Welcome Back,

Together with Sauce Bae 🤝🏽

^{Sauce Bae: The healthy low sodium pineapple habanero and turmeric infused hot sauce that was featured on the multi-million viewer show Hot Ones.}

Market Headlines 👀 

• US Q2 GDP second print comes in at 2.1%; lower than previous estimate.

• US ADP jobs report shows we added 177k jobs; previous 371k. Smallest gain in five months.

• US pending home sales rose 0.9% for the month of July.

• Apple (AAPL) starts using 3d printers in manufacturing some of its future devices, shifting from traditional resources.

• Visa, Mastercard (V, MA) will raise fees they charge merchants to process their credit cards.

• US Federal Reserve issues warnings and ramp up lending standards for mid sized lenders ($100-250b in assets).

• Visa (V) announces payment volumes are up 7% for the month of August.

•  Tesla (TSLA) DOJ and SEC will investigate a secret glass housing project - ‘Project 42’

•  Intel (INTC) plans to spend $1.2b in Costa Rica over the next two years.

Earnings 💸

• CrowdStrike (CRWD)

  • EPS: $0.74 beats (exp. $0.56)

  • Revenue: $731.6m beats (exp. $724m)

• Salesforce (CRM)

  • EPS: $2.12 beats (exp. $1.88)

  • Revenue: $8.6b beats (exp. $8.53b)

• Okta (OKTA)

  • EPS: $0.31 beats (exp. $0.22)

  • Revenue: $556m beats (exp. $534m)

• Chewy (CHWY)

  • EPS: $0.15 beats (exp. -0.04)

  • Revenue: $2.78b beats (exp. $2.76b)

  S&P 500 Heat Map

Recap Around the Street 🧠

Historically September is the worst month for the stock markets.

Barring a major economic surprise either inflationary or recessionary, Fed funds will likely follow what’s being priced in by swaps market. First rate cut to occur in the spring of 2024. (Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Market Preview 🎞️

• Thursday, August 31st: Weekly jobless claims; Challenger job cuts; PCE (personal income and spending)

• Thursday earnings: UBS (UBS), Polestar (PSNY), Broadcom (AVGO), MongoDB (MDB), LuluLemon (LULU), and SentinelOne (S)

• Friday, September 1st: US monthly jobs report; ISM manufacturing/prices paid/ employment/ new orders; Ward vehicle sales

• —> Podcast spotlight: Pounding the Table 👊 : listen now; where you will find in-depth analysis around these highlights, read company deep dives, and interviews with public CEO's!

That’s all for this week, folks! We’ll be back around the same time Tuesday with a curated list of important news, economic data and market highlights. 

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