📈 Market darlings

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The Fast Five → US jobs growth far weaker than thought, Fed minutes show a September cut ‘likely’, analyst resets Nvidia stock price target before earnings, dollar doldrums deepen, and Chinese banks suddenly become market darlings…

Calendar: (all times ET)

• Today: Initial jobless claims, 8:30A

• Tomorrow: Fed Chair Powell to speak at Jackson Hole, 10:00A

  • New home sales, 10:00A

Your 5-minute briefing for Thursday, August 22:

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BEFORE THE OPEN

PRE-MARKET

MARKETS

• US stocks rose after encouraging Fed minutes reinforced hopes for imminent rate cuts

  • Markets priced in a 66% chance of a 25 bps September rate cut and 33% chance of a 50 bps cut

• Dollar hit a YTD low

• Euro is now second-best performing major currency vs dollar YTD

EARNINGS

• Target jumped 11% after beating Q2 earnings and revenue estimates with a return to growth and raising its FY profit forecast as price cuts lure shoppers (link)

• Macy's tumbled 12% despite beating Q2 earnings estimates due to cutting its FY sales forecast as shoppers become more selective (link)

• What we're watching this week:

  • Today: TD Bank Group, Cava

• Full calendar here

NEWS BRIEFING

US Jobs Growth Far Weaker than Originally Thought

Fed Minutes Show a Cut ‘Likely’ to Come in September

• Fed minutes flag Treasury-market leverage as a risk to financial stability (link)

• More workers expect to lose their jobs in the coming months (link)

• Dollar doldrums deepen on dovish Fed tone before Jackson Hole (link)

• Oil prices steady after 3-day losing streak (link)

• Chinese banks have suddenly become market darlings (link)

• Analyst resets Nvidia price target before earnings (link)

• OpenAI’s opposition to California’s AI bill ‘makes no sense,’ says state senator (link)

• Lingo Telecom agrees to $1 million fine over AI-generated Biden robocalls (link)

• Walmart tears up China online strategy with JD.com stake sale (link)

• August was Medium’s first profitable month — ever (link)

• Citi added new section on reorganization in quarterly report following US SEC query (link)

CRYPTO

• Franklin Templeton filed for a crypto index ETF, expanding its $421 million crypto ETF portfolio (link)

• BlackRock's iShares Ethereum Trust (ETHA) became the first US spot Ethereum ETF to cross $1 billion in net inflows (link)

• FBTC, an omnichain Bitcoin asset, crossed $100 million in Total Value Locked (link)

You Can Sponsor this Newsletter details here.​

DAILY SHARES

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