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Good afternoon. Here's what you should know today, Aug. 13: | |
- The next Trump indictment could be days away.
- Top executives differ on whether an economic soft landing is in sight.
- San Francisco is trying to save itself from a so-called "doom loop."
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| Thanks for reading What's News! Look for the 🔐 to enjoy a free article on us—and share the link with a friend (or forward the whole newsletter!). | |
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 | | Scorched buildings dot the oceanside town of Lahaina. RICK BOWMER/ASSOCIATED PRESS | | |
1. After the deadliest U.S. wildfire in over 100 years, Maui waits for answers. | |
| The blaze that reduced the historic town center of Lahaina to rubble left at least 93 people dead (🔐read for free). Officials say rebuilding will cost more than $5 billion, and residents have been warned to avoid the area because of toxic particles. The cause of the catastrophe remains undetermined, while Hawaii's governor and others say it isn't yet known whether Maui County's warning sirens functioned properly. | |
| Officials Were Warned Years Ago of High Wildfire Risk (Read) The Fire Was Closing In, and the Ocean Was Her Only Way Out (Read) 🎥 Death Toll Climbs as Aid Arrives in Lahaina (Watch) | |
2. In Georgia, ground zero for Trump exhaustion, another indictment looms. | |
| The former president is expected to be indicted as soon as this week on charges related to his effort to overturn the 2020 election result in the state. While the three indictments he has faced elsewhere boosted his standing in national polls, there are signs that voters in Georgia have tired of replays of the last election and of Donald Trump himself. | |
| Atlanta Grand Jury to Hear Trump Case in Coming Days (Read) Trump Overshadows DeSantis, GOP Field at Iowa State Fair (Read) | |
3. Investors are proving hard to impress as earnings season nears its end. | |
| Companies are beating Wall Street's expectations at a greater rate than usual, but for little reward from shareholders. Those that have exceeded analysts' estimates have seen shares rise 0.5% on average in the trading session following the report, compared with a 10-year average of 1.6%, according to Bespoke Investment Group analysis. In the week ahead, investors will look to quarterly updates from Home Depot, Target and Walmart for insights into the state of the American consumer. | |
4. Businesses are split on whether the Fed will tame inflation without tipping the U.S. into a full-blown recession. | |
| Restaurant executives are upbeat. They say consumers are feeling better and that if there is a recession, it would be mild. Some advertising, media and technology companies say they have been mired in a recession for months. Real-estate firms, meanwhile, are feeling the sting of high rates and low supply as home sales continue to decline. Fresh signals on the trajectory of the U.S. economy will come this week from data on retail sales and housing starts, as well as minutes from the Fed's last policy meeting. | |
| What Wall Street's Top Recession Gauge Is Saying Now (Read) The Outlook: After Pulling Inflation Down, Gasoline and Food Threaten to Nudge It Up (Read) | |
5. Four teams remain in the Women's World Cup. | |
| Tournament co-host Australia upset France on Saturday in the longest penalty shootout in World Cup history. The Matildas—defying all expectations—now face England in Wednesday's semifinal. The other half of the bracket pits Spain against Sweden before the final next Sunday. | |
| The Backup Goalkeeper Who Is Storming the Tournament (Read) | |
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