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Apple Plots Siri AI Tool
Apple is planning an AI-powered web tool for Siri to rival OpenAI.
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Your Daily Dose of Market & Career Clarity
📬 Delivered to 150,000+ ambitious readers
🎯 In this issue:
Banana Bits: Finance headlines that actually matter
Market Summary: Bond Traders Fully Price-in September Rate Cut
What’s Ripe / Rotten: The tastiest and most disgusting stocks
Technical Trip: Interview Q&A from J.P. Morgan
Deal Dispatch: M&A, IPOs, and other transactions
Market Snapshot
📉 Banana Bits
Bearish treasury bets continue to rise before Friday’s jobs report.
U.S job openings fell in July to the highest amount in nearly one year.
Raphael Bostic is still saying he sees one interest rate cut this year.
Apple is planning an AI-powered web tool for Siri to rival OpenAI.
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Market Recap
Powell Hints At Cuts
Stocks rose yesterday despite a weak jobs report. As a direct result of the weaker jobs data, bond traders are now fully pricing in a September rate cut, with certain Fed officials still seemingly split.
In light of the weaker jobs report, the yield on the 2-year treasury fell, as the September rate cut is now considered officially priced in.
Fed Governor Christopher Waller stated that there should be cuts in December, and possibly multiple cuts in the subsequent months, with Powell also alluding to rate cuts during his speech at Jackson Hole.
Many Wall Street analysts also believe that a large surprise downside in the labor market could push rates significantly lower, though the Fed is still keeping a close eye on inflation.
Markets are leaning firmly toward imminent rate cuts, with traders betting on September as the starting point. Still, the Fed has stressed caution, aiming to balance slowing growth with the risk of inflation reaccelerating.
The path forward will likely hinge on incoming labor data, making each job release increasingly pivotal for both policymakers and investors.
What's Ripe
Macy’s, Inc. (M) 20.7%
Macy’s stock surged yesterday after they beat earnings, beating both revenue and EPS expectations.
For example, Macy’s posted an EPS of $0.41, with an expected EPS of $0.19.
Rev Group, Inc. (REVG) 12.6%
Similar to Macy’s, Rev Group also beat earnings, causing their stock price to skyrocket.
In addition to beating revenue and EPS expectations, Rev Group increased guidance for 2025.
What's Rotten
Rocket Lab Corporation (RKLB) 11.7%
Rocket Lab’s stock plunged primarily as a result of profit-taking, as they are up 74% YTD.
As a result of the recent success, investors became increasingly concerned about the valuation metric of Rocket Lab, causing a moderate selloff.
Bruker Corporation (BRKR) 11.7%
Bruker fell short of Q2 expectations, missing on revenue expectations and decreasing guidance for the full year.
Additionally, Bruker also recently issued a $600 million convertible bond offering, causing investors to sell over dilution concerns.
🧠 Technical Trip
Interview Q&A from J.P. Morgan
👉 Want 1-on-1 recruiting help from J.P. Morgan bankers & 2,000+ top mentors? Apply to WSO Academy
🦈 Deal Dispatch
M&A, IPOs, And Other Notable Transactions
Cyted Health raised $44 million in a Series B funding round from EQT Life Sciences.
Anthropic officially named the Qatar Investment Authority as a “significant” investor in the funding round that had them valued at $183 billion.
Google narrowly dodges the sale of the Chrome browser in an antitrust case.
Longtime Jefferies banker starts his own boutique investment bank.
EV charging infrastructure company VEMO secured a $250 million equity commitment from Vision Ridge Partners.
Marsh McLennan Agency acquired Nashville insurance company Robins Insurance.
Banana Brain Teaser
Previous
At a loading dock, each worker on the night crew loaded ¾ as many boxes as each worker on the day crew. If the night crew has 4/5 as many workers as the day crew, what fraction of all the boxes loaded by the two crews did the night crew load?
Answer: 3/8
Today
A certain rectangular window is twice as long as it is wide. If its perimeter is 10ft, then its dimensions in feet are?
You can’t predict, you can prepare.
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Happy Investing,
Chris, Vyom, Ankit, Colin, Mitchell, & Patrick