The Dow Jones Industrial Average (DJI) reached a new milestone this Wednesday as it surpassed 22,000 for the first time. Since it closed over 21,000 this past March, 18 of the 30 stocks in the Dow increased. The top 5 performing stocks, lead by Boeing (BA) and McDonald’s (MCD), helped the Dow stay above this historic milestone longer than Jeff Bezos was the richest man alive (Amazon’s stock (AMZN) fell after our last weekly update and Bill Gates status has been restored).

 

Apple (AAPL) beat its projections while also providing clear guidance for the rest of the year, headlined by strong iPhone 8 sales estimates. This was the last of the FAANG stocks (Facebook (FB), Amazon, Apple, Netflix (NFLX), Google (GOOGL)) which had a mixed third quarter.

 

As the cryptocurrency craze continues, August 1st marked a fork in the road for Bitcoin investors. The most popular form of cryptocurrency split into two as Bitcoin Cash was introduced in the early morning on Tuesday. The split was an attempt to counter bitcoin’s high transaction fees and size limits in mining. For information about how this disrupts the status quo (if there was one) for cryptocurrencies, check out this article here.

 

For the seventh month in a row, automobile companies posted decreasing sales. Compared to July 2016, auto sales were down nearly 6% as an industry. This decline in sales has aided consumers as prices continue to decrease in order for dealers to gain a competitive edge. Additionally, we are continuing to see rapid growth in subprime auto loans, which we discussed in a blog post here.

 

While the automobile industry as a whole has continued to decline, Tesla (TSLA) posted strong company earnings as well as clear guidance for their newly-developed Model 3 propelling their stock price nearly 7% after hours on Wednesday. The question remains: will existing US energy infrastructure be able to handle such an influx of electric vehicles charging throughout the country?

 

The US dollar hit its lowest level compared to the Euro in 7.5 years on Wednesday. Doubts about the Fed interest rate hike due to subdued US inflation caused the US dollar to continue its decline. It hasn’t helped that European markets have surged recently on the back of the German economy.

 

Big news came out Thursday morning as the Bank of England decided to hold interest rates flat at 0.25% while downgrading its rest of year forecast. Brexit uncertainty has caused the UK economy to slow as the value of the pound continues to decrease. Inflation has dipped while wage growth continues to remain weak. This forced the Bank of England to vote 6-2 in favor of holding the interest rate flat, although future rate hikes seem imminent. Sounds like we’ve heard that somewhere before.