restructuring plan, cutting 900 jobs and closing underperforming stores while refocusing on higher-traffic locations. CoreWeave expanded its partnership with OpenAI, lifting its contract value to $22.4B, while CarMax (KMX) plunged after comparable sales fell as buyers pulled forward purchases ahead of April’s 25% auto tariff.
Takeaways:
US GDP revised up to 3.8%, jobless claims hit two-month low
Trump administration launches new tariff probes on robotics, machinery, and PPE
Starbucks to cut 900 jobs, close stores in $1B restructuring plan
CoreWeave-OpenAI deal expands to $22.4B; CarMax slumps on tariff-driven sales pull-forward
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