📈 Uber <> Cruise

Together With

Good morning.

The Fast Five → Markets eagerly await Powell’s rate cut hints, Uber partners with Cruise to offer driverless rides, Peloton shares soar 35%, Ford steps back from EVs, and next big test looming with Nvidia’s profit report…

Calendar: (all times ET)

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

  • New home sales, 10:00A

Your 5-minute briefing for Friday, August 23:

A Message From Percent

Private Credit, But For Individual Investors

Private credit deals averaged a 12% return in 20231 and the asset class is projected to hit $2.3T by 2027.

The problem: High minimums and large deal sizes have historically put private credit out of reach except to larger institutional investors.

On Percent, everyday accredited investors can invest in private credit with as little as $500 and gain access to:

• Double digit yield potential: Percent’s Q2 LTM net APY was over 14% after fees.

• Shorter term offerings: The average investment term is 9 months.

• Monthly cash flow: Most deals offer cash flow through monthly interest payments.

• Diversification: Assets from domestic to international deals.

Check out Percent here and earn a welcome bonus of up to $500 with your first investment.*

_{Disclaimer: Alternative investments are speculative and possess a high level of risk. No assurance can be given that investors will receive a return of their capital. Those investors who cannot afford to lose their entire investment should not invest. Investments in private placements are highly illiquid and those investors who cannot hold an investment for an indefinite term should not invest. Private credit investments may be complex investments and they are subject to default risk.}

BEFORE THE OPEN

PRE-MARKET

MARKETS

• US stocks fell as investors prepared for J Pow's Jackson Hole speech

• Canada's TSX index pulled back 0.4% from a record high

• US yields recovered from two-week lows

• Dollar gained by the most in over a month after hitting a 13-month low vs euro

• China 10Y trading volumes dropped 90% in a new headache for PBOC

EARNINGS

• TD Bank reported a Q3 loss, the first in over two decades, after setting aside $2.6B to cover US regulatory fines related to anti-money laundering controls (link)

• Cava rose 9% after a Q2 beat-and-raise as foot traffic rose 9.5% (link)

• Full calendar here

NEWS BRIEFING

Markets Eagerly Await Powell’s Hints About Fed Rate Cut

Uber Partners with GM’s Cruise to Offer Driverless Rides

• What to look for at Fed's Jackson Hole symposium (link)

• Quantitative tightening goes global for the first time, in test for markets (link)

• US business activity edges lower; pricing power ebbs further (link)

• US existing home sales rise more than expected in July (link)

• Wall St’s next big test looming with Nvidia’s profit report (link)

• Peloton shares soar 35% as turnaround plan takes hold (link)

• Ford steps back from EVs—says hybrids are the future (link)

• SEC fines Carl Icahn, triggering multimillion-dollar stock wipeout (link)

• Ecovacs says it will fix bugs that can be abused to spy on robot owners (link)

• Former Alphabet X spinout Mineral sells technology to John Deere (link)

• Nestle replaces CEO Schneider with company veteran Freixe (link)

• Cruise recalls robotaxi fleet to resolve federal safety probe (link)

• Shein reveals child labour cases as it steps up supplier audits (link)

CRYPTO

• Former President Trump’s family unveiled a new DeFi platform called "The Defiant Ones," which aims to disrupt traditional banking (link)

• Spot Ether ETFs recorded their longest outflow streak of five days, losing $92.2 million (link)

• Binance and former CEO CZ face a new class-action lawsuit from crypto investors alleging the exchange failed to prevent money laundering of their stolen assets (link)

• CluCoin founder pleaded guilty to stealing $1.1 million of investor funds for online gambling (link)

You Can Sponsor this Newsletter details here.​

DAILY SHARES

Keep the curation going! Buy the team a coffee ☕️