💵 Fed Lowers Interest Rates 0.25 Percent

"The first million is the hardest." That's a true saying—because once your money is working for you, the compounding process makes subsequent growth easier. But the process can work in reverse as well.

Good morning. "The first million is the hardest." That's a true saying—because once your money is working for you, the compounding process makes subsequent growth easier. But the process can work in reverse as well. One big way the process works in reverse is with negative interest rates—where lenders essentially guarantee a loss to a borrower. That's been the case with some sovereign debt for a while now—but it's a small price to pay for safety. Now it's coming to UBS Switzerland, where the bank will charge -0.75 percent per year for customers with a balance over 2 million Swiss francs. We suggest moving the money to a different bank, if not under a mattress. But who are we to tell the wealthy how to squander their wealth? Sponsored Content With Shark Tank's Robert Herjavec: Indisputable Proof That Anybody Can Get Rich through Angel Investing When Robert Herjavec and Neil Patel launched the Angels & Entrepreneurs Summit, they had only planned to invite a small group of guests to join them… but then Neil revealed something truly shocking. During this clip (about halfway through the event), he reveals indisputable proof that anybody can transform their life through angel investing. We knew we had to show this event to everyone – the information is just too valuable to keep under wraps. You owe it to yourself to watch this right now. Learn the details here. MARKETS DOW 26,864.27 -1.23% S&P 2,980.38 -1.09% NASDAQ 8,175.42 -1.19% *As of market close • Stocks traded up at the open on modest trade optimism and earnings, but slid to a big loss following comments by Federal Reserve Chair Jerome Powell explaining the interest rate cut.   • Oil prices rose on another large inventory drawdowns, and precious metals traded flat ahead of the Fed, but both fell for the day.   • Cryptocurrencies generally roses, albeit lightly. Bitcoin topped $10,000. Today's TOP TIPS Fed Lowers Interest Rates 0.25 Percent The Federal Reserve cut interest rates on Wednesday by 0.25 percent. It is the first rate cut by the central bank since 2008, when it slashed interest rates to zero. Unlike then, the economy is growing, although it is showing signs of a slowdown. And the rate cut still leaves interest rates above 2 percent, for the time being. » FULL STORY Crude Oil Inventories Make Another Sharp Drop Data from the EIA on petroleum inventories showed a further big drop, with a decline of 8.5 million barrels. While less than the prior week's drop of 10.8 million barrels, the consensus was for a drop of only 2.6 million barrels. Gasoline also fell 1.8 million barrels, beating expectations for a 1.5 million barrel drop. And distillates dropped 0.9 million barrels against an expected gain of 1 million barrels. » FULL STORY Insider Activity: CARBO Ceramics (CRR) On Tuesday, July 30th, Gary Kolstad, President and CEO of CARBO Ceramics (CRR) bought 50,000 shares of his company, paying $53,000. This increased his stake by over 10 percent, bringing his total share ownership in the company to over 512,000 shares. This is the first insider buy at CARBO this year, but Kolstad has been a buyer multiple times in 2018 at far higher prices. » FULL STORY Unusual Options Activity: Advanced Micro Devices (AMD) On Wednesday, shares of Advanced Micro Devices (AMD) dropped following decent, but lackluster earnings. Some traders saw further weakness, as evidenced by a number of bearish options trades following the earnings report. One particularly active option was the September 20th $26.00 put options, expiring about 50 days away. The option saw over 3,100 contracts trade against a prior interest of 174, for a nearly 18-fold increase in volume. » FULL STORY IN OTHER NEWS • Chinese and U.S. officials wrap up in-person trade talks, China seen as waiting for the next move. • A Chinese billionaire is indicted in the United States on an alleged tariff-evasion scheme. • 2019 is on track to be a record year for stock buybacks, with an estimated $940 billion in buys. • An interest rate cut may mean that it's time to sell gold, according to JPMorgan and Barclays. • The beauty product rollout at Dollar General is proving to be a hit. • In real estate, Sting picks up a Manhattan apartment designed by Robert Stern for $65 million. • In tech, selfie app Facetune gets $135 million in funding at a $1 billion valuation. • In earnings, Apple beats and shares rally, but iPhone sales drop 12 percent year-over-year. • General Electric reported a loss, but raised full-year estimates. • Electronic Arts gets an upgrade following earnings, helping to reverse some of the company's July losses. S&P 500 MOVERS TOP JWN 7.885% APTV 7.454% EIX 6.077% MCO 5.983% AMGN 5.741% BOTTOM AMD 10.097% MXIM 7.703% MU 5.415% TAP 5.148% WDC 4.771% PFE Quote of the Day While Trump accuses the world's second largest and fastest growing economy of lying, Xi is talking about how China must now rely on domestic demand to manage current "risks and challenges". Xi is making clear he has no intention of pandering to Trump, and sending a clear signal Beijing is prepared for trade war if Trump presses the button - Shard Capital analyst Bill Blain on trade war risks Sponsored Content Former Forklift Operator Turned Millionaire Shares the Secrets to His Success He started out making $8,000 a year. Now he's a millionaire many times over — thanks in part to this innovative trading strategy. He developed a formula for "flipping stocks" that leverages the power of real estate — and combines it with the speed and power of the US stock market. 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