Americans are spending less and making less. The Commerce Department reported that personal spending fell last month for the first time since January. Consumer spending slipped 0.1% in July compared to the previous month, mainly due to a big drop in purchases of autos. Meanwhile, personal income rose just 0.2% in July. Economists were expecting personal spending to rise 0.2% and income to increase by 0.3% in July.
Stocks are mixed in early trading. August has been a great month for investors, with stocks set to post their biggest monthly increase since February.
The guessing game is over. Apple (AAPL) finally sent out invites to its next much-anticipated event. Mark your calendars, the date is September 9th. That's when many people expect that long-awaited, bigger-screen iPhone 6 to be revealed.
“This event is going to be the greatest event since the Super Bowl” said Yahoo Editor-in-Chief Aaron Task. “I’m being facetious of course, but this is a big deal… if this thing is a big hit, you could see that stock continue to surge into the end of the year.”
Netflix (NFLX) also creating some buzz of its own. The online streaming service has reportedly acquired the rights to stream NBC's first year drama "The Blacklist" for $2 million an episode. Netflix hasn't confirmed that price, but it would not only be the most Netflix has paid for a series, it's also in line with what cable channels pay for streaming rights.
Netflix is smart to make this bet said Yahoo Finance Columnist Rick Newman.
“Netflix is a cool company, it’s fun to follow because Netflix and its CEO Reed Hastings are terrified of staying in place. They can’t stand just doing the same thing. He [Reed Hastings] is determined to change the whole model for how we watch TV. This company is taking a lot of risks, they’re doing one here, huge expenditure. They’ve done this before, they’ve done all kinds of firsts up until now. They have in fact changed the way we’ve watched TV. So, I think we’re going to continue to see more of it,’ Newman said.