Good Morning Everyone!
Remember, generational wealth is built during bear markets.
Prices as of 4 pm EST, 8/1/22; % YTD
MARKET UPDATE
Heightened political tensions
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Nancy Pelosi visiting Taiwan tonight
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Makes her the highest ranking American to visit Taiwan in 25 years
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Her visit is in defiance of Chinese threats
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President Xi wants to appear strong as he seeks a 3rd term amidst China’s current economic weakness
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Despite geopolitical uncertainty, Q2 heavy earnings calendar continues (we are half way through Q2 earnings).
10yr 2.5% move down in yields continue
3.5% to 2.5% since June 14, 2022
Crude 94 flat
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OPEC+ meeting tomorrow
TD Bank (NYSE:TD)
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TD sells 28.4 million shares of Schwab common stock (1.5% of Schwab’s outstanding stock)
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Reduces TD’s ownership interest in Schwab from 13.4% to 12%
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TD buying Cowen investment bank ($900 million market cap)
Earnings
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(NASDAQ:ATVI) Activision Blizzard
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(NYSE:PINS) PINS
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(NYSE:WMB) Williams
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(NYSE:DVN) Devon
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(NYSE:AFL) Aflac
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(NYSE:SPG) Simon Property
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(NYSE:SPGI) S&P Global
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(NYSE:CAT) Caterpillar miss on margins
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(NYSE:BP) BP
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(NYSE:ITW) Illinois Tool Works
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(NASDAQ:MAR) Marriott
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(NYSE:UBER)Uber Q2 revenue and EBITDA beat, Q3 guide up
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(NYSE:MOS) Mosiac
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(NYSE:CF) CF Industries
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(NYSE:TAP) Molson Coors Q2 miss
CRYPTO UPDATE
Tiffany’s (the jeweler)
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Tiffany’s is launching first series of NFTs
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250 NFTs @ 30 ETH each (~$51k)
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Related: CryptoPunk NFT sales jumped 248% after Tiffany’s launch
Blockchain gaming dominating crypto venture investments
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258 of 694 blockchain-related deals were related to NFTs & Gaming
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Represent combined value of $2.6B
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Blockchain gaming accounts for 52% of all Unique Active Wallets
