Berkshire hits $1 trillion

Upcoming Week:

• Tuesday: The New York Fed will issue its quarterly Household Debt and Credit Report, tracking how U.S. households fared financially in Q2.

• Thursday: The focal point will be the release of the Consumer Price Index (CPI) for July. Forecasts suggest consumer prices rose by 0.2% last month, maintaining the pace set in June, with an anticipated annual increase of 3.3%.

• Friday: To end the week, we’ll get the preliminary August reading of the University of Michigan’s Consumer Sentiment Index (MCSI), along with a GDP reading out of the U.K.

Notable Earnings Calendar:

• Monday: KKR (KKR), Palantir Technologies (PLTR), BioNTech (BNTX), Coterra Energy (CTRA), Tyson Foods (TSN), Skyworks Solutions (SWKS), Lucid Group (LCID), Paramount Global (PARA), & Viatris (VTRS)

• Tuesday: Eli Lilly & Company (LLY), UPS (UPS), Zoetis (ZTS), Duke Energy (DUK), GlobalFoundries (GFS), Barrick Gold (GOLD), Take-Two Interactive (TTWO), & Rivian Automotive (RIVN)

• Wednesday: The Walt Disney Company (DIS), Honda Motor Company (HMC), Illumina (ILMN), Roblox (RBLX), & U-Haul (UHAL)

• Thursday: Alibaba Group (BABA), Brookfield Corporation (BN), Wheaton Precious Metals (WPM), News Corporation (NWS), & Novo Nordisk (NVO)

• Friday: Sony Group (SONY), Spectrum Brands Holding (SPB) & Soho House & Co. (SHCO), & Southern Copper (SCCO)

• Icahn cuts dividend in half: Carl Icahn's Icahn Enterprises (IEP) cut its dividend by 50%, just a few months after short-seller Hindenburg went after the company's payout structure; firm announced a refocus on activism, reducing unsuccessful bets that the stock market was due for a slump. (Reuters)
  

• Berkshire hits $1 trillion: Warren Buffett’s conglomerate posted its highest ever quarterly profit of $36 billion, boosted by its insurance division and strong gains in its massive investment portfolio. Berkshire now has over $1 trillion in total firm assets for the first time ever. (Chris Bloomstram)

• Astra conducts layoffs: Struggling space company Astra (ASTR) is cutting 25% of its workforce, and restructuring to focus on its spacecraft engine business, which will delay progress on the small rocket it has been developing. (CNBC)
  

• Gold demand is still booming: Net central bank gold purchases totaled 387 tons through the first half of the year – the highest first-half total since the World Gold Council started compiling quarterly data in 2000. (ZeroHedge)
  

• Oil slump hits Aramco: Saudi state oil giant Aramco reported $30.07 billion in net profit in Q2, a drop of nearly 40% from the same period of last year amid a decline in hydrocarbon prices. (CNBC)

• Silencing the alarm on aspartame and cancer (Peter Attia)

• The first big antitrust trial of the century is about to start (Matt Stoller)

• People are excited about what would be a breakthrough in solid state physics, but many experts in the field are cautiously skeptical (NYT)

• Why cities are unnaturally hot (Reuters)

• Controversial facial recognition technology comes to the U.K. (The Guardian)

• Should we actually be spending more on defense? (Noahpinion)

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