Morning Business Report: Trump tours Federal Reserve, Walmart wins Prime Week, markets mixed
President Trump and Federal Reserve Chair Jerome Powell toured the central bank’s ongoing renovation project Thursday afternoon
(LILAMAX) – President Trump and Federal Reserve Chair Jerome Powell toured the central bank’s ongoing renovation project Thursday afternoon — both wearing hard hats during the rare public visit.
The walk-through comes as Trump ramps up criticism of Powell and the Federal Reserve, accusing the chair of going over budget on the construction project. The president has also been vocal about Powell’s handling of monetary policy, saying he was too slow to cut interest rates.
The Federal Open Market Committee is scheduled to meet next Tuesday and Wednesday, with markets watching closely for any changes to interest rates.
In a surprise twist during Amazon’s Prime Days, the biggest winner may have been Walmart. According to Bloomberg, Walmart saw notable increases in spending, web traffic, and app usage during the sales event. While Amazon still dominates e-commerce, Walmart is leveraging artificial intelligence to boost its online performance and close the gap.
The S&P 500 and Nasdaq closed at new record highs, buoyed by strong earnings from Alphabet, Google’s parent company.
The Dow Jones Industrial Average slipped, dragged down by losses in IBM and UnitedHealth Group. The health insurance giant confirmed it is now under both civil and criminal investigation by the Department of Justice over its Medicare billing practices.
With return fraud costing retailers over $100 billion last year, Amazon is taking action. The company is investing in Cambridge Terahertz, a firm developing package screening technology that can detect fraudulent returns — such as customers sending back empty boxes or incorrect items.
Airline stocks dropped after both American Airlines and Southwest Airlines missed profit expectations. American called July a “tough month,” while Southwest blamed soft U.S. travel demand for its underperformance.
