No signs of housing market relief: Mortgage rates rose to a nearly 23-year high, as the average rate on the standard 30-year fixed mortgage jumped to 7.31%, another sign that the housing market will continue to be stuck in the doldrums (WSJ)
GDP slips a notch: The U.S. economy grew at a 2.1% annual pace from April through June, compared to a 2.2% annual growth from January through March, extending its sturdy performance in the face of higher interest rates (AP)
Nvidia antitrust raid: Nvidia’s (NVDA) French offices were raided by France’s antitrust authority over concerns that the company is engaged in anticompetitive behavior (WSJ) The “iPhone of AI”: Apple’s (AAPL) former chief design officer, Jony Ive, is reportedly in discussions with OpenAI to build the “iPhone of artificial intelligence,” aided by over $1 billion in funding from Softbank CEO Masayoshi Son (Verge)
Easing the tension? Beijing and Washington are paving the way for Chinese leader Xi Jinping to visit the U.S., moving ahead with high-level official exchanges and taking other steps to improve the tone of their turbulent relations (WSJ)
Hanging on to the clunkers: CarMax (KMX) was the worst performing stock in the S&P 500 yesterday, falling 13.4%, after the used-car retailer said revenue fell 13.1% from a year earlier in its quarter ended Aug. 31, while net income fell 6% (WSJ)
Billion-dollar IPO dance: Cainiao Smart Logistics Network is the first of Alibaba’s six spin-off companies to test the appetite for new listings, applying to raise at least $1 billion in what is widely expected to be the world’s second-largest IPO this year (SCMP)
Epic Games to cut nearly 900 jobs: Fortnite maker Epic Games announced deep cuts today, roughly 16% of its workforce, citing a slowdown in the popularity of its marquee game, as layoffs continue in the games industry despite market growth (Axios)
Pentagon picks Elon: The Pentagon has awarded Elon Musk’s SpaceX its first confirmed contract for the Starshield network it’s developing, a military-specific version of the company’s Starlink satellite internet system (CNBC)
Engine fires: Hyundai and Kia are recalling a combined 3.37 million vehicles in the US due to the risk of engine fires, telling owners to park outside and away from structures until repairs are complete (Reuters)
Banking green: A landmark federal bill that would protect banks that work with cannabis companies appears headed to the Senate floor after passing out of committee on Wednesday (Axios)
HSBC to acquire Citi’s assets: HSBC (HSBC) is set to acquire Citigroup's (C) China consumer wealth management business, which manages over $3B in assets, as part of the bank's expansion in China (Reuters) | 