Market News
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1. US job growth significantly revised downwards
U.S. job growth has been sharply revised down by 818,000, marking the most significant correction since 2009, revealing a far weaker labor market than previously reported. This revision has sparked political accusations and affected market dynamics, as traders seek to understand its implications for the economy and financial markets. (newslink)
2. Fed minutes and rate cut expectations
Recent Federal Reserve minutes indicate a strong consensus among officials for a likely interest rate cut in September, contingent on further progress in controlling inflation. There was also considerable debate surrounding a potential rate cut in July, highlighting varying opinions among Fed members. (newslink)
3. Democratic National Convention and its implications
At the Democratic National Convention, prominent figures like Barack Obama and Michelle Obama headline the event while UAW's president expresses strong discontent over Stellantis, hinting at potential strikes. Amidst clashes leading to over 50 arrests, the focus largely shifts from Biden to potential Vice President nominee Kamala Harris, prompting investors to assess the market implications of a possible Harris administration. (newslink)
4. Macy's sales challenges and forecasts
Macy's is facing significant sales challenges, cutting its sales forecast and reporting a second-quarter decline despite a profit that exceeded estimates. In contrast, Target has successfully reversed its sales slump, raising its annual profit forecast thanks to effective price cuts that have resonated with shoppers. (newslink)
5. Miscellaneous Market Insights
Market movements are influenced by Powell's recent speech and rising US futures, while Paramount Global remains a focus. Amid a turbulent environment, the euro strengthens and Myanmar sees severe economic strain as its currency hits a record low, highlighting varied dynamics within the economy. (newslink)
Company News
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1. Kamala Harris' policies and political actions ( $SPY )
Kamala Harris is pushing for the forgiveness of medical debt for millions of Americans and emphasizing her commitment to the Indo-Pacific, while also raising nearly $500 million in recent fundraising efforts. Her policies, including plans to combat price gouging and expand the crypto industry, are being framed favorably by allies for their potential benefits to business leaders as she positions herself for an upcoming election. (news link)
2. Ford revamps EV strategy, cancels three-row SUV, and focuses on hybrids and lower-cost pickups ( $F )
Ford is revamping its electric vehicle strategy by canceling plans for a three-row electric SUV and shifting focus towards hybrids and lower-cost pickup trucks, with plans for a new EV pickup launching in 2027. Despite pulling back on EV spending, Ford's stock is rising as the company adjusts its strategy to prioritize hybrid models and commercial vans. (news link)
3. JD.com's stock decline due to Walmart's stake sale ( $JD )
JD.com experienced a significant decline in Hong Kong, with shares plummeting nearly 10% following Walmart's confirmation of its stake sale and exit from their partnership. This decision raised concerns across the market, prompting broader losses among Chinese tech stocks and contributing to a lower closing for China stocks overall. (news link)
4. Target's price strategy and performance ( $TGT )
Target CEO Brian Cornell addresses accusations of price gouging in retail while the company prepares to report its earnings, emphasizing their focus on competitive pricing. The retailer reports success with its price cuts, particularly in groceries, as comparable store sales show an upward trend. (news link)
5. Target's earnings beat and guidance boost, but not a buy yet ( $TGT )
The stock market saw the Nasdaq and small caps rise, while JD.com experienced a significant decline. Although Target's recent earnings report exceeded expectations and provided an optimistic outlook, analysts suggest that the stock is not yet a viable buy despite the improving discretionary spending among consumers. (news link)
