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Jerome Powell has stepped up to the starting line, with a marathon of speeches over the next three days ranging from comments at the Boston Fed to his semiannual monetary policy testimony to Congress. Today, he's scheduled to give opening remarks at a conference discussing the effectiveness of bank stress tests. While traders have priced in a 100% probability of a Fed rate cut in July, expectations for a more aggressive cut have been tempered by the strong jobs report released Friday. (SA)

 

Levi Strauss releases earnings figures The 166-year-old jeans maker releases second earnings after the market closes. Shares in the San Francisco-based group have only risen 0.5 per cent since its initial public offering on March 21, compared with a 7 per cent rise for the broader S&P 500. Alongside its first set of earnings as a public company, which were released in April, the company outlined plans to open 100 new stores. (Barron’s)

 

Richard Branson’s Virgin Galactic has announced plans to go public via a New York cash shell led by former senior Facebook executive Chamath Palihapitiya.  Virgin Galactic, which aims to take passengers into space, said this morning that it would merge with a cash shell led by Mr Palihapitiya, which was launched in 2017 and is publicly traded in New York. Virgin Galactic said the company would have an enterprise value of about $1.5bn.  The cash shell is an alternative way to bring technology companies to the stock market without the hassle of an initial public offering. (FT)

 

PepsiCo shares are higher this morning  after the company’s second-quarter earnings topped estimates, as healthier snacks and sparkling water helped fuel sales growth and offset a drag from foreign exchange.  As consumers drink less soda, Pepsi has turned to higher-growth beverage categories instead, releasing energy drinks like Mtn Dew Game Fuel and jumping in on the sparkling water trend with Bubly. (CNBC).

 

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.
 

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