Welcome Back,

New Iphones release date is out! Zuck vs Musk, who you got?

Market Headlines 👀 

• US consumer credit report rose : +$17.84b; est +$13.55b.

• US July jobs report non-farm payrolls expanded 187k, unemployment is 3.5% ; est: 3.6%.

• X (TWTR) Elon confirms fight with Zuck is on and will stream event live on X.

• Apple (AAPL) announces a mid September launch event for its new Iphones lineup, with sales to start on September 22nd.

• Paypal (PYPL) announces its own digital stablecoin backed by the $USD.

• Lucid Motors (LCID) cuts prices on its entire EV lineup ahead of its earnings.

• Alphabet (GOOGL) announces sale of about 90% of its stake in trading platform Robinhood.

• Tesla (TSLA) CFO Zach Kirkhorn stepped down effective Friday, being replaced by Chief Accounting officer - Vaibhav Taneja.

• Warner Brothers (WBD) latest release Barbie, crosses $1b at the box office.

• Neuralink Elon Musk’s brain chip startup raises $280m in its series D.

• Fisker (FSR) announces four EV vehicles in its lineup : Ronin, Pear, Alaska, and Force E.

• Credit Suisse to cut 80% of its staff in its Hong Kong investment banking division.

• Pony.AI an autonomous driving AI company is teaming up with Toyota to mass produce robo-taxis in China.

Earnings 💸

• Palantir (PLTR)

  • EPS: $0.05 meets (exp. $0.05)

  • Revenue: $533.3m beats (exp. $532.4m)

• Lucid Motors (LCID)

  • EPS: $-0.40 misses (exp. $-0.34)

  • Revenue: $150.9m misses (exp. $176.6m)

• Beyond Meat (BYND)

  • Revenue: $61.3m misses (exp. $69.8m)

• Tyson Foods (TSN)

  • EPS: $0.15 misses (exp. $0.34)

  • Revenue: $13.13b misses (exp. $13.8b)

  S&P 500 Heat Map

Recap Around the Street 🧠

The 2nd quarter reporting season has been stronger than expected. According to the 7/28/2023 edition of Factset Earnings Insight , with 51% of the S&P 500 companies having reported 2nd quarter earnings so far, 80% of companies have reported actual earnings-per-share (EPS) above analyst estimates with positive earnings surprises across Communication Services and Information Technology. Consensus earnings growth for CY-2023 is still flattish (+0.4%) but with a meaningful pick-up of 7.5% growth for the fourth quarter, while CY-2024 is expected to see earnings growth of 12.6% despite expectations of an economic slowdown in 2024. (Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Sell-side consensus economic projections for 2023 keep getting revised higher while the anticipated slowdown keeps getting pushed out into 2024. Many strategists, including Michael Wilson from Morgan Stanley, have acknowledged they underestimated the fiscal spending multiplier helping to prop up GDP growth.(Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Market Preview 🎞️

• Tuesday, August 7th: NFIB Small business optimism; Wholesale trade sales

• Tuesday earnings: Datadog (DDOG), United Postal Service (UPS), Twilio (TWLO), Rivian (RIVN), Coupang (CPNG), Marquetta (MQ), and Axon (AXON)

• Wednesday, August 8th: MBA mortgage applications

• Wednesday earnings: Walt Disney (DIS), Roblox (RBLX), The Trade Desk (TTD), and Gingko Bioworks (DNA)

• Thursday, August 9th: Weekly jobless claims; Consumer price index; federal budget statement

• Thursday earnings: Alibaba (BABA), and Ionq (IONQ)

• Friday, August 10th: Producer price index; University of Michigan sentiment

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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