Welcome Back,

Apple’s annual fall event date is here.

Together with Sauce Bae 🤝🏽

^{Sauce Bae: The healthy low sodium pineapple habanero and turmeric infused hot sauce that was featured on the multi-million viewer show Hot Ones.}

Market Headlines 👀 

• US July JOLTs job openings come in at 8.827m; est: 9.5m.

• US August consumer confidence comes in at 106.1; est: 116.

• Apple (AAPL) announces its annual fall event titled ‘Wonderlust’ on September 12th where it will launch its new slate of Iphones.

• Grayscale (GBTC) wins case in federal court and will be allow to launch first ever Bitcoin ETF.

• Alphabet (GOOGL) will announce more AI tools and offerings tied with its suite of products to customers at its annual cloud conference.

• US hedge funds exposure to the 7 big tech names is at a record high per Goldman reporting.

• US FDIC plans to hit mid-sized banks with keeping more longer term debt minimums amid the banking turmoil earlier this year.

•  Bitcoin (BTC) sees a rally following the Grayscale ETF approval.

Earnings 💸

• Nio (NIO)

  • EPS: $-0.45 misses (exp. $-0.35)

  • Revenue: $1.21b misses (exp. $1.27b)

• Bank of Montreal (BMO)

  • EPS: $2.78 misses (exp. $3.13)

  • Revenue: $7.93b misses (exp. $8.09b)

• Best Buy (BBY)

  • EPS: $1.22 beats (exp. $1.07)

  • Revenue: $9.58b beats (exp. $9.53b)

• Pinduoduo (PDD)

  • EPS: 10.47 beats (exp. 7.46) **in CNY

  • Revenue: 52.28b beats (exp. 43.94b)**in CNY

  S&P 500 Heat Map

Recap Around the Street 🧠

This affirms softening trend in labor. Lower quits rate and harder jobs to get should lead to lower wage growth. Also means Fed is less likely to raise rates in November especially with upcoming fiscal showdown. (Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Notable AI events / announcements for the rest of the year:

Market Preview 🎞️

• Wednesday, August 30th: MBA mortgage applications; ADP employment change; trade balance; Q2 second revision GDP; Personal consumption; pending home sales

• Wednesday earnings: Crowdstrike (CRWD), Salesforce (CRM), Okta (OKTA), Chewy (CHWY), and Veeva Systems (VEEV)

• Thursday, August 31st: Weekly jobless claims; Challenger job cuts; PCE (personal income and spending)

• Thursday earnings: UBS (UBS), Polestar (PSNY), Broadcom (AVGO), MongoDB (MDB), LuluLemon (LULU), and SentinelOne (S)

• Friday, September 1st: US monthly jobs report; ISM manufacturing/prices paid/ employment/ new orders; Ward vehicle sales

• —> Podcast spotlight: Pounding the Table 👊 : listen now; where you will find in-depth analysis around these highlights, read company deep dives, and interviews with public CEO's!

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

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