Welcome Back,

Markets react to the Fed minutes from July.

Market Headlines 👀 

• US mortgage rates hit 7.16%, highest level since 2001.

• UK July CPI comes in at 6.8%; est: 6.7%.

• US Federal Reserve minutes from July meeting cite the Fed sees ‘significant inflation’ risk which may merit more rate hikes.

• Alphabet (GOOGL) AI unit, Deepmind is leveraging generative AI to develop life 21 life advice tools from tutoring to planning services.

• OpenAI acquires AI infrastructure startup Global Illumination.

• Visa (V) could face a probe from the DOJ (Department of Justice) over its token technology and how its used with customer information.

• Coinbase (COIN) wins approval to offer crypto futures trading in the US.

Earnings 💸

• Target (TGT)

  • EPS: $1.80 beats (exp. $1.40)

  • Revenue: $24.8b misses (exp. $24.9b)

• Jd.com (JD)

  • EPS: RMB 5.39 beats (exp. RMB 4.92)

  • Revenue: RMB 287.9b beats (exp. RMB 279.9b)

• Tjx (TJX)

  • EPS: $0.85 beats (exp. $0.76)

  • Revenue: $12.8b beats (exp. $12.4b)

• Cisco (CSCO)

  • EPS: $1.14 beats (exp. $1.06)

  • Revenue: $15.2b beats (exp. $15.1b)

  S&P 500 Heat Map

Recap Around the Street 🧠

Wall Street strategists keep insisting that excess pandemic levels savings are close running on empty yet deposit balances across income cohorts still remain comfortably above pre-pandemic levels.(Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Fed July FOMC meeting minutes highlights…

Market Preview 🎞️

• Thursday, August 17th: Weekly jobless claims; Philadelphia Fed business outlook

• Thursday earnings: Walmart (WMT), Applied Materials (AMAT), and Nanox Technologies (NNOX)

• Friday, August 18th: Monthly options expiration OPEX

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

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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