MARKET MOVERS

  • Powell warns of ‘some pain’ ahead as the Fed fights to bring down inflation. In his annual Jackson Hole, Wyoming, policy speech, Powell added that higher interest rates likely will persist “for some time. The historical record cautions strongly against prematurely loosening policy.” Powell said the Fed will not be swayed by a month or two of data. Read more here.

  • Twitter ordered to provide a subset of Elon Musk’s request for data. Chancellor Kathaleen McCormick ordered Twitter to produce a narrower section of the data requested, including a historical snapshot of accounts that were reviewed by the company to determine the number of spam and fake accounts on its platform. Twitter declined to comment on the judge’s decision.

  • Blackstone's single-family landlord to halt home purchases in 38 cities. Home Partners of America will stop buying homes in 38 US cities, becoming the latest institutional investor to back away from an overheated housing market. The company told customers that as of Sept. 1, it is pausing applications and property submissions in Boise, Idaho; Fresno, California; Memphis, Tennessee, and 25 other areas. It will go on hiatus in 10 additional cities on Oct. 1.

  • U.S. trade deficit in goods sinks 9.7% in July. The trade gap in goods - services are excluded - fell to $89.1 billion from $98.6 billion in the prior month, the government said Friday. The deficit has shrunk after a record increase in the first quarter. Lower deficits add to gross domestic product. An advanced look at wholesale inventories, meanwhile, showed a 0.8% increase in July.

  • Personal income increased 0.2% in July; Spending increased 0.1%. Personal income increased by $47.0 billion (0.2 percent) in July, according to estimates released by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $37.6 billion (0.2 percent) and personal consumption expenditures (PCE) increased $23.7 billion (0.1 percent). Read more here.

  • Snowflake reported stable year-over-year revenue growth of 83%. Management had previously guided for second-quarter revenue growth of 71% to 73% year over year. It easily outpaced that expectation. With consumer spending showing signs of succumbing to the gravitational pull of inflation during the quarter, businesses are still placing cloud services as a top priority, which is benefiting Snowflake.
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WHAT TO WATCH

  • SpaceX and T-Mobile team up to use Starlink satellites. Both companies are partnering on a satellite to mobile phone service that should work in areas with no cell coverage. T-Mobile CEO Mike Sievert joined SpaceX founder Elon Musk in Boca Chica, Texas, to discuss their alliance and plans on Thursday. T-Mobile intends to offer the service as part of its most popular plans but did not disclose pricing details.

  • Microsoft and ByteDance are collaborating on a big AI project. Through a project called KubeRay, they’re working together on software intended to help companies more efficiently run AI apps. At the Ray Summit this week in San Francisco, ByteDance software engineer Jiaxin Shan and Microsoft principal software engineer Ali Kanso discussed their progress with data scientists, machine learning experts, and other developers

  • A closely-watched bitcoin metric is flashing a buy signal that has historically led to huge gains. The 30-day average hash rate (a monthly average value) fell more than 7% and at one point saw a 10% dip. That signaled that miners were turning off their machines. Historically speaking, capitulation in the mining market has tended to correspond strongly with the overall market bottom. Read more here.

  • Tesla supplier Panasonic plans an additional $4 billion EV battery plant in the U.S. The Japanese company is looking at Oklahoma as the location for its new plant, though there are no guarantees that an agreement will be reached. The new Panasonic plant would come in addition to a roughly $4 billion EV battery factory that the Japanese company said in July it plans to build in Kansas.
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