The curious case of Jerome Powell

Upcoming Week:

• Tuesday: We’ll get the latest updates on the labor market, starting with the July JOLTS report, which tracks the number of job openings, hires, quits, and separations for a given month. The Case-Shiller National Home Price Index for June also come outs, providing a key update on home prices.
  

• Wednesday: Payroll provider ADP will release its National Employment Report for August, tracking growth in private sector payrolls.
  

• Thursday: The Bureau of Economic Analysis (BEA) will release the Personal Consumption Expenditures (PCE) Price Index – the Fed’s preferred inflation gauge – for July.
  

• Friday: Lastly, keep an eye out for the Labor Department’s August nonfarm payrolls report for a good gauge on whether the Fed’s rate hikes are having an effect in cooling the labor market.

Earnings Calendar

• Tuesday: Bank of Montreal (BMO), Bank of Nova Scotia (BNS), HP (HPQ), Best Buy (BBY), J.M. Smucker Company (SJM)
  

• Wednesday: Salesforce (CRM), CrowdStrike Holdings (CRWD), Veeva Systems (VEEV), Chewy (CHWY)
  

• Thursday: Broadcom (AVGO), UBS (UBS), Lululemon Athletica (LULU), Dell Technologies (DELL), Dollar General (DG), Hormel Foods (HRL), Campbell Soup Company (CPB)

• Hawkish or Dovish? Jerome Powell’s Jackson Hole speech on Friday was a mixed bag; But the Fed’s line has gone from more rate hikes being likely to them being possible, and that is a less hawkish stance (WSJ)
  

• IPOs are back: Marketing and data automation provider Klaviyo has filed for an IPO, another sign that US equity markets are rebounding after an 18-month slump (Modern Retail)
  

• Blackstone cashes in on Vegas rebound: Realty Income (O), a company that owns over 13,000 properties in the U.S. and Europe, is paying Blackstone Real Estate Income Trust (BREIT) $300 million for a 22% stake in the Bellagio Las Vegas resort (WSJ)
  

• Rite Aid prepares bankruptcy: Rite Aid (RAD) stock fell more than 50% Friday after reports emerged that the retail pharmacy is preparing to file for bankruptcy as it faces mounting costs related to opioid lawsuits (YF)
  

• Heineken takes a 300-million-euro hit: Dutch brewer Heineken has completed its withdrawal from Russia, 18 months after Moscow launched its full-scale invasion of Ukraine, selling its business in Russia for just 1 euro, the company announced (AP)
  

• Blackberry acquisition: Private equity firm Veritas Capital has made an offer to buy BlackBerry (BB) only months after the Canadian technology company began a strategic review; stock rose 17% on the news (Reuters)
  

• Evergrande shares in crisis: China Evergrande Group lost $2.2 billion, or 79% of its market value, on after its shares resumed trading today (CNBC)
  

• 3M nears settlement: 3M (MMM) has tentatively agreed to pay more than $5.5 billion over five years to resolve complaints of hearing loss from more than 230,000 military service members or veterans (Bloomberg)

• The Fed is a sh*tfaced drunk on its 21st birthday (QTR)

• BRICS is fake (Noahpinion)

• Are we ready for a $100 billion catastrophe? How about $200 billion? (WSJ)

• Wing and Walmart will offer six-mile drone deliveries over Dallas (Engadget)

• China’s U.S. stamp tax, scammers take America (Pirate Wires)

• Coinbase tries squaring the Circle (CoinSnacks)

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