Welcome Back,

Markets finally see a red day.

Market Headlines 👀 

• US Advanced Q2 GDP comes in at 2.4%; est: 1.8%.

• US weekly jobless claims come in at 221k; est: 235k.

• European Central Bank (ECB) raises its benchhmark rate .25bps.

• Bank of Japan (BOJ) may look to tweak its yield curve control policy and let benchmark rates go over 0.5%. This would encourage Japanese investors (largest net purchasers of US treasuries) to allocate more capital to Japan.

• US pending home sales come in at 0.3%; est: -0.5%.

• Anheuser-Busch InBev Bud Light plans to layoff about 2% of its workforce.

• SpaceX plans to launch two of its rockets from Florida later this evening; Falcon 9 and Falcon heavy.

Earnings 💸

• McDonalds (MCD)

  • EPS: $3.15 beats (exp. $2.79)

  • Revenue: $6.5b beats (exp. $6.29b)

• Royal Caribbean (RCL)

  • EPS: $1.82 beats (exp. $1.58)

  • Revenue: $3.5b beats (exp. $3.41b)

• Mastercard (MA)

  • EPS: $2.89 beats (exp. $2.83)

  • Revenue: $6.3b beats (exp. $6.2b)

• Southwest Airlines (LUV)

  • EPS: $1.09 misses (exp. $1.10)

  • Revenue: $7.04b beats (exp. $7b)

• Roku (ROKU)

  • EPS: $-0.76 beats (exp. $-1.28)

  • Revenue: $847.2m beats (exp. $770m)

• Intel (INTC)

  • EPS: $0.13 beats (exp. $-0.03)

  • Revenue: $12.9b beats (exp. $11b)

• Ford (F)

  • EPS: $0.72 beats (exp. $0.54)

  • Revenue: $45b beats (exp. $41.3b)

  S&P 500 Heat Map

Recap Around the Street 🧠

Job market is slowing but not crashing. Fed feels more comfortable with non recessionary labor market slowdown to be enough to bring down inflation to 2% target. First rate cut is projected in spring 2024.(Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Market performance ytd…

Market Preview 🎞️

• Friday, July 28th: Personal Income & spending (PCE); Employment cost index; University of Michigan survey of inflation expectations

• Friday earnings: Exxon Mobil (XOM)

—> Podcast spotlight: Pounding the Table 👊 : listen now; where you can listen to 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 Monday with a curated list of important news, economic data and market highlights. 

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