A major global cyber outage has hit airlines, banks, and other businesses, causing chaos and disruption worldwide. The outage, which was triggered by an issue with cybersecurity giant CrowdStrike’s latest tech update, has led to grounded planes, disrupted financial services, and widespread IT issues. Microsoft users have also been affected, experiencing the dreaded “blue screen of death” and being stuck in a restarting state due to unrelated issues with CrowdStrike and Microsoft’s Azure cloud computing platform.
In the midst of this chaos, Netflix managed to shine brightly with its second-quarter earnings report. The streaming giant beat analyst estimates, added more global subscribers, and reported a 34% growth in ad-supported memberships. With over 277 million global customers, Netflix solidified its position as the largest subscription streaming service in the world. However, the company announced plans to phase out data on membership numbers in 2025 to focus on revenue and operating margin.
Meanwhile, Amazon Prime Day drove online shopping to a new record, with U.S. consumers spending $14.2 billion in online purchases, an 11% increase year over year. The top categories were consumer electronics and back-to-school products, marking a shift from last year’s focus on household essentials. Amazon’s revenue from the event was described as “record-breaking,” contributing to the overall success of the two-day shopping extravaganza.
In the political arena, Democratic megadonors are reportedly pressuring President Joe Biden to drop out of the 2024 race following a disastrous debate performance. Concerns about losing the White House, Senate majority, and House majority have led to calls for Biden to step aside. Meanwhile, former President Donald Trump made his first public remarks since a recent assassination attempt, speaking at the Republican National Convention nomination acceptance speech in Milwaukee.
As the market continues to experience volatility and shifts in investor sentiment, it is crucial for investors to stay informed and monitor developments closely. Stay tuned for more updates on these evolving stories.
