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Today's Consumer Price Index will provide the first look of inflation data = for July, with market participants eager to see if the number topped out la= st month. Economists expect the figure to rise 8.7% Y/Y, down from the 9.1%= clocked in June. Core CPI - which strips out volatile components like food= and energy - is still expected to increase 6.1% vs. 5.9%, and that number = is set to highly impact whether the Federal Reserve raises rates by 50, 75 = or even 100 basis points in September. Snapshot: U.S. national average gas = prices are finally close to falling under the $4.00 mark, as commodity cost= s come down aggressively, though housing and labor costs are still soaring = against a contraction in economic output. "Services are going to be challen= ging... they're stickier," noted Jose Torres, senior economist at Interacti= ve Brokers. He's specifically looking at airfares and food away from home, = as well as durable goods indexes and "how wage gains are being passed on to= consumers." Not everyone is calling a peak in inflation. Dan Varroney, CEO= of consulting firm Potomac Core, doesn't "expect to see a significant redu= ction in the CPI," mostly because the June Producer Price Index ran hot at = 11.3%. "Input costs remain really high," he told Seeking Alpha, and while g= as prices have declined, "diesel costs haven't shrunk appreciably." M2 mone= y supply also isn't pointing to lower inflation as "the Senate just approve= d legislation that's going to increase that amount of cash - and then the C= HIPS Act - you're probably talking in round numbers about another billion i= n cash." What does it mean for markets? Stocks have generally rallied since= gas prices peaked in mid-June, while medium- and long-term Treasury yields= dropped from their peaks on broad-based expectations of easing inflation. = If this morning's CPI reading (scheduled for release at 8:30 a.m. ET) comes= in stronger than expected, that could "shatter market sentiment, along wit= h the strong jobs report on Friday," according to Torres. The U.S. dollar w= ill also remain sensitive to the data, with investors "deciding whether slo= wing headline is more important than sticky and strong core," wrote strateg= ists at TD Securities. (21 comments)
3D""
<= /a> Read in Browser
 
Top News
= Inflation peak?
Shutterstock
Today's Consumer Price Index will provide the first look of inflation data = for July, with market participants eager to see if the number topped out la= st month. Economists expect the figure to rise 8.7% Y/Y, down from the 9.1%= clocked in June. Core CPI - which strips out volatile components like food= and energy - is still expected to increase 6.1% vs. 5.9%, and that number = is set to highly impact whether the Federal Reserve raises rates by 50, 75 = or even 100 basis points in September.

Snapshot: U.S. national average gas prices = are finally close to falling under the $4.00 mark, as commodity costs come = down aggressively, though housing and labor costs are still soaring against= a contraction in economic output. "Services are g= oing to be challenging... they're stickier," noted Jose Torres, senior econ= omist at Interactive Brokers. He's specifically looking at airfares and foo= d away from home, as well as durable goods indexes and "how wage gains are = being passed on to consumers."

Not everyone is calling a peak in in= flation. Dan Varroney, CEO of consulting firm Potomac Core, doesn't "expect= to see a significant reduction in the CPI," mostly because the June Produc= er Price Index ran hot at 11.3%. "Input costs remain really high," he told = Seeking Alpha, and while gas prices have declined, "diesel costs haven't sh= runk appreciably." M2 money supply also isn't pointing to lower inflation a= s "the Senate just approved legislation that's going to increase that amoun= t of cash - and then the CHIPS Act - you're probably talking in round numbe= rs about another billion in cash."

What does it mean for markets? Stocks have generally = rallied since gas prices peaked in mid-June, while medium- and long-term Tr= easury yields dropped from their peaks on broad-based expectations of easin= g inflation. If this morning's CPI reading (scheduled for release at 8:30 a= .m. ET) comes in stronger than expected, that could "shatter market sentime= nt, along with the strong jobs report on Friday," according to Torres. The = U.S. dollar will also remain sensitive to the data, with investors "decidin= g whether slowing headline is more important than sticky and strong core," = wrote strategists at TD Securities. (21 comments)
     
Featured
The next wave of FAANG stocks
Facebook and Amazon were part of a $4 trillion+ = mobile economy that may be past its peak. The next major boom? AI and Machi= ne Learning are predicted to be 4x larger.

This isn=E2=80=99t a= future trend - it=E2=80=99s happening right now. Banks, media, healthcare,= tech and other industries are spending billions on AI and ML.

<= span style=3D"font-weight: bold; font-style: italic;" class=3D"b italic">Which = stocks could be the new FAANG?

Beth Kindig is a Silic= on Valley insider with her finger on the pulse of the companies that stand = to benefit most from this huge increase in capital expenditure.

= Her investing service, Tech Insider Network, includes both fundamental and = technical analysis - as well as = trade alerts and a completely transparent portfolio.

