Top News in Finance for July 18, 2023

KEY POINTS

Dive into this week’s key financial happenings with our succinct, easy-to-understand summaries of the most crucial economic events. Designed to keep you up-to-date, our roundup empowers you to navigate the week ahead and seize unfolding opportunities

• Bank of America surpasses financial predictions amidst numerous banks disclosing their earnings.
• Goldman Sachs decreases odds of a forthcoming U.S. recession.
• Scrutiny escalates on tech titans Musk and Zuckerberg by Congress.
• Ford slashes prices of its F-150 Lightning electric pickup in response to Tesla competition.
• Marriott and MGM combine their loyalty programs to appeal to business travelers.

Bank of America Outshines Financial Forecasts Amidst Bank Earnings Reports

Bank of America (BAC) reported second-quarter profits that exceeded market predictions, driven by a surge in interest income due to a rise in interest rates.

Goldman Sachs Cuts U.S. Recession Odds

Goldman Sachs lessens the anticipated chance of a U.S. recession in the near future, citing various positive economic indicators including the first-quarter GDP growth and abating inflation.

Heightened Congressional Scrutiny on Tech Moguls Musk and Zuckerberg

Both Elon Musk and Mark Zuckerberg face increased examination by Congress, underscoring the growing regulatory pressures on their expanding business ventures.

Ford Trims F-150 Lightning Prices Amidst Tesla Competition

In response to Tesla’s growing influence, Ford Motor Co. (F) has slashed the prices of its F-150 Lightning electric pickup truck, attributing the cut to increased plant capacity and decreased costs for batteries and parts.

Marriott and MGM Merge Loyalty Programs to Entice Business Travelers

Hotel chains Marriott (MAR) and MGM Resorts International (MGM) have joined their loyalty programs in an effort to attract more business travel, expanding Marriott’s popular Bonvoy program with the addition of MGM’s 40,000 rooms across 17 resorts.