Last week, we examined how a Trump administration might impact investments. Yesterday, we dove into a Harris presidency. Read both, then decide.
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📰 Market Headlines
Tech stocks plummeted as Alphabet and Tesla's earnings disappoint, sparking broad market sell-off.
The Nasdaq tumbled 3.6%, marking its worst day since October 2022, while the S&P 500 fell over 2%.
The "Magnificent 7" tech stocks lost a record $750 billion in market cap, with Tesla shares dropping more than 12%.
CrowdStrike blamed a bug in its quality control process for last week's global tech outage, crashing millions of Windows computers.
Boeing agreed to plead guilty to a felony fraud charge related to the 737 Max crashes and pay a $243.6 million fine.
The NBA rejected Warner Bros. Discovery's $1.8 billion offer to continue airing games, instead entering a deal with Amazon Prime Video.
🕶️ Market Vibes
🎰 Market Forecasts and Futures
😱 Fear and Greed Index
🎤 What you said last time
📈 Trends you need to know
Inventory is up, sales are down. Only one direction prices can go from here.
🧠 What do you think?
Boeing was found guilty of felonious fraud.
Should Boeing Execs See Jail Time?
📊 Stocks
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Winners and losers
Earnings, upgrades, and acquisitions
IBM rose 4% after beating Q2 revenue estimates.
AT&T exceeded expectations for Q2; shares rose 4.8%.
Viking Therapeutics beat the analyst estimate by 25.93%; shares jumped 18%.
Chipotle surpassed Q2 sales estimates, skyrocketing shares 15%.
Ford reported a dip in Q2 adjusted profit, dropping stock price 12%.
Waste Management fell 0.6% after missing Q2 earnings estimates.
Market movers
Apple Maps launched a web version to compete with Google Maps, accessible via Safari, Chrome, and Edge.
Lyft settled a lawsuit over driver assaults, agreeing to safety reforms and a $700,000 payment for legal fees.
Informa agreed to buy Ascential, owner of Cannes Lions, for $1.6 billion, boosting Ascential shares by 26%.
Astranis secured $200 million in Series D funding to build its Omega satellite constellation, aiming for 24 satellites annually by 2025.
Ideas, trends, and analysis
The US economy showed a Goldilocks scenario in July, with fast-growing business activity and subsiding inflation.
New home sales dropped to a seven-month low in June, down 7.4% year-over-year due to high mortgage rates.
US wind power production hit a 33-month low, increasing natural gas usage to meet summer demand.
The US goods trade deficit narrowed 2.5% in June as exports rebounded 2.5% and imports rose 0.7%.
🌍 Global Perspectives
🇧🇩 Bangladesh lifted curfews as factories, banks, and offices reopened after protests over job quotas killed nearly 150 people.
🇬🇧🇩🇪 The UK and Germany signed a defense pact, pledging closer cooperation on defense industries and support for Ukraine.
🇳🇿 A New Zealand inquiry revealed that 200,000 children and vulnerable adults were abused in state and religious care over seven decades.
🇯🇵🇨🇳 Honda plans to cut gasoline car production in China by one-third amid declining sales of Japanese cars.
🇺🇦 Ukraine's military deployed extensive drone-jamming equipment along the front lines.
📊 Crypto
Spot Ether ETFs launched with $100 million in net inflows on their first day.
Russia legalized Bitcoin mining and crypto for international trade, effective September 1.
Ferrari extended cryptocurrency payment options to Europe, with plans to expand further by year-end.
Caldera secured $15 million in Series A funding to build the Metalayer, integrating with the largest rollup ecosystem.
🧠 Errata
"Inside Out 2" became the highest-grossing animated film ever, earning $1.46 billion globally.
Monday set a new global record for Earth's hottest day, surpassing Sunday's record.
A 70-year-old man was found safe and uninjured after vanishing for nearly a week on California's Rubicon Trail.
Brazilian waters are filled with cocaine sharks, with drug levels 100 times higher than other marine life.
📺 What to Watch Today
I didn’t realize sharks were chill like that.
That’s all for today. Did I miss anything? Smash the reply button to let me know.
Cheers,
Wyatt
