Welcome Back,

CPI preview further below ahead of inflation print tomorrow morning.

Market Headlines 👀 

• US White House issues an executive order banning investing order banning investments in China tech sectors such as quantom computing, advanced chips and AI.

• US CPI will be reported tomorrow morning at 8:30 est, street consensus estimates are 3.3%.

• WeWork (WE) says it has substantial doubt how much longer it can remain in business.

• Penn Entertainment (PENN) enters a deal with ESPN for a sports betting app, part of the transaction includes selling Barstool sports back to Dave Portnoy.

• Walt Disney (DIS) creates an AI task force to explore technology further and help reduce costs.

• Walt Disney (DIS) sees Disney + shrink in latest report. 146.1m missing expectations of 154.8m subs.

• General Motors (GM) unveils its new Cadillac Escalade EV set to launch in 2025.

• Apple (AAPL) per supreme court ruling, Apple can continue keeping its App store fees in place; court rejects Epic Games request to directly charge consumers.

• McDonalds (MCD) is selling $2b of investment grade bonds ahead of its 2024 maturities.

• China CPI data shows potential deflation underway.

Earnings 💸

• Walt Disney (DIS)

  • EPS: $1.03 beats (exp. $0.99)

  • Revenue: $22.33b beats (exp. $22.51b)

• Roblox (RBLX)

  • EPS: $-0.46 misses (exp. $-0.44)

  • Revenue: $680.8m

• Wendys (WEN)

  • EPS: $0.28 beats (exp. $0.27)

  • Revenue: $561.6m misses (exp. $567m)

• The Trade Desk (TTD)

  • EPS: $0.28 beats (exp. $0.23)

  • Revenue: $464m beats (exp. $455m)

  S&P 500 Heat Map

Recap Around the Street 🧠

Headline inflation expected to trend lower year over year as we move past the worst of the 2022 inflation spikes. Core inflation is trending down but remains sticky due to the lagged effects from housing (rent, OER). Core goods such as used autos also likely a negative month over month contributor. Market expects 0.2% m/m in headline and core. (Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Street estimates ahead for inflation reading tomorrow a.m.

Market Preview 🎞️

• Thursday, August 9th: Weekly jobless claims; Consumer price index; federal budget statement

• Thursday earnings: Alibaba (BABA), and Ionq (IONQ)

• Friday, August 10th: Producer price index; University of Michigan sentiment

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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