Earnings a mixed bag after hours – Amazon up, Apple down. We'll see what happens tomorrow.
The real story is the back up in bond yields, now heading to the 2023 highs. We are one too-hot data point away from breakout. pic.twitter.com/CLOOQnrAgs
— Mac10 (@SuburbanDrone) August 3, 2023
This Apple report should be it for the Tech bubble. pic.twitter.com/DET6Sb9OMW
— Mac10 (@SuburbanDrone) August 3, 2023
The curve is uninverting,
Do you know what happens next? https://t.co/mHFhTzdxGz
— Win Smart, CFA (@WinfieldSmart) August 3, 2023
Apple revenue breakdown: everything except services slowing pic.twitter.com/8NiNLptadT
— zerohedge (@zerohedge) August 3, 2023
APPLE HEADS FOR LARGEST Q3 REVENUE DROP SINCE 2016
— FXHedge (@Fxhedgers) August 3, 2023
Banks usage of emergency bank term funding program (BTFP) has hit a new all time high $105.7bn pic.twitter.com/LOQ1FLO7Ga
— Don Johnson (@DonMiami3) August 3, 2023
⚠️FITCH CUTS MUNICIPAL BOND RATINGS TO AA+
— Don Johnson (@DonMiami3) August 3, 2023
ISM and PMI Point to Slowing Growth, Sticky Inflation and Stagflation Threat
U.S. service sector indicators fell in July, raising concerns of a slowdown. ISM Services dropped to a six-month low, and PMI Services also decreased. Rising living costs, higher interest rates, and decreased domestic demand are causing businesses to pull back on hiring. Coupled with stubbornly high inflation and increased wages, this downturn signals a risk of stagflation in the U.S. economy.