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
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?
📊 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%.
🌍 Global Perspectives
🇺🇦 🇷🇺 Ukraine launched its biggest drone attack yet on Moscow, with Russia claiming it downed 144 drones across nine regions.
🇮🇱 🇵🇸 Israeli strikes on a Gaza tent camp killed dozens of Palestinians in an area designated as a humanitarian zone.
🇺🇸 🇮🇷 The US imposed new sanctions on Iran Air and other entities over Tehran's missile transfers to Russia for use in Ukraine.
🇳🇬 Flooding in Nigeria's Borno state caused wild animals to escape from a zoo in Maiduguri.
🇯🇴 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
