Last week, we examined how a Trump administration might impact investments. Yesterday, we dove into a Harris presidency. Read both, then decide.

• 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.

📈 Trends you need to know

Inventory is up, sales are down. Only one direction prices can go from here.

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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.

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

Cheers,

Wyatt