Welcome Back,

Markets finally see a red day, earnings continue and some more AI news.

Market Headlines 👀 

• US June existing home sales came in at 4.16m; est: 4.20m.

• US weekly jobless claims come in at 228k; est: 240k.

• Alphabet (GOOGL) is testing AI tool which will write articles on behalf of journalists. Company has demonstrated the product to executes at the New York Times, Washington Post and News Corp.

• Amazon (AMZN) set to launch pay by palm in its Whole Food stores by the end of the year.

• Tesla (TSLA) Musk says Tesla will spend over $1b on its Dojo super computer over the next year.

• Federal Trade Commission will pause its trial over Microsoft and Activision Blizzard’s merger.

Earnings 💸

• Johnson & Johnson (JNJ)

  • EPS: $2.80 beats (exp. $2.62)

  • Revenue: $25.53b beats (exp. $24.67b)

• The Blackstone Group (BX)

  • EPS: $0.93 beats (exp. $0.91)

  • Revenue: $2.35b misses (exp. $2.4b)

• Intuitive Surgical (ISRG)

  • EPS: $1.33 beats (exp. $1.24)

  • Revenue: $1.76b beats (exp. $1.73b)

• American Airlines (AAL)

  • EPS: $1.92 beats (exp. $1.56)

  • Revenue: $14.1b beats (exp. $13.72b)

  S&P 500 Heat Map

Recap Around the Street 🧠

Investor sentiment tend to follow extremes in market runs (both up and down). (Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Market Preview 🎞️

• Friday, July 21st: Monthly OPEX options expiration

• Friday earnings: American Express (AXP)

•  Fed in blackout period ahead of FOMC meeting next week

That’s all for today, folks! We’ll be back around the same time Monday with a curated list of important news, economic data and market highlights. 

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