Stocks in the News

• $META: EPS beat by 9.09% – Increases guidance, solid report
• $ARM: EPS beat by 17.65% – Raw numbers decent but no increase in guidance and starts to hide key reporting metrics. Market response justified.
• $MET: EPS beat by 7.04% – Another insurance company beat.
• $QCOM: EPS beat by 3.56% – Good raw numbers but getting caught up in general tech volatility today.
• $EBAY: EPS beat by 5.36% – Good technical look post earnings. Nice numbers overall
• $LRCX: EPS beat by 8.24% – broke the 200-day post earnings.
• $AFL: EPS beat by 15.09% – Another insurance company with a solid report
• $AIG: EPS miss by 16.55% – Can’t miss when all your industry is beating and hope the market will reward.
• $ALL: EPS beat by 387.88% – Solid beat. Stands out.
• $COP: EPS miss by 3.88% – Price at short-term support after earnings. Technical support key here.
• $ETN: EPS beat by 4.60% – solid numbers, muted response.

Economic Data and Events

The Bank of England lowered rates in a narrow 5-4 vote without giving a strong indication of the path of policy ahead. This follows a Fed meeting that stuck with it’s “data dependent” approach to interest rates with the Fed not committing to any course of action. On the economic front in the United States, the data came in soft with both ISM manufacturing data and unemployment claims missing and coming in at the lowest levels in some time.

• ISM Manufacturing PMI – 46.8 vs 48.8 exp. This was the weakest reading since November of 2023.
• Unemployment Claims – 249k vs 236k exp. This was the most unemployment claims since last August.

This is a weak set of data today and coming one day after the Fed said it was going to take a data dependent approach. Bond yields down sharply but is adding to some anxiety in other parts of the market as bad news is not being treated as good news today.

Geopolitics

Markets continue to monitor events unfolding in the Middle East. Gold and oil have started to move when headlines occur although to this point other markets seems unimpacted but the story continues to build. In the last 24 hours multiple Iranian officials have told the New York Times thatAyatollah Ali Khamenei, Iran’s supreme leader, has ordered retaliation against Israel. This follows the assignation of Hamas top political leader on Iranian soil.

We have seen tensions build at times over the last year that have not led to significant escalation. Still, this is a story worth monitoring as it unfolds.

Next 24 Hours

The busiest week of the summer concludes as we then will transition into a less event driven stretch. Mag 7 heavy weights Amazon and Apple report after the bell and the monthly unemployment report is released before the market opens tomorrow morning. This is the most impact of all the economic reports this week and following the Fed’s data dependent approach it laid out on Wednesday will carry extra importance tomorrow.

Chart of the Day: ARM Holdings (ARM)

ARM did not deliver the type of guidance that investors were looking for and semiconductors are experiencing volatility broadly today.

Today’s line up

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