Welcome Back,

Powell on the mic tomorrow.

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 Federal Reserve Chair Powell to speak at Jackson Hole annual event tomorrow.

• US weekly jobless claims come in at 230k; est: 240k.

• Facebook (Meta) launches AI model Code Llama to allow developers using text prompts to generate code.

• T-Mobile will be cutting about 5,000 jobs equal to about 7% of its workforce.

• Tesla (TSLA) Musk sent an internal company memo to staff outlining the precision required in producing the Cybertruck.

• SpaceX is being sued by the DOJ over discrimination in hiring.

Earnings 💸

• Affirm (AFRM)

  • EPS: $-0.69 beats (exp. $-0.87)

  • Revenue: $446m beats (exp. $406.13m)

• Ulta Beauty (ULTA)

  • EPS: $6.02 beats (exp. $5.88)

  • Revenue: $2.53b beats (exp. $2.5b)

• Marvell Technologies (MRVL)

  • EPS: $0.33 beats (exp. $0.32)

  • Revenue: $1.34b beats (exp. $1.33b)

• Workday (WDAY)

  • EPS: $1.43 beats (exp. $1.26)

  • Revenue: $1.79b beats (exp. $1.77b)

• TD Bank (TD)

  • EPS: $1.99 misses (exp. $2.04)

  • Revenue: $12.78b beats (exp. $12.12b)

  S&P 500 Heat Map

Recap Around the Street 🧠

Stocks / risk assets should react positively if Powell affirms reports that the Fed is considering (very slowly) adjusting its long-term average inflation target to 3% from 2%, according to recent reports on a changing target for inflation. The bigger question is how the USD would react to a more relaxed stance against long term inflation.(Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Market Preview 🎞️

• 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 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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