📈 Starbucks snags Chipotle CEO

DOJ mulls Google breakup push, Starbucks orders a new CEO at Chipotle, US producer inflation slows, today’s CPI expected to hold steady, and UAW accuses Trump, Musk of trying to intimidate workers...

Author

Smart Owl
August 14, 2024

Good morning.

The Fast Five → DOJ mulls Google breakup push, Starbucks orders a new CEO at Chipotle, US producer inflation slows, today’s CPI expected to hold steady, and UAW accuses Trump, Musk of trying to intimidate workers…

Calendar: (all times ET)

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

  • Tomorrow: Initial jobless claims, 8:30 AM

    • US retail sales, 8:30 AM

    • Business inventories, 10:00 AM

Your 5-minute briefing for Wednesday, August 14:

BEFORE THE OPEN

As of market close 8/13/2024.

PRE-MARKET

MARKETS

  • US stocks surged as investors reacted to the first of this week's inflation data

  • All three major US indexes rose for a third-straight day

  • Europe's Stoxx 600 rose to a two-week high

  • Japan's Nikkei 225 rallied 3.5% to recover all losses since its 12% rout

  • Dollar hit its lowest mark since April

EARNINGS

  • Home Depot beat Q2 EPS and revenue estimates but lowered its FY sales forecast due to lower consumer demand and high rates (link)

  • What we're watching this week:

    • Today: UBS, Cisco

    • Thursday: Walmart, Alibaba, Applied Materials

  • Full calendar here

NEWS BRIEFING

Rare move: Antitrust enforcers soliciting input from outside companies.

Coffee chain Starbucks replaces CEO in executive shake-up.

  • US producer inflation slows as pricing power diminishes (link)

  • CPI expected to hold steady in July as investors eye rate cuts (link)

  • UAW accuses Trump, Musk of trying to intimidate workers in labor complaints (link)

  • Google launches enhanced Pixel phones in bid to leverage AI tech (link)

  • Rheinmetall buys Loc Performance as it looks to expand in US market (link)

  • GM to recall over 21,000 US electric SUVs over braking concerns (link)

  • Ford, Mazda warn owners to stop driving older vehicles with dangerous Takata air bag inflators (link)

  • Big Lots is closing hundreds of stores after warning it could go out of business (link)

  • Paramount Global to lay off 15% of U.S. workforce and close TV studio (link)

CRYPTO

  • Four US senators introduced a bill to exempt low-value crypto transactions under $200 from capital gains tax (link)

  • Bitcoin climbed almost 5% to $61,500 as the market reacted positively to $2 billion worth of Mt. Gox Bitcoin moving to distribution wallets (link)

  • Coinbase resumed cryptocurrency services in Hawaii following regulatory changes that provide clarity for crypto firms (link)

  • Three Arrows Capital liquidators sued Terraform Labs for $1.3 billion, alleging market manipulation that led to the fund's collapse (link)

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