Daily Newsletter | August 28, 2023

TLDR

MARKET RECAP → All three major US stock indexes closed higher Monday ahead of a big week of earnings and economic data, led by the tech-heavy Nasdaq Composite (QQQ). Zooming out, all three indexes are down about 3-5% so far in August.

HAWAIIAN ELECTRIC JUMPS 45% → Hawaiian Electric (HE) stock rose as much as 40% on Monday after the company pushed back against a lawsuit blaming the company for the deadliest wildfire in the US in more than a century.

WHAT TO WATCH THIS WEEK → Fresh off the heels of Powell’s fairly uneventful Jackson Hole speech on Friday, on deck this week includes a slew of earnings reports and key economic data releases.

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

HAWAIIAN ELECTRIC JUMPS 45%

? Hawaiian Electric (HE) refuted Maui County’s lawsuit, which blamed the utility for the deadliest U.S. wildfire in over a century.

?️ The company argued that while high winds might’ve knocked power lines causing a morning brush fire in Lahaina, the electricity was off during a second fire that afternoon.

? When Maui’s fire department tackled the afternoon blaze, it grew uncontrollably, heading straight for Lahaina. The plot thickens!

Source: shutterstock

WHAT TO WATCH THIS WEEK

? This week’s spotlight will be on economic data, including U.S. labor market data on Tuesday (8/28) and Friday (9/1), as well as fresh inflation figures on Thursday (8/31).

? A slew of earnings reports are on deck this week, including and Best Buy (BBY) on Tuesday (8/29), Salesforce (CRM) on Wednesday (8/30) and Dollar General (DG) on Thursday (8/31).

?️ All this comes on the heel’s of Federal Reserve Chair Jerome Powell’s speech at Jackson Hole symposium last week that largely doubled-down on the Fed’s commitment to be data-dependent.

Source: Earnings Whispers

Source: shutterstock

Keep Reading

OpenAI launches ChatGPT Enterprise, the company’s biggest announcement since ChatGPT’s debut (CNBC)

US payrolls growth expected to slow to 170K in August, leaving three-month average lowest since start of 2021 (Bloomberg – Paywall)

US stock market needs more than the Magnificent Seven (Financial Times – Paywall)

And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money. ?

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Written by Sean Horgan Sean Horgan is the Head of Investor Relations at MoneyLion, where he leads communications with investors and stakeholders. Before joining MoneyLion, Sean was an Equity Research Analyst at Rosenblatt Securities and Emerald Asset Management. Sean holds multiple FINRA licenses, including Series 7, 63, 86, and 87, and CFA Level I. Sean also writes MoneyLion's Markets Daily newsletter, delivering the daily TL;DR on market news.