🔥 CPI came in hotter than expected

🤪 Did markets care? Nah.

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📰 Market Headlines

  • Stocks staged a comeback after initially slipping on a hotter-than-expected inflation report.

    • The S&P 500 and Nasdaq jumped 1% and 2.2%, respectively, while the Dow gained 0.2%, reversing early losses.

    • August CPI rose 2.5% year over year, the slowest pace in three years, but core inflation rose 0.3% month over month.

  • Nvidia shares soared 8% as CEO Jensen Huang spoke at a Goldman Sachs conference, driving the tech sector's rebound.

  • New evidence from Google's antitrust trial revealed that a former executive said the company's goal was to "crush" rival ad networks.

🕶️ Market Vibes

🎰 Market Forecasts and Futures

Forecasts via ​Kalshi​, the prediction market.

😱 Fear and Greed Index

🎤 What you said last time

What you had to say:

“I was at work. The boss brought out an old TV, one of the old tube ones with rabbit ears, after the first plane hit, and we watched as the second plane hit. It was a devastating, and confusing, and scary as hell... ”

📈 Trends you need to know

The greats are most appreciated in death.

🧠 What do you think?

Which was the best James Earl Jones film?

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📊 Stocks

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

Winners and losers

Earnings, upgrades, and acquisitions

Market movers

  • Boeing's union has scheduled a vote Thursday for a contract, with a potential strike risking $3.5 billion in losses.

  • Apple launched targeted discounts for lapsed app subscribers.

  • The FAA has nearly completed its safety review of United Airlines following a series of safety incidents earlier this year.

  • RTX CEO Christopher Calio suggested trimming existing businesses over major M&A deals.

  • Commerzbank announced plans to defend against UniCredit takeover bids.

  • French AI startup Mistral released Pixtral 12B, its first multimodal AI model.

Ideas, trends, and analysis

  • The WHO found that every one degree of °C rise above 23.9°C increases infant mortality risk by up to 22.4%.

  • The dollar fluctuated after the CPI report, with markets lowering the odds of a 50-basis-point Fed rate cut to 15%.

Recommended Newsletter

🌍 Global Perspectives

  1. 🇨🇳🇸🇦 China discussed boosting cooperation with Saudi Arabia in energy, trade, and investments during a meeting in Riyadh.

  2. 🇵🇸🇮🇱 Hamas agreed to an immediate ceasefire with Israel based on a previous US proposal.

  3. 🇦🇷 Argentine protesters clashed with police after Congress blocked a pension hike opposed by President Milei.

  4. 🇻🇳 Typhoon Yagi killed 179 in Vietnam, forcing mass evacuations and threatening Hanoi with flooding.

  5. 🇷🇺🇺🇦 Russia launched a counterattack to reclaim parts of Kursk from Ukrainian forces.

📊 Crypto

  • The FBI warned North Korean hackers are targeting crypto ETF custodians, endangering billions in BTC and ETH holdings.

  • CleanSpark acquired seven Bitcoin mining sites in Tennessee for $27.5 million.

  • Central and Southern Asia and Oceania saw $750 billion in crypto inflows between July 2023 and June 2024.

  • Web3 Foundation and Scytale invested $2.5 million in Hyperbridge to enhance blockchain interoperability on Polkadot.

🧠 Errata

  • Jupiter's moon Io sprouted a massive volcano, covering an area five times the size of Manhattan.

  • A canned food item exploded at the Kansas State Fair, injuring six.

  • Thieves in Japan stole $70,000 in Pokémon cards after tricking employees into revealing the most valuable ones.

  • NASA scientists re-created Mars' "spiders" in a lab.

📺 What to Watch Today

The Mars Spiders in question:

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

Cheers,

Wyatt

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