MARKET RECAP → Nasdaq (QQQ) notched out its fourth day of gains to close out August, an otherwise bad month. Markets digested another piece of economic data today, continuing to feed the recent rally. But the week isn’t over yet … all eyes will be on the August US jobs number (nonfarm payrolls). 170K is the number of new jobs the market is expecting, anything meaningfully above (below) could stunt (boost) the stock markets recent rally.
SALESFORCE SOARS → ? Salesforce’s (CRM) rose 3% after its Q2 earnings report beat expectations and the company raised its margin guidance. Wall Street was also positive on the company’s comments about strong interest for its new Generative AI products (shocker!).
LET’S MAKE A DEAL → ?️ Shopify (SHOP) & Amazon’s (AMZN) “Buy with Prime” dance turns from standoff to waltz.
INFLATION WOES → As of July, 61% of adults said they are living paycheck to paycheck ?
? Salesforce’s (CRM) Q2 earnings and guidance surpassed Wall Street’s expectations, causing shares to leap 3% on Thursday.
? The company reported earnings of $2.12 per share (analysts expected $1.90) and revenue of $8.60 billion (analysts predicted $8.53 billion). Year-over-year, their Q2 revenue grew by 11%.
? CEO Marc Benioff is steering the ship into the AI era, with the company enhancing its cloud applications and launching an AI cloud for marketing and data analysis.
Note: For a company that’s all about clouds, they sure know how to stay grounded and deliver! ?
Source: shutterstock
PRIME DEAL
? Shopify (SHOP) and Amazon (AMZN) partnered to integrate ‘Buy with Prime’ into Shopify’s ecosystem.
? Merchants gained access to Prime benefits, lifting Shopify’s stock by 11% Thursday.
? Initially a no-go due to security fears, Shopify later embraced the feature, ensuring transactions through their own payments.
Source: shutterstock
INFLATION WOES
? 61% of US adults were living paycheck to paycheck in July, up from 59% the previous year, per a LendingClub report.
? Despite easing inflation rates in June and July, Fed Chair Jerome Powell mentioned inflation was still “too high”, hinting at potential further interest rate hikes.
? Financial stress was prevalent: 70% of Americans reported financial stress, largely from inflation, rising interest rates, and inadequate savings.
Source: shutterstock
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And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money. ?
