Markets are down on Thursday morning of July 30th. The NASDAQ slipped 0.62%, while the Dow and S&P 500 both lost around half a percent.
The big news was from gross domestic product (GDP) data for the U.S. In the second quarter of 2015, U.S. GDP increased at an annual rate of 2.3%. Moreover, the Bureau of Economic Analysis also revised first quarter GDP from a 0.2% decrease to a 0.6% increase. The solid results for the U.S. economy make a Fed rate hike in September more likely, and investors are worried.
Meanwhile, China’s stock market crash continued on Thursday with the Shanghai Composite losing 2.2%.
Top Technology Stories
Top Gear Guys Are Coming to Amazon
Former Top Gear hosts Jeremy Clarkson, Richard Hammond, and James May have signed a deal with Amazon with their new show coming to Amazon Prime in 2016.
Clarkson, the controversial presenter, was fired by BBC when he punched a producer in the face earlier this year.
Their former show Top Gear was the most watched factual television program in the world, according to the Guinness Book of World Records. It was enjoyed by 350 million viewers worldwide.
Yahoo Launches Livetext
Yahoo officially launched Livetext, an app that allows users to chat through text and videos, but no sound.
The company said that the reason for not including audio was to make the experience simpler. Users can start a video session when they are in the middle of something, or when the background is noisy.
Right now, users can only chat in one-on-one sessions, but the company said the app might have group sessions in the future.
Intel and Micron Unveil New Chip That is 1,000 Times Faster
Intel and Micron unveiled 3D XPoint; a new type of memory that could be 1,000 times faster than the NAND memory currently used in solid state drives (SSDs) and mobile devices.
The new technology combines a device’s memory (RAM) and storage (hard drive or SSD) into a single chip. The new chip could also retain data even after being powered off. Moreover, storage capacity has been increased. The new chip is ten times more dense compared to NAND memories.
Top Stocks to Watch
Facebook Inc. (NASDAQ/FB)
The social media giant released its earnings yesterday after the closing bell. Both top line and bottom line numbers beat expectations. However, Facebook shares are trading lower this morning, down 2.5% to $84.53.
Western Digital Corporation (NASDAQ/WDC)
Western Digital’s stock price gained more than 10% this morning. The interesting thing is; the company reported its earning yesterday with both top and bottom line numbers missing expectations.
Qorvo, Inc. (NASDAQ/QRVO)
Qorvo reported its earnings yesterday. Its earnings per share (EPS) missed expectations by 20%. The company’s stock price plunged 15% to $59.87 at around 10:00 a.m. on Thursday.