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Not surprisingly, the sell-off propelled the Nasdaq into correction territory (a drop of 10% or more from its recent high); after all, that’s where the bulls were most bullish and where the bubble has been the biggest: in AI moves and especially in the so-called Magnificent Seven.

Inflation reports in the United States and the United Kingdom on Wednesday will bring comfort to the respective central banks and trigger the first rate cut for the United States in several years, encouraging a momentary cut in Britain.

Sydney-based investment manager Challenger (ASX:CGF) delivered a combined result for 2023-24, with assets under control (AUM) up 21% but lower legal profit than last year.

Jay Powell remains calm about the United States economic outlook, although perhaps too calmly. The Federal Reserve made the decision to hold interest rates steady at its midweek meeting, while also adjusting its tone, citing moderating job creation and emerging unemployment as symptoms of a slowing economy. This opens the door to possible rate cuts in September.

Shares of Home Depot, the largest home improvement company in the United States, held up well on Tuesday and surprised investors with a downgrade.

In the chaos of yesterday’s market, Lynas Rare Earths’ (ASX:LYC) encouraging update on its reserve position went unnoticed.

QBE (ASX:QBE) is raining on cash, with profits doubling in the six months to June and the insurer expanding its interim dividend by more than 60%.

In an unexpected turn of events, Glencore revoked its 2023 resolution to spin off its recently expanded coal business. The lure of continued coal profits, coking coal from the acquisition of Elk Valley Resources, proved too much for shareholders and management.

Barrick Gold Corporation, the world’s second-largest gold maker after Newmont (ASX:NEM), joined its biggest rival in reaping benefits from rising gold and copper costs in the three months to June.

Last Thursday (August 1), Polymetals Resources (ASX:POL) announced it had completed the acquisition of the Endeavor silver-lead-zinc mine near Cobar in western New South Wales. On Monday, he revealed that he had stood by, revealing mining plans that had obviously been drawn up knowing the deal would go through.