Welcome Back,

A big day in the earnings world!

Market Headlines 👀 

• US Consumer confidence came in at 117; est: 112 (2 year high).

• TikTok looks to launch an e-commerce store in the US to sell made in China goods.

• United Postal Service (UPS) reaches 5 year deal with its 325,000 union avoiding a strike.

• General Motors (GM) announces it is bringing back the Chevy Bolt EV vehicle in its lineup again.

• Banc of California (BANC) announces it will buy PacWest Bank in an all stock deal.

• Apple (AAPL) could face up to a $1b fine in the UK in a lawsuit brought by >1,500 developers over app store fees.

• Global Space economy was valued at $546b year ending 2022, and is expected to grow 41% over the next five years.

Earnings 💸

• Microsoft (MSFT)

  • EPS: $2.69 beats (exp. $2.54)

  • Revenue: $56.2b beats (exp. $55.49b)

• Alphabet (GOOGL)

  • EPS: $1.44 beats (exp. $1.32)

  • Revenue: $74.6b beats (exp. $72.77b)

• Visa (V)

  • EPS: $2.16 beats (exp. $2.11)

  • Revenue: $8.1b beats (exp. $8.06b)

• Snapchat (SNAP)

  • EPS: $-0.02 beats (exp. $-0.04)

  • Revenue: $1.07b misses (exp. $1.05b)

• 3M (MMM)

  • EPS: $2.17 beats (exp. $1.73)

  • Revenue: $7.99b beats (exp. $7.9b)

• General Motors (GM)

  • EPS: $1.91 beats (exp. $1.83)

  • Revenue: $44.7b beats (exp. $42.4b)

• Verizon (VZ)

  • EPS: $1.21 beats (exp. $1.17)

  • Revenue: $32.6b misses (exp. $33.3b)

  S&P 500 Heat Map

Recap Around the Street 🧠

I suspect strategists will keep raising their price targets to catch up with actual prices (cynical sigh).(Contributed by Benjamin Lavine, CIO at 3D/L Capital).

IMF projections for growth across the world…

Market Preview 🎞️

• 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)

—> Podcast spotlight: Pounding the Table 👊 : listen now; where you can listen to 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 tomorrow with a curated list of important news, economic data and market highlights. 

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