🚀 US Growth Exceeds Expectations

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. U.S. economic growth exceeded expectations in Q2, with GDP rising at an annualized rate of 2.8%, up from 1.4% previously. Personal spending, a key growth driver, increased by 2.3%, also surpassing forecasts. Underlying inflation rose by 2.9%, easing from Q1 but still higher than anticipated. Despite the growth, high interest rates are gradually cooling the economy, aiding the Federal Reserve's efforts for a soft landing and potential rate cuts by September. Treasury yields increased, and stock futures remained lower post-report, as policymakers prepare to meet next week.

2. Ford Motor's stock dropped over 17% in early trading Thursday, marking its steepest decline since 2009, after missing Wall Street’s earnings expectations due to recurring warranty issues. Shares of General Motors and Stellantis also fell, despite GM outperforming expectations for Q2 and Stellantis reconfirming its 2024 guidance despite disappointing first-half results. Tesla shares saw a slight uptick after a major decline on Wednesday, following weaker-than-expected earnings and a drop in automotive revenue. Wall Street analysts remain frustrated with Ford's warranty costs but see potential upside in its operations.

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4. Headlines

   1. Southwest is abandoning large parts of its business model, including open seating. They will now assign seats and introduce upsells for premium seats.

   2. It’s estimated that over $5B in revenues was lost due to the CrowdStrike issues last week.

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