Welcome Back,

Twitter wants to say adios to the bird, and replace it with a ….

Market Headlines 👀 

• Microsoft (MSFT) rolls out its Bing AI Chatbot for google chrome and safari users.

• Apple (AAPL) looks to order 85m units of its new IPhone models in this years upgrade cycle, similar to last year.

• Twitter (TWTR) Musk says company will change logo from the bird and rebrand to an X.

• OpenAI CEO Sam Altman launches a new crytocurrency project called Worldcoin.

• UBS (UBS) to pay approximately $387m in fines related to Credit-Suisse Archegos settlement.

• Mastercard (MA) announces Mastercard Receivables manager, an automated solution making it easier for businesses to accept virtual payments.

• Japan CPI comes in at 3.3% for the month of June. First time in nearly 8 years it has come in higher than the US.

Earnings 💸

• Dominos (DPZ)

  • EPS: $3.08 beats (exp. $3.06)

  • Revenue: $1.02b misses (exp. $1.07b)

  S&P 500 Heat Map

Recap Around the Street 🧠

Housing demand remains steady despite 7% mortgage rates when viewed in the context of secularly low limited supply. Limited housing supply may be offset by the build out of multi family that has helped slow down rental expense growth. (Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Credit normalization weather projected defaults, bankruptcies, delinquencies, etc. Still working through pandemic fiscal juice. Plus Fed balance sheet still holds plenty of excess reserves for the banking system. If credit problems truly surface, credit markets will be first to sniff them out. (Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Market Preview 🎞️

• Tuesday, July 25th: Philadelphia Fed non-manufacturing activity; S&P Global manufacturing services and composite PMI

• Tuesday earnings: Microsoft (MSFT), Alphabet (GOOGL), Visa (V), Verizon (V), 3M (MMM),Spotify (SPOT), and Snapchat (SNAP)

• Wednesday, July 26th: MBA mortgage applications; US Federal Reserve FOMC meeting; new home sales

• Wednesday earnings: Facebook (META), Boeing (BA), AT&T (T), Chipotle (CMG), ServiceNow (NOW), Coca-Cola (KO), and Ebay (EBAY)

• Thursday, July 27th: Weekly jobless claims; GDP first print (last quarter); Durable goods orders; pending home sales

• Thursday earnings: McDonalds (MCD), Roku (ROKU), Intel (INTC), Mastercard (MA), and Southwest Airlines (LUV)

• Friday, July 28th: Personal Income & spending (PCE); Employment cost index; University of Michigan survey of inflation expectations

• Friday earnings: Exxon Mobil (XOM)

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. 

🔔 Be the first to know. Ensure you never do more than one read if you:

• Move our emails (especially your subscriber introduction) to your primary inbox (Quick instructions).

• 👋 Say hi. Responding to our emails (if any) lets your email provider know to not block us from your main inbox.