The US economy is expected to show moderate recovery in the second quarter, with growth strengthening in July for the first month of Q3. The nowcast predicts a 1.7% increase, rebounding from Q1’s decline. The Bureau of Economic Analysis will release the initial Q2 GDP report on July 30. The Chicago Fed National Activity Index rose to a 3-month high in June, indicating upside momentum at the end of Q2. Early estimates for July show economic activity strengthening, with the Output Index at a seven-month high, suggesting growth at a 2.3% annualized pace. Jobless claims fell for the sixth straight week, indicating relative strength in Q3.

Read more at 1. Tesla announces plans to build new gigafactory in Texas. – CNBC
2. Amazon reports record-breaking sales during Prime Day event. – Wall Street Journal
3. Federal Reserve raises interest rates by 0.25%. – Reuters
4. Apple unveils new iPhone with upgraded camera and battery life. – CBS MarketWatch
5. Facebook faces backlash over data privacy concerns. – Barchart: Next Week’s Q2 GDP Data Expected to Report Moderate Growth