⚡️Tesla Cybertruck Now Starts at $100K

Good afternoon! In one of the more unexpected moments of recent earnings calls, Redfin ($RDFN) CEO Glenn Kelman didn’t mince words when asked about the company’s backup plan if mortgage rates stay high. “Plan B is to drink our own urine or our competitors’ blood,” he quipped. And in true CEO fashion, he later added a bit of self-reflection, admitting, “We’ll drink our urine before the blood. Actually, I wish I just hadn’t said that. I’m a lover, not a fighter”—channeling his inner Keanu Reeves.

While Redfin posted better-than-expected earnings, Kelman couldn’t hide his frustration with the current housing market, calling it “The Twilight Zone” and noting the lack of response to falling mortgage rates. Though he hopes for a market rebound, Kelman made it clear that Redfin is prepared to hustle, whether rates drop or not.

MARKETS

• Wall Street played a game of tug-of-war on Monday, as stocks wavered but managed to cling to the momentum from last week’s rally. The S&P 500 ended the day virtually unchanged, inching up just 0.23 points, while the Nasdaq eked out a 0.21% gain, thanks in part to Nvidia’s 4% surge. Meanwhile, the Dow dropped 140 points, or 0.36%, as investors grew jittery ahead of crucial inflation data set to drop this week.

• With the Consumer Price Index report on Wednesday and retail sales data following on Thursday, all eyes are on the economic gauges that could either steady or spook the markets. After a week of whiplash, traders are hoping for clarity, but the volatility might not be over just yet.

STOCKS
Winners & Losers

What’s up 📈

• Monday.com ($MNDY) jumped 14.78% following a strong second-quarter earnings report, which beat estimates, driven by strength in its enterprise business.

• KeyCorp ($KEY) surged 9.10% after Canadian lender Bank of Nova Scotia, also known as Scotiabank, acquired a 14.9% stake in the regional U.S. lender for $2.8 billion.

• Barrick Gold Corporation ($GOLD) climbed 9.08% as the gold-mining company reported a robust second quarter.

• Super Micro Computer ($SMCI) gained 6.33%, rebounding after last week's sell-off in AI-related stocks, aided by a Wall Street Journal article highlighting the company's new direct liquid cooling products.

• Nvidia ($NVDA) rose 4.08% after being named a top “rebound” stock by Bank of America.

What’s down 📉

• JetBlue Airways ($JBLU) plummeted 20.66% as the company announced new senior secured note offerings, including $2.7 billion in debt, prompting analysts to downgrade their ratings.

• Marathon Digital ($MARA) dropped 11.27% after proposing a private offering of $250 million in convertible senior notes which will use to purchase more digital assets.

• e.l.f. Beauty ($ELF) fell 10.69% as investors were disappointed by the company’s weak 2025 guidance, despite beating Q1 estimates.

• Lucid Group ($LCID) declined 9.09%, with the stock continuing to gyrate following its earnings report on August 5, which coincided with a sharp market sell-off.

• Albemarle ($ALB) decreased by 6.92% amid overall negative sentiment surrounding lithium stocks and concerns about oversupply in the market.

EV
Tesla Cybertruck Now Starts at $100K After Dropping Cheapest Model

Tesla ($TSLA) just gave the Cybertruck's price tag a serious jolt—if you were holding out for the "affordable" $60,990 model, you're out of luck. Tesla quietly pulled that version from its lineup, leaving the cheapest Cybertruck at a jaw-dropping $99,990. That’s a $39,000 leap from where the price floor used to be.

The Price of Progress?

But wait, there’s more. The tri-motor Cyberbeast, the souped-up version that puts your foot to the floor with more torque and speed, now costs $119,990. That’s a $20K hike from just a week ago. Remember when Elon Musk promised a $39,990 Cybertruck back in 2019? Ah, simpler times. With the base model gone, it looks like Tesla is banking on buyers with deeper pockets and a taste for luxury—because clearly, the entry-level market isn’t a priority anymore.

Fast Deliveries or Slowing Demand?

Tesla claims it’s speeding up delivery times, with AWD models potentially arriving as early as this month. But don’t let the expedited shipping fool you—these price hikes might just be a sign that demand is cooling off faster than Musk anticipated. After all, how many folks are really ready to shell out six figures for a truck that looks like it drove straight out of a sci-fi flick?

