📈 Musk pitches new role

Wall St mixed ahead of economic data, Trump calls for presidential influence on Fed policy, Musk pitches role for himself in Trump White House, GM cuts jobs in China, and S&P and Moody's downgrade JetBlue …

Author

Smart Owl
August 13, 2024

Good morning.

The Fast Five → Wall St mixed ahead of economic data, Trump calls for presidential influence on Fed policy, Musk pitches role for himself in Trump White House, GM cuts jobs in China, and S&P and Moody's downgrade JetBlue …

Calendar: (all times ET)

  • Today: Producer price index (PPI), 8:30 AM

  • Tomorrow: Consumer price index (CPI), 8:30 AM

Your 5-minute briefing for Tuesday, August 13:

BEFORE THE OPEN

As of market close 8/12/2024.

PRE-MARKET

MARKETS

  • US stocks close relatively unchanged ahead of Wednesday's CPI release

  • China 10Y futures dropped 0.6% in their worst day since March 2023, with yields jumping 4 bps from record lows on central bank intervention

  • Gold steadied near its record high

EARNINGS

  • What we're watching this week:

    • Today: Home Depot

    • Wednesday: UBS, Cisco

    • Thursday: Walmart, Alibaba, Applied Materials

  • Full calendar here

NEWS BRIEFING

Musk blames cyber attack for 40-minute delay to event. Audience for GOP nominee, world’s richest man hits 1.3 million.

Donald Trump said last week that the president “should at least have a say” in monetary policy. Sen. JD Vance, Trump’s running mate, backed that position.

  • Wall St mixed ahead of economic data; CPI in focus (link)

  • Falling commodity prices indicate trouble brewing with the economy (link)

  • US consumer medium-term inflation expectations drop (link)

  • Dollar tenses for data verdict on rate cut risks (link)

  • S&P and Moody's downgrade JetBlue amid $3 bln debt raise, shares sink (link)

  • Crude oil rallies over 4% as Pentagon sends more forces to Middle East (link)

  • GM cuts China jobs as it resets in world’s biggest car market (link)

  • Meta, Universal Music Group address AI music in new licensing agreement (link)

  • TikTok comes for messaging apps with the addition of group chats (link)

  • Blink Fitness, an affordable gym operator, files for Chapter 11 bankruptcy (link)

  • Synopsys’ plans to buy Ansys for $35B falls on UK regulatory radar (link)

  • J&J has enough support from claimants for $6.5-billion talc settlement (link)

CRYPTO

  • Ethereum led crypto inflows, capturing 88% of the $176 million total last week (link)

  • Marathon Digital announced plans to sell $250 million in convertible notes to expand its 20,800 BTC holdings (link)

  • The SEC sued NovaTech for a $650 million crypto fraud targeting Haitian Americans (link)

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