📈 FTC blocked

FTC ban on worker noncompetes blocked by Federal judge, bond traders amassing historic level of risk on rate-cut bets, analysts reset AMD stock outlooks, BMW recalls over 720K vehicles, and Shein sues Temu over copyright infringement...

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Bull Street Talk
August 21, 2024

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Good morning.

The Fast Five → FTC ban on worker noncompetes blocked by Federal judge, bond traders amassing historic level of risk on rate-cut bets, analysts reset AMD stock outlooks, BMW recalls over 720K vehicles, and Shein sues Temu over copyright infringement…

Calendar: (all times ET)

  • Today: Minutes of July FOMC meeting, 2:00 PM

  • Tomorrow: Initial jobless claims, 8:30 AM

Your 5-minute briefing for Wednesday, August 21:

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BEFORE THE OPEN

As of market close 8/20/2024.

PRE-MARKET

MARKETS

  • US stocks slipped as the rebound rally paused ahead of J Pow's Thursday speech

    • S&P and Nasdaq snapped an eight-day win streak

    • Dow broke a six-day win streak

  • Canada's TSX index fell from an ATH to snap an eight-day win streak

  • Asian stocks also snapped a three-day win streak

  • Dollar slipped to a YTD low versus euro as traders brace for rate cuts

EARNINGS

  • Lowe's beat Q2 earnings estimates but missed on revenue and cut its FY forecast due to weak big ticket consumer spending (link)

  • What we're watching this week:

    • Today: Target, Macy’s

    • Thursday: TD Bank Group, Cava

  • Full calendar here

NEWS BRIEFING

The rule that was supposed to take effect next month would have invalidated employment contracts affecting an estimated 30 million workers.

Investors load up on Treasury futures as a possible interest-rate cut cycle nears.

  • Stocks lose steam as investors zoom in on US jobs, Fed (link)

  • Fed officials uneasy about job market as they get ready for Jackson Hole (link)

  • Dollar’s losing streak sends euro, pound to fresh 2024 highs (link)

  • Strong tailwinds for gold's excursion into uncharted territory (link)

  • Shein sues Temu over copyright infringement (link)

  • Analysts reset AMD stock outlooks after AI acquisition (link)

  • BMW recalls 720,000 vehicles over short circuit concern (link)

  • At DNC, UAW head threatens strike against Stellantis over delayed plant reopening (link)

  • PayPal could challenge Apple Wallet in the EU (link)

  • US appeals court revives Google privacy class action (link)

  • OpenAI signs content deal with Condé Nast (link)

CRYPTO

  • SEC rejected Cboe's 19b-4 filings for Solana ETFs, citing concerns over Solana's potential classification as a security (link)

  • Ethereum Layer-2 network Corn launched with $6.7 million in seed funding, integrating Bitcoin-backed gas tokens to enhance utility (link)

  • Tether expanded USDT to the Aptos blockchain, aiming to boost low-fee transactions and DeFi activity on the network (link)

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