📈 'The time has come'

Good morning.

The Fast Five → Jerome Powell says the magic words, sales set to double for Nvidia, job market may be near tipping point, NASA snubs Boeing for SpaceX, and Telegram app CEO arrested in France…

Calendar: (all times ET)

• Today: Durable-goods orders, 8:30A

• Tomorrow: Consumer confidence, 10:00A

Your 5-minute briefing for Monday, August 26:

BEFORE THE OPEN

PRE-MARKET

MARKETS

• US stocks surged on Friday after J Pow indicated rate cuts are on the horizon

  • All three major indexes posted winning weeks

  • Markets now see a 33% chance of a 50 bps September rate cut and 67% chance of a 25 bps cut

• Canada's TSX index advanced to a new ATH

• Europe's Stoxx 600 index rose to its highest level in three weeks

• Pound rose to the highest since March 2022 versus the dollar

• Singapore dollar rose to a ten-year high on hawkish policy outlook

EARNINGS

• What we're watching this week:

  • Today: Heico

  • Wednesday: Nvidia, CrowdStrike, Salesforce

  • Thursday: Dell, Best Buy, Dollar General, lululemon

• Full calendar here

NEWS BRIEFING

Fed Chair Powell Says ‘The Time Has Come’ to Cut Rates

Sales Set to Double for Nvidia as AI Frenzy Persists

• Powell’s pivot leaves traders debating rate cut size (link)

• 2 big tests ahead determine if last week's excitement was warranted (link)

• US job market may be near tipping point (link)

• Gold holds near record after Powell affirms rate cuts (link)

• Oil climbs on Mideast escalation fears, rate cut expectations (link)

• NASA snubs Boeing Starliner for SpaceX (link)

• Telegram app CEO arrested in France (link)

• Threads confirms it is experimenting with ephemeral posts (link)

• AI's insatiable energy demand is going nuclear (link)

• The Port of Seattle and Sea-Tac Airport say they’ve been hit by ‘possible cyberattack’ (link)

• Apple reportedly announcing iPhone 16 lineup and more on Sept. 10 (link)

• Elon Musk says X staff can get their stock — if they prove they deserve it (link)

CRYPTO

• Spot Bitcoin ETFs recorded $64.91 million in net inflows on Thursday, marking six consecutive days of positive flows (link)

• Sony Group unveiled plans for Soneium, an Ethereum Layer-2 network, aiming to bridge Web3 with everyday internet services (link)

• A US District Judge denied Kraken's motion to dismiss the SEC's lawsuit, allowing the case against the crypto exchange to proceed (link)

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DAILY SHARES

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