Wall Street Breakfast August 9: Biden Poised to Sign Off on CHIPS and Science Act
Wall Street Breakfast
Seeking Alpha
3.8 • 950 Ratings
🗓️ 9 August 2022
⏱️ 7 minutes
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street breakfast, your daily source of market news and analysis. |
| 0:06.8 | Subscribe to this podcast on Apple Podcast, Spotify or Stitcher. |
| 0:11.2 | Good morning. Today is Tuesday, August nightth, and I'm your host Julie Morgan. |
| 0:15.9 | Our top stories. |
| 0:17.6 | Chips, NovaVax, Invidia, Bed Bat and Beyond, Snap, Micron, Amazon, and Healthy America. |
| 0:26.4 | The major U.S. Equity averages finish Monday session with a mixed performance, continuing |
| 0:31.4 | the uncertainty that marked most of last week. |
| 0:34.3 | Weakness in semiconductor stocks weighed on the market. |
| 0:37.4 | Seven of the 11 S&P sectors ended higher. |
| 0:40.3 | Infotech represented the main source of weakness slipping by 0.9%. |
| 0:45.0 | In the bond market rates continued to slide. |
| 0:48.0 | The 10-year Treasury yield fell 8 bases points to 2.76% and the 2 year yield dip 3 |
| 0:54.6 | basis points to 3.22%. The markets are pricing in an |
| 0:58.7 | interest rate increase of 75 basis points at the Federal Reserve September meeting. |
| 1:04.0 | From there, the market sees hikes of just 25 basis points at the next two meetings. |
| 1:10.0 | In the earnings spotlight today, Emerson Electric, Cisco, Norwegian Cruise Line Holdings, |
| 1:15.9 | Coin Base Global and Wind Resorts. |
| 1:19.9 | In our day watch, Invidia shares plunged more than 6% Monday after pre-announcing weaker than expected |
| 1:26.3 | second quarter revenue, driven mostly by what the company said was disappointing gaming |
| 1:30.9 | sales. |
| 1:31.9 | For the period ending July 31st, |
| 1:33.6 | NVIDIA said it generated 6.7 billion dollars in revenue, down 19% from a year ago |
... |
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