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News

China/U.S. Tensions Top Of Mind

Author: GRIT Capital | August 02, 2022 11:43am

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

  • Nancy Pelosi visiting Taiwan tonight

  • Makes her the highest ranking American to visit Taiwan in 25 years

  • Her visit is in defiance of Chinese threats

  • President Xi wants to appear strong as he seeks a 3rd term amidst China’s current economic weakness

  • 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

  • OPEC+ meeting tomorrow

TD Bank (NYSE:TD)

  • TD sells 28.4 million shares of Schwab common stock (1.5% of Schwab’s outstanding stock)

  • Reduces TD’s ownership interest in Schwab from 13.4% to 12%

  • TD buying Cowen investment bank ($900 million market cap)

Earnings

  • (NASDAQ:ATVI) Activision Blizzard

  • (NYSE:PINS) PINS

  • (NYSE:WMB) Williams

  • (NYSE:DVN) Devon

  • (NYSE:AFL) Aflac

  • (NYSE:SPG) Simon Property

  • (NYSE:SPGI) S&P Global

  • (NYSE:CAT) Caterpillar             miss on margins

  • (NYSE:BP) BP

  • (NYSE:ITW) Illinois Tool Works

  • (NASDAQ:MAR) Marriott

  • (NYSE:UBER)Uber                    Q2 revenue and EBITDA beat, Q3 guide up

  • (NYSE:MOS) Mosiac

  • (NYSE:CF) CF Industries

  • (NYSE:TAP) Molson Coors            Q2 miss

CRYPTO UPDATE

Tiffany’s (the jeweler)

  • Tiffany’s is launching first series of NFTs

  • 250 NFTs @ 30 ETH each (~$51k)

  • Related: CryptoPunk NFT sales jumped 248% after Tiffany’s launch

Blockchain gaming dominating crypto venture investments

  • 258 of 694 blockchain-related deals were related to NFTs & Gaming

  • Represent combined value of $2.6B

  • Blockchain gaming accounts for 52% of all Unique Active Wallets


MEME OF THE DAY


 

Posted In: AFL ATVI BP CAT CF DVN ITW MAR MOS PINS SPG SPGI TAP TD UBER WMB

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