The bottom line
For the first time, more money is in passive equity index funds than in actively managed funds. According to Morningstar, at the end of August stock index funds held $4.27 trillion, just above the $4.25 trillion in active stock funds.
As other chains close branches, Old Navy announced plans to open 800 new stores. The low-priced spinoff from the Gap now exceeds the original brand in sales, making up nearly half of Gap Inc.’s $16.6 billion in sales in 2018.
The Wall Street Journal
President Trump’s trade war with China has cost the U.S. economy 300,000 jobs, reports Moody’s Analytics. The figure is expected to rise to 450,000 by the end of this year and to 900,000 by the end of 2020.
The National Music Publishers Association doubled the amount it is demanding in a copyright infringement suit against Peloton to $300 million, alleging it had found an additional 1,324 unauthorized songs used in Peloton’s bike workouts, including hits from Adele and the Beatles.
SmileDirectClub’s shares sank 28 percent on their first day of trading. The dental-alignment company was valued at $3.2 billion by private investors 11 months ago; despite the opening decline, the company is still worth $7.5 billion today.
A Florida fortune-teller was convicted of bilking a woman out of $1.6 million. She claimed to need the money for crystals, candles, and other materials required to remove a curse.