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Good morning investors! The market fell yesterday with Bitcoin falling under $14,000.
Fun fact: Roughly 40 percent of S&P 500 company revenue comes from outside the U.S.
Today we cover:
Fed minutes
Stocks fall
Retail earnings
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📊 Economy and News
Fed Minutes Highlight Concerns Over Tariffs and Economic Risks
Federal Reserve officials at their July 2025 meeting expressed concerns about inflation, the labor market, and the economic impact of tariffs, according to minutes released Wednesday.
While most agreed to maintain the fed funds rate at 4.25%-4.5%, two governors, Christopher Waller and Michelle Bowman, dissented, advocating for a rate cut—the first such split in over 30 years.
The minutes highlighted a divide among policymakers, with some emphasizing upside risks to inflation, particularly from tariffs, and others noting downside risks to employment.
Economic growth was described as “tepid,” though unemployment remained low. The meeting preceded a Bureau of Labor Statistics report showing weaker-than-expected job growth, reinforcing concerns about a softening labor market. Policymakers noted potential tradeoffs if inflation persists while employment weakens.
Chair Jerome Powell’s upcoming Jackson Hole speech on Friday is expected to clarify the Fed’s short-term rate strategy and broader policy outlook amid political pressures, including Trump’s calls for rate cuts and recent criticisms of Fed officials.
These three-week-old minutes didn’t impact futures much with betting markets remaining confident, trimming expectations of a rate cut by roughly 10% but still strongly anticipating a September rate reduction to 400–425 basis points.
Global hits:
Mexico’s inflation seen picking up in first half of August.
Japan’s exports log biggest drop in 4 years as US tariff impacts intensify.
UK inflation rises to highest since early 2024 at 3.8%.
India rate panel says US tariffs key drag on growth, flags benign inflation outlook.
Good to know: The Federal Trade Commission sued LA Fitness’ parent over what the agency called “illegal obstacles” to cancel memberships, seeking relief under the Restore Online Shoppers’ Confidence Act. The case adds to recent enforcement on subscription cancellations and could tighten compliance expectations across gyms and other subscription businesses.
Delta and United Airlines shares fell after lawsuits claimed deceptive “window seat” labels, with passengers alleging they paid for views but faced blank walls.
Controversial: Trump calls on Fed Governor Cook to resign over mortgage allegations. However, Cook says she will not be ‘bullied’ into resigning after Trump official accuses her of mortgage fraud. The market reacted negatively to this new feud with dollar falling behind.
Also, President Donald Trump said the U.S. will not approve wind or solar power projects.
Lastly, British retailer WH Smith plunges 33% after cutting U.S. forecast on accounting error.
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📈 Stocks
S&P 500 6,395 (+%)
DJIA 44,938 (+%)
NASDAQ 21,172 (+%)
BRENT CRUDE 13 (-%)
* Prices as of Mar 3rd, 12:20 AM UTC
S&P 500 and Nasdaq Slip Amid Tech Sell-Off and Mixed Retail Earnings
The S&P 500 and Nasdaq Composite fell on Wednesday, driven by a widespread tech sector decline and mixed retail earnings. The S&P 500 marked its fourth consecutive loss, while the Nasdaq saw its second negative session. The Dow Jones Industrial Average bucked the trend, gaining 16.04 points, or 0.04%.
Investors sold off major tech and semiconductor stocks, raising concerns about high valuations and the sustainability of the AI trade. Nvidia closed slightly lower, while Advanced Micro Devices and Broadcom each dropped about 1%. Palantir shares fell 1%, extending a six-day losing streak—the longest since April 2024—and declining 20% from recent highs.
Meta has put the brakes on its massive AI talent spending spree. The S&P 500 has shed approximately $1 trillion in market value, driven largely by declines in major tech stocks.
A recent MIT study, reported by the Financial Times, raised concerns about the effectiveness of AI investments, finding that 95% of companies saw no significant financial returns from their AI spending.
Retal Earnings:
Target shares slid 6% after reporting another sales drop and announcing a new CEO effective Feb. 1.
Lowe’s rose slightly after surpassing earnings expectations.
TJX Companies surged after a strong Q2 performance, beating expectations and raising full-year EPS guidance to $4.52–$4.57, up from $4.34–$4.43.
Estee Lauder reported a Q4 EPS of $0.09, aligning with estimates, and revenue of $3.41B, surpassing forecasts. The company projects positive growth for fiscal 2026, excluding travel retail, with a focus on boosting consumer acquisition.
Good to know: Google announces its AI-powered Pixel 10 smartphone series. Elsewhere, Sony said that PlayStation 5 game consoles will cost more in the U.S. starting this week.
Check this: EnVVeno said it received an FDA “not approvable” letter for VenoValve, sending shares sharply lower intraday.
Hertz announced a collaboration with Amazon Autos to sell pre-owned vehicles online, helping the stock surge.
💵 Personal Finance
Thursday Playbook: Mid-month money clean-up
Use today to run a tight 30-minute audit.
First, pull your checking and primary card activity for the last seven days and tag anything that doesn’t match your plan.
Second, set three mini rules you can execute in one day: a no-delivery day, a $25 cap on discretionary spend, and moving any mid-month surplus to savings.
Third, pay yourself first by scheduling an automatic transfer for the morning so it clears before weekend spending.
If you carry balances, line up a snowball or avalanche draft and set payments to hit Friday so you see progress immediately.
If income is irregular, baseline on last month’s net and hold 10 percent in a holding account before bills.
For investing, keep auto-contributions on schedule and avoid timing entries off headlines; if you must “nibble,” use a fixed-dollar schedule and size so emotions stay out.
Review benefits and deadlines that actually fall this week and add one tiny compounding habit you can repeat daily.
Tips:
Beginner: Freeze one impulse category for a single day and move the saved amount to savings at night.
Advanced: Create a micro-ruleset in your bank app that sweeps every transaction ending in 50 cents to savings.
Tool: Try a simple budget calculator to stress-test the week’s plan.
💰 Be a Better Investor
“More money has been lost reaching for yield than at the point of a gun.”
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👩🏽⚖️ Legal Stuff
Nothing in this newsletter is financial advice. Always do your own research and think for yourself.