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Dow fell 703 points Thursday, its worst session since July 29. The 30-year yield climbed back to 5.25%, erasing the entire buyback-driven drop. The intervention bought exactly one day. CNBC
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Walmart dropped 9% after same-store sales grew 2.6%, slowest pace since 2020. Beat on earnings and raised guidance. None of that mattered. BBG
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Philly Fed manufacturing hit 47.4 in August, a five-year high. Estimate was 24.1. That’s two regional Feds beating in a row. Reuters
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Bitcoin jumped 11.5% past $72,000 after Trump hosted crypto executives at the White House. He pushed Congress to pass the CLARITY Act. Biggest one-day move since October 2023. BBG
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Weekly jobless claims fell to 206,000, below the 210,000 estimate. Down 6,000 from the prior week. BLS
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Moderna gave back 20% a day after its 177% surge. Profit-taking erased $18 billion in market cap. BofA still quadrupled its price target to $170. Fox
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Bessent said the U.S. won’t restart large-scale Iran combat “for now.” Economic pressure comes first, with details at a Monday press conference. CNBC
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Warsh speaks at Jackson Hole next Friday, his first keynote as Fed Chair. Three members dissented at July’s FOMC meeting. He hasn’t tipped his hand since. WSJ
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Nikkei fell over 2% Friday morning. Kospi dropped more than 1%. Wall Street’s sell-off caught up to Asia a day late. Reuters
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Japan exports grew 23.2% in July, beating the 19.9% estimate. Semiconductor equipment shipments jumped 49.1%. CNBC
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