The Morning Market Briefing

Andrew, Ben, and Tom cover the CPI print, diesel hitting a record $6/gallon, Kevin Warsh's potential surprise double cut, Middle East shipping tensions, and France's debt cancellation debate. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosures

Andrew, Ben, and Tom cover Apple's $2K foldable iPhone Duo launch and Quest Diagnostics health-app tie-up, plus Bessent's $6B bond buyback, the ECB rate hike, and Trump's proposed $5K dividend. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosures

Andrew, Ben, and Tom break down Scott Bessent's bond buyback program going live, plus today's Apple event, Sunbelt earnings, and industry conference readouts from Smithfield and UHS. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosures

Andrew and Ben unpack Bessent's $40 oil call against crude at $94, Canada's new 50% tariffs, the Fannie-Freddie housing ads, and Germany's AfD election shock. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosures

Andrew, Ben, and Tom unpack August's 162K jobs blowout versus a 55K forecast, plus Lululemon's 19% plunge, Adobe's new CEO, and Tesla's Cybercab flop. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosures

Andrew, Ben, and Tom break down Broadcom's 3% dip and use a New York City delivery analogy to finally explain the difference between CPUs, GPUs, and XPUs, plus updates on Iran, Russia, and Snowflake's AI-driven earnings beat. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosure...

Andrew, Ben, and Tom debate whether markets are facing real chaos or just noise as oil jumps back to $90 on Iran tensions, ISM manufacturing cools, and midterm uncertainty builds, plus Elon Musk's G20 remarks on AI and power constraints. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.co...

Andrew, Ben, and Tom break down Nvidia's $35 billion Lambda/Anthropic cloud deal and new MediaTek partnership that squeezes Broadcom and Marvell, plus Bessent's latest comments on bonds and inflation. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosure

Andrew, Ben, and Tom dig into Bessent's scorched-earth letter to Elizabeth Warren, Warsh's hawkish Jackson Hole speech and softer-than-expected BLS jobs revision, plus France's growing sovereign debt problems. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosure

Andrew, Ben, and Tom discuss Venezuela's potential OPEC exit as the US nears a deal for a stake in 17+ Venezuelan oil fields holding 90 billion barrels of reserves, possibly via a 100-year lease Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosure

Andrew, Ben, and Tom break down Nvidia's blowout revenue forecast and reaction from Okta, CrowdStrike, and Salesforce, plus Meta's $17.1 billion settlement over teen safety and new usage restrictions. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosure

Andrew, Ben, and Tom dig into LeBron James' mysterious $300 million loan against future earnings, plus Intuit's guidance reset, Zoom's soft outlook, and oil sliding as Iran and Oman signal reopening the Strait of Hormuz. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosure

Andrew, Ben, and Tom discuss Dick's Sporting Goods and Foot Locker slashing full-year guidance as footwear demand deteriorates, plus Meta's new $199/month consumer AI agent Hatch and the growing IPO pipeline led by Oura and Dunkin. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disc...

Andrew, Ben, and Tom preview Bessent's 1pm press conference declaring economic war on Iran, break down the collapsed US-Canada tariff deal and the resulting 50% tariff on $20B of goods, and discuss Nvidia's coming 15% server price hikes tied to memory costs. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: h...

Andrew, Ben, and Tom discuss Ross Stores surging 8% after raising full-year guidance on strong customer traffic with third-quarter comps now expected at 6-7%, Trump announcing a deal to import 300,000 metric tons of quota-free ground beef priced 25% below current market prices as the US works to rebuild its cattle herd, oil tankers reportedly waiting up to 30 days to load at Venezuelan ports amid...

Ben and Tom discuss Scott Bessent's expanding influence across the administration as the Treasury doubles the maximum size of its long-bond buyback operations from $2 billion to at least $4 billion effective September 9, a move Tom explains functions as the reverse of quantitative easing since it uses already-borrowed cash to repurchase bonds now trading below where they were issued, Trump announc...

Ben and Tom discuss OpenAI's second-quarter revenue growing just 18% quarter-over-quarter to $6.7 billion compared to Anthropic's 143% growth, with OpenAI's operating loss widening to $12.3 billion even as Anthropic turned a small profit, Analog Devices guiding to another strong quarter with data center demand accelerating alongside industrial and auto strength, Home Depot continuing to outexecute...

Andrew, Ben, and Tom discuss Meta heading to trial as Kentucky, Colorado, California, and New Jersey allege the platform encourages compulsive use by young people while a broader group of 29 states accuses it of illegally collecting data on children under 13, with potential penalties Meta claims could reach $1.4 trillion though plaintiffs argue the real exposure is closer to $193 billion, Home Dep...

Andrew, Ben, and Tom discuss leaked Anthropic second-quarter results showing revenue of $11.5 billion, up 1300% year-over-year and 143% quarter-over-quarter with an annualized run rate crossing $47 billion in May compared to OpenAI's roughly $40 billion at the same point, SpaceX's AI division contributing $2.6 billion in the quarter while posting positive adjusted EBITDA despite an adjusted operat...

Andrew and Tom discuss retail sales falling 0.6% month-over-month against an expected 0.1% gain, with the prior month also revised lower, driving the market-implied odds of a Fed rate hike this year down to 27% from near-certainty just two weeks ago, a weak 30-year Treasury auction that priced at 5.216%, the highest since 2001, with bonds continuing to decouple from cooling inflation and labor dat...

Ben and Tom discuss producer prices coming in cooler than expected for a second straight month with headline PPI flat month-over-month and core PPI easing to 4.2% year-over-year, Tom's argument that interest rates remain too high given the $40 trillion national debt after the 10-year auctioned at the highest rate since 2007 and the 30-year approaching its highest since 2001, a breakdown of how por...

Andrew, Ben, and Tom discuss CoreWeave soaring 17% after raising its 2026 CapEx guidance to $35-39 billion and pushing through roughly 25% price increases across its GPU pricing tiers, extending the useful life of its chips and signing an A100 contract through 2029 despite the SKU launching in 2020, Trump reportedly weighing changes to capital gains taxes including exemptions for homes worth $2 mi...

Ben and Tom discuss the $500 billion private-capital AI infrastructure fund unveiled on CNBC by Jensen Huang, David Solomon, Larry Fink, Jonathan Gray, and the heads of Apollo, KKR, and Brookfield, Fink's comparison of financing GPU purchases to the early days of 1970s mortgage-backed securities and the underlying assumption that Nvidia chips won't depreciate, a breakdown of how asset-backed lendi...

Andrew, Ben, and Tom discuss Berkshire Hathaway finally deploying its cash pile with the $6.8 billion purchase of Taylor Morrison Homes, a $10 billion new stake in Google now among its top five holdings, and $4.5 billion in buybacks, prompting the question of whether Buffett's years of caution are giving way to optimism, operating earnings up 24% and utilities profit up 27% even as BNSF and Geico...

Andrew, Ben, and Tom discuss Atlassian soaring 30% after declaring "AI is the best thing that's ever happened" to the company with credit consumption doubling quarter-over-quarter, the ECB reportedly blindsided after Treasury sold euros rather than dollars in last week's yen intervention with senior officials calling it an unprecedented breach of monetary cooperation conventions, Microchip Technol...