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Morning Briefing for August 4th, 2023


As we head into the trading day on August 4th, market participants face a mixed environment. Stock futures are displaying a flattish pattern ahead of key economic reports, with specific earnings creating notable movements within the market. Investors are keenly waiting for clues on the Federal Reserve’s interest rates path, and today’s release of the July Employment Situation Report will be of particular interest.

Market and Economic Indicators

Stock Market Futures

U.S. equity futures are trading relatively flat ahead of today’s employment data, set to be released at 8:30 a.m. ET. Contracts for the S&P 500 and Nasdaq 100 indexes are little changed, with U.S. stocks on track for their most significant weekly retreat since March. A crucial factor weighing on the broader market is Apple’s disappointing earnings, which contrasts with the support provided by Amazon’s positive report.

Treasury Yields

The Treasury yields remain relatively stable from yesterday, with the 2-yr note yield slightly up to 4.92%, while the 10-yr note yield is unchanged at 4.18%. Following recent turmoil in the bond market, including the U.S. losing its triple-A credit rating from Fitch and increased government debt sales, investors are eyeing how Treasuries will react to the incoming employment data.

Corporate Earnings and Guidance

Today’s corporate landscape is marked by several noteworthy earnings reports and guidance updates.

Technology Sector

  • Apple Inc. (AAPL): Reported a loss in pre-open action, beating EPS by $0.06 and in-line revenues. However, iPhones slightly missed expectations.
  • Inc. (AMZN): Impressive earnings report with a beat on both EPS and revenues. AWS growth has stabilized.
  • Cloudflare (NET): Met revenue expectations, provided optimistic Q3 and FY23 guidance.
  • Microchip (MCHP): Reported in-line EPS and revenues, and increased the quarterly cash dividend.

Travel and Leisure

  • Booking Holdings (BKNG): Strong earnings, with gross travel bookings up by 15%.
  • Airbnb (ABNB): Beat EPS and revenue expectations, guiding Q3 revs in-line and expecting a modest increase in Q3 Nights and Experiences Booked.


  • Redfin (RDFN), DraftKings (DKNG), Fortinet (FTNT), Block (SQ), Coinbase Global (COIN), Amgen (AMGN), Motorola Solutions (MSI), and Atlassian (TEAM) also reported earnings with various outcomes.

International Markets and Sentiment

Europe’s Stoxx 600 index turned lower as investors await the U.S. jobs data. Friday’s non-farm payrolls figures are expected to show the U.S. added 200,000 jobs in July, the weakest print since the end of 2020, though still historically strong. The mood remains cautious, with some investors shifting back to ‘risk-off’ mode amid concerns over higher bond yields and tighter financial conditions.


August 4th’s trading day is set to be filled with anticipation and careful observation, with many eyes turned towards the July Employment Situation Report and its potential impact on Federal Reserve policy. The diverse array of corporate earnings has created mixed sentiment, and the recent tumult in markets continues to make investors wary. As we progress through the day, it will be essential to keep abreast of unfolding developments to navigate the complex market landscape effectively.




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