BNN Bloomberg's baystreetamber with 5things you need to know to start your trading day. $UBER $CAT $MRK $NCLH $JBLU $TFII For more:
Look up in the sky tonight and you may be lucky enough to find a full Sturgeon Moon staring back at you. The first August full moon is auspicious for many reasons. For Indigenous communities and farmers it is a time for harvest. For fishers a time of plentiful fish . For my husband, it’s that thing in the sky his wife keeps asking him to come over and look at. In any case, this is an investing newsletter so why am I talking about moons? I’m glad you asked.
The S&P 500 finished things off at a 16-month high, the NASDAQ is on the longest monthly win streak since August 2020. Oil was the comeback kid with a nearly 16 per cent gain in July. CNN Fear & Greed Index is notching into “Extreme Greed” territory. S&P 500 targets are being moved up at sell-side shops. All fuelled by the expectations we will nail this soft landing.
But the CFO is leaving and that could pump the brakes on enthusiasm this morning. Shares of Uber have rallied 100 per cent into the print so that fact it is up at all speaks to investor delight in profitability and signs the company is growing up. Dow components Caterpillar and Merck both reported results this morning and are trading up. Caterpillar is doing surprisingly well considering we are in a global manufacturing recession.
I’ll speak to a Sid Mokhtari from CIBC Capital Markets at 10:30 a.m. EDT on why he thinks the TSX is poised to outperform in Q3. AMD instant analysis: With semiconductors rallying into the print we will see if AMD can deliver when it reports after the bell today and get instant analysis with Romeo Alvarez, director, research analyst with William O'Neil + Co.
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