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Myanmar Earthquake: Death Toll Climbs to 3,145 Amid Ongoing Rescue Efforts

The devastating earthquake that struck Myanmar nearly a week ago has claimed at least 3,145 lives, with search and rescue teams continuing to recover bodies from the rubble. The 7.7 magnitude quake, which had its epicenter near Mandalay, Myanmar's second-largest city, caused widespread destruction, including collapsed buildings, damaged roads, and destroyed bridges.  Humanitarian aid groups are working tirelessly to provide survivors with medical care and shelter, as thousands remain homeless and vulnerable to disease outbreaks. The United Nations estimates that over 17 million people have been affected by the disaster, with more than 9 million severely impacted.  In response to the crisis, Myanmar's military government has declared a temporary ceasefire to facilitate relief efforts. However, ongoing challenges, including communication blackouts and difficult-to-reach areas, have hindered the full assessment of the disaster's impact.  The coming days will be critical in d...
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US Futures Steady Near Records as Fed Rate Cut Looms

                                            

Investors are closely monitoring US futures as the Federal Reserve signals an impending interest-rate cut. Here are the key highlights:

  • Market Overview:

    • US stocks inched higher on Tuesday, with the Dow Jones Industrial Average futures trading little changed after surpassing 40,000 points for an all-time closing high.
    • Futures on the S&P 500 were up 0.1%, while Nasdaq 100 futures edged up 0.2%.
    • Earnings season is in full swing, with Bank of America and Morgan Stanley reporting. BofA’s quarterly profit beat estimates, while MS saw signs of an investment banking revival.
    • Results from Morgan Stanley, Charles Schwab, and UnitedHealth are also on today’s docket.

  • Fed Rate Cut Expectations:

    • Federal Reserve Chair Jerome Powell’s recent remarks have boosted faith in a rate cut, likely in September. However, he avoided specifying timing.
    • Some lawmakers caution that a Fed pivot before the November presidential election could be seen as partisan.
    • Meanwhile, political developments continue to impact the market, with former President Donald Trump’s candidacy gaining momentum.

  • Retail Data and Price Pressures:

    • Investors are closely watching today’s retail sales data for clues on inflation and price pressures.

Stay tuned for further updates as the market navigates these dynamics.


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