= For a limited time, save 52%= on your annual membership to Tech Insider Network. You=E2=80=99ll d= iscover Beth=E2=80=99s top picks plus a simple hedging strategy to help you offset volatility. <= br />
Find top tech stocks
Product
St= reaming search
Just weeks after slashing its profit outlook (and sending its stock tumbling 10%), Walmart (WMT) is looking for some new growth drivers to rechar= ge its subscription base. According to the NYT, the company is talki= ng to media giants like Paramount (DIS) and Comcast (CMCSA) ab= out including a streaming service in the Walmart+ membership program. The m= ove is part of an effort to expand its relationship with customers beyond i= ts big-box stores, especially as soaring inflation continues to impact spen= ding.

Thought = bubble: Paramount, Disney and Comcast each have their own high-profi= le streaming offerings in an increasingly competitive space, so they may no= t be inclined to reach a deal unless the price is right. A transaction coul= d further be modeled off how wireless providers including Verizon (VZ) and T-Mobile (TMUS) have bundled streaming subscript= ions as an incentive for new customer sign-ups. Whether it licenses a conte= nt library or creates more of a channels product, Walmart might also use th= e partnership to tap into advertising and expose viewers to its shopping ec= osystem.

Efforts will clearly be aimed at competing with dominant r= etail subscription program Amazon Prime (AMZN). The latter has around 160M users in the U.S., and offers= free shipping, Prime Video and Music, and other perks like a year of Grubh= ub delivery in a membership that costs $14.99 a month. In contrast, a Walma= rt+ membership costs $12.95 per month (and is said to have around 16M membe= rs nationwide), which gets users free shipping, discounts on fuel, and a fr= ee six-month subscription to Spotify's (SPOT) Premium music service.

Note: Walmart previously tried to get int= o streaming with the purchase of on-demand video service Vudu in 2010, but = sold that offering to Comcast-owned Fandango in 2020 after it failed to gai= n wide adoption. (39 comments)
     
Earnings
Crypto shocks
The "crypto winter" seen in Q2 overshadowed the quarterly results of Coinba= se Global (COIN), which = fell 10% during the session on Tuesd= ay and another 6% in AH trading (the= stock is down 65% YTD). The crypto = exchange guided for less trading volume, alongside a smaller amount of mont= hly active users, in the wake of a cyclical market rout. It also reported a= loss of over $1B for the quarter - some of which reflected impairment char= ges on its crypto and venture investments - compared to $1.6B in net income= recorded in the same period last year.

Statistics: Monthly active users were 9M a= t June 30, compared to 9.2M as of March 3. Trading volumes slid 30% to $217= B, from $309B in Q1. Assets on the platform tumbled 63% to $96B, from $256B= in the prior quarter.

"Q2 was a test of durability for crypto comp= anies and a complex quarter overall," Coinbase said in a letter to sharehol= ders. "Dramatic market movements shifted user behavior and trading volume, = which impacted transaction revenue, but also highlighted the strength of ou= r risk management program. While we did see net outflows in Q2, we observed= that the majority of this behavior was institutional clients de-risking an= d selling crypto for fiat as opposed to withdrawing their crypto to another= platform."

Conferen= ce call: "Of course, we don=E2=80=99t control the macroeconomic fact= ors or downturn," CEO Brian Armstrong told analysts, adding that the firm i= s continuing to focus on expense management and being at the forefront of c= rypto technology. The comments came after the company extended its hiring f= reeze into the foreseeable future after cutting= 18% of its headcount back in June. (15 comments)
     
Trending
Stock sale

Elon Musk has been on a Tesla (NASDAQ:TSLA) stock selling spree over the past year, ca= shing out about $32B worth of shares in the electric vehicle maker. The lat= est round occurred between Aug. 5 and 9, as the Technoking offloaded anothe= r 7.9M shares valued at $6.9B immediately after Tesla's Cyber Roundup event<= /a>. Musk said the transaction was "important to avoid an emergency sale of= Tesla stock in the (hopefully unlikely) event that Twitter forces this dea= l to close and some equity partners don't come through."

The las= t time, I promise: "No further TSLA sales planned after today," Elon M= usk tweeted on April 28, implying that was the last financing needed to tak= e over Twitter (NYSE:TWTR). At t= he end of 2021, Musk also sold about 15.8M of Tesla shares, worth about $16= B, to help pay a reported $11B tax bill after polling his followers. This t= ime around, Musk has again vowed that he is "done selling," and would even = buy back the Tesla stock if the Twitter deal doesn't end up closing (he now= owns just under 15% of Tesla).

