Morning Reads
- Drive Its Inflation Problem
- Derby’s Take: Economists See Powell Quashing Hopes for Rate Cuts Over Long Term
- Fed’s Kashkari Says No Time To Back Off On Inflation Struggle
- Offshore Tax Loophole Helps Rich Americans Cheat IRS, Senate Says
- I.R.S. Undertakes a Security Review Amid Threats to the Agency and Its Employees
- Larry Summers Defends Stance That Student Loan Debt Relief Is Inflationary
- The Surprise in a Faltering Economy: Laid-Off Workers Quickly Find Jobs
- A ‘Tsunami of Shutoffs’: 20 Million US Homes Are Behind on Energy Bills
- Will Climate Tech Save Us?
- Goldman Says Hedge Funds Back Betting Big on Megacap Tech Stocks
- First-Time Buyers Show More Demand for Mortgages, Even as Interest Rates Rise
- Twitter’s Former Security Chief Accuses It of ‘Misleading’ Public on Security Practices
- Federal Trade Commission Drops Mark Zuckerberg From Antitrust Lawsuit
- Bed Bath & Beyond Clinches Loan Deal
- Indian Billionaire Makes Hostile Bid for High-Profile NDTV News Channel
- We Need to Talk About How Good A.I. Is Getting
Open Interest
Futures
PREMIUM
This Morning
- S&P 500 are 0.2% above fair value; the Nasdaq 100 futures are 0.1% above fair value; and the DJIA futures are 0.2% above fair value
- Key factors driving the futures market:
- Same wait-and-see mindset in front of Fed Chair Powell's speech on Friday at Jackson Hole Economic Policy Symposium
- Minneapolis Fed President Kashkari (2023 FOMC voter) says it is not time to back off inflation fight given risk of un-anchoring inflation expectations, according to The Wall Street Journal
- Oil prices continue to creep higher and 10-yr note yield sticks above 3.00%
- President Biden expected today to announce plan for canceling $10K of student debt for some borrowers, according to New York Times
- Mortgage applications -1.2% week-over-week with purchase applications down 1% and refinancing applications down 3%
- Toll Brothers (TOL) tops fiscal Q3 EPS estimate but Q3 deliveries were below guidance; cuts FY22 deliveries guidance due in part to softer demand environment; TOL -3.3%
- Nordstrom (JWN) slashes full-year EPS guidance, saying it is taking aggressive actions to clear through inventory in second half of fiscal year; JWN -13.2%
- Intuit (INTU) jumps 5.6% on better-than-expected fiscal Q4 report and reassuring FY23 guidance
- Brokerage research calls of note:
- Upgrades: AVB, PLD, CDEV, IFS
- Downgrades: BNS, MDT, CPRX, RIO, SUZ, XPEV
- WTI crude futures +1.0% to $94.65/bbl; nat gas +1.9% to $9.37/mmbtu; copper futures -1.9% to $3.63/lb.
- 2-yr note yield +2 bps to 3.30% and 10-yr note yield -1 bp to 3.04%
- Today's economic data: July Durable Goods Orders at 8:30 a.m. ET; July Pending Home Sales at 10:00 a.m. ET