Welcome back readers,

The One Read - Your daily source of curated market news and highlights!

Lets dive in 🌊 !

In the Markets:  👀

• Facebook ($META) announced over the weekend they will be implementing a subscription model similar to $TWTR for verifying user accounts.

• Uber announced its planning to release 25,000 EVs in India over the next three years.

• McKinsey announced they plan on eliminating about 2,000 jobs, this would be one of the largest headcount reductions ever for the firm.

• Facebook ($META) is in talks with Tencent ($TCEHY) to sell Meta’s VR headset the Quest 2 in China.

  • Full story (Source: WSJ - https://www.wsj.com/articles/tencent-in-talks-to-sell-metas-quest-2-vr-headset-in-china-6d90190a)

• Existing home sales reported today; 4m MoM print. Previous; 4.02m

  • This data is seasonally annually adjusted (SAAR). This takes into account increased retail spending around Xmas / and or can remove any decreased construction spend during winter months.

  • Chart by region ⬇️

• S&P services PMI reported today at 50.5; prior 46.8

  • Manufacturing PMI reported at 47.8; prior 46.9

  • Composite PMI reported at 50.2; prior 46.8

• After a big rally to start the year of in January, S&P 500 is sitting flat for the month of February as of Friday. Chart ⬇️

• How does CPI look around the world ? Great chart below…

• International funds have increased their holdings of Indian stocks for six straight sessions as of last Thursday, which would make it the longest steak since November.

Indices and Earnings:  💸

• Indices:

• Walmart earnings ($WMT):

  • EPS: $1.71 beats; exp $1.52

  • Revenue: $164.1B beats; exp 159.6B

• Home Depot earnings ($HD):

  • EPS: $3.30 beats: exp $3.27

  • Revenue: $35.83B misses; exp$35.9B

  • Announced an increase in quarterly dividend to $2.09 per share; prev $1.90 per share.

• Coinbase earnings ($COIN):

  • EPS: (-$2.46) misses; exp ($-2.17)

  • Revenue: $629.1M beats; exp $581.1M

• Palo Alto Networks earnings ($PANW):

  • EPS: $1.05 beats; exp 0.78c

  • Revenue: $1.7B beats; exp $1.65B

• As of Friday February 17th, about 80% of S&P 500 companies have reported earnings. Here is the breakdown of performance sector wise - chart ⬇️

• Additional data on leading sectors below ⬇️. Consumer Discretionary names leading the way!

Quick recap and look ahead:  🧠

• Found this tweet funny, summarizing how market participants try to predict where the economy is headed.

• $VIX rose today, and is at levels not seen since early January.

  • This index is helpful in measuring volatility in the markets.

• Mike Wilson, Chief Equity Strategist and CIO at Morgan Stanley ($MS) said today he believes “S&P 500 could drop as much as 26% in the coming months in the first half of this year”

  • Full article —> (Source: Bloomberg https://bloom.bg/3YS797E)

• What to watch the rest of the week: Take a look below 👀

• Couple threads I wrote this past weekend which you may find useful

  • Markets round up: https://bit.ly/3EqSPLh

  • How do we land? 🛬🚨: https://bit.ly/3IGmhzD

Thats all for today folks! We will be back again tomorrow, around the same time providing you with a curated list of important news, economic data and market highlights. If you enjoy these updates daily, be sure to move us into your primary mailbox or away from a folder you don’t monitor to never miss out!

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_{Disclaimer: Please note nothing in this newsletter should be construed as financial advice or recommendations. This newsletter is meant to be strictly educational and is not intended to provide investment or financial advice. Additionally it is not intended to serve as a basis regarding any investment decision; we are never providing buy/sell/or hold advice on any asset type. Any information or analysis provided via a link to another third party site is believed to be accurate, however not something we can guarantee. Links to articles are not to be viewed as an endorsement of any type, and are strictly used for informational purposes. It is critical to always do you’re own research, and be conscious of your risk profile and personal financial needs.}