"Luck is what happens when preparation meets opportunity." ~ Seneca

📈 The Markets Overnight

🌏 Asia: Up bit
🇪🇺 Europe: Up slightly
🇺🇸 US Index Futures: Up slightly
🛢 Crude Oil: Down
💵 Dollar: Down
🧐 Yields: Down
🔮 Crypto: Up a bit

🌏 Major Global Catalysts

CPI inflation report comes in above estimates at 6.4%, but slightly lower than last month.

💵 Economic Reports and Events Today

Consensus forecasts shown
8:30am CPI m/m 0.5% Change in the price of goods and services purchased by consumers.
8:30am CPI y/y 6.2% Change in the price of goods and services purchased by consumers.
8:30am Core CPI m/m 0.4% Change in the price of goods and services purchased by consumers, excluding food and energy.
11:00am FOMC Member Logan Speaks in a moderated discussion at an event hosted by Prairie View A&M University, in Texas.
11:30am FOMC Member Harker Speaks about the economic outlook at an event hosted by the Union League of Philadelphia.
2:05pm FOMC Member Williams Speaks at an event hosted by the New York Bankers Association.

📰 Selected Earnings Releases

Consensus Estimates shown
After Hours Today:
UPST Upstart Holdings EPS -0.470 Rev 133.59M
DVN Devon Energy EPS 1.760 Rev 4.46B
SU Suncor Energy EPS 1.310 Rev 10.71B
UPST Upstart Holdings EPS -0.470 Rev 133.59M
ABNB Airbnb EPS 0.250 Rev 1.86B

Pre-Market Tomorrow:
TTD Trade Desk EPS 0.360 Rev 491.38M
RBLX Roblox EPS -0.480 Rev 867.51M
ADI Analog Devices EPS 2.600 Rev 3.15B
BIIB Biogen EPS 3.480 Rev 2.44B
GOLD Barrick Gold EPS 0.180 Rev 2.78B

🔮 Selected Analyst Ratings Changes

AMD Advanced Micro Devices Benchmark Maintains Buy Raises Target to 103.00

CRM Salesforce Wells Fargo Maintains Overweight Raises Target to 200.00

CRWD CrowdStrike Holdings Goldman Sachs Initiates Coverage at Buy Targets 141.00

DASH DoorDash B of A Securities Maintains Buy Lowers Target to 72.00

FSLR First Solar Evercore ISI Group Downgrades to In-Line Raises Target to 157.00

NET Cloudflare Goldman Sachs Initiates Coverage at Sell Targets 51.00

NVDA NVIDIA B of A Securities Maintains Buy Raises Target to 255.00

PLTR Palantir Technologies Mizuho Maintains Neutral Raises Target to 8.00

ROKU Roku Citigroup Maintains Buy Lowers Target to 75.00

SHOP Shopify Keybanc Maintains Overweight Raises Target to 55.00

WMT Walmart Telsey Advisory Group Reiterates Outperform Maintains Target at 165.00

🍾 Interesting IPOs Today

BFRG Bullfrog AI Holdings, Inc. 1.3M shares priced at 6.50 We use artificial intelligence and machine learning to advance medicines for both internal and external projects.

💬 Commentary

Yesterday's trading session showed a positive continuation of Friday's nascent reversal, as market indices recorded an upward trend throughout the day, surging towards the top of the bull flag formation. Notably, a favorable Consumer Price Index (CPI) report this morning could provide a catalyst for a potential breakout. However, the latest CPI figures, while above estimates, reported lower than the previous month, consistent with the five-month downtrend in inflation. The initial reaction to the report was characterized by a sharp decline followed by a swift reversal. This volatile and indecisive market response makes it challenging to predict the market's direction with certainty. As such, market participants should brace for a volatile and choppy trading environment today and exercise caution.

Happy Trading, everyone!

~ KevinD

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_{Disclaimer: Everything expressed in this newsletter is a personal opinion provided for educational value only. This is not financial advice. These are not instructions, suggestions, or directions as to how to handle your money. Please, always do your own due diligence.}