Crypto scores major win

• The first drugs for Medicare negotiation: The U.S. government named 10 drugs that will be subject to the first ever price negotiations by Medicare, taking aim at some of the most widely used and costliest medicines in America (WSJ)

• Remember the Great Resignation? In July, the quits rate was 2.3%, the lowest since January 2021, matching the months before the pandemic; JOLTS report shows US labor market is losing steam as job openings decline (Axios)
  

• Consumer confidence tumbled in August: Americans are feeling less confident financially as summer comes to a close and high prices and interest rates weigh on their willingness to spend (AP)
  

• Grayscale gets key win in appeals court: Crypto prices flew higher on Tuesday after the industry’s largest fund manager, Grayscale (GBTC), scored a legal victory in its long-running attempt to make it easier for investors to put Bitcoin in their portfolios (NYT)
  

• Banks take on more debt: U.S. regulators on Tuesday unveiled plans to force regional banks to issue debt and bolster their so-called living wills, steps meant to protect the public in the event of more failures (CNBC)
  

• Best Buy gets gloomy: Best Buy (BBY) expects declining tech sales to hit a low this year before stabilizing, in another sign of consumer caution around discretionary spending and retail purchases (CNN)
  

• HP isn’t too rosy either: HP (HPQ) reduced its full-year cash flow and profit outlook, saying a rebound in the market for personal computers will take longer than expected. Shares declined about 5.5% (Yahoo)
  

• Google monetizes maps: Google (GOOGL) is planning to license new sets of mapping data with solar & air quality data to a range of renewable energy companies, and is hoping to generate up to $100 million in its first year (CNBC)

• Space billionaires are excited about nuclear rockets but haven’t built one yet (Observer)

• The end of the Googleverse (The Verge)

• Immigrants are joining the U.S. workforce at much higher levels than normal (Axios)

• Administrative Bloat At U.S. colleges is skyrocketing (Forbes)

• “Foie gras” venture capital (Trohan)

• Sell-side analysts time their recommendations around mutual funds (Institutional Investor)

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