US stocks fall for a third straight day as the summer rally cools, even after revised Q2 GDP showed the US economy grew 3.8% — the fastest pace in nearly two years. Weekly jobless claims also came in below estimates, underscoring resilience in consumer spending and the labor market. The Trump administration launched new national security investigations into imports of robotics, industrial machinery, and medical devices, a move that could pave the way for fresh tariffs on hospitals, manufacturers, and PPE like masks and gloves. Starbucks (SBUX) announced a $1B restructuring plan, cutting 900 jobs and closing underperforming stores while refocusing on higher-traffic locations. CoreWeave expanded its partnership with OpenAI, lifting its contract value to $22.4B, while CarMax (KMX) plunged after comparable sales fell as buyers pulled forward purchases ahead of April’s 25% auto tariff.

Takeaways:

US GDP revised up to 3.8%, jobless claims hit two-month low

Trump administration launches new tariff probes on robotics, machinery, and PPE

Starbucks to cut 900 jobs, close stores in $1B restructuring plan

CoreWeave-OpenAI deal expands to $22.4B; CarMax slumps on tariff-driven sales pull-forward

Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves.

Thoughts? Questions? Fan mail? Email us at [email protected].

Learn more about your ad choices. Visit megaphone.fm/adchoices