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☀️ Amazon's Earnings Report Disappointed – Except For These Two Highlights
Plus the U.S. employment report, Intel stock gets crushed and more
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Happy Friday Zingernation! If you think about it, investing in stocks is a lot like fantasy football (or maybe I’ve just been doing too many mock drafts). You do your best to fill your portfolio with reliable players, but every now and then one of them throws up a stinker, or maybe posts respectable numbers but it’s just not enough.
—Aaron Bry & Nic Chahine
Plus, take a look at Elon’s gadget that could change the world.
MARKET SNAPSHOT
Yesterday: From rally to really bad. The Nasdaq closed up more than 2.5% Wednesday and gave all of that back and more yesterday.
On Our Radar: It’s a jobs day! The U.S. employment report comes out at 8:30am ET. We will also hear from Exxon, Chevron and more this morning.
TOP STORY
Basically: The pace of job creation slowed in July, signaling cooling labor market conditions and strengthening the case for imminent interest rate cuts as early as next month.
So: The U.S. economy added 114,000 jobs last month, down from the revised figure of 179,000 jobs in June, according to official data released Friday. Here’s how the numbers impact the Fed’s probability of a rate cut in September.
PRESENTED BY INVESTOR PLACE
When you click here and see what Elon Musk’s new invention does…
And how it works…
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You’ll tell yourself this is just science fiction.
But Elon just tested this in a real human… And the result was mind-blowing.
FIVE ZINGERS
$TEAM Player: These Atlassian analysts are adjusting their forecasts on $TEAM following the company’s Q4 earnings report.
Buy The Dip?: Wayfair’s stock got crushed after the CEO compared the current environment to 2008. But one analyst isn’t scared off.
$SNAP, Crackle, Drop: Snap’s stock dropped more than 20% after a weak earnings report and increased competition from these two companies.
Survey Says: A recent poll shows that despite recent weakness, a majority of traders do not believe the market has peaked yet in 2024.
Let Tim Cook: Apple may have picked the wrong day to report earnings, but is still holding up better than its Mag-7 peers.
ONE FOR THE ROAD
Basically: Amazon reported second-quarter net sales of $148 billion, up 10% year-over-year. The net sales missed a Street consensus estimate of $148.56 billion, according to data from Benzinga Pro.
What Happened: But, it wasn’t all bad. Amazon pointed to these two areas as sources of growth. And one analyst thinks now could be a great time to get in on tech companies on the cheap.
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