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Good morning,

Last week’s market turmoil raised concerns about an economic slowdown, but an impressive earnings report from the world’s leading brick-and-mortar retailer is lifting investor sentiment.

Walmart shares rose nearly 7 percent, hitting their second-best day in four years. The company reported record sales and earnings results and raised its sales and earnings growth forecast for the year. The ripple effect of the rally helped lift the entire stock market.

Despite it, “Value has become more important for consumers”said an investment analyst at DA Davidson, which explains why some retail stocks like Nike and Lululemon are in crisis. “The only places anyone is shopping right now are Amazon, Walmart and Costco,” the analyst told CNN.

Let’s get to the headlines.

FIRST

The stock market continued to recover on Thursday. Dow Jones, S&P 500 and Nasdaq were able to recover most of their losses from early August. This is due to better than expected Retail sales and lower unemployment figuresThe biggest winners included large companies such as Walmart and Amazon.

Shares of manufacturers of Ppox vaccines such as Bavarian Nordic recorded initial gains on Thursday and Friday when the World Health Organization health emergency due to an escalating outbreak of the diseaseBavarian Nordic shares closed down 9% on Thursday, but the company is one of the few in the world with an approved vaccine against MPOX.

Wealth + Entrepreneurship

YouTube sensation and Forbes Top Creator 2023 Emma Chamberlain is taking on a new role as co-CEO of her coffee startup Chamberlain Coffee, which sells coffee beans, ready-to-drink canned lattes and matcha powder in stores like Target and Whole Foods, as well as directly to consumers online. Forbes estimates that the brand generated sales of $20 million last year, while the company jumped from a presence in 1,000 stores in 2023 to more than 12,000 in 2024, say Chamberlain and her co-CEO Gustav Hossy.

MONEY + POLITICS

Vice presidential candidates Senator JD Vance (R-Ohio) and Governor Tim Walz of Minnesota agreed to participate in a debate on CBS on October 1. Vance also wrote on X that he ready to discuss with Walz on CNN on September 18, but in a statement Thursday from the Harris-Walz 2024 campaign communications director, the offer was seemingly rejected.

Vice President Kamala Harris will propose giving first-time home buyers up to $25,000 as a down payment, part of a broader economic agenda she is expected to unveil in North Carolina on Friday. Harris’ campaign team claims the proposed program will more than 4 million first-time home buyers over a period of four years.

SPORTS + ENTERTAINMENT

The New York Liberty, one of the original franchises of the WNBA, is in At the heart of an unprecedented wave of attention for the league, and CEO Keia Clarke is orchestrating a transformation that extends far beyond the basketball court. Clarke is positioning the Liberty not just as a team, but as an integral part of the cultural fabric of New York, uniting a city with divided sports loyalties around women’s basketball.

SCIENCE + HEALTHCARE

In a major policy move, the Biden administration has negotiated price reductions for 10 key drugs commonly prescribed to Medicare beneficiaries, a deal that is expected to save taxpayers $6 billion and reduce costs by $1.5 billionThis policy is expected to be a major talking point in Harris’s campaign.

Trends + Explanations

The hurricane season lasts until the end of November, but FEMA says its disaster fund is already depleted and will only provide assistance for immediate needs starting August 7. FEMA had predicted that the balances of its disaster relief fund would not be sufficient and asked Congress for more moneybut lawmakers did not vote on the $9 billion during the session. It’s not clear when or if Congress will take up FEMA’s request, and lawmakers are on recess until the end of the month.

DAILY COVER STORY

In Mookie Betts’ $15 million funhouse

TOPLINE During a private tour of his new $15 million modern villa in a chic Los Angeles suburb, Dodgers All-Star Mookie Betts spoke with Forbes about his big business ambitions.

This season, Betts made the difficult transition to full-time shortstop with the Dodgers after spending the past three years in the outfield. The move is unusual — as outfielders get older, they typically move from the infield to the outfield — but Betts will do what’s best for the team. And being on the injured list this summer with a broken left hand only slows his development as an infielder.

“I think part of it is because I’m lazy,” he says of the transition. “Not lazy at work, but lazy in the sense that I want to get to the answer as quickly as possible. I don’t like taking the long route to figure out what I’m doing.”

The The philosophy of its business activities may need to changewhere, however, it often pays off enormously to take the long route.

Betts became an investor in GrowthLoop, a New York City-based software company with nearly $20 million in revenue last year that uses generative AI to help marketers. He is also the co-founder of a Los Angeles-based media company that co-produces his podcast and is co-owner of juice maker Honee with his wife, Brianna.

Betts, who has competed in the World Series of Bowling and played several perfect games, also owns Lanes Trains and Automobiles, a family-friendly bowling center in Murfreesboro, Tennessee, which Forbes Revenues last year were estimated at $3 million. wants to expand it throughout the countryalthough he admits he is still learning the business side of bowling.

WHY IT IS IMPORTANT

“Los Angeles Dodgers star Mookie Betts is venturing beyond baseball by Investments in bowling centers”, says Jabari Young, Forbes Senior Editor and Editorial Director of ForbesBLK. “The two-time World Series champion recently purchased his first bowling alley in Tennessee and plans to build a chain of bowling centers to break into the $3.8 billion industry in the U.S. During our conversation, we took a deep dive into the bowling business and explored Betts’ future plans.”

MORE The highest paid baseball players in 2024

FACTS + COMMENTS

There is a Close fight at the box office between the films of the married couple Ryan Reynolds and Blake Lively. But Lively’s It ends with us grossed more at the box office than Reynolds’ Deadpool and Wolverine on three consecutive days this week:

$5.5 million: The sum It ends with us achieved a turnover of almost Deadpool and Wolverine

53 million US dollars: How much did Reynolds’ film make last weekend, compared to $50 million on the opening weekend of It ends with us

1.04 billion US dollars: The sum Deadpool & WolverineAccording to Box Office Mojo, the film grossed $1.7 billion worldwide, making it the second highest-grossing film of the year.

STRATEGY + SUCCESS

If you want to get the most out of your professional network, think of it like tending a garden – it needs regular care and attention. By building genuine connections and providing value to others, your network will flourish and grow stronger. As you improve your skills and Stay in touch with your contactsYou will see that your efforts pay off and open up new career opportunities for you.

VIDEO

QUIZ

On Thursday, the FDA approved a gel-based therapy designed to prevent life-threatening bleeding without the need for direct contact or pressure, providing a faster alternative to traditional methods. What is the name of this new therapy?

A. HemoAid

B. ClotGel

C. BioSeal

D. Trauma gel

Check your answer.

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Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff, with editorial contributions from Tavon Thomasson.