Daily Dozen | Forbes: Stocks Tumble, Housing Market Hit, Top Employers For Women

The United States is now the leading country for monkeypox cases as infections spiked 33% in three days. Walmart’s diminished profit outlook muddied the stock market, which sustained noteworthy declines on Tuesday led by major retailers. Forbes surveyed 50,000 workers and analyzed corporate policies to determine America’s Best Employers For Women in 2022.

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In The News Today

  • One day after Walmart slashed its profit outlook, the stock market tumbled, with the Dow falling 0.7%, while the S&P 500 lost 1.2% and the tech-heavy Nasdaq Composite 1.9%. Retail stocks, including Macy’s and Target, led declines and new data shows consumer confidence hit its lowest point in over a year.
  • President Joe Biden is purportedly weighing canceling $10,000 of federal student loan debt per borrower—a crux of the platform he campaigned on—in addition to another extension on federal student loan repayments, which are on pause through August 31.

Top Take-Aways

The U.S. now has the most monkeypox cases in the world. Infections rose 33% across three days, bringing the total over 3,800. International travelers may encounter precautionary measures by some countries such as self-isolation or avoiding close contact with people and animals. The government says 800,000 doses of vaccine will soon be distributed.

The International Monetary Fund gutted its global growth projections and warned of slowing international economic growth due to “increasingly gloomy developments in 2022” such as high inflation, supply chain-disrupting Covid lockdowns in China and the continued fallout from Russia’s war in Ukraine.

The housing slump is deepening fast. New home sales unexpectedly plunged more than anticipated in June, further signaling the housing market is unraveling pandemic-era gains as experts fear the downturn could trigger a recession.

The Senate passed legislation that would boost semiconductor production by earmarking $52.7 billion amid a national chip shortage. It includes funds for domestic microchip manufacturing and research subsidies, plus more than $2 billion for less advanced legacy chips. Supporters say the measure would make the U.S. more competitive against China, the world leader in building new chip factories.

Russia will reportedly pull out of the International Space Station, a collaboration of space agencies in Russia, the U.S., Canada, Europe and Japan, after 2024, with plans to pursue its own orbital station. The exit plans came as a relative surprise, even as tensions mount over Western sanctions following the Russian invasion of Ukraine, given a recent deal allowing astronauts to ride to and from the ISS on each other’s spacecraft.

Flash floods inundated St. Louis streets in the latest bout of erratic weather in the U.S., coming on the heels of extreme nationwide storms, heat and fires throughout summer. Most scientists believe human activity spurred a warming global climate, and other nations have also faced record-breaking heat and flooding in recent weeks.

Today’s Must-Read

How Bill Gates-Backed Republic Services Turns Trash Into Big Cash

Garbage was the ultimate commodity business until a young McKinsey consultant saw how Republic Services could transform itself into a profit machine by pricing all sorts of trash at a premium. Now he’s CEO of the outperforming junk giant.

In Case You Missed It

Leading up to the U.S. Federal Reserve’s Wednesday meeting, Forbes breaks down the yield curve, how it works and why it’s hinting at a national recession.

Tips You Can Trust

  • At a time when Covid-19 disproportionately drove women out of the workforce, Forbes surveyed 50,000 working Americans and analyzed organizational data on numerous factors including parental leave and pay equity to determine our annual ranking of America’s Best Employers For Women. See which companies made the cut.
  • Sometimes well-educated people who think they could never fall victim to a scam are the most likely targets, thanks in part to their high confidence that they could never be tricked. Make these seven changes to avoid becoming a crook’s next prey.

Must-Watch Video

How To Grow A Unicorn Quickly Without Burning Out

Edith Harbaugh, CEO at software startup LaunchDarkly, walks organizations ranging from tech companies to airlines through a strategy that embraces digital transformation to accelerate growth and fundamentally change operations.

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