BEFORE THE OPEN BEFORE

MARKETS:

• Stock futures rise slightly in overnight trading Monday.

• Futures tied to S&P 500 inch 0.1% higher; Nasdaq-100 futures up 0.2%; Dow Jones futures edge up 16 points.

• Homebuilders D.R. Horton and Lennar gain about 2% each after Berkshire Hathaway reveals new positions; NVR adds about 1%.

• Discover Financial falls about 5% after CEO resignation.

• Rebound in semiconductors and technology boosts S&P 500 and Nasdaq by 0.58% and 1.05%; Dow adds 0.07%.

• Stocks recover from last week's selloff, led by information technology sector and Nvidia's 7.1% gain.

• Analysts, including Alicia Levine of BNY Mellon, expect more consolidation as yields stay high.

• Earnings week starts with Home Depot, followed by Target and Walmart.

• Wall Street awaits July retail sales data, import/export price data, and August's NAHB housing market index for economic insights.

EARNINGS

What we’re watching this week:

• Today: Home Depot (HD), Sea Limited (SE)

• Wednesday: Cisco Systems (CSCO), PENN Entertainment (PENN), Roblox (RBLX), The Trade Desk (TTD),

• Thursday: Walmart (WMT), Tapestry (TPR)

• Friday: Palo Alto Networks (PANW)

• Full earnings calendar here

NEWS BRIEFING

UBS to Pay $1.4 Billion Over Fraud in Residential Mortgage-Backed Securities

'The Big Short' Michael Burry Makes $1.6 Billion Bet Against the Market’

• The Fed is playing a waiting game to try to avoid a recession (more)

  • A smooth 'last mile' to 2% inflation may not be a stretch for Fed (more)

  • Near-term inflation outlook at lowest since 2021 in Fed survey (more)

• Hedge funds prepare for legal battle with SEC over fee disclosures (more)

• Zero-Day options cement presence in reversal-ridden stock market (more)

• Michael Burry, famous for 'Big Short,' bought bearish options against S&P, Nasdaq 100 (more)

• Buffett’s Berkshire cuts Activision, unveils D.R. Horton, NVR and Lennar bet (more)

• Hawaiian Electric shares drop 30% on concern about potential liability from Maui wildfires (more)

• Russia calls emergency key rate meeting as Ruble plunges (more)

• Brazil’s economic activity caps first half of year with bigger-than-expected gain (more)

• ExecFlow:

  • Intuit’s Alex Chriss named new PayPal CEO (more)

  • Ford taps Apple exec to build high-margin digital services (more)

  • Kraft Heinz picks new CEO as sales slump in the face of higher prices (more)

  • Amazon Hardware Chief Dave Limp to retire (more)

• DeSantis urges Iger to drop Disney lawsuit, accept the end of ‘special privileges’ (more)

• Tesla cuts China prices again as competition intensifies (more)

• Nikola plunges after battery fires spur recall, sales halt (more)

• US Steel rejects a $7.3B offer from rival Cleveland-Cliffs; considers alternatives (more)

• FDA hands approval to Janssen's BRCA-positive prostate cancer combo tablet (more)

• Falling real estate prices have property owners asking for tax cuts (more)

• TikTok’s strange trend of humans playing robots spurs hope for US shopping (more)

• Zuckerberg says ‘it’s time to move on’ from Elon Musk cage fight (more)

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DEALFLOW

• Mastercard to buy stake in MTN’s $5.2B Fintech Unit (more)

• MSCI to acquire remaining stake in Burgiss for $697M in cash (more)

• Chesapeake to complete Eagle Ford basin exit with SilverBow deal (more)

• Agnelli family's Exor buys $2.8B stake in Philips (more)

• SoftBank in talks to buy Vision Fund's 25% stake in Arm (more)

• ADNOC mulls raising Covestro bid to $12.6B to spur talks (more)

• ABN Amro CFO says stake sale to proceed despite political crisis (more)

• Credit Suisse retail investors plan lawsuit challenging UBS buyout (more)

• Check Point, a provider of cyber security solutions, acquired Perimeter 81, a Security Service Edge (SSE) company, for approx. $490M (more)

• PDI Technologies, a company delivering solutions and insights for retail and petroleum wholesale ecosystem, acquired Skupos, a provider of a platform that empowers retail by connecting independent convenience stores and CPG brands (more)

• Radisys, a subsidiary of Jio Platforms Limited and a global provider of open telecom solutions, acquired Mimosa Networks, a provider of connectivity products, from Airspan Networks Holdings Inc (NYSE American: MIMO) (more)

• TYLin, an infrastructure consulting firm, acquired Architectural Engineers Collaborative (AEC), a privately held structural engineering firm (more)

• Roper Technologies (Nasdaq: ROP), acquired Syntellis Performance Solutions, a provider of cloud-based performance management and data solutions for healthcare, financial institutions, and higher education, for a net purchase price of $1.25B, including a $135M tax benefit resulting from the transaction (more)

• Saksoft, a company which specializes in Enterprise Applications, Augmented Analytics, Intelligent Automation and Enterprise Cloud, acquired Solveda Group, a software design and development company (more)

• Access Holdings, a digitally-enabled middle market investment firm announced it has raised approximately $805M in new capital (more)

CRYPTO

• PayPal to roll out Cryptocurrencies Hub for select users (more)

• Coca-Cola turns its attention to base with new NFT collection (more)

• BALD developer sends $12M back to Ethereum after spectacular mess up (more)

• Coinbase VP says Canada can be a ‘global leader’ in crypto (more)

BULLISH BITES

💻 WeWork was once worth $47 Billion…
They're now on the brink of bankruptcy (again). Here's their Series-D pitch deck...

🤖 Generative AI-nxiety...
Leaders are feeling disoriented and concerned about the new technology. Here are four key risks to understand — and advice on how to address them.... (continue reading)

DAILY SHARES

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