📈 SBUX Jumps 25%

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Good Morning!

The S&P pushed higher yesterday as key inflation data suggested that today’s CPI report would come in cooler. Additionally, Starbucks had its best day ever after announcing the replacement of its CEO.

Grab your black coffee and let's get into it! ☕️👇️

Markets

🧊 S&P 500 jumps higher as key inflation data comes In cool
Wall Street closed strong on Tuesday, with US stocks riding a wave of optimism after inflation data came in cooler than expected. The tech-heavy Nasdaq Composite led the charge, jumping 2.4%, while the S&P 500 added 1.7% and the Dow inched up 1%.

This marks the best five-day run since November for both the Nasdaq and S&P, fueled by four consecutive winning sessions. The positive momentum was supported by producer prices rising just 0.1% in July, well below forecasts, signaling potential relief ahead for consumer prices. All eyes now turn to the July CPI report dropping Wednesday.

🇳🇴 World’s largest sovereign wealth fund posts $138 billion in first-half profit
Norway’s sovereign wealth fund, the world’s largest, reported a staggering first-half profit of 1.48 trillion kroner ($138 billion) on Wednesday, thanks to strong returns from tech stocks. The Government Pension Fund Global, valued at 17.75 trillion kroner by June’s end, saw an 8.6% return in the first six months of 2023. However, CEO Nicolai Tangen cautioned that stock market gains are unlikely to mirror previous years, citing increased risks from a "completely different geopolitical situation."

🤖 The ultimate guide on using AI to ace an interview
In response to the surge of candidates using AI to mass-apply for jobs, a British startup bank has released its first-ever guidelines on how to integrate AI effectively during the job application process. The guidance offers dos and don’ts for leveraging AI to streamline your job hunt while ensuring your application still reflects your unique personality.

🏘️ Home Depot issues a warning about the economy
Home Depot reports that consumers are cutting back on major home renovations as they grow more worried about the economy. In response, the home improvement giant has lowered its sales expectations for the year, citing high interest rates and economic uncertainty as key factors dampening spending on big projects.

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BUSINESS

Starbucks Jumps 25% on CEO change

In a surprising shakeup, Starbucks has ousted CEO Laxman Narasimhan after just two years, replacing him with Chipotle's highly regarded chief, Brian Niccol.

This unexpected move sent Starbucks stock soaring 24.5% on Tuesday, marking its best single-day gain ever, while Chipotle's shares took a hit, dropping over 10% on the initial news of Niccol’s departure.

Niccol, who successfully turned around Chipotle since taking the helm in 2018, will officially step into his new role at Starbucks on September 9. Under his leadership, Chipotle’s stock surged by 800%, solidifying his reputation as a top-tier executive.

Narasimhan, who assumed the CEO role at Starbucks in March 2023, struggled to boost the company’s performance amid declining sales in its key markets, the U.S. and China.

In its latest quarter, Starbucks reported a 3% drop in same-store sales, increasing pressure on the company to revitalize its brand. Adding to the turmoil, activist investor Elliott Management recently acquired a stake in Starbucks, likely influencing the leadership change.

CHINA

Tencent Quarterly Profit Jumps 82%

Tencent delivered strong second-quarter results, surpassing expectations as its key gaming division showed accelerated growth. Revenue increased by 8% year-on-year, while profit surged an impressive 82%. This is a significant recovery for Tencent after experiencing its first-ever annual revenue decline in 2022.

The company’s gaming business, particularly in China, was a major driver of this growth. Tencent reported that its China games revenue reached 34.6 billion yuan, up 9% year-on-year and outpacing the 3% growth seen in the first quarter.

The success was largely fueled by the launch of Dungeon & Fighter Mobile (DnF Mobile) which has been dominating China’s top-grossing game charts, reminiscent of the success Tencent enjoyed with Honor of Kings.

In response to this positive momentum, Tencent’s shares have climbed about 27% this year. Additionally, the company spent $6.71 billion on share buybacks in the first half of 2024, a move seen across Chinese tech firms as they seek to boost investor confidence amid a recovering sector and concerns over China’s slowing economic growth.

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