Here's what happened to the stock market on Wednesday

Kamala Harris to speak at Democratic Party's virtual convention

Democratic vice presidential candidate is the first woman of colour to appear on a major party’s ballot.

In the US, the Democratic vice presidential candidate will speak at the party’s virtual convention on Wednesday night.

Kamala Harris is expected to focus on her ground-breaking role.

She is just the fourth woman to appear on a major party’s ballot and also the first woman of colour.

Al Jazeera’s Patty Culhane reports.

How 5G and the IoT will transform telecoms, enterprise, government, and consumer tech

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‘Woke’ Director Maurice “Mo” Marable Signs With UTA

UTA has signed director Maurice “Mo” Marable for worldwide representation in all areas.

Marable has a wide variety of directing and producing credits to his name, having done work for a number of shows including Veep, Insecure, Entourage, True Blood and Last Week Tonight with John Oliver. The filmmaker’s additional directing credits include episodes for Tracy Morgan-starrer The Last O.G., Suits, The Game, Hap & Leonard and It’s Always Sunny in Philadelphia.

The director, who helmed the last three seasons of IFC’s Brockmire, received an Emmy nomination in 2006 for his work on the Big Love main title design. In addition to his producing and directing work, Marable previously served as the vp of creative services at BET, helping the network launch its original scripted programming.

Marable will to expand his directing credits with a number of upcoming projects he’s set to helm including Grand Grew, episodes of Hulu’s The Dropout and FX’s The Old Man.

His latest project Woke will premiere Sept. 9 on Hulu. Woke features Marable directing the eight-episode series starring Blake Anderson, Lamorne Morris, T. Murph and Rose McIver.

The filmmaker also owns Brim + Brew, a commercial production company. He continues to be managed by Trevor Engelson at Underground.

China dam faces biggest flood test since opening

The Three Gorges Dam is under watch after country lashed by weeks of heavy downpours.

The Three Gorges Dam in China is facing its biggest test since it opened almost 18 years ago.

Record-high river levels are expected on Thursday morning.

Southern China has been lashed by weeks of heavy downpours and dozens of people have died or are still missing as a result.

Al Jazeera’s Katrina Yu reports from Beijing, China.

South Sudan central bank says it has run out of foreign exchange reserves

JUBA, Aug 19 (Reuters) – South Sudan has run out of foreign exchange reserves and can no longer stop the pound’s depreciation, a senior central bank official said on Wednesday.

“It is difficult for us at the moment to stop this rapidly increasing exchange rate because we do not have resources, we do not have reserves,” Daniel Kech Pouch, the bank’s second deputy governor told a news conference. (Reporting by Denis Dumo; Editing by George Obulutsa and Chris Reese)

Barstool Sports’ Dave Portnoy bedridden, ‘maybe’ with COVID-19

El Presidente has had a tough go of things lately.

A week after Barstool Sports founder Dave Portnoy revealed his “close to seven figures” loss on a controversial stock, Portnoy posted on social media that he might be battling the coronavirus.

In a video shared on his Twitter page, the brash sports blog owner said he has been bedridden for 40 hours, describing himself as feeling “sick as a motherf—er.”

“Do I have Covid? I don’t know, maybe,” said the visibly ill Portnoy. “I’m going to fight its ass just like I fight everybody’s ass.”

Shares of gambling company Penn National Gaming, which earlier this year bought a 36 percent stake in Barstool for $163 million, were down 1 percent following the posting of Portnoy’s clip.

Portnoy said he will get better “so that I can come back and do what I do, which is entertain you.”

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Here's what happened to the stock market on Wednesday

The Dow fell 85.19 points, or 0.3%, to 27,692.88. The S&P 500 dipped 0.4% to end the day at 3374.85. The Nasdaq Composite fell 0.6% to 11,146.46. The S&P 500 hit an intraday record before a grim outlook on the economy from the Fed knocked the broader market index off that level.

Fed minutes

In the minutes from its July meeting, the Fed said "the ongoing public health crisis would weigh heavily on economic activity, employment, and inflation in the near term and was posing considerable risks to the economic outlook over the medium term." That remark put a lid on the market's enthusiasm over Apple reaching a market cap of $2 trillion for the first time.

Apple enters $2 trillion market cap club

Apple rose 0.1% and briefly saw its market cap reach $2 trillion. In 2020 alone, Apple has surged nearly 60% and was one of the stocks leading the market off its coronavirus lows. Amazon and Netflix, however, fell more than 1% each. 

What happens next?

Weekly jobless claims numbers are set for release Thursday.

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