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Together with Underdog Fantasy 🤝🏽

Market Headlines 👀 

• Morgan Stanley (MS) rolls out generative AI software built in house to directly assist financial advisors.

• Walt Disney (DIS) holds preliminary talks to sell its India streaming business, draws attention from Reliance.

• Apple (AAPL) new Air Pod pros’s will utilize AI to assess nearby sounds and adjust sound, rather than users having to remove their headphones.

• United Auto Workers day 4 of the strike begins, find updates here.

• Amazon (AMZN) poised to hire former Microsoft product chief to come run Alexa and Echo divisions.

• Planet Fitness (PLNT) board announces CEO change on Friday.

Earnings 💸

• StitchFix (SFIX)

  • EPS: $-0.24 misses (exp. $-0.21)

  • Revenue: $375.8m

  S&P 500 Heat Map

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Recap Around the Street 🧠

For context, this current rate hike regime is coming off 0% interest rates. The only prior comparable is 2015. The next Federal Reserve meeting is set for this Wednesday. (Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Inflation-adjusted spending has more than recovered the initial pandemic losses. The spending fuel baton had been passed from emergency fiscal support to full employment (termed by Bob Elliott as the income driven economy). Despite higher interest rates, overall debt burdens (debt costs / income) remain near normalized levels, so a meaningful spending downturn would likely coincide with meaningful unemployment.(Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Most consumer loan categories are showing stress levels at or above pre pandemic levels. Will these delinquencies level set with pre-Covid trends as long as people are still working and with the Fed eventually cutting rates sometime in 2024?(Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Market Preview 🎞️

• Tuesday, September 19th: Building permits; housing starts

• Wednesday, September 20th: MBA mortgage applications; US Federal Reserve FOMC rate decision

• Wednesday earnings: FedEx (FDX)

• Thursday, September 21st: Weekly jobless claims; Existing home sales; Philadelphia Fed business outlook

• Friday, September 22nd: S&P Global US manufacturing service and composite PMIs

• —> 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 today, folks! We’ll be back around the same time Thursday with a curated list of important news, economic data and market highlights. 

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