|  | *past 24-hour performance |
| Upcoming Week: | Tuesday: Investors can expect a trio of economic reports including nationwide retail sales for July, indicating whether consumer spending held up last month, the NAHB Housing Market Index, and an update on business inventories
Wednesday: The Fed will release minutes from the latest FOMC meeting, giving investors more insight into the central bank’s current stance regarding interest rates
| Notable Earnings Calendar: | Monday: Suncor Energy (SU), Roivant Sciences (ROIV), Monday (MNDY), Reata Pharmaceuticals (RETA), Rumble (RUM), & Embraer (ERJ) Tuesday: Home Depot (HD), Agilent Technologies (A), Sea Limited (SE), Nu Holdings (NU), Cardinal Health (CAH), Legend Biotech (LEGN), Tencent (TME), CAVA (CAVA), & H&R Block (HRB) Wednesday: Cisco Systems (CSCO), TJX Companies (TJX), Synopsys Inc. (SNPS), Target (TGT), JD (JD), Amcor (AMCR), & U-Haul (UHAL) Thursday: Walmart (WMT), Applied Materials (AMAT), Ross Stores (ROST), Keysight Technologies (KEYS), NICE (NICE), & Tapestry (TPR) Friday: Deere & Co. (DE), Palo Alto Networks (PANW), & Estee Lauder (EL)
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| | Steel industry shakeup looming: US Steel (X) on Sunday rejected a $7.3 billion acquisition bid from rival Cleveland-Cliffs (CLF), the largest N. American producer of flat-rolled steel, hours after it said it had hired financial advisers to evaluate offers for the company (FT)
Breakthrough or boondoggle?: The Biden administration announced it is awarding up to $1.2 billion to two projects to remove carbon dioxide from the air in what officials said was the largest investment in “engineered carbon removal” in history (Fortune)
Streaming more expensive than cable: With recent price increases from Disney+, a basket of the top US streaming services at $87 per month now costs more than the average cable TV package of $83 a month (FT)
Record labels sue “illegal record store”: Universal Music Group (UMG), Sony Music, and other record labels are suing the nonprofit Internet Archive for $412 million for copyright infringement (Rolling Stone)
FC Barcelona’s media biz going public: Spanish soccer club FC Barcelona said it will list a new $1 billion content creation business called Barca Media on Nasdaq via SPAC (Reuters)
No rice to be found: A surge in rice prices to the highest level in almost 15 years is renewing fears that food costs are going to get a lot more expensive for the world’s poorest people (Bangkok Post)
Another Chinese distress signal: Problems are mounting for China’s largest surviving property developer, Country Garden Holdings, which said it expects to post its worst loss since going public 16 years ago, and has been attempting a ‘self-rescue’ (WSJ)
More pressure on Illumina: The SEC is investigating Illumina (ILMN) over its controversial $7.1 billion acquisition of cancer test developer Grail, the DNA sequencing company (CNBC)
Rate cuts incoming: Goldman Sachs economists anticipate the Fed will start lowering interest rates by the end of next June, with a gradual, quarterly pace of reductions from that point (Bloomberg)
| | Diamonds are on sale. They won’t be forever. Hopeful fiancés paid through the nose in 2021 and 2022, when the gems’ values rose to a multiyear high. Today though, diamonds are selling at a compelling discount of more than 22% from 2022. Read more » | How bonds ate the entire financial system: A very short, very wild history of the market that will shape the next financial crisis Read more » | You made a nice profit selling your house? Beware what happens next: As home values rise, owners feel good about their growing equity. But there is a downside, according to recent research: The more equity homeowners have when they sell, the more they tend to overpay when they buy their next home. Read more » |
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| | Knockoff sriracha brands are grabbing Huy Fong’s market share (Modern Retail) The chip titan whose life’s work is at the center of a tech Cold War (NYT) Why won’t Galaxy Digital buy back shares? (CoinSnacks) OJ prices to surge as US crops ravaged by disease and climate (Guardian) 14 Charts on the US Consumer (The Split) The Things AI Won’t Change (Deepwater Asset Management) NYT drops out of media coalition, will negotiate with AI companies separately (Semafor) Is David Solomon too big a jerk to run Goldman Sachs? (Intelligencer)
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