Welcome Back,

Market Headlines 👀 

• US weekly jobless claims come in at 239k; est: 240k.

• US mortgage rates continue to rise and hit record levels from the last 20 years.

• SpaceX reduces costs and has its first profitable quarter in company history.

• Goldman Sachs (GS) announces a hiring spree for hundreds of positions after Fed scrutiny.

• Advanced Micro Devices (AMD)set to make new product announcements at Gamescon in Germany next week.

• Apple (AAPL) per recent report global smartphone hits a decade low, but data shows Apple smartphones remain resilient.

Earnings 💸

• Walmart (WMT)

  • EPS: $1.84 beats (exp. $1.70)

  • Revenue: $161.6b beats (exp. $159.7b)

• Applied Materials (AMAT)

  • EPS: $1.90 beats (exp. $ 1.73)

  • Revenue: $6.43b beats (exp. $6.16b)

  S&P 500 Heat Map

Recap Around the Street 🧠

Landing debate update per Bank of America monthly fund manager survey.

QT update: Fed has shaved a bit off its balance sheet this year:

Mortgage rates continue rising.

Market Preview 🎞️

• Friday, August 18th: Monthly options expiration OPEX

• Friday earnings: John Deere (DE), and Estee Lauder (EL)

That’s all for this week, 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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