The US ‘Inflation Reduction Act’ will be voted on over the weekend – deal has been reached

US politics update. With market implications. Via Reuters:

  • Democratic U.S. Senator Kyrsten Sinema said on Thursday she agreed to “move forward” on a $430 billion drug pricing, energy and tax bill, subject to a Senate arbiter’s approval of the bill, which Democrats intend to pass over Republican objections.
  • The bill known as the Inflation Reduction Act, introduced last week by Schumer and Democratic Senator Joe Manchin, represents a key priority for Democrats and President Joe Biden
  • With the 100-seat Senate split 50-50, Democrats plan to pass the bill without Republican support through a parliamentary process known as reconciliation.
  • Senate Majority Leader Chuck Schumer said earlier on Thursday the chamber would convene on Saturday to vote on a motion to proceed and then begin debate on the bill.

Via other sources:

North Korea has tested explosive devices and begun other activity at nuclear test site

Via a draft UN report obtained by Japaneses media (Nikkei), North Korea has tested explosive devices and begun digging new underground tunnels at its Punggye-ri nuclear test site

Tensions are high in Asia, China’s Communicst Party has gone full North Korea, lobbing five missiles into Japan’s exclusive economic zone, according a statement from Japanese defence minister Nobuo Kishi.

china japan missiles 4 August 2022

Stocks close the day with mixed results (just like it opened)

The final numbers are showing:

  • Dow industrial average fell -85.31 point -0.26% at 32727.20
  • S&P index fell -3.17 points at -0.08% 4152.01
  • NASDAQ index rose 52.43 points or 0.41% at 127 to 0.59
  • Russell 2000 fell -2.472 points or -0.13% at 1906.45

For the Dow 30, the biggest gainers were:

  • 3M +3.24%
  • Visa +2.3%
  • American Express +0.93%
  • Salesforce, +0.9%
  • Caterpillar +0.54%

The big losers from the Dow 30 included:

  • Walmart, -3.72%
  • Chevron, -2.73%
  • Verizon, -1.96%
  • J&J -1.61%
  • Intel, -1.37%
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