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» Yesterday Wrap Up: Mixed market vibes as S&P 500 and Dow Jones edged up thanks to a late rally, but the Nasdaq dipped as AI stocks took a hit with all eyes on Nvidia's big earnings reveal A/H. Rate hike fears and bond yield climbs got fueled by Fed bigwigs' hawkish tones and meeting minutes, putting pressure on stocks.

» Earnings Today: Intuit, Booking Holdings, Keurig Dr Pepper, Moderna (Calendar & Estimates 👇)

» Economic Data Today: PMI, Initial & Continuing Jobless Claims, Home Sales (Calendar & Estimates 👇)

» Fed Speakers Today: Jefferson, Harker, Cook, Kashkari, Waller

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» NVIDIA ($NVDA) soared after announcing a stunning $24 billion revenue forecast for the current period, eclipsing Wall Street's $21.9 billion expectation. This leap, fueled by the AI technology demand, further solidified NVIDIA's position as the top beneficiary in the AI-driven market surge, with its stock jumping up to 11% in extended trading. The company's significant growth is backed by the widespread adoption of its AI accelerators, vital for powering chatbots and generative AI services, marking a new investment cycle in AI and data center expansion. (blog)

» Rivian ($RIVN) announced a 10% reduction in its salaried workforce and provided a 2024 production forecast of 57,000 vehicles, significantly below analysts' expectations of over 80,000, amidst stagnant demand and economic challenges. The company's shares plummeted by 16% following the announcement, underscoring the difficulties Rivian faces in scaling production and reducing losses in a competitive EV market. (blog)

» With mortgage rates remaining high, renting is increasingly becoming a more cost-effective option than buying in many U.S. markets. This trend, coupled with the significant upfront costs associated with buying a home, such as down payments, is making homeownership more daunting, despite the long-term wealth-building potential and stability it offers. (blog)

» Americans are currently spending as much of their disposable income on food as they did in 1991, with food prices increasing due to factors like rising labor costs and expensive ingredients. Despite some commodities becoming cheaper, other costs remain high, leading to a mix of strategies from food companies and consumers to manage the financial impact. (blog)

» Federal Reserve officials are aiming to reduce the central bank's balance sheet to the smallest size possible without disrupting financial markets, with assets already reduced by about $1.3 trillion since June 2022. Despite the ongoing quantitative tightening (QT), discussions are underway on how to manage liquidity and bank reserves, indicating that the Fed is not planning to end QT soon but is exploring ways to ensure financial stability. (blog)

» Boeing ($BA) executive Ed Clark, who led the 737 program and managed the Renton factory involved in a recent door-plug blowout incident, is leaving the company amid a leadership overhaul that includes the introduction of a new quality control oversight position. This shake-up follows increased scrutiny from the Federal Aviation Administration (FAA) after the incident with an Alaska Airlines ($ALK) jet, leading to groundings and inspections of MAX 9 planes, and occurs alongside ongoing efforts to enhance production and safety measures. (blog)

» Wall Street brokers are capitalizing on the booming demand for zero-day-to-expire (0DTE) equity options, with firms like Options AI, Moomoo Technologies, Webull Financial, and Robinhood Markets introducing new strategies and fee waivers to attract traders. This trend, which has been blamed for increasing stock market volatility, is now under scrutiny by the Federal Reserve, even as it generates significant revenue and attracts a growing portion of retail investors. (blog)

Certain earnings releases scheduled for today:

Today’s releases include PMI, jobs & home sales:

Do not go where the path may lead, go instead where there is no path and leave a trail.
- Ralph Waldo Emerson