
The Week Ahead: July Fed Minutes, Blue-Chip Earnings on Deck
Next week will bring a fresh batch of economic data, including the July Federal Open Market Committee (FOMC) meeting minutes and the U.S. Manufacturing Purchasing Managers' Index (PMI).
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Next week will bring a fresh batch of economic data, including the July Federal Open Market Committee (FOMC) meeting minutes and the U.S. Manufacturing Purchasing Managers' Index (PMI).

Sky Harbour Group Corporation reported improved Q2 '26 profitability metrics, yet remains unprofitable on a GAAP basis. SKYH's unique airport hangar leasing model shows operational scale, with campus profit more than doubling year-over-year and occupancy at 83.7%. Profitability at the campus level excludes depreciation and interest, masking true long-term returns; including these, adjusted profit is near breakeven.

Why oil prices have not super-spiked despite the ongoing Strait of Hormuz standoff. Wall Street's top energy stock picks heading into the fall.

Equities are trading at historically high Shiller PE ratios (~42x), signaling elevated valuations and compressed long-term return expectations. With S&P 500 dividend yields near all-time lows (~1%), the expected return remains dependent on elevated PEs, while with high interest rates (~5%), the equity risk premium has turned negative.

July's back-to-back cooler CPI and PPI readings slashed September rate-hike odds from 55% to 32%, forcing investors to rethink hawkish Fed positioning. Despite Strait of Hormuz headlines spiking crude, monthly average oil prices fell, but gasoline has already climbed from $3.87 to $4.07 since July.

The CPI rose 3.4% year over year in July and was touted as a slowing of inflation. It is still below a target set long ago by the Fed, which is about 2%. The July figure is viewed as a possible block to the Fed raising rates. However, what is inflation and what is not ends up in the eye of the beholder.

Markets moved moderately to the upside. Cerebras and Cisco shares tumble after earnings.

SpaceX is planning a Texas natural gas plant to power a new chip facility, while gas turbines are already being used for campuses in Tennessee and Mississippi.

Cheniere Energy lifts 2026 EBITDA and production guidance as higher LNG volumes, margins and project progress boost results.

Massive spending on data centers and AI infrastructure can benefit “HALO” companies: hard assets, low obsolescence.

Equity markets continue to surge on AI optimism, but credit markets signal rising stress and potential systemic risks reminiscent of 2007. CoreWeave (CRWV) and Nebius (NBIS) rallied on strong results Wednesday despite CoreWeave's sharply worsening negative free cash flow and elevated default risk.

Unusual Machines delivered Q2 revenue of $16.7M, doubling sequentially and up 687% YoY, with gross margin rising to 34.7%. UMAC's valuation remains stretched at $27, requiring belief in rapid scaling to several hundred million in revenue and eventual profitability. Q3 revenue is expected to decline sequentially to $12–14M due to supply chain and production issues, but Q4 is guided to recover to $25M.

PPI continued the trend CPI by signaling inflation is cooling. @CharlesSchwab's Kevin Gordon expects the Fed to hold interest rates in its next meeting with current data in mind.

US wholesale inflation decelerated in July by more than estimated as energy and food costs fell, likely giving the Federal Reserve more time to assess price pressures at upcoming meetings. Initial jobless claims rose by 9,000 in the week ending August 9.

Steve Grasso, CEO of Grasso Global, Peter Tchir, Head of Macro Strategy at Academy Securities, and Jose Torres, Senior Economist at Interactive Brokers, discuss AI price wars, cooling inflation, Fed cuts and geopolitical risks.