TikTok Ban or Divest Bill Going Nowhere, Fed Getting Signals to Delay Rate Hikes, Adobe Drops on Weak Forecast

Unfortunately, the TikTok ban-or-divest bill is going nowhere fast in the Senate. The Biden administration and many lawmakers have expressed concerns about the potential national security risks of TikTok, which is owned by Beijing-based parent company ByteDance. Concerns have been raised about the potential for TikTok to be used for surveillance on behalf of the Chinese government and the potential for the company to censor content that might be sensitive to the Chinese Communist Party.

Despite the concerns, there is no sign of bipartisan support for the bill.

Meanwhile, the Federal Reserve is getting more reasons to delay rate hikes amid signs of slowing economic growth and easing inflation. The Empire State Manufacturing Survey for July came in at 11.1, missing estimates and declining for the fourth month in a row. The spread of COVID-19 in China is causing global supply chain disruptions, and Russia's invasion of Ukraine has disrupted food and energy supplies. These factors have relieved some pressure on the Fed to raise rates aggressively, which is a positive sign for the markets.

Additionally, Adobe Inc. dropped on Wednesday after lowering its forecast for the year, citing a strengthening US dollar and competition from AI startups for the downgrade. This has fueled fears among some investors of increasing competition in the AI space. These are some of the latest developments in the economy and financial markets. Let me know if you would like a more detailed analysis of any of these topics, or if you want to know more about the potential impacts of these developments.