US Inflation Cools Down, Markets Go Red

CPI data | Tesla Robotaxi delayed | Apple new iPhone sales update

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Welcome Back,

Market Headlines πŸ‘€ 

  • US CPI data came out today, 3.0% was the headline print below the 3.1% street consensus.

  • US weekly jobless claims came in at 222k for the previous week.

  • Apple (AAPL) company expects to ship 10% more iPhones than last year.

  • Tesla (TSLA) per a report from Bloomberg, Tesla robotaxi day initially scheduled for 8/8 has been pushed to October.

  • Microsoft (MSFT) is leaving the OpenAI board.

  • Alphabet (GOOGL) announces they are no longer interested in acquiring HubSpot.

  • UiPath (PATH) announces the company is laying off 10% of its staff.

  • Intuit (INTU) announces a 1,800 person workforce reduction as it plans to invest more into generative AI.

Earnings πŸ’Έ

  • Delta Airlines (DAL)

    • EPS: $2.36 misses (exp. $2.38)

    • Revenue: $15.41b misses (exp. $15.43b)

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S&P 500 Heatmap πŸ”₯ 

Recap Around the Street 🧠

Profit growth expectations are elevated and bifurcated, largely driven by artificial intelligence capex well into 2025. As we approach critical 4Q reporting season (typically the strongest calendar quarter), more focus will shift to 2026 in terms of an encore performance. (Contributed by Benjamin Lavine, CIO at Freedom Investment Management).

Source: Bloomberg

Slowdown was broad based across most core categories while shelter continues to decelerate. September cut definitely in play, maybe even 2 cuts if employment shows some material cracks. (Contributed by Benjamin Lavine, CIO at Freedom Investment Management).

Source: Bloomberg

Market Preview 🎞️ 

  • Friday, July 12th: Price producer index (PPI); earnings season kicks off with bank earnings

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