🚪 GDP blew the doors off

🔎 And OpenAI is coming after Google and Perplexity

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

  • US stocks wobbled despite robust GDP growth as tech trepidation continued.

    • The S&P 500 dropped 0.5%, while the Nasdaq fell 0.9%. The Dow Jones bucked the trend, rising 0.22%.

    • Q2 GDP growth surged to 2.8%, outpacing expectations of 2%.

  • OpenAI announced the limited rollout of SearchGPT, an AI-powered search engine, during reports of financial difficulties.

  • California's top court upheld a measure allowing Uber and Lyft to classify drivers as independent contractors.

  • The federal minimum wage of $7.25 has remained unchanged for 15 years, reaching its lowest purchasing power since 1949.

🕶️ Market Vibes

🎰 Market Forecasts and Futures

Forecasts via ​Kalshi​, the prediction market.

😱 Fear and Greed Index

🎤 What you said last time

📈 Trends you need to know

That’s a big jump both YoY and QoQ.

🧠 What do you think?

Southwest is getting rid of its Thunderdome open seating boarding after fifty years.

How do you feel about Southwest going to assigned seating?

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📊 Stocks

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

Winners and losers

Earnings, upgrades, and acquisitions

  • Honeywell reported strong Q2 results but shares slid nearly 5%.

  • Hasbro beat Q2 estimates, jumping shares over 3%.

  • Keurig Dr Pepper met Q2 expectations and shares rose 5%.

  • Southwest Airlines saw a 46% profit drop in Q2; shares fell 2%.

  • AstraZeneca reported an 18% increase; shares rose 3.2%.

  • Boston Beer fell 3.5% after missing Q2 revenue estimates.

  • Skechers missed Q2 expectations, dropping stock price by 3.2%.

  • Texas Roadhouse beat Q2 earnings estimates; shares rose 2%.

Market movers

  • Southwest Airlines announced it will end its 50-year-old open seating policy.

  • Meta was met with its first EU antitrust fine for bundling Facebook Marketplace with its social network, potentially up to $13.4 billion.

  • Kroger and Albertsons agreed to halt their merger plans while a judge considered the state's lawsuit challenging the $24.6 billion deal.

  • Helmerich & Payne agreed to acquire Britain's KCA Deutag for $1.97 billion, boosting its Middle East rig count from 12 to 88.

Ideas, trends, and analysis

  • Jobless claims dropped to 235,000 from 245,000, signaling a resilient labor market.

  • The 30-year fixed mortgage rate ticked up to 6.78% from 6.77%, still below its 2024 peak.

  • Gold plunged 1.7%, hitting a two-week low as profit-taking kicked in after recent rallies.

Recommended Newsletter

🌍 Global Perspectives

  • 🇰🇪 Kenyan police detained several protesters attempting to honor those killed in last month's anti-government demonstrations.

  • 🇮🇳 🇨🇳 India and China agreed to address border issues urgently during a meeting between their foreign ministers in Laos.

  • 🇦🇺 An Australian judge dismissed a lawsuit claiming Bayer's Roundup weedkiller causes blood cancer.

  • 🇰🇵 North Korean hackers stole military secrets from the US and its allies, according to a joint statement from multiple countries.

  • 🇪🇺 🇺🇦 The EU's Gentiloni said a G7 framework deal on a $50 billion Ukraine loan is expected in October.

  • 🇸🇩 Sudan's agriculture minister rejected famine claims, disputing UN-backed data showing 755,000 people experiencing catastrophic hunger.

📊 Crypto

  • Ethereum ETFs saw $113 million in outflows on their second trading day, with Grayscale's fund losing $326.9 million.

  • Marathon Digital acquired $100 million in Bitcoin, continuing its "full HODL" strategy with over 20,000 BTC.

  • Coinbase appointed three new board members, including an OpenAI executive, to strengthen its influence on US crypto policy.

🧠 Errata

  • Ohio's Supreme Court ruled 4-3 that "boneless" chicken wings can contain bones.

  • NASA delayed the return of two astronauts again as engineers deal with thruster failures on Boeing's troubled Starliner capsule.

  • Oregon's Durkee Fire grew so large it created its own weather system, complete with pyrocumulus clouds.

📺 What to Watch Today

Leave it to the Ohio Supreme Court to tackle the real problems.

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

Cheers,

Wyatt

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