1) Retailers Target and Lowe’s posted second quarter sales higher than anticipated by analyst. Target’s ‘same store sales’ is up by 3.4% compared to an expected growth of 2.9%. This news boosted Target’s stock by 16%. Lowe’s also reported better than expected second quarter earning results which pushed its stock up 10%. These big box store reports help qual fears of an approaching recession.
2) The chip maker Intel announced two new chip products for the AI (Artificial Intelligence) market, processors as part of its Nervana Neural Network Processor. This chips will accelerate training and inferences drawn from AI models. This will allow AI systems to gain inferences and insights more readily. They will help AI platforms address the crush of data being generated and ensure AI enterprises make efficient use of their data, by processing it where it’s collected.
3) Boeing, the aircraft manufacturer, is incurring additional cost from its grounded 737 MAX, by hiring hundreds of temporary workers to help maintain its growing fleet of 737 MAXs that Boeing is storing until the FAA restores its certification. These temporary workers have skills such as avionics technicians, aircraft mechanics, airframe and power plant mechanics and aircraft electricians. Once the aircraft is re-certified, these technicians will be needed to upgrade the software and prepare aircraft for delivery.
4) Stock market closings for – 21 AUG 19:
Dow 26,202.73 up 240.29
Nasdaq 8,020.21 up 71.65
S&P 500 2,924.43 up 23.92
10 Year Yield: up at 1.58%
Oil: up at $55.85