Meta's epic run

BEFORE THE OPEN

MARKETS:

• U.S. stock futures near flat as earnings flood in

• Dow futures down slightly, S&P 500 and Nasdaq futures inch higher

• July saw modest gains for major indexes

• Over 160 S&P 500 companies set to report quarterly results this week

• 80% of companies that reported already beat earnings expectations

• Merck, Pfizer, Caterpillar, and Uber among companies posting results today

• Key economic indicators, including job openings and manufacturing PMI, to be released

EARNINGS

What we’re watching this week:

• Today: Advanced Micro Devices (AMD), Caterpillar (CAT), JetBlue Airways (JBLU), Merck (MRK), Pfizer (PFE), Sirius XM (SIRI), Uber Technologies (UBER)

• Wednesday: CVS Health (CVS), DoorDash (DASH), Etsy (ETSY), PayPal (PYPL), Robinhood Markets (HOOD)

• Thursday: Amazon (AMZN), Apple (AAPL), Coinbase Global (COIN), DraftKings (DKNG), Dropbox (DBX), Wayfair (W)

• Friday: Cboe Global Markets (CBOE)

• Full earnings calendar here

NEWS BRIEFING

Meta’s Stock Just Wrapped Up its Ninth Straight Monthly Gain, the Longest Rally Since the Company's 2012 IPO

The First US Nuclear Reactor Built from Scratch in Decades Enters Commercial Operation in Georgia

• Traders brace for $102B wave of treasury bond sales (more)

• Biden administration launches new SAVE student loan repayment plan (more)

• FDIC starts selling $18.5B of signature bank loans (more)

• SEC sues entrepreneur, alleging $1 billion in unregistered crypto sales, multimillion-dollar fraud (more)

• Adani Group in talks to taise $1.8B from India bond sales (more)

• BOJ wades into bond market after YCC tweak triggers yield spike (more)

• BlackRock targets Latin America bonds as central bankers gear up for rate cuts (more)

• War comes to Russian business after drones strike Moscow's financial centre (more)

• Yellow headed for bankruptcy, Teamsters Union says (more)

• Big X taken down from Twitter roof after San Francisco squabble (more)

• Amazon says it’s delivering more packages in one day or less after overhauling delivery network (more)

• A.I. is on a collision course with white-collar, high-paid jobs — and with unknown impact (more)

• Country Garden faces $2.9B of bond payments as woes mount (more)

• New tentative labor deal reached in Canadian port negotiations (more)

• Exxon Mobil in talks with Tesla, Ford to supply lithium (more)

• EVs upending the 100-year-old auto supply chain (more)

• Cargo airline Western Global reaches bankruptcy financing deal (more)

DEALFLOW

• Birkenstock owner plans September IP0 at $8B value (more)

• Cedar Brands, a modern house of consumer brands focused on home, family, and lifestyle categories, recently finalized their first acquisition of Nuzzie, a weighted blanket brand (more)

• Yuga Labs, a web3 leader, is to acquire Roar Studios, a company at the convergence of gaming, social media, and the metaverse with deep technology and AI roots (more)

• Topline Pro, a generative AI platform enabling home services professionals to manage and scale their businesses online, raised $12M in Series A funding (more)

• Greenoaks raises $2.1B for new VC fund (more)

• NanoTech, Inc., a material science company, raised a seed funding round of undisclosed amount (more)

• HerMD, a female-founded physician-led women’s health provider, raised $18M in Series A-1 funding (more)

• GlassPoint, a company specializing in decarbonizing industrial process heat, closed an $8M series A funding (more)

• CorralData, a full-service AI-powered platform that turns data into results, closed a seed funding round of undisclosed amount (more)

CRYPTO

• Huge diamond bought illegally with crypto proceeds, SEC alleges (more)

• Genesis chapter 11 bankruptcy set to be resolved soon, DCG says (more)

• Crypto token of key DeFi exchange Curve Finance sinks after exploit (more)

• Binance to offer crypto broker-dealer services in Dubai with new license (more)

BULLISH BITES

💰 Wealthy Families Fuel Race for Lucrative Finance Jobs…
On a sweat-laced evening in June, while much of Hong Kong dug into supper, two dozen students snaked their way past ginseng dispensaries and tailor shops to the third floor of an office tower to be schooled in finance’s hottest trend… (continue reading)

🤖 How Hedge Fund Managers Are Using ChatGPT...
Hedge funds and other money managers are increasingly leaning on ChatGPT for marketing, and to summarize vast reports, according to a new survey... (continue reading)

💃 Barbie's Founder Jokes in the 'Barbie' Movie About Getting in Trouble with the IRS. Here's What Actually Happened…
The real-life Handler was indicted for conspiracy and making false financial statements to the SEC. Handler said the experience left her "desperate to hide from the public.

DAILY SHARES

Thanks for reading - see you in the a.m. -mb