Monday Market Open

Dear Reader,

Well that was pretty nuts. Stocks got shat on last week. Pretty much the only way to describe it. Look, what can you do about it. You live and you learn and you get back on the horse. What better way to do that then getting your daily dose from yours truly.

Lets dive in !

Market Indices & Commodities

News
The Recap

In case you missed it, forgot, overslept, drank too much, were traveling, or whatever the case may be…

• Crypto markets erase over $500 billion in market cap in 24hrs 🔻

• Magnificent 7 stocks erase over $1 trillion in market cap 🧨

• Japan stock market posts its biggest 2-day drop in history 📉

• S&P and Nasdaq fall for 3rd week in a row ❌

• Small cap stocks struggle with Russel 2000 falling 7% last week 🤯

• Investors worry about slowing economy or recession after July jobs report showed weak job growth and increasing unemployment 📰

Graph of the Day
Rising earnings to sustain bull market ?

News
This week

Another big week of news, economic data, events, the whole 9 yards. Get the scoop on what is important to know for this week.🎯

• Monday - ISM Non-Manufacturing Index, 51.0 vs. 48.8 in June. Earnings, Palantir Technologies PLTR.

• Tuesday - U.S. trade deficit, UK construction PMI (July): index forecast to rise to 52.9 from 52.2. Earnings, Uber Technologies UBER

• Wednesday - June Consumer Credit: $9.3 billion vs. $11.4 billion in May, Canada Ivey PMI (July): expected to fall to 58 from 62.5. EIA Crude Oil Inventories. Earnings, CVS Health CVS, The Walt Disney Company DIS, Energy Transfer ET.

• Thursday - US initial jobless claims (w/e 3 August): claims expected to fall to 247K. Wholesale inventories. Earnings, Eli Lilly LLY, Occidental Petroleum OXY, Paramount Global PARA.

• Friday - Canada employment data (July): unemployment rate rose to 6.4% in June, China CPI (July): prices rose 0.2% YoY in June. Earnings, Evergy Inc. (EVRG), Legend Biotech Corp. (LEGN), New Fortress Energy Inc. (NFE)

⭐ After the action-packed week last week, the coming few days are quieter. Same with earnings, though Nordisk, Infineon, Siemens, Deutsche Telekom and Allianz in Europe, and Berkshire Hathaway, Caterpillar, Amgen, Uber, Costco, Walt Disney and Eli Lilly in the USA are a few big names that report.

Now You Know 
Elon Musk revives lawsuit against Sam Altman and OpenAI

Now I know all the talk is about the peril of the Us economy and the stock market at the moment. It really just has been a cluster fuck of shit hitting the wall. Recession talk, rates cuts, the magnificent 7 tanking. Lots of doom and gloom. Look, this shit is out of our hands. Unfortunately we cant fix the economy. So to take your mind away from all that and to show you a story you may not hear with all this doomsday talk. We got Elon and AI beefing.

Musk has revived a lawsuit against ChatGPT maker OpenAI and its CEO Sam Altman on Monday, saying that the firm put profits and commercial interests ahead of the public good. Could you argue the same with Tesla ?

The suit seeks a judicial determination that OpenAI's license to Microsoft to use its AI models is null and void. Musk also contends that the OpenAI's language models are outside the scope of the company's partnership with Microsoft.

OpenAI has a licensing partnership with Microsoft, under which the big tech giant invests billions of dollars into the startup in exchange for using its large language models for its computing services.

In June, Musk withdrew an earlier lawsuit against OpenAI and Altman that had accused them of abandoning the startup's original mission to develop artificial intelligence for the benefit of humanity rather than for profit, but is now back on the case.

Honestly, don’t know why musk has his nose in this. Wasn’t even aware you could get sued for something like this. Seems like the fella is just bored.

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That’s all Folks

Hey, thank you for checking out Monday Market Open. I hope you enjoyed it, learned something new, and are feeling ready to attack the week. Keep an eye on your inbox for more Alpha coming your way this week.

Cheers,