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⏱️ Powell Proclaims The Time Has Come...

+ SpaceX’s Polaris Dawn Mission Will Attempt The First Private Spacewalk Next Week

Good afternoon! Apple ($AAPL) is playing ball with the EU’s new rules, and it’s a game-changer. Starting this fall, iPhone and iPad users in Europe will be able to delete some of the pre-installed Apple apps that have been as untouchable as the Mona Lisa. Yes, you heard that right—say goodbye to the App Store, Safari, Messages, and more if you want. This comes as Apple bends to the Digital Markets Act (DMA), a law that’s all about making Big Tech play fair and giving consumers more control.

So, what’s the deal? Not only will you be able to boot those default apps to the curb, but Apple’s also adding a new section where you can manage default settings for browsers, messaging, and phone calls. It’s a bold move from a company that’s known for keeping things tightly locked down, and it could shake up how we use our devices. This isn’t just about decluttering your home screen—it’s about Apple opening the gates to more competition and choice.

MARKETS

  • Investors celebrated on Friday as Federal Reserve Chair Jerome Powell hinted at upcoming interest rate cuts, signaling a potential end to the central bank’s aggressive stance on inflation. Powell's comments, made during a speech in Jackson Hole, Wyoming, lifted stocks, with the Nasdaq Composite gaining 1.5%, the S&P 500 rising 1.1%, and the Dow Jones climbing 1.1% to its second-highest close ever.

  • Speaking at Jackson Hole, Powell didn’t spill the exact timing or size of the cuts, but his comment that “the time has come” to ease up on rates sent a clear message: the inflation fight is wrapping up, and the economy is looking solid. Investors loved it, and stocks rallied across the board while bond yields took a dive. Looks like the market’s got something to smile about heading into the weekend!

STOCKS
Winners & Losers

What’s up 📈

  • Cava ($CAVA) soared 19.63% today after the fast-casual restaurant chain delivered another strong earnings report with impressive growth on the top and bottom lines.

  • Workday ($WDAY) jumped 12.49% after the company reported second-quarter earnings results that beat across the board.

  • Peloton ($PTON) rose 6.37% after the at-home fitness company reported a narrower fiscal fourth-quarter loss as it undergoes a turnaround plan.

  • Tesla ($TSLA) gained 4.59% after Federal Reserve Chair Jerome Powell’s optimistic commentary on future rate cuts.

  • MicroStrategy ($MSTR) climbed 12.11%

  • Roku ($ROKU) increased 11.87%

  • Norwegian Cruise Line ($NCLH) rose 7.76%

  • Carnival Corporation ($CCL) added 7.51%

  • Warner Bros. Discovery ($WBD) increased 7.33%

  • Enphase Energy ($ENPH) grew 6.50%,

  • Nvidia ($NVDA) climbed 4.55%

What’s down 📉

  • Intuit ($INTU) dropped 6.83% after the financial software company and owner of TurboTax reported better-than-expected fiscal fourth-quarter earnings. However, its forecast for first-quarter revenue growth of "approximately 5 to 6 percent" fell short of expectations.

  • Bill.com ($BILL) fell 6.70% after the company reported second-quarter earnings results and provided revenue guidance for next year, indicating a significant slowdown in demand.

  • Mobileye ($MBLY) decreased 5.01%

  • Pinduoduo ($PDD) slipped 4.97%

  • AST SpaceMobile ($ASTS) declined 3.75%.

FEDERAL RESERVE
Powell Proclaims The Time Has Come…

Drumroll, please! Federal Reserve Chair Jerome Powell just dropped the mic at the Jackson Hole Economic Symposium, announcing the Fed’s plans to cut interest rates. Yup, the big pivot is here. After two years of cranking up rates to tame inflation, Powell is officially ready to start loosening the purse strings.

Breaking Down the Big Shift

In what has to be the least surprising surprise of the year, Powell confirmed that rate cuts are coming soon, saying, “The time has come for policy to adjust. The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.” Translation? The Fed is done playing the inflation-fighting game and is now turning its attention to preventing a meltdown in the job market.

And Wall Street heard him loud and clear. Stocks jumped, with the Dow climbing over 400 points and the Nasdaq up by about 1.5%. Investors are stoked, Treasury yields are dipping, and everyone’s feeling a little lighter—except maybe those holding cash.

So, What’s the Game Plan?

With inflation cooling off and the job market starting to look like a sad trombone, Powell’s got his eye on rate cuts. The big question now is: How much and how fast? The next Fed meeting in mid-September is shaping up to be a real cliffhanger. Will they go for a cautious quarter-point cut, or do they swing for the fences with a half-point slash?

