US Manufacturing Activity Shrinks as Wealth of World's 500 Richest Soars Surprising Results
Good afternoon. Here are the headlines you need to know. U.S. manufacturing activity has contracted sharply, the worst in three years. Harvard University has been accused of giving preferential treatment to alumni children and wealthy donors in the admissions process, with some groups filing complaints. So far this year, the world's 500 richest people -- surprisingly -- have grown even wealthier. U.S. stocks ignored warnings of slowing growth and manufacturing, closing higher. Factory activity index has slipped for the eight consecutive months to the lowest level in more than three years, the longest stretch of contraction since 2008-2009. Some relief on prices. Traders betting on further rate hikes by the Federal Reserve, sending the yield curve to its most inverted levels in decades. On banking, U.S. Bancorp is asking the Fed why the recent stress test results were more favorable than expected.
In other news, Harvard University has been accused by multiple minority groups of violating federal law by giving preferential treatment to alumni children and wealthy donors in the admissions process, days after the Supreme Court struck down affirmative action policies based on race. The groups say that about 70% of the admitted students are white. A senior trader at Lazard was fired over the weekend at a gathering where he was accused of misconduct. Lucid Motors has manufactured nearly 14,000 electric cars in the last quarter, the biggest stock gain since November last year. PGA Tour officials will testify before a Senate subcommittee on July 11 to discuss its merger with LIV Golf. Mizuho is planning to hire more than 100 people for its U.S. investment banking and trading business by March next year.
In opinion, Lisa Jarvis writes that the Supreme Court's ruling on affirmative action will have a negative impact on healthcare. Diversity in medical schools is a key to addressing racial disparities in health outcomes. Now, black, Hispanic and Native American patients may be worse off.
On feature, Veteran organizations like the American Legion and Veterans of Foreign Wars are taking creative approaches to keep their social spaces alive. Some are turning to hip-hop dance parties, costume parties and wrestling nights that young people love. In Chicago, the American Legion club is one of the hottest nightspots in town.
Oh, and this year in the first half, the world's 500 wealthiest people added $852 billion to their wealth, an average of $14 million a day. Elon Musk topped the list with an extra $96.6 billion, and Mark Zuckerberg, who is in a likely race, added $58.9 billion. Gautam Adani's bearish reports led him to lose $60.2 billion.