Daily Newsletter | August 22, 2023

TLDR

MARKET RECAP → The S&P 500 (VOO) closed lower on Tuesday led by declines in banks and retail stocks. Investors remain cautious as interest rates notch new highs and await commentary from Fed Chair Jerome Powell’s key speech later this week at Jackson Hole.

IT’S ALL VERY META → Meta’s (META) Threads tweaks tactics, targeting Twitter’s turf.

THEFT ON THE RISE? → Dick’s Sporting Goods (DKS) faces profit plunge and ‘shrink’ shocker after 20 years!

Sean Horgan

Head of Investor Relations @ MoneyLion

$shorgan

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Today’s S&P 500 Heatmap

Source: finviz.com

Today’s Top News

ZUCK’S TWITTER TWIST

🖥️ Meta (META) began rolling out a web version of its fast-growing app, Threads, aiming to overcome initial limitations and enhance user experience.

🔍 Industry voices emphasized the need for more features, like search, for Threads to seriously rival X (formerly Twitter).

💰 While Zuckerberg remains bullish on Threads’ future, monetizing the app is on hold until it secures a stronger footing.

Source: shutterstock

SLIPPERY SALES

📉 Dick’s Sporting Goods (DKS) registered a noteworthy 23% plunge in profits and reduced its year-end earnings prediction, citing increased retail theft and sluggish outdoor category sales.

🤔 After nearly two decades, Dick’s addressed ‘shrink’ (retail lingo for lost inventory) in their press release, hinting at a broader industry issue.

🏦 Despite underwhelming Q2 results, the retailer maintains strong faith in its long-term prospects, with Chairman Ed Stack emphasizing that recent job cuts aren’t a mere cost-saving scheme.