📈 Big Tech week

Big Tech earnings arrive with Nasdaq 100 on brink of correction, Trump promises American crypto "going to the moon", a Fed rate cut is finally within view, fast-food chains battle for diners, and Apple agrees to first US labor deal…

Author

Smart Owl
July 29, 2024

Good morning.

The Fast Five → Big Tech earnings arrive with Nasdaq 100 on brink of correction, Trump promises American crypto "going to the moon", a Fed rate cut is finally within view, fast-food chains battle for diners, and Apple agrees to first US labor deal…

Calendar: (all times ET)

  • TUE, 7/30: Consumer confidence, 10:00 AM

  • WED, 7/31: FOMC interest-rate decision, 2:00 PM

    • Fed Chair Powell press conference 2:30 PM

  • THU, 8/1: Initial jobless claims, 8:30 AM

  • FRI, 8/2: Employment report, 8:30 AM

Your 5-minute briefing for Monday, July 29:

BEFORE THE OPEN

As of market close 7/26/2024. Bitcoin as of 7/28/2024.

PRE-MARKET

MARKETS

  • US stocks bounced back up on Friday after an optimistic inflation report

  • S&P and Nasdaq posted consecutive weekly losses for the first time since April

  • Dow notched its fourth-straight winning week for the first time since May

  • Russell 2000 posted its first three-week win streak since May

  • Nasdaq 100 is down 8% from its July ATH

  • Oil fell for a third-straight week as China demand raises concerns

  • Markets are looking ahead to another week of Big Tech earnings and clues from the Fed's rate decision this week

EARNINGS

  • What we're watching this week:

    • Today: McDonald's

    • Tuesday: Microsoft, AMD, PayPal, Starbucks, P&G

    • Wednesday: Meta, Qualcomm, Boeing

    • Thursday: Apple, Amazon, Intel, Coinbase

    • Friday: ExxonMobil, Chevron

  • Full calendar here

NEWS BRIEFING

Nasdaq 100 Index has fallen 8% from a peak earlier this month. Focus is on earnings this week from Microsoft, Apple, Amazon.

Donald Trump took the stage an hour late Saturday to make his speech at the Bitcoin 2024 conference at the Music City Center.

  • A Fed rate cut is finally within view (link)

  • Yellen rebuffs Trump argument on dollar hurting manufacturing (link)

  • G20 agrees to tackle taxation of the super-rich, but forum not yet decided (link)

  • Hedge fund study on US Treasury issuance fuels debate (link)

  • US home insurers suffer biggest loss of century in 2023 (link)

  • Apple agrees to first US labor deal (link)

    • Apple intelligence to miss initial launch of upcoming iOS 18 overhaul (link)

  • Fast-food chains battle for low-income diners with summer value meals (link)

  • Stripe acquires payment processing startup Lemon Squeezy (link)

  • "Deadpool & Wolverine" broke the R-rated opening weekend record, grossing $205 million domestically and $438.3 million globally (link)

  • Apple signs the White House’s commitment to AI safety (link)

  • WazirX to ‘socialize’ $230 million security breach loss among customers (link)

  • Yellen launches Amazon basin effort to disrupt nature crimes (link)

CRYPTO

  • Michigan's pension fund added $6.6 million in ARK 21Shares Bitcoin ETF holdings, becoming the third pension to own a Bitcoin ETF (link)

  • Senator Lummis introduced a bill urging the US Treasury to purchase 1 million bitcoins over five years as a "strategic Bitcoin reserve" (link)

  • Grayscale Ethereum Trust ETF experienced historic outflows of $1.5 billion since its launch, with $356 million withdrawn in a single day on July 26 (link)

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