In partnership with

Welcome Back,

Market Headlines 👀 

• US manufacturing data and construction spending contracted showing a moderate slowdown.  

• Nvidia (NVDA) receives subpoena from DOJ involving its anti-trust case.

• S&P 500 (SPX) all major indices saw a big drawdown to start the month.

• Nvidia (NVDA) chip stocks saw its worst day as a basket since March 2020.

• X (TWTR) has been blocked in Brazil.

Earnings 💸

• Zscaler (ZS)

  • EPS: $0.88 beats (exp. $0.70)

  • Revenue: $592.9m beats (exp. $567.46m)

• Gitlab (GTLB)

  • EPS: $0.15 beats (exp. $0.10)

  • Revenue: $182.6m beats (exp. $176.88m)

A note from Kudos 📣

It’s time to STOP using Honey and Credit Karma

• Ditch Honey: Kudos doubles your credit card rewards.

• Nerdwallet, but better: One app for all your cards.

• Simplify shopping: Autofill payments with a single click.

Download Now—It’s Free!

S&P 500 Heatmap 🔥 

Recap Around the Street 🧠

The market is currently pricing in 4 cuts for the remainder of 2024, seeing the potential that the Fed does a super sized cut at one of the final 3 meetings of the year (the market has an equal probability of it happening in September, November, or December). Given the current mix of Fed speak, with Powell on the most dovish end (seemingly open to accelerated cuts) and other members expressing a less -dovish, patient easing cycle, IF Friday’s payroll data is in line with estimates, we do not see the Fed doing a 50 bps cut in September (given the evidence would not support the “behind the curve” narrative). Of course, if payrolls comes in weaker than expected, we would likely see the probability for a 50 bps cut rise and interest rates fall across the curve.(Contributed by Cameron Dawson, CIO at NewEdge Wealth).

September seasonality is historically not great for the markets, data below:

Market Preview 🎞️ 

• Wednesday, September 4th: MBA mortgage applications; Factory orders

• Thursday, September 5th: Weekly jobless claims; ADP employment change

• Thursday earnings: Broadcom (AVGO), Docusign (DOCU), UiPath (PATH)and Nio (NIO)

• Friday, September 6th: Nonfarm payrolls; unemployment rate

Enjoy reading?👇

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. 

🔔 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.