"This stock sale will raise a lot of= conversation on Street for bulls/bears in the morning," tweeted Wedbush Se= curities analyst Dan Ives. "Musk tweet confirms our thoughts on Twitter. St= reet will read through this poker move that chances of Twitter deal more li= kely now." Under specific performance clauses, Musk is likely on the hook u= nless he can prove he was misled or a "material adverse event" had occurred= at Twitter, or if debt needed to close the deal was no longer available.
Go deeper: In typical PR fashion, Musk overlaid the = recent selling with a host of product announcements. As the SEC Form 4 fili= ngs were posted, he took to Twitter to announce that the "Tesla 500 mile ra= nge Semi Truck starts shipping this year, Cybertruck next year," as well as= fresh milestones for SpaceX's (SPACE)= Starlink and Starship. Asked if he thought about creating his own social p= latform if the Twitter deal doesn't go through, Musk replied in the affirma= tive, pointing to his website domain "X.com." (39 comments)

     
Today's Markets
In Asia, Japan = -0.7%. Hong Kong -2%. China -0.5%. In= dia -0.1%.
In Eu= rope, at midday, London +0.1%. Paris flat. Frankfurt +0.2%.
Futures at 6:30, Dow +0.2%. S&P +0.3%. Nasdaq +0.3%. Crude -1% to $89.60. Gold -0.1% to $1810.20. Bitcoin -1.4% to $23,068.
Ten-year Treasury Yield -1 bp= s to 2.79%
Today's Economic Calendar
7:00 = MBA Mortgage Applications
8:30 Consumer Price Index
10:00 Atlanta Fed's Business Inflation Expectations
10:00 Wholesale Inventories (Preliminary)
10:30 EIA Petroleum Inventories
11:00 Fed's Evans Speech
1:00 PM Res= ults of $35B, 10-Year Note Auction
2:00 PM = Treasury Statement

Companies = reporting earnings today =C2=BB
What else is happening...
Will streaming, revival in parks help Disney (DIS) beat earnings?

Norwegian Cruise Line (NCLH) sinks as losses projected <= a href=3D"https://email-st.seekingalpha.com/click/28677919.798766/aHR0cHM6L= y9zZWVraW5nYWxwaGEuY29tL25ld3MvMzg2OTcwMC1ub3J3ZWdpYW4tY3J1aXNlLWxpbmUtc2hh= cmVzLXNpbmstYXMtbG9zc2VzLWFyZS1wcm9qZWN0ZWQtdG8tcGVyc2lzdD9tYWlsaW5naWQ9Mjg= 2Nzc5MTkmc2VyaWFsPTI4Njc3OTE5Ljc5ODc2NiZ1c2VyaWQ9MzUzODQ1MTUmc291cmNlPWVtYW= lsX3dzYiZtZXNzYWdlaWQ9d2FsbF9zdHJlZXRfYnJlYWtmYXN0JnV0bV9zb3VyY2U9c2Vla2luZ= 19hbHBoYSZ1dG1fbWVkaXVtPWVtYWlsJmxjdGc9NjBjMWU1YzRkYmE4M2U1OTE0OWZmMzQ3/60c= 1e5c4dba83e59149ff347B007c3a01">to persist.

China inflation hit= s 2-year high on surging pork and food prices.

Biden ratifies NATO membership = approval for Finland and Sweden.

Plug Power= (PLUG) slips after Q2 miss, o= ffers up 2025 targets.

B= ookings decline and user growth misses at Roblox (RBLX).

Albertsons= (ACI) gains on spec= ulation about Ahold (OTCQX:ADRNY) deal.

Unity (<= a href=3D"https://email-st.seekingalpha.com/click/28677919.798766/aHR0cHM6L= y9zZWVraW5nYWxwaGEuY29tL3N5bWJvbC9VP21haWxpbmdpZD0yODY3NzkxOSZzZXJpYWw9Mjg2= Nzc5MTkuNzk4NzY2JnVzZXJpZD0zNTM4NDUxNSZzb3VyY2U9ZW1haWxfd3NiJm1lc3NhZ2VpZD1= 3YWxsX3N0cmVldF9icmVha2Zhc3QmdXRtX3NvdXJjZT1zZWVraW5nX2FscGhhJnV0bV9tZWRpdW= 09ZW1haWwmbGN0Zz02MGMxZTVjNGRiYTgzZTU5MTQ5ZmYzNDc/60c1e5c4dba83e59149ff347B= e05397f3" title=3D"Unity Software Inc.">U) sees revenue growing, stands= by ironSource (IS) acquisition.

Micron (MU) issues weak forecast despite signin= g of CHIPS Act.

The Trade Desk (TT= D) jumps 18% as sales, outlook top expectations<= /a>.
Seeking Alpha=E2=80=99s Wall Street Breakfast Podcast
Seeking Alpha's Wall Street Breakfast podcast brings you all the news you n= eed to know for your market day. Released by 8:00 AM ET each morning, it is= a quick listen that you can put on as you get ready to start your working = day.
 
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