After a rough few days, the major indices are in the green this morning.
Nasdaq futures are up 36. Dow futures are up 124, with the S&P 500 up about 12 points.
All as markets wait to hear what Fed boss Jerome Powell has to say about interest rates moving forward. Last checked, there’s now a 75% chance of a quarter-point cut by September.
“I think the Fed and what Powell is going to try to articulate and communicate is an explanation and a justification for the Fed to start a process of cutting interest rates starting in September,” Morgan Stanley Investment Management’s Jim Caron told CNBC. “And I think that should be supportive for markets.”
Shares of Cracker Barrel Just Lost $200 Million of Value
Shares of Cracker Barrel lost about $200 million of their value after releasing its new logo, which eliminates the drawing of an overalls-clad man leaning against a barrel. Now, the logo will just feature the chain’s name, which isn’t sitting well with diners or investors.
Plus, according to the company’s site, “This year we even unveiled a brand-new logo! Rather than just showing one person, we wanted to feature lots of people. The idea was to celebrate the diversity of all our guests with a logo that represented our continued passion for pleasing people of all races, colors, and genders.”
For some investors, the change is a “Bud Light” moment with heavy backlash.
Still, keep an eye on the Cracker Barrel (CBRL) stock. Once the pullback over a brand logo change is over, we do expect it to regain lost ground – especially if earnings can remain as strong as they have been.
The AI Party isn’t over, says Wedbush’s Dan Ives
The AI party is far from over, despite fears of a bubble, according to Wedbush’s Dan Ives.
“Ives said that, although some names in the AI sphere — such as OpenAI CEO Sam Altman — have warned of overexuberance from investors about the technology, in his view, ‘the AI party … started at 9 pm. It’s now 10 pm. That party goes to 4 am,” as quoted by CNBC.
With that, Ives still believes tech heavyweights, such as Microsoft, Amazon, Google, Nvidia, Tesla, and Meta, will be some of the top standout winners.
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Author: Ian Cooper
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