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Happy Thursday Zingernation! One of the most important lessons in trading is learning how to admit you were wrong and cut losing positions early. Like when I realized Dogecoin wasn’t going to be the ‘currency of the future’ after all and sold my position back in 2021. That’s why Zuck and Meta are moving away from the Metaverse and into AI, plus, how Powell’s comments helped the market’s rally continue.

—Aaron Bry & Nic Chahine

Plus, take your option trading to the next level with today’s partner, CBOE.

MARKET SNAPSHOT

Yesterday: Rally on, traders! Powell’s rate cut comments and strong tech earnings helped boost stocks back toward their all-time highs. NVIDIA was a notable gainer on the day, closing up more than 12%.

On Our Radar: If you thought the rest of this week had big earnings reports, just wait until tonight. Apple, Amazon, Coinbase and more are set to report in what could be a make-or-break afternoon for the markets.

TOP STORY

'Meta AI Is On Track To Be The Most Used AI Assistant In The World'

Basically: Say what you want about Mark Zuckerberg, he knows how to wake surf. And pivot. Meta announced it will be spending less and moving away from the Metaverse while doubling down on AI investments.

What Happened: Unsurprisingly, Meta spent a large portion of its call discussing its AI initiatives and opportunities. And here’s how the company plans to take on competitors like Open AI, Google and more.

PRESENTED BY CBOE

FIVE ZINGERS

Apple Of My Eye: $AAPL is reporting earnings tonight, and like other big tech companies, all eyes will be on the company’s AI plans. Here’s what we know.

Let The Chips Fall: Chip stocks fell significantly the past couple weeks, but recent earnings reports have sparked a short-term rally in these names.

Not Everyone’s A Winner: The market is set to open higher this morning, but Teladoc, Western Digital and other big stocks aren’t participating.

English Breakfast: Americans woke up this morning to rate cuts in England, as Great Britain’s central bank lowered rates from their 16-year highs.

Hertz, Don’t It?: Hertz shares moved lower this morning after the rental car company reported worse-than-expected earnings. Here’s what happened.

ONE FOR THE ROAD

Jerome Powell Finally Concedes 'Rate Cut Could Be On The Table' In September

What Happened: Federal Reserve Chair Jerome Powell finally communicated Wednesday that a rate cut could arrive at the September meeting if inflation and the labor market perform as expected.

Basically: The Fed opted to hold the interest rate steady at 5.25-5.5% for the eighth straight meeting in July, as widely predicted. And while Powell discussed rate cuts in September, here’s why they might not be as certain as some traders expect.

PRESENTED BY CBOE

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