📈 AI bill sparks debate

Dow closes at new record high, Fed likely to cut rates by quarter point, Apple announces iPhone event, OpenAI supports California AI bill requiring 'watermarking', and SpaceX to launch billionaire on first-ever private spacewalk...

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Bull Street Talk
August 27, 2024

Good morning.

The Fast Five → Dow closes at new record high, Fed likely to cut rates by quarter point, Apple announces iPhone event, OpenAI supports California AI bill requiring 'watermarking', and SpaceX to launch billionaire on first-ever private spacewalk…

Calendar: (all times ET)

  • Today: Consumer confidence, 10:00A

  • Tomorrow: [none]

Your 5-minute briefing for Tuesday, August 27:

BEFORE THE OPEN

As of market close 8/26/2024.

PRE-MARKET

MARKETS

  • US stocks ended mostly lower after being dragged down by tech ahead of Nvidia's potential blockbuster earnings

    • Dow closed at a record high

  • Canada's TSX posted another ATH on a rotation into commodity stocks

  • UK markets were closed for the Summer Bank Holiday

EARNINGS

  • Heico reported record Q3 EPS and revenue for a sixteenth-straight quarter of growth on sustained demand for the majority of its products; their stock is near a mega ATH (link)

  • What we're watching this week:

    • Wednesday: Nvidia, CrowdStrike, Salesforce

    • Thursday: Dell, Best Buy, Dollar General, lululemon

  • Full calendar here

NEWS BRIEFING

Remarks by Fed Chair Jerome Powell fueled a rally on Wall Street after he said on August 23 that the "time has come" for the US to start cutting interest rates.

The AI safety bill, SB 1047, would put more responsibility on any developer spending more than $100 million to build an AI model.

  • Fed likely to cut rates by quarter point next month, Daly says (link)

  • US business' equipment spending shows loss of momentum (link)

  • Oil jumps more than 3% on Libya production halt (link)

  • Goldman’s Rubner sees S&P new high this week, spurring FOMO (link)

  • Apple announces iPhone event for Monday, Sept. 9 (link)

  • SpaceX to launch billionaire on first-ever private spacewalk (link)

  • Uber Fined Record $324 Million In Netherlands For Transferring Sensitive EU Driver Data To U.S. (link)

  • Apple taps insider Kevan Parekh as CFO, replacing Maestri (link)

  • Apple juice sold at Walmart in 25 states recalled due to elevated arsenic levels (link)

  • Shell to shut-in portions of Louisiana Zydeco oil pipeline for maintenance (link)

  • Chipotle illegally denied raises to unionized workers (link)

  • Fire at Rivian’s factory damages multiple electric vehicles (link)

CRYPTO

  • Abra settled SEC charges for unregistered sale of crypto asset securities in its Abra Earn product, which brought in nearly $600 million (link)

  • Warden announced the Artificial Intelligence Blockchain Interface to bring AI on-chain with cryptographic proofs for AI outputs (link)

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