🛍️ What Is The Pulse Of American Consumers?

Good morning. US stock futures ticked higher in Wednesday morning trading as Wall Street awaited earnings from one of tech’s biggest companies.

📈 American consumer confidence ticks higher

📝 Our report: American consumers felt a bit more upbeat in August, with their future outlook brightening. The Conference Board reported its consumer confidence index ticked up to 103.3 from July's 101.9, suggesting shoppers are feeling a little more optimistic about what's ahead. The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months.

 🔑 Key points:

• Consumer spending accounts for nearly 70% of U.S. economic activity and is closely watched by economists for signs how the American consumer is feeling.

• Though inflation has largely receded from 2022 highs, the cost of essentials continues to chip away at American consumers’ savings and optimism.

• The Federal Reserve began raising its benchmark lending rate in March of 2022 in an attempt to fight the inflation that took hold in the wake of the pandemic. Higher borrowing costs, combined with rising prices, had consumers in a foul mood for the better part of the past two years.

💡 So what: A rising consumer confidence index generally signals positive momentum for the U.S. economy. When consumers feel more confident about their financial situation and the economy's outlook, they are more likely to increase spending. Businesses may respond by ramping up production, investing in expansion, and hiring more workers, which further stimulates the economy. Overall, a higher consumer confidence index is a good sign for economic stability and growth, though it needs to be balanced with other economic indicators.

Wednesday - Atlanta Fed President Raphael Bostic Speech

Thursday - Pending Home Sales

Friday - Consumer Sentiment (final)

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🤖 GenAI to push global smartphone sales

WHAT: Research firm IDC boosted its global smartphone shipment forecast, pointing to a solid first half of the year as consumer demand rebounds and AI features woo buyers back to the tech shelves. IDC expects shipments to grow 5.8% to 1.23 billion units in 2024, up from its previous forecast of 4% growth to 1.21 billion units.

WHY: IDC predicts GenAI smartphones will surge 344%, capturing 18% of the market by the end of 2024 as more flagships adopt built-in generative AI features for daily use.

🏈 NFL allows a new type of ownership

WHAT: NFL owners just gave the green light for private equity firms to buy stakes in their franchises, a move set to bring in billions and push already sky-high team valuations even higher. During a special one-day league meeting in Minneapolis, the group loosened some of the strictest ownership rules in professional sports to allow private equity to own as much as 10% of a team, according to the NFL.

WHY: The move to allow private equity into ownership has the potential to shift how teams are run. Limited ownership partners have traditionally been friends, former players and local celebrities.

🔋 Samsung, GM team up in EV battery joint venture

WHAT: Samsung SDI and General Motors just sealed the deal to build an EV battery factory in Indiana, putting the pedal to the metal on their joint venture in the U.S. The two companies will invest approximately $3.5 billion to build a new battery cell manufacturing plant with an annual production capacity of 27 gigawatt hours (GWh) initially, Samsung SDI said in a statement.

WHY: The South Korean battery maker said the joint plant aims for mass production in 2027 and annual capacity is expected to rise to 36 GWh under expansion plans.

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