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Happy Wednesday Zingernation! Last week I got pulled over for going a few MPH over but was let off with a warning. And that’s about the only time a warning is actually a good thing. In contrast, this household, high-flying name just gave us a potentially scary warning regarding the consumer, plus, why Bitcoin is taking a dip.

—Aaron Bry & Nic Chahine

Plus, want to diversify outside your stock-market investments? Check out the real estate company leveraging AI for profitable housing investments.

MARKET SNAPSHOT

Yesterday: The calm before the storm. The overall market moved slightly higher in a relatively flat day ahead of NVIDIA’s earnings report tonight.

On Our Radar: It’s the Super Bowl for tech investors. NVIDIA’s report tonight will likely determine which way the market moves tomorrow, and could impact the overall sentiment for tech and AI names.

TOP STORY

Abercrombie Reports Earnings, Cites ‘Uncertain Environment’

Basically: Abercrombie reported earnings this morning, and despite the company’s impressive turnaround story, the stock is selling off after beating earnings estimates.

So: Sales grew 21% Y/Y to $1.134 billion, beating the analyst consensus estimate of $1.101 billion. Comparable sales jumped 18% Y/Y. Adjusted EPS of $2.50 beat the analyst consensus estimate of $2.22. Here’s why the retailer gave investors a warning, causing the stock to drop more than 10%.

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FIVE ZINGERS

Patiently Waiting: Mortgage rates just hit their lowest point in more than 16 months, but here’s why potential homebuyers are sitting on the sidelines.

Best Of Both Worlds: Ahead of $NVDA’s earnings, one expert says that big tech is both your flight to safety and your best bet for growth.

Chew On This: Chewy’s stock took off this morning after the pet-food e-commerce play reported stronger-than-expected earnings.

Bargain Hunting: Jim Cramer says that $RTX is his favorite defense stock, and is also buying this beaten-down semiconductor play.

Hedge Fund Darling: This mega-cap tech name surpassed Microsoft to become the most-held stock by hedge funds.

ONE FOR THE ROAD

Bitcoin Drops 4%, Loses $60,000 Support As ETFs See $127M Outflow

Basically: Bitcoin spot ETFs experienced a significant daily outflow of $127.05 million on Aug. 27 while Ethereum spot ETFs saw a more modest outflow of $3.4452 million, continuing a nine-day streak of withdrawals.

What Happened: This activity occurred against a backdrop of market anticipation for potential Federal Reserve rate cuts. Here’s what’s driving the sell-off in Bitcoin, and where technical analysts see the king of crypto heading next.

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