As always, it’s all about the data. Powell didn’t spill all the beans, but he made it clear the Fed will be watching the numbers closely. A few more weak jobs reports, and we could see some serious rate-cutting action.

What Does It Mean for You?

Well, if you’ve been sweating those sky-high interest rates on your mortgage, auto loan, or credit card, there might be some relief on the horizon. But don’t pop the champagne just yet—Powell’s not exactly rushing to the finish line here. Rate cuts will likely be gradual, and the Fed’s going to take it slow and steady to avoid rocking the boat too much.

So, keep an eye on those economic reports, stay tuned for the next Fed move, and maybe start planning what you’ll do with those extra dollars in your pocket. A new plant for the office? That fancy coffee machine? The possibilities are endless, but the rate cuts? Not so much. Let’s see how this one plays out!

NEWS
Market Movements

SPACE
Polaris Dawn Mission Faces Brief Delay Before Historic Spacewalk

The Polaris Dawn mission, which is set to make history as the first space mission featuring a spacewalk conducted entirely by non-government astronauts, has been delayed by 24 hours. Originally slated for launch early Monday, the mission is now scheduled for liftoff on Tuesday at the earliest, according to SpaceX. This minor setback is all part of ensuring everything is perfect before this groundbreaking flight.

What's the Plan?

Once it gets the green light, SpaceX’s Falcon 9 rocket will carry the all-civilian Polaris Dawn crew aboard the Dragon spacecraft to an altitude of 870 miles above Earth. This marks the highest any human has flown since the Apollo missions of the 1970s. The team will then descend to a cruising orbit about 435 miles above Earth, where they will spend five days conducting scientific experiments and testing new technologies, including a laser-based satellite communication system using SpaceX’s Starlink.

But the highlight of the mission will undoubtedly be the spacewalk, set to be the first-ever performed by private citizens. This ambitious feat will require the entire Dragon spacecraft to be depressurized, a risky maneuver given that the craft lacks an airlock. As a result, all four crew members, led by billionaire entrepreneur and mission commander Jared Isaacman, will don SpaceX’s new EVA (Extra-Vehicular Activity) suits and be tethered for safety as they venture into the vacuum of space.

A Mission for the Books

This mission isn’t just about making history for the sake of it. The Polaris Dawn crew, which includes Isaacman, retired Air Force lieutenant colonel Scott “Kidd” Poteet, and SpaceX engineers Sarah Gillis and Anna Menon, aims to push the boundaries of commercial spaceflight and gather valuable data for future missions to the Moon, Mars, and beyond. The team will navigate through the Van Allen radiation belts—regions of intense radiation that pose significant challenges for deep space exploration—while testing the limits of their new spacesuits.

Despite the slight delay, anticipation remains high for what could be one of the most significant milestones in the burgeoning era of commercial space exploration. As Isaacman and his crew prepare to take civilian space travel to new heights, the world will be watching closely, eager to see this next chapter in human spaceflight unfold.

Calendar
On The Horizon

Next Week

Next week’s economic calendar might kick off with some lightweights, but the real action comes on Friday. Monday brings us durable goods orders, Tuesday features the consumer confidence index, and Thursday rounds out the preliminaries with the advance goods trade balance.

Then, it's showtime: Friday’s Personal Consumption Expenditures (PCE) report takes the stage. This is the last PCE reading before the Fed’s September meeting, where they’re expected to cut rates. How much they cut—25 or 50 basis points—could hinge on what this report has to say.

Earnings are slowing down, but there’s still some excitement in store. Wednesday is the main event, headlined by none other than Nvidia ($NVDA).

Earnings:

Here’s the lineup for next week, ranked by market cap:

Tuesday: Bank of Montreal ($BMO), PVH ($PVH), Nordstrom ($JWN), and Box ($BOX).

Wednesday: Nvidia ($NVDA), Salesforce ($CRM), CrowdStrike ($CRWD), HP ($HPQ), Bath & Body Works ($BBWI), J.M. Smucker Company ($SJM), and Chewy ($CHWY).

Thursday: Lululemon ($LULU), Dell ($DELL), Best Buy ($BBY), Dollar General ($DG), Burlington Stores ($BURL), Campbell Soup Company ($CPB), Marvell Technology ($MRVL), Brown-Forman ($BF.B), Ulta Beauty ($ULTA), and Birkenstock ($BIRK).