Hey everyone! I've been sharing my morning briefs on a bunch of other subreddits for a few weeks now and thought you would find them helpful here too.
A little background: I post quick briefs every morning that can be digested in 1 to 2 minutes. They're essentially highlights of the most important market/economic news that you should know for that day.
If you have any suggestions or feedback, I'm all ears! Let me know how I can improve the briefs for you.
Top News
- S&P 500 Futures are +.35%; Dow Futures are +.50%; NASDAQ Futures are +.25%
- US stock futures are moving higher as investors look towards the monetary policy event in "Jackson Hole" on August 26th. However, the event will now be held virtually due to rising health concerns. Note: Investors will look closely for any discussion around tapering asset purchases, especially after the Fed's July minutes showed most policymakers are in favor of tapering before year-end
- The PMI (Purchasing Manager's Index), an indicator that represents the economic health of the manufacturing sector, shows mixed results globally. Japan's service sector decreased at the fastest pace in 15 months; Europe's manufacturing sector was outperformed by services for the first time since COVID 19 took hold; UK's services came in lower than forecasted; US' PMI will be published at 9:45a ET today.
- Bitcoin's price rose above $50k, hitting a three-month high after Paypal announced its launching a service to let people buy, hold, and sell digital currencies in the UK. Note: It's Paypal's first international expansion for its crypto segment outside the US
Price Target Updates
- Barclays lifted Intuit Inc. (NASDAQ: INTU) price target from $540 to $645
- Mizuho lifted the price target for Entergy Corporation (NYSE: ETR) from $120 to $127
- JMP Securities raised the price target on Zscaler, Inc. (NASDAQ: ZS) from $240 to $270
In Other News
- Data shows softer demand in early August for hotel occupancy, credit and debit card spending, and restaurant bookings. Note: These industries may be losing momentum amidst the economic recovery
- Vice President Harris said the primary focus of the US in Afghanistan is to evacuate American citizens, Afghan allies, and vulnerable groups. Note: The Pentagon ordered US commercial airlines to provide planes to secure transportation
- The FDA is expected to give full approval to Pfizer's COVID vaccine today. Note: This would make Pfizer the first COVID vaccine to go from emergency use authorization to full FDA approval
Submitted August 23, 2021 at 09:05AM by hivincentc https://ift.tt/38607nd
