Debby Swamps Florida

Tropical Storm Debby slammed into Florida's Gulf coast on Monday, causing severe flooding, power outages, and forcing evacuations. Over 300,000 residents are without power as rescue operations continue in affected areas.

Governor Ron DeSantis declared a state of emergency for 61 counties, with the storm bringing a 2-4 foot storm surge along the coast. The Big Bend region faces potential 7-foot storm tides, prompting authorities to open emergency shelters and provide transportation for residents in flood-prone areas.

Local governments have closed offices and delayed services as power outages and flooded roads hinder damage assessments. Officials urge residents to stay off streets, allowing emergency responders to operate effectively. Utility crews are on standby to restore power, while evacuation centers have opened at locations like Sarasota Technical College.

NBC News + 120 • US News

Global Markets Nosedive

Global financial markets experienced a significant downturn, with Japan's Nikkei index suffering its largest drop since the 1987 'Black Monday' crash. The cryptocurrency market also saw a major sell-off amid a challenging macroeconomic environment.

U.S. stock futures declined sharply, with Dow Jones futures dropping nearly 384 points and Nasdaq-100 futures falling 2.5%. The crypto market's CoinDesk 20 index plunged nearly 20%, with Bitcoin falling below $50,000 and Ether experiencing its largest drop since May 2021.

Despite the turmoil, India's services sector showed resilience with a robust HSBC India Services Business Activity Index. Analysts downplayed concerns over Nvidia chip delays, suggesting they're unlikely to significantly impact revenue or demand. Some experts view the market corrections as potentially stabilizing rather than indicative of a crisis.

Forbes + 487 • Financial Markets • Global Economy

Google's Monopoly Busted

A U.S. federal judge has ruled that Google's monopoly over online searches and ads violates antitrust laws, marking a significant blow to the tech giant. The landmark decision highlights Google's $20 billion payment to Apple for default status on devices and signals potential regulatory changes ahead.

The ruling follows a 10-week trial featuring testimonies from top executives at Google, Microsoft, and Apple. Judge Amit Mehta emphasized Google's substantial financial investments as evidence of monopolistic behavior, noting the lack of genuine competition in the search engine market.

Potential remedies could range from minor adjustments to significant changes, including the possible divestiture of Google's search business. The decision is part of a broader trend of increased scrutiny of Big Tech, with Alphabet's stock falling over 4% following the ruling. Legal experts suggest the decision reflects limitations in addressing market dynamics under existing U.S. monopoly laws.

Wired + 48 • Tech

Sports, Entertainment & Culture

• Noah Lyles secured gold in the men's 100 meters at the 2024 Paris Olympics, beating Jamaica's Kishane Thompson by just five thousandths of a second. This victory makes Lyles the first American to win the event since 2004. (More)

• Apple unveiled fifth beta versions of iOS 18, iPadOS 18, and macOS Sequoia, featuring Distraction Control, ahead of the iPhone 16 series launch. (More)

• Tommy Robinson, wanted in the UK for inciting far-right riots, was spotted vacationing at a luxury resort in Cyprus. His leisure contrasts starkly with the violent unrest back home, which has led to over 420 arrests. (More)

Science & Technology

• A study reveals COVID-19 has led to significant psychological and cognitive impacts, including an average IQ loss of three points in over 113,000 patients. High burnout rates among younger Hispanic nurses and distress in menopausal women highlight the need for targeted mental health support. (More)

• Northrop Grumman's Cygnus spacecraft launched to the ISS aboard a SpaceX Falcon 9, carrying 8,200 pounds of supplies. Despite an engine burn issue, NASA confirms the spacecraft is safe and engineers are working on a new docking trajectory plan. (More)

• Chinese hacker group StormBamboo has launched advanced malware attacks on Windows and macOS systems by compromising an ISP and using DNS poisoning. (More)

Business & Markets

• Institutional interest in Bitcoin ETFs is surging, with Capula Management investing over $464 million in these products. Despite Bitcoin's recent volatility, institutional inflows into Bitcoin ETFs have surpassed $50 billion since January. (More)

• Infineon Technologies reported a 50% profit drop in Q3, slashing its annual revenue forecast to 15 billion euros and announcing 1,400 job cuts. Despite setbacks, the company aims for growth in AI power and silicon carbide, with a strategic expansion in Dresden. (More)

• U.S. services sector activity rebounded in July 2024, with the ISM Services PMI rising to 51.4, surpassing expectations. While the services sector shows growth, employment challenges persist with the unemployment rate at 4.3%, the highest in nearly three years. (More)

Politics & World Affairs

• Bangladesh Prime Minister Sheikh Hasina resigned and fled the country amid violent protests that have killed nearly 100 people. Authorities imposed a curfew and cut off internet access as demonstrations against her administration continue to escalate. (More)

• Kamala Harris is set to nominate her running mate for the upcoming presidential election, a move poised to influence swing states. As she kicks off a five-day campaign tour, Harris faces intense competition from Donald Trump. (More)

• Iran has warned of retaliation against Israel following the assassination of Hamas leader Ismail Haniyeh in Tehran, escalating regional tensions. Several airlines have suspended flights to Beirut for safety reasons amid the ongoing conflict. (More)