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Market Headlines 👀 

• Citigroup (C) reports the latest on the yen carry trade and how hedge funds are positioning with the recent drawdown faced earlier this month.

• US Dollar (USD) hits a yearly low when pegged against other major currencies as rate cuts loom.

• Gold hits an all time high ahead of rate cuts.

• S&P 500(SPX) snaps a 8 day rally bounces at the 5600 level as the markets brace for Jackson hole symposium later this week.

• Eli-Lilly (LILY) announces positive data sharing its weight loss drug shows an improvement in type 2 diabetes.

• Alphabet (GOOGL) Waymo is developing a more spacious vehicle using less expensive tech.

Earnings 💸

• Lowe’s (LOW)

  • EPS: $4.10 beats (exp. $4)

  • Revenue: $23.59b misses (exp. $23.96b)

A note from Polymarket 📣

Don’t trust the polls, trust the markets.

The largest US elections prediction market ever. Polymarket offers the most accurate and unbiased election forecasts. Traders on Polymarket predicted Biden dropping out, Kamala Harris’ nomination, VP running mates, and other real-world events. For real-time, data-driven insights on the 2024 election, trust the market.

See the latest odds

S&P 500 Heatmap 🔥 

Recap Around the Street 🧠

Much like Michael Scott at the beginning of the “Dunder Mifflin Scranton Meredith Palmer Memorial Celebrity Rabies Awareness Pro-Am Fun-Run Race For the Cure”, the S&P 500 did not pause to blink as it raced through its 50-day moving average. The index is not overbought yet. (Contributed by Cameron Dawson, CIO at NewEdge Wealth).

Market Preview 🎞️ 

• Wednesday, August 21st: MBA mortgage applications; last FOMC meeting minutes

• Wednesday earnings: Zoom (ZM), and Snowflake (SNOW)

• Thursday, August 22nd: Weekly jobless claims; Existing home sales

• Thursday earnings: Peloton (PTON), and Cava (CAVA)

• Friday, August 23rd: Jackson hole symposium

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. 

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