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📰 Good morning! Canadian railways lock out workers over a contract dispute, U.S. home sales rise in July exceeding expectations, and Peloton reports declining Q4 earnings as demand slows.

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BUSINESS

Canadian Railways Contract Dispute

Canadian National Railways and Canadian Pacific have locked out Teamsters Union workers over a contract disagreement, affecting supply chains and potentially leading to significant economic disruption. Both rail companies cited failed negotiations as the reason, with workers protesting for better pay and working conditions.

Here's the breakdown:

• Canadian National Railways and Canadian Pacific have locked out Teamsters Union workers due to a contract dispute.

• The lockout could disrupt supply chains and have broader economic impacts across Canada.

• Both companies cited unsuccessful negotiations, with workers demanding better pay and improved working conditions.

• The Teamsters Union has criticized the rail companies for their handling of the negotiations.

• The situation remains unresolved, with potential for significant economic repercussions if the stalemate continues.

BUSINESS

Peloton Reports Decline

Peloton reported a decline in Q4 2024 earnings as demand for its fitness products continues to wane. The company cited a challenging economic environment and shifting consumer preferences as reasons for the downturn, signaling ongoing struggles in the at-home fitness market.

Here's the breakdown:

• Peloton reported lower-than-expected Q4 2024 earnings due to declining demand for its fitness products.

• The company cited economic challenges and changing consumer habits as key factors in the downturn.

• Peloton's at-home fitness market dominance is being tested as competition increases.

• The earnings report reflects broader industry challenges in sustaining pandemic-driven growth.

• Peloton is exploring new strategies to regain momentum and adapt to evolving market conditions.

ECONOMY

U.S. Home Sales Tick Up in July

U.S. existing home sales increased more than expected in July 2024, driven by lower mortgage rates and a slight uptick in housing supply. Despite ongoing affordability concerns, the rise in sales suggests a stronger-than-anticipated demand in the housing market.

Here's the breakdown:

• U.S. existing home sales rose in July 2024, exceeding market expectations and indicating stronger demand.

• Lower mortgage rates played a significant role in boosting home sales, despite ongoing affordability challenges.

• The increase in sales also reflects a slight improvement in housing supply, which had been constrained in previous months.

• Affordability remains a concern, but the latest data points to a resilient housing market amid economic uncertainties.

• Analysts suggest that the rise in home sales could continue if mortgage rates remain favorable.

APPENDIX

• The U.S. Department of Labor revised nonfarm payroll growth down by 818,000 over the past year, reflecting weaker-than-expected job gains.
  CNBC

• Alaska’s crab population has plummeted, raising concerns about climate change's impact on marine life and the region's fishing industry.
  CNN

• iPhone users who installed iOS 18 are advised to make key security and privacy adjustments immediately.
  CNET

• Oil giant Halliburton faced an apparent cyberattack, adding to growing concerns about cybersecurity risks in the energy sector.
  CNN

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