Market 08/07: Bank of Japan Surrenders to Pressure

Key highlights:

• Bank of Japan surrenders to market pressure

• $42 billion 10-year bonds auction fails

• NY FED: 11% of credit card holders in delinquency

• Mortgage applications up 6.9% as rates fall to 6.55%

• Commercial real estate crisis continues

• Gasoline and oil inventories decline for 6th consecutive week

• Rivian Q2: Loss $38,000 per vehicle, halts factory construction

• Airbnb Q2: Forecasts difficulties ahead in the fall

• Disney: No confidence seen from management

• CVS: Fires leader of money-losing division

• Shopify: Competitive advantages starting to emerge

• Market: More confident but buyers still sitting on the sidelines