Here are a few of the biggest stories in the financial industry over the last few weeks:
Federal Reserve indicates rate cut coming
Federal Reserve chairman Jerome H. Powell suggested that interest rates may soon be lowered — a sign that the economy might be cooling after an extended period of growth. The news sparked a rally on Wall Street.
Slowdown in job creation
Job creation slowed in May, with nonfarm payrolls up by just 75,000, according to the Labor Department. However, on the bright side, the unemployment rate remains at a 50-year low.
Beyond Meat starts strong
Shares for Beyond Meat, the vegan burger maker, have soared about 400 percent since the company’s IPO last month. Fast-food chains Burger King and White Castle have recently introduced burger options featuring plant-based patties from Beyond Meat’s competitor Impossible Foods.
Apple to discontinue iTunes
Apple has announced its legacy iTunes software will soon be discontinued, to be replaced by separate apps focusing on the various types of media that had been under the iTunes umbrella.
Barnes & Noble sold to hedge fund
Barnes & Noble, the largest bookstore chain in the United States, was sold to hedge fund Elliott Advisors for $638 million. The bookstore, founded in 1971, has been struggling in recent years to compete against Amazon.
News from our clients
First Horizon Foundation released its inaugural annual report, highlighting the extent of community impact that bank foundations are having.
Oaklyn Consulting also won a Gold Stevie Award for most innovative company. In addition, Oaklyn CEO Frank Williamson contributed a new column to Axial on family office direct investment strategies and participated in a Middle Market Growth article on private equity firms flocking to physician-run practices.