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Market Headlines 👀 

• Nvidia (NVDA) Nvidia and most tech names were red for the day as the market gears up for Nvidia earnings, heres what to expect.

• Apple(AAPL) announces they will share the next generation of iPhones and Apple products in its annual launch event September 9th.

• Telegram founder and CEO was arrested over the weekend in France.

• Dow Jones closes at an all time record high.

Earnings 💸

• Pinduoduo (PDD)

  • EPS: ¥23.24 beats (exp. ¥20.02)

  • Revenue: ¥97.06b misses (exp. ¥100.10b)

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S&P 500 Heatmap 🔥 

Recap Around the Street 🧠

The market increased its bets for larger rate cuts in 2024, with 4.2 cuts expected over the next 3 meetings. This implies a 100% probability of one 50 bps cut and a slight probability of 2 50bps cuts. Powell’s speech seemed to open the door to having a swifter path for cuts, in fact, he never used the word “patient” to describe the Fed’s policy stance (unlike many Fed members who have expressed the ability to be patient to assess incoming inflation data. Powell’s lack of patience acknowledges the greater risk from unemployment vs. inflation. Note at the September Fed meeting we get an updated Dot Plot, which will likely look more Dovish than June’s (given that had just 1 cut in the median dot for 2024). The difference in language amongst the Fed members of late could set up for some “divergent dots” or even dissent (Contributed by Cameron Dawson, CIO at NewEdge Wealth).

Market Preview 🎞️ 

• Tuesday, August 27th: Consumer confidence

• Wednesday, August 28th: MBA mortgage applications

• Wednesday earnings: Nvidia (NVDA), Crowdstrike (CRWD), Okta (OKTA), Affirm holdings (AFRM) and Salesforce (CRM)

• Thursday, August 29th: Weekly jobless claims; Q2 GDP second estimate; Pending home sales

• Thursday earnings: Ulta Beauty (ULTA), Lululemon (LULU), and Dell Technologies (DELL)

• Friday, August 30th: Personal consumer and spending (PCE); U. of Michigan final consumer sentiment

Enjoy reading?👇

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

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