Missouri voters reject income tax repeal; Etsy cuts 12% workforce amid restructuring.

Missouri voters decisively rejected Amendment 5, which would have ended the state's income tax and expanded sales taxes, due to concerns over tax burden shifts and program cuts. Etsy announced layoffs of about 220 employees, roughly 12% of its workforce, focusing on product and engineering teams to improve coordination and decision-making speed. Meanwhile, SoundHound AI shares surged 24% after strong Q2 results and raised guidance, while AppLovin shares fell 16% after missing revenue expectations. Additionally, Meta reported an AI-related cybersecurity breach during testing, and U.S. job cuts in July hit the lowest level in two years, signaling some labor market resilience.