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Business Highlights: Inflation Data, Social Media Control

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Falling prices will relieve Americans slightly of inflation

WASHINGTON (AP) — Falling gas, airline ticket and clothing prices last month provided some relief to Americans, but overall inflation remains near the highest level in 40 years. Consumer prices jumped 8.5 percent in July from a year earlier, according to government data released Wednesday. This is down from June’s 9.1% year-on-year increase. On a monthly basis, prices were flat from He June to He July. This is the first time since his 25-month ascent. The grace did not provide certainty that prices would continue to fall. Inflation slows down at times and then picks up again later. ___

Social media gives parents more control. But are they useful?

SAN FRANCISCO (AP) — As concerns continue to grow about the negative impact of social media on teens, platforms from Snapchat to TikTok to Instagram are designed to make their services safer and more age-appropriate. We are adding new features. But change rarely addresses the elephant in the room: an algorithm that pushes endless content that can drag anyone down a toxic rabbit hole, not just teens. Snapchat just added new controls that let parents see who their teens are messaging, not what they’re saying. Even if it works, and even if the kids opt in, it’s another ever-evolving feature for parents to master.


Wall Street hits three-month high as inflation eases

NEW YORK (AP) — Stocks closed at a three-month high on Wall Street as investors cheered a report showing inflation was cooler than expected in July. The S&P 500 surged 2.1% on Wednesday. This was in hopes that lower inflation would mean the Federal Reserve would not raise interest rates as much as had been feared. Tech stocks, cryptocurrencies, and other investments have been the biggest losers this year as the Fed aggressively hikes rates. Treasury yields fell on the heels of inflation data, and traders refrained from betting how much the Fed would raise rates at its meeting next month.


Disney+ has 221 million streaming subscribers, surpassing Netflix

BURBANK, Calif. (AP) — Disney announced Wednesday that its Disney+ streaming service added 14.4 million subscribers in the April-June fiscal quarter. Netflix ended June with 220.7 million subscribers after losing about 1 million in the previous quarter. Burbank, Calif.-based Disney reported Wednesday that he earned $21.5 billion in revenue for the three months ended July 2, up 26% from the same period last year. Excluding certain items, earnings per share were $1.09. According to FactSet Research, analysts surveyed by FactSet forecast fourth-quarter sales of $20.99 billion and adjusted earnings of 97 cents per share.


Elon Musk sells $7 billion in Tesla shares ahead of Twitter battle

AUSTIN, Texas (AP) — Elon Musk has sold $7 billion worth of Tesla stock as the billionaire prepares for a legal battle with Twitter. Musk has revealed in a series of regulatory filings that he recently sold 8 million shares of his company, his Tesla stake. He’s about to back out of his $44 billion deal to buy Twitter. Musk is by far the largest individual shareholder in both Tesla and Twitter. Tesla shares closed about 4% higher on Wednesday.


Judge: Walgreens contributed to San Francisco’s opioid crisis

SAN FRANCISCO (AP) — A federal judge has ruled that Walgreens may be held responsible for its contribution to the San Francisco opioid crisis. Instead, it prevented pharmacists from properly scrutinizing prescriptions and overlooked red flags about doctors over-prescribing. U.S. District Judge Charles Breyer has ruled that Walgreens dispensed hundreds of thousands of pills in his 15 years, ultimately causing city hospitals to be overwhelmed with opioid patients. . Walgreens said he would appeal the ruling, which he said was not upheld by “facts and law.”


Travelers are starting to take a break from higher air fares

DALLAS (AP) — Air travelers are finally taking a break from fares. The government said Wednesday that average air fares fell nearly 8% in July to $311 compared to June. The bad news is that it’s still almost 28% higher than his July last year. Airlines have pushed up fares for much of the year due to high demand and low flights. This means fewer seats to sell. Airlines have also cited rising jet fuel prices as a factor. Fares peaked in his May, when summer vacation sales are in full swing. Travel data researcher Hopper said U.S. domestic fares averaged $286 in August, and he expects them to stay below $300 through October, when many people book Thanksgiving and Christmas trips. increase.


Stores shrink as Russians buy the last of H&M and IKEA

MOSCOW (AP) — Russians are buying up Western fashion and furniture this week as H&M and IKEA sell off their last Russian inventories. Sweden-based H&M and Netherlands-based IKEA have suspended sales after Russia sent troops to Ukraine. They are now trying to unstock clothing and furniture as they scale back their operations in Russia.While IKEA sells only online, his H&M store in a Moscow shopping mall saw young shoppers on Tuesday. Visited incessantly. Both companies are laying off workers as they scale back their operations in Russia. H&M said on Tuesday that 6,000 employees will be affected. IKEA said it has 15,000 workers in Russia and Belarus, but did not immediately disclose how many would lose their jobs.


China criticizes US tipping law as threat to trade

BEIJING (AP) — China criticizes U.S. laws to encourage U.S. production of processor chips and reduce reliance on Asian suppliers as a threat to trade and an attack on Chinese business. doing. A law signed into law by President Joe Biden this week promises subsidies and other aid to investors in U.S. chip factories. It partially responds to warnings that supply could be disrupted if China attacks Taiwan, one of the world’s leading high-end chip producers. Beijing claims the autonomous islands as part of its territory. China’s foreign ministry said the US chip law “disrupts international trade and distorts the global semiconductor supply chain.” The law restricts business activities in China, it said, without giving details.


The S&P 500 rose 87.77 points, or 2.1%, to 4,210.24. The Dow Jones Industrial Average rose 535.10 points, or 1.6%, to 33,309.51. The Nasdaq rose 360.88 points (2.9%) to 12,854.80. The Russell 2000 Index for small businesses rose 56.36 points, or 2.9%, to 1,969.25.