📈 Volatility returns

Together With

Good morning.

The Fast Five → Stocks sell off a day after furious rally, Apple sluggishness in China casts shadow on upbeat results, DOJ investigating Nvidia’s acquisition, US probes surging grocery prices, and Intel to cut 15,000+ jobs …

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

Calendar: (all times ET)

• Today: Employment report, 8:30 AM

Your 5-minute briefing for Friday, August 2:

Interested in tapping into the lucrative world of private credit? Now you can, with Percent, where everyday accredited investors gain access to private credit deals previously available only to institutions.

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 Q1 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 tumbled yesterday as fresh economic data ignited recession fears

  • Russell 2000 suffered its worst day since February

  • Philadelphia Semiconductor index dropped 7.1% in its worst day since Covid

  • VIX touched its highest level YTD

• Japan led Asian shares lower, with Nikkei 225 plunging to its lowest since February

• US 10Y yield tumbled to its lowest since February

• US 2Y yield slid to its lowest since May 2023

• China 7Y yield fell below 2% for the first time ever

• Nvidia's 30-day implied volatility surpassed Bitcoin and Ether

EARNINGS

• Apple beat Q3 EPS estimates with a 5% rise in revenue, though Chinese sales declined due to competition from local rivals (link)

• Amazon beat Q2 EPS estimates but missed on revenue and issued weak Q3 guidance as sluggish retail growth offset strength in cloud and ads; shares fell 7% (link)

• Intel plunged 20% after missing on Q2 EPS and revenue and Q3 guidance amid AI cost and competition struggles, suspended dividends, and mega layoff plans (link)

• Coinbase beat Q1 EPS and revenue estimates on a 139% YoY increase in transaction revenue as trading volumes roared back to life thanks to a crypto euphoria (link)

• Apollo Global fell 7% after reporting flat Q2 net income as losses from interest rate hedges offset record gains in fees (link)

• What we're watching this week:

  • Today: ExxonMobil, Chevron

• Full calendar here

NEWS BRIEFING

Stocks Sell Off a Day After Furious Rally as Volatility Returns

Apple Sluggishness in China Casts Shadow on Upbeat Results

• Dow closes nearly 500 points lower as investors’ recession fears awaken (link)

• Initial jobless claims rise to one-year high as hiring slows (link)

• Productivity surges 2.3%, beating forecasts (link)

• US targets surging grocery prices in latest probe (link)

• Treasuries rally extends into seventh day as US payrolls loom (link)

• DOJ investigating Nvidia's acquisition of AI startup (link)

• Intel to cut 15,000 jobs, suspend dividend in turnaround push (link)

• Don Lemon Sues Elon Musk Over Canceled X Deal (link)

• US targets surging grocery prices in latest probe (link)

• New horizons but same old problems for LME warehousing (link)

• Apple files motion to dismiss DOJ antitrust lawsuit (link)

CRYPTO

• DeFi protocol Convergence got hacked, with attackers minting 58 million CVG tokens (link)

• Crypto.com surpassed Coinbase in trading volume, reaching $3.16 billion in 24 hours (link)

• Large Bitcoin holders added over 84,000 BTC worth $5.4 billion in July, the highest monthly accumulation since October 2014 (link)

• Montenegro's court ruled to extradite Terraform Labs co-founder Do Kwon to South Korea, rejecting the US request (link)

You Can Sponsor this Newsletter details here.​

DAILY SHARES

Keep the curation going! Buy the team a coffee ☕️