👀 If You're Buying, He Might Be Selling

Hi All - Happy Saturday and welcome back to Street Tweets. 

Last week we asked you if the Fed was going to cut by 25bps or 50bps. A slight majority, 56% of you, said 25bps. For those who said 50bps, well done.

Big cut, no? Well, sounds like Powell & Co. isn’t stopping there. According to the Wall Street Journal, “Most analysts expect two further rate cuts in November and December, and money markets are pricing in a high risk that one of them will be another large 50 basis-point reduction.”

We can’t tell if that’s a good thing or an ominous sign that the central bank sees something we don’t, hence the drastic cuts over a period of a couple of months. Buckle up. Should be a fun one, especially as we head into election season. While I have you here, I have a quick question for you:

Market Review: U.S. stocks finished Friday’s trading session mixed but posted gains for the week overall. The Dow Jones Industrial Average edged up 38.17 points, or 0.09%, on Friday, marking a 1.62% increase for the week. The S&P 500 slipped 0.19% during Friday’s session but gained 1.36% for the week. Meanwhile, the Nasdaq Composite fell 0.36% on Friday but still ended the week with a 1.49% increase. On Wednesday afternoon, the Federal Reserve made a significant move by cutting interest rates by a substantial half-point, marking its first reduction since 2020. The market ended up surging on Thursday as investors flocked to tech stocks and companies poised to benefit from lower rates.

Market Preview: On Monday, we'll see Fed commentary along with flash service and manufacturing data. Tuesday brings consumer confidence figures and the S&P Case-Shiller home price index report, followed by new home sales on Wednesday. Thursday's releases include initial jobless claims, durable goods orders, and pending home sales. The most anticipated data of the week comes Friday with the U.S. PCE inflation report, the Fed's preferred inflation gauge, along with personal income, personal spending, and consumer sentiment updates.

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GO DEEPER

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"History doesn't repeat itself, but it often rhymes." - Mark Twain

Let's play two truths and a lie about Jensen Huang, the CEO and co-founder of Nvidia.

• He first met his wife in college when he was 16

• Nvidia started as an idea at a Denny's diner

• He has a tattoo of Nvidia's logo on his shoulder

Trick question, those are all true. Oh, and by the way, if anyone ever makes a movie about him, he wants Jackie Chan to play him. (That's also true).

Apparently the new Airpods have "voice isolation," a new feature to enhance how you sound on calls.

That's a good thing because the prior versions picked up a lot of background noise outside. Walking by a garbage truck? The person you're speaking too can hear the beeping better than you can. Pass a barking dog? Sounds like the dog is in your living room. Hopefully, this works.

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We included a somewhat bearish tweet about a potential recession above so we had to even it out with a more bullish tweet from Apollo.

“I love gold! The look of it! The smell of it! The taste of it! The texture! I love gold so much that I…”

If you know the rest, you know…

TRIVIA

How many US homeowners are now mortgage-free?

Click here to see the answer