🦅📈Stocks Have the Best Week of the Year! And a White House Recap

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Aug 18, 2024

Hi all,

I’m back from Washington D.C., and if you follow me on Instagram you’ll know that I was attending the inaugural White House Creator Economy summit last Wednesday. It was a hodge-podge of 100 people, some were industry professionals, some were journalists, and maybe just a handful of creators (including yours truly) attended. I’m honestly not sure how they chose the guest list, as I was hoping more creators would attend, but no complaints on my end.

The highlight of the day was when the President came into the room we were all in and talked for about 15-20 minutes. Initially, he was going to give remarks for 5 minutes, but he decided he wanted to stay longer. Honestly, if you asked me what he talked about - I couldn’t tell you. It felt like a string of 3-4 stories that all blurred together. I was also distracted trying to get the best photos/videos lol. But still, it was a 10 out of 10 experience and it was great to get some recognition from the US Government and President, that the Creator Economy is an industry worth paying attention to.

I hope you enjoy your Sunday, here are some pictures, followed by the newsletter today.

— Humphrey

Market Report

S&P 500 Has Best Week of the Year Due to Surprisingly Good Economic Data

US Retail Sales Beat Forecasts, Boosted by Rebound in Auto Sales

In July, U.S. retail sales saw a surprise 1.0% month-over-month increase, recovering from a 0.2% decline in June, primarily driven by a 4.0% rebound in auto sales following a cyber-attack that disrupted operations in June.
The control group category, which excludes volatile items like autos and gas, also showed strength with a 0.3% rise, surpassing expectations and indicating a resilient consumer base despite high prices and borrowing costs.
This broad-based growth included gains in categories such as food and beverage stores and general merchandisers, while e-commerce sales saw modest gains due to heavy discounting during Amazon's Prime Day.
The data suggests that consumer spending remains robust, supported by credit usage, even as the labor market cools and economic uncertainty looms.

US Jobless Claims Fall for a Second Week to Lowest Since July

Applications for U.S. unemployment benefits decreased to 227,000 for the week ending August 10, marking the lowest level since early July, despite a recent slowdown in hiring.
- This decline in jobless claims was better than the forecast of 235,000.
Continuing claims, representing the number of people receiving unemployment benefits, also fell to 1.86 million.
Initial unemployment claims increased in 29 states, with Georgia experiencing the largest rise of 7 claims. Conversely, initial claims decreased in Texas and California by 1,700 and 2,600.

Walmart Lifts Yearly Outlook as Shoppers Hunt for Bargains

Walmart reported stellar earnings this week, as its shares jumped 9% in a day. So far, the stock is up 31% year-to-date, making it the second-best-performing retailer in the S&P 500 after Costco.
The company reported a 4.2% increase in comparable sales for Walmart U.S. in the quarter, surpassing analyst expectations.
- This growth marks nearly a decade of consistent sales increases, driven by strong grocery sales and improved general merchandise performance.
Walmart raised its full-year guidance, expecting net sales to grow between 3.75% and 4.75%, up from previous estimates. The company is benefiting from its appeal to both low- and high-income consumers, with increased market share and improved delivery services.
Walmart's e-commerce sales rose 21% globally, and its advertising and membership businesses significantly contributed to operating income growth.