Wall Street Breakfast July 29: China Competition Bill, CHIPS Act Goes to Biden to Sign

Wall Street Breakfast

Seeking Alpha

Business, Investing, Business News, News

3.8 • 950 Ratings

🗓️ 29 July 2022

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Biden met with Xi as Congress passed China competition bill. WH says U.S. economy is in state of transition, not recession. Elon Musk says inflation may be easing, Bill Ackman scoffs at Fed at neutral. Catch today’s WSB article here.

Transcript

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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.
0:11.5	Good morning. Today is Friday, Julyth and I'm your host Julie Morgan.
0:16.0	Our Top Stories.
0:18.0	Transition and Chips.
0:19.6	And later, Miss Fresh, Instacart, and another jab.
0:24.0	The NASDAQ S&P 500 and the Dow Jones rally again,
0:27.8	extending post-fed gains following GDP data.
0:31.2	The 10-year Treasury yields retreated five basis points to 2.68 percent, and the
0:36.1	two-year yield dropped nine basis points to 2.89 percent. Ten of the 11 S&P sectors
0:42.3	recorded gains on the day with real estate and utilities leading the advance.
0:47.0	Communication services represented the only segment to finish in the red.
0:51.0	Looking at the economic data, preliminary Q2 GDP fell 0.9% compared with
0:56.9	expectations for a 0.5% drop. In the earnings spotlight today, Exxon Proctor and Gamble Chevron and Charter Communications.
1:08.0	In our day watch Apple earnings beat expectations.
1:12.0	For its full fiscal third quarter,
1:14.0	Apple earned $1.20 a share on 82.96 billion dollars in revenue.
1:19.2	While analysts had forecast Apple to earn $1.15 a share on 82.81 billion in sales.
1:27.0	Amazon sees inflation not inventories as the key issue.
1:30.8	The company CFO said the pressure on energy prices is increasing
1:34.7	costs for data centers. Net sales overall increased 7% to 121.2 billion dollars
1:41.2	pushing comfortably past the analyst's consensus by $2.04 billion.
	...

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