Welcome Back,

NVDA has a blowout quarter!

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 mortgage rates hit 7.31%, highest since late 2000.

• US  Securities Exchange Commission (SEC) to propose new rules on hedge funds and PE firms regarding fee structure transparency.

• Federal Deposit Insurance Co (FDIC) set to propose new regulations for mid-sized lender.

• India lands on moon, and becomes the first country to land on the South Pole ever.

• Peloton (PTON) will partner with universities to provide their bikes, starting with University of Michigan.

Earnings 💸

• Nvidia (NVDA)

  • EPS: $2.70 beats (exp. $2.07)

  • Revenue: $13.51b beats (exp. $11.04b)

• Snowflake (SNOW)

  • EPS: $0.22 beats (exp. $0.10)

  • Revenue: $674m beats (exp. $662.22m)

• Splunk (SPLK)

  • EPS: $0.71 beats (exp. $0.46)

  • Revenue: $911m beats (exp. $889.23m)

• Autodesk (ADSK)

  • EPS: $1.91 beats (exp. $1.73)

  • Revenue: $1.35b beats (exp. $1.32b)

• Peloton (PTON)

  • EPS: $-0.43 misses (exp. $-0.37)

  • Revenue: $642.10m misses (exp. $642.26m)

• Grab Holdings (GRAB)

  • EPS: $-0.03 beats (exp. $-0.04)

  • Revenue: $567m beats (exp. $548.49m)

• Foot Locker (FL)

  • EPS: $0.04 misses (exp. $0.05)

  • Revenue: $1.86b misses (exp. $1.88b)

  S&P 500 Heat Map

Recap Around the Street 🧠

This shows that the labor shortages remain more acute across services versus goods-based although transportation should be seeing higher, not lower, labor wages following airline and trucking union negotiations.(Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Europe most exposed to a China slowdown in trade activity, notably autos. Germany also struggling to compete with China in domestic auto market share. (Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Market Preview 🎞️

• Thursday, August 24th: Weekly jobless claims; Durable good orders

• Thursday earnings: Affirm (AFRM), Ulta Beauty (ULTA), Marvell (MRVL), and Workday (WDAY)

• Friday, August 25th: University of Michigan sentiment and inflation expectations survey; Jerome Powell speaks at Jackson hole

• —> 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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