🏪 Big Lots filed for bankruptcy

🗳️ While VP Harris and former President Trump faced off

It’s been a weird week for Sotheby’s.

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📰 Market Headlines

  • Markets closed mixed as investors braced for inflation data.

    • The S&P 500 edged up 0.5%, while the Nasdaq climbed 0.8%. The Dow dipped 0.2%, dragged down by bank stocks.

  • Crude oil prices tumbled to their lowest levels since December 2021.

  • Apple lost its appeal against a $14.3 billion tax bill in the EU, ending an 8-year legal battle.

  • SpaceX launched a private crew on a milestone mission aiming to conduct the first-ever commercial spacewalk.

  • Today is the 23rd anniversary of the terror attacks of September 11th, 2001—condolences to everyone who lost someone on that day or due to subsequent events.

  • Vice President Kamala Harris and former President Donald Trump faced off in their first debate last night. Most people say Harris won.

🕶️ Market Vibes

🎰 Market Forecasts and Futures

Forecasts via ​Kalshi​, the prediction market.

Both the jobs numbers and unemployment figures have worsened over the last week.

😱 Fear and Greed Index

🎤 What you said last time

What you had to say:

“Less land, more value.”

📈 Trends you need to know

Search volume for 9/11 continues to decline over time, with brief spikes for five-year anniversaries.

🧠 What do you think?

Do you remember where you were on 9/11?

Login or Subscribe to participate in polls.

📊 Stocks

Get $20 free shares at ​public.com​ using code ALTSCO.

Winners and losers

Earnings, upgrades, and acquisitions

  • GameStop swung to a profit in Q2 despite a 31.4% sales decline and shares went up 2%.

  • Academy Sports reported Q2 EPS of $2.03, missing estimates; shares inched up 0.5%.

  • Dave & Buster's posted Q2 revenue of $557.1 million, up 2.8% year-over-year as shares jumped 4%.

  • Petco beat Q2 EPS expectations, but shares dipped 0.65%.

Market movers

  • A Delta Air Lines plane struck an Endeavor Air jet at Atlanta airport, damaging both aircraft.

  • Campbell Soup dropped "Soup" from its name, becoming "The Campbell's Company".

  • Big Lots filed for bankruptcy and will be acquired by Nexus Capital Management; store closures are expected.

  • Volkswagen scrapped six labor agreements in Germany, including its employment protection deal.

  • Amazon launched a pilot program in Frankfurt using trams for last-mile deliveries.

  • Keurig Dr Pepper agreed to pay a $1.5 million fine to the SEC for inaccurate statements about K-Cup recyclability in its annual reports.

Ideas, trends, and analysis

  • US median household income rebounded to $80,610 in 2023, up 4% from 2022 and matching pre-pandemic levels.

  • The poverty rate edged down to 11.1% in 2023 from 11.5% in 2022, though child poverty rose to 13.7%.

Recommended Newsletter

🌍 Global Perspectives

  1. 🇺🇦 🇷🇺 Ukraine launched its biggest drone attack yet on Moscow, with Russia claiming it downed 144 drones across nine regions.

  2. 🇮🇱 🇵🇸 Israeli strikes on a Gaza tent camp killed dozens of Palestinians in an area designated as a humanitarian zone.

  3. 🇺🇸 🇮🇷 The US imposed new sanctions on Iran Air and other entities over Tehran's missile transfers to Russia for use in Ukraine.

  4. 🇳🇬 Flooding in Nigeria's Borno state caused wild animals to escape from a zoo in Maiduguri.

  5. 🇯🇴 Jordan held parliamentary elections due to fears of a wider regional war.

📊 Crypto

  • PayPal and Venmo integrated the Ethereum Name Service, allowing US users to send crypto using ENS names instead of wallet addresses.

  • North Carolina lawmakers overrode the governor's veto on a bill preventing the state from implementing a central bank digital currency.

  • Ethereum's on-chain stablecoin volume hit an all-time high of $1.46 trillion.

  • TZero became the second firm to receive a special-purpose broker-dealer license from the SEC and FINRA, allowing it to custody digital asset securities.

🧠 Errata

  • Two suspects were arrested in Indiana for stealing bronze markers from veterans' graves across multiple cemeteries.

  • A new sober dating app launched, betting on the 41% of Americans cutting back on alcohol consumption.

  • Peruvian authorities seized 390 endangered frogs destined to become "Inca Viagra" in Lima.

📺 What to Watch Today

That’s all for today. Did I miss anything? Smash the reply button to let me know.

Cheers,

Wyatt

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