| A recession isn't in the cards regardless of who wins the election, according to the boss of one of the world's biggest asset managers. The economy's "pretty strong" and both candidates "keep mentioning a lot of stimulative policies," Blackstone CEO Steve Schwarzman said. Over at Bank of America, chief executive Brian Moynihan also expects "no landing," and urged Federal Reserve policymakers to avoid going too fast or slow with interest rate cuts.
A longstanding feud between two of the most influential chip companies escalated. Arm is canceling a license that allowed longtime partner Qualcomm to use its intellectual property for semiconductor design. The move threatens to roil the smartphone and PC markets, and ratchets up a legal fight that began when Arm sued Qualcomm in 2022. Starbucks shares slumped in premarket trading after the coffee chain reported its steepest quarterly sales drop in four years and scrapped a forecast. New CEO Brian Niccol said the chain will have to fundamentally change its strategy, including simplifying an "overly complex" menu. | 
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