| I’m on holiday in France for a fortnight from Monday, so S&I timings may be a bit erratic. |
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| Join Yellowbrick Today Visit Yellowbrick Investing to find your next great stock investment and learn more about our free and premium services. | | | 📰 Market Headlines | | Tech earnings cast a shadow over Wall Street as Tesla's results sparked investor concerns. The S&P 500 and Dow Jones fell about 0.2% and 0.1%, respectively, while the Nasdaq finished just below the flatline. Tesla's stock tumbled over 8% after hours as Q2 auto revenue dropped 7%, despite a 2% increase in overall revenue.
A record 15% of home purchase agreements were canceled in June as high prices and mortgage rates deterred buyers. Nine spot Ether ETFs launched on US exchanges Tuesday, offering investors direct exposure to Ethereum's cryptocurrency. US Secret Service Director Kimberly Cheatle resigned following the agency's failure to prevent an assassination attempt on former President Donald Trump.
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| | 🕶️ Market Vibes | 🎰 Market Forecasts and Futures | Forecasts via Kalshi, the prediction market. | | 😱 Fear and Greed Index | | | 🎤 What you said last time | | 📈 Trends you need to know | | “A smiling curve is an illustration of value-adding potentials of different components of the value chain in an IT-related manufacturing industry…According to Shih’s observation, in the personal computer industry, both ends of the value chain command higher values added to the product than the middle part of the value chain. If this phenomenon is presented in a graph with a Y-axis for value-added and an X-axis for value chain (stage of production), the resulting curve appears like a “smile”.” |
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| | 🧠 What do you think? | Yesterday, Meta released its most powerful AI model yet, which has led some analysts to believe that AI models themselves will become commodities that realize only a tiny bit of value, so open-sourcing the LLM makes sense. |  | This is old and about something else, but you get the idea. In this curve, the LLMs (Llama, ChatGPT, etc) are the publishers. |
| Ben Thompson introduced the idea above, and I believe it may still be relevant today. | In 5 years, who's making the highest margins in AI? | | | 📊 Stocks | | | Winners and losers | Earnings, upgrades, and acquisitions | Spotify surged over 10% after reporting a record Q2 profit. Alphabet dipped 1.75% despite beating Q2 revenue estimates. GE Aerospace raised its 2024 profit outlook, pushing shares up 6%. UPS missed Q2 earnings estimates and cut its 2024 revenue forecast; shares plummeted 12%. Visa slightly missed estimates, slumping shares 2%. Philip Morris topped Q2 earnings estimates; shares climbed 2.87%. Texas Instruments rose 4% after beating Q2 EPS estimates. Lockheed Martin posted strong Q2 earnings as shares rose 2.68%. Capital One reported a 61% drop in Q2 profit; shares fell 4%.
| Market movers | Meta unveiled its largest Llama 3 AI model with 405 billion parameters, boasting improved language and math capabilities. Mastercard, JPMorgan Chase, and six more companies were hit with a probe by the FTC over AI-powered "surveillance pricing" tools. GM's Cruise abandoned its Origin robotaxi project, taking a $583 million charge. Canon USA laid off between 100 and 150 employees at its Melville headquarters less than a year after winning more IDA tax breaks.
| Ideas, trends, and analysis |
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| Nearly 3 in 5 Americans falsely believe the US is in a recession. Social Security benefits have lost 36% of buying power since 2000. Total household debt in America hit a record $17.69 trillion in Q1 2024.
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| |     | | 🌍 Global Perspectives | 🇵🇸🇮🇱 The International Criminal Court received over 60 filings regarding potential arrest warrants for Israeli and Hamas leaders. 🇧🇩 Bangladesh's government cuts veterans' job quotas from 30% to 5% after protests killed nearly 150 people. 🇺🇦 A poll showed 32% of Ukrainians are now open to some territorial concessions, up from 10% a year ago. 🇪🇹 The death toll from landslides in southern Ethiopia jumped to 229 as search efforts continued for a second day.
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| | 📊 Crypto | | BlackRock's Bitcoin ETF recorded $523 million in inflows on July 22, its largest single-day inflow since March. Catalyze launched a Web3 community learning app, introducing 'Web3 Alphas' NFT series and CTZ token rewards. Alkimiya introduced an Ethereum-based tool for hedging against volatile Bitcoin transaction fee rates.
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| | | | 📺 What to Watch Today | Disney World must be packed. |  | Florida's population tops 23 million |
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| That’s all for today. Did I miss anything? Smash the reply button to let me know. | Cheers, | Wyatt |
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