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• Trump and Putin Meeting in Alaska
  The eyes of the world are on out-of-the-way Anchorage, Alaska, 🌦️...
  The eyes of the world are on out-of-the-way Anchorage, Alaska, 🌦️ where President Trump and Russian President Vladimir Putin will be holding a high-stakes summit later today. Anchorage isn’t used to being in the spotlight (and its residents are in a tizzy), so here are some facts to get you acquainted with Alaska’s most populous city:
  

  
  
  • It’s huge…in terms of area. The Municipality of Anchorage is 1,961.1 square miles, bigger than the state of Rhode Island.
  
  
  • Further north than Oslo, Stockholm, and Saint Petersburg, Russia, Anchorage can get 22 hours of daylight in peak summer.
  
  
  • In 2012, outdoors-loving Anchorage was named the worst-dressed city in the US in a Travel and Leisure magazine survey…but that was before wearing Carhartt was cool.
  
  

  
  
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• The Trump administration might be considering buying a stake in Intel
  In an exclusive, Bloomberg cited anonymous sources as saying, though...
  In an exclusive, Bloomberg cited anonymous sources as saying, though plans are “fluid,” a deal in which the US government would take a stake in the chipmaker to help bring its long-sought plant in Ohio to fruition. While a White House spokesperson, responding to Bloomberg’s request for comment, said the deal was “speculation,” it would fit an emerging pattern of the federal government brokering industry deals, such as the “golden share” arrangement brokered with Nippon Steel and, more recently, the deal for the US to receive 15% of Nvidia revenue that comes from the sale of the H20 chip to China. The sources said a deal would be contingent upon Lip-Bu Tan remaining the CEO of Intel.
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• ☕️What Else is Brewing Friday Morning
  The average 30-year fixed mortgage hit its lowest rate since...
  The average 30-year fixed mortgage hit its lowest rate since October 2024 this week. The decrease wasn’t much—6.58%, down from 6.63% last week—but it represented a reprieve amid persistently high mortgage rates. The drop was related to bond yields creeping lower, which were in turn influenced by weak hiring data in the July jobs report. This might be more blip than trend for now, though. Mortgage Bankers Association Chief Economist Michael Fratantoni told the Wall Street Journal, “What I’ve told our members is to just sort of expect there are going to be these moments of opportunity. But don’t expect they’re going to last long.” For most of the year, mortgage rates have sat just below 7%, which has meant listings staying up longer and fewer qualified purchasers being interested.
  
  Israeli Finance Minister Bezalel Smotrich announced plans to build 3,000 homes in the E1 area of the West Bank in order to “bury” the viability of a Palestinian state, a move that most of the international community considers illegal.
  
  Berkshire Hathaway bought over 5 million shares in UnitedHealth last quarter, a stake worth about $1.6 billion.
  
  Air Canada and the union representing 10,500 flight attendants are at loggerheads over compensation, and both announced that service disruptions at the airline would begin tomorrow.
  
  Apple is reinstating blood oxygen monitoring to newer Apple Watches following an import ban by the International Trade Commission.
  
  Airbnb said it would let users reserve certain properties in the US without paying up front, a feature it’s calling “Reserve Now, Pay Later.”
  
  Check out Cadillac’s new electric crossover concept car.
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• S&P 500 logs fresh record, Dow and Nasdaq end lower on hot PPI inflation reading
  The S&P 500 tiptoed to a record close on Thursday,...

  The S&P 500 tiptoed to a record close on Thursday, with stocks ending largely unchanged on signs that companies are now beginning to deal with tariff-induced inflation.

  
  

  Rate-sensitive stocks came under sharp selling pressure but still ended off the session's worst levels.

  
  

  The Dow Jones Industrial Average ended 11.01 points lower, down less than 0.1%, at 44,911.26, according to FactSet.

  
  

  The S&P 500 finished 1.96 point higher, less than 0.1%, logging a fresh record close of 6,468.54.

  
  

  The Nasdaq Composite Index closed 2.47 points lower, less than 0.1%, at 21,710.67.

  
  

  The Russell 2000 index of small-cap stocks shed 1.2%.

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• PPI reflects sharpest rise in three years for U.S. wholesale prices
  The cost of wholesale goods and services — where rising...

  The cost of wholesale goods and services — where rising inflation tends to show up first — posted the most significant increase in three years in July, possibly heralding a sizable acceleration in price hikes tied to U.S. tariffs.

  
  

  The producer price index jumped 0.9% last month after no change in June, the government said Thursday.

  
  

  Some, but not all, of the increase occurred in goods directly affected by tariffs. Food was the biggest contributor to higher wholesale prices

  
  

  The yearly rate of wholesale inflation climbed to 3.3% from 2.3%, a five-month high.

  
  

  Another gauge, known as the core rate, which is seen as a more stable measure of wholesale inflation, rose 0.6% in July.

  
  

  The 12-month increase in the core rate moved up to 2.8% from 2.5%.

  
  

  The wholesale report doesn’t capture the cost of imports as well as the consumer price index, but the CPI also showed a sharper increase in July.

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