Welcome Back,

Do you think Musk will ever fight Zuck? Some updates from weekend below.

Market Headlines 👀 

• US 10 year bond yield hits highest level since November 2022.

• Goldman Sachs (GS) projects the Fed will begin cutting rates by Q2 in 2024.

• Tesla (TSLA) cuts prices again for Model Y and X in China.

• Apple (AAPL) has major plans for its 10th anniversary of its watch, titled the ‘Watch X’ to arrive potentially next year.

• Tesla, Facebook (TSLA, META) Musk vs Zuck fight night updates from the weekend.

• Amazon (AMZN) to leverage generative AI to improve product experience for customers by not having to read through so many reviews.

• US Steel (X) receives all cash off from Esmark Inc - $35 a share.

• Paypal (PYPL) announces Alex Chriss as its next CEO, former Intuit executive.

• Netflix (NFLX) announces it will begin testing gaming on more devices.

• Nvidia (NVDA) Saudi Arabia and UAE are racing to buy more chips to help with their AI ambitions.

Earnings 💸

• Monday.com (MNDY)

  • EPS: $0.41 beats (exp. $0.17)

  • Revenue: $175.7m beats (exp. $169.29m)

  S&P 500 Heat Map

Recap Around the Street 🧠

Economy/market/employment rarely take the staircase down. If/when a slowdown comes, the catalyst can come out of nowhere catching most everyone by surprise. (Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Eps beat consistent with most of history. Key is forward revisions which continue to trend higher. Goldman also sees profit margins recovering next year.(Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Market Preview 🎞️

• Tuesday, August 15th: Retail Sales; Empire manufacturing; NAHB housing market index

• Tuesday earnings: Home Depot (HD), Sea Limited (SE), D-Local (DLO), and Cava (Cava)

• Wednesday, August 16th: MBA mortgage applications; Building permits; Housing starts; FOMC meeting minutes from July meeting

• Wednesday earnings: Target (TGT), Jd.com (JD), Cisco (CSCO), and Tencent (TCHNY)

• Thursday, August 17th: Weekly jobless claims; Philadelphia Fed business outlook

• Thursday earnings: Walmart (WMT), Applied Materials (AMAT), and Nanox Technologies (NNOX)

• Friday, August 18th: Monthly options expiration OPEX

• Friday earnings: John Deere (DE), and Estee Lauder (EL)

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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