Meanwhile, Cybertruck's bumpy road continues with recalls, sinking profits in Tesla's latest quarter, and a flurry of federal investigations. The dream of an affordable, mass-market EV truck seems further away than ever. Plus, faster deliveries could signal that Tesla's inventory is growing—a red flag that maybe, just maybe, those million pre-orders aren’t translating into actual sales. So, while Tesla might be speeding up production, it could also be facing the reality that a $100K truck isn’t exactly a hot commodity. But hey, if you’ve got $100K burning a hole in your pocket, Tesla’s got just the truck for you.

NEWS
Market Movements

• Adani Group shares shed billions again after Hindenburg released allegations against SEBI

• Chevron ($CVX) reports a tech breakthrough in extreme pressure oil drilling

• Disney ($DIS) unveiled plans to spend $60B over the next 10 years on theme park and cruise expansions, including four new cruise ships and major additions to its Florida and California parks.

• Tropical Smoothie eyes a $610 million securitization. Securitization refers to the process of pooling various types of debt—like loans or mortgages—and selling them as bonds to investors, allowing companies to raise capital by converting illiquid assets into tradable financial instruments.

• Regulators probe big banks on Zelle’s fraud policies as payment-app scams pile up

• Starbucks ($SBUX) and activist investor Elliott met last week to discuss a potential settlement, according to sources.

• Susan Wojcicki, a longtime Google exec who ran YouTube, died at 56 after living with lung cancer for two years.

SOCIAL MEDIA
Trump Returns to X, $DJT Stock Takes a Hit

Donald Trump is back on X (formerly Twitter), and his reappearance is already shaking things up. Just ahead of a highly anticipated interview with Elon Musk, shares of Trump Media & Technology Group ($DJT) dipped 5%. The interview, scheduled for 8 p.m. ET, marks Trump’s first major return to the platform since August 2023. The question on everyone’s mind: What does this mean for Trump’s own social media platform, Truth Social?

X Marks the Spot

Trump’s return to X is a big deal—after all, this is the platform that played a huge role in his political rise. But there’s a twist. Trump previously vowed to stick to his own platform, Truth Social, after being banned from major social media sites. His comeback to X might signal a shift in strategy, especially with the 2024 election looming. And let’s not forget, this move comes after Musk’s recent endorsement of Trump, despite their very public beef just a couple of years ago.

Stocks Stumble as the Spotlight Shifts

Trump’s return to X isn’t just about tweets—it’s affecting his wallet, too. Shares of Trump Media took a hit, dropping 5% on Monday. Investors seem to be questioning whether Trump’s renewed presence on X could spell trouble for Truth Social. After all, why would Trump’s followers stick around on his platform if he’s back to tweeting up a storm on X?

The timing couldn’t be more critical. Trump Media has been struggling financially, reporting a net loss of $16.4 million in the second quarter. With stocks already down nearly 50% since its public debut, the pressure is on.

Calendar
On The Horizon

Tomorrow

Investors are bracing for a pivotal week of inflation data, with the Producer Price Index (PPI) report dropping on Tuesday, followed by the highly anticipated Consumer Price Index (CPI) on Wednesday. Economists are forecasting a slight slowdown in July’s PPI, expecting a 0.1% monthly increase compared to June’s 0.2%. This could be an early indicator that inflation pressures on producers are easing, which might bring some optimism to the markets ahead of the CPI release.

As it stands, there’s a nearly even split among investors on whether the Federal Reserve will opt for a 50-basis-point rate cut in September, with current odds at 48%, down from 52% just a short time ago. All eyes are on these reports as they could heavily influence the Fed's next steps and the market's direction.

Before Market Open:

• Home Depot ($HD) is one to watch as it gears up to report earnings. The home improvement giant saw a major boost during the pandemic, with folks stuck at home taking on DIY projects. But with the stock flatlining this year, investors are nervous that the renovation boom may be fading. This earnings report could set the tone for Home Depot’s performance for the rest of 2024. Analysts are expecting $4.50 earnings per share (EPS) on $43.38 billion in revenue.

• Meanwhile, Tencent Music Entertainment ($TME), a subsidiary of Chinese tech titan Tencent Holdings, is also in the spotlight. As a powerhouse in China’s music industry, TME has been eyeing global expansion, bolstered by its 8.6% stake in Spotify and a recent partnership with Universal Music Group. Investors will be eager to hear more about the company’s growth strategy. The consensus forecast is $0.16 EPS on $996.68 million in revenue.