Welcome Back,

Powell and Zuck back on the mic today.

Market Headlines 👀 

• US Federal Reserve raises benchmark rate .25bps, and is now at a 22 year high.

• US new home sales come in at 697k; est: 725k.

• Crowdstrike (CRWD) is close to acquiring Bionic.AI - a security posture management platform for cloud services.

• Twitter (TWTR) is lowering prices for ads on its platform in an attempt to lure back advertisers that have left in recent months.

• Jp Morgan (JPM) will buy about $2b worth of mortgages in the PacWest bank sale.

• Twilio (TWLO) will continue to strengthen its relation with Amazon AWS to provide robust AI capabilities for its customers using their platform.

• Samsung Electronics rolls out thinner foldable phones, along with other product updates.

Earnings 💸

• Facebook (META)

  • EPS: $2.98 beats (exp. $2.46)

  • Revenue: $32b beats (exp. $31.06b)

• Boeing (BA)

  • EPS: $-0.82 beats (exp. $-0.89)

  • Revenue: $19.8b beats (exp. $18.6b)

• Coca-Cola (KA)

  • EPS: $0.78 beats (exp. $0.72)

  • Revenue: $12b beats (exp. $11.8b)

• ServiceNow (NOW)

  • EPS: $2.37 beats (exp. $2.05)

  • Revenue: $2.15b beats (exp. $2.13b)

• Chipotle (CMG)

  • EPS: $12.65 beats (exp. $12.29)

  • Revenue: $2.5b misses (exp. $2.53b)

• AT&T (T)

  • EPS: $0.63 beats (exp. $0.60)

  • Revenue: $29.9b misses (exp. $30.1b)

  S&P 500 Heat Map

  

Recap Around the Street 🧠

Keep in mind that 2% target is a long term average target meaning that inflation would need to sustainably trend below 2% to offset the post pandemic surge. The consequence is that Fed Funds Rate may need to stay higher for longer even as inflation growth recedes. Powell in his FOMC presser today predicted he doesn’t believe the 2% inflation target will be met until 2025.(Contributed by Benjamin Lavine, CIO at 3D/L Capital).

US Fed and FOMC meeting highlights can be found —> here !

Market Preview 🎞️

• 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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