U.S. stocks are clawing their way back towards green for the week, but retail investors remain skeptical. Stocktwits user sentiment is in ‘bearish’ territory for all the major indexes, though many investors and traders are still finding tactical opportunities in the market. Let’s see what you missed. 👀

Today's issue covers the whipsaw in Wall Street sentiment, cannabis stocks’ latest catalyst, and noteworthy earnings pops & drops. 📰

Here’s the S&P 500 heatmap. 11 of 11 sectors closed green, with technology (+3.73%) leading and utilities (+0.11%) lagging.

And here are the closing prices: 

P.S. We’re experimenting with different formats to streamline your experience. Like something, don’t like something, hit me up. I want to hear from you. 👍

There’s a saying on Wall Street that says, “Nothing changes sentiment like price.” And that rang true again as this week developed. 🙃

Monday’s Japanese Yen “carry trade crash” had many high-profile economists, analysts, and business leaders calling on the market and economy to crash.

Wharton’s Jeremy Siegel was quoted in CNBC calling for the Fed to make an “emergency rate cut” as the stock market was falling sharply. But less than four days later, the market stabilized, and Siegel backed off that call. ⏪

Now, the point of this is not to poke fun at him or the other analysts who have flipped their views on a dime. But rather to point out that nobody is going to look out for your needs and your portfolio better than you. 🫵

When the proverbial sh*t hits the fan, you want to make sure you have a plan in place so that you can decide whether the millions of pieces of information vying for your attention are worth consuming or acting on.

Because at the end of the day, every person and company has its own goals and purpose in the market. That’s why there are conflicting views on the same topic coming out every single day. 🔊

Refine your approach, filter your sources, and play your own game. Otherwise you’ll end up being thrashed around by the many opinions being shared daily.

Like Northwestern Mutual hedging against a recession with a record Treasury Bond ETF purchase. Or JPMorgan Chase raising its 2024 recession odds to 35% (in other words, a two-thirds chance of no recession). But also another team from JPMorgan Chase says the Fed’s lack of ‘urgency’ leaves the market at risk.

Talk about confusing. Time will tell how this week shakes out. But what’s clear is that this week was a good test for your own trading/investing process and a good opportunity to see what you’ll need to improve going forward. 🫡

Speaking of opinions, on Tuesday, we ran a poll asking how many of you were buying the dip. Roughly 50% of you said you were “waiting it out,” with the other 50% split between buying and selling. 📊

With the market on the edge of turning green for the week, we want to hear from you again. Share your prediction for tomorrow’s $SPY closing price. And if you’re on target, you’ll win 6 months of Stocktwits Edge! 🎯

A lack of policy progress has caused cannabis stocks to slowly give back their drug reclassification gains, but today’s comments from Trump helped lift the sector’s most popular stocks and ETFs into the closing bell. 📈

At a Mar-a-Lago resort press conference, Republican presidential nominee Donald Trump said, “As we legalize it throughout the country, whether that’s a good thing or a bad thing, it’s awfully hard to have people all over the jails that are in jail right now for something that’s legal.”

He also hinted that he’s readying a statement about an upcoming Florida referendum on adult-use cannabis but declined to provide details. 📝

The softening rhetoric on both sides of the aisle lifted investors’ confidence that a federal reclassification could eventually happen, a critical catalyst this sector has been waiting on to unlock its potential.

$MSOS and other industry ETFs like $MJ, $YOLO, and their top holdings like Canopy Growth Corp., Tilray Brands, and others rallied sharply on the reports and will likely remain in play for the days and weeks ahead. 👀

Monster Beverage: The energy drink maker is the latest victim of softening consumer demand. The company blames slower convenience store foot traffic for its second-quarter revenue and earnings miss. It plans to implement a 5% price increase on November 1 to make up for falling volumes with more revenue per drink sold. 🪫

Bumble: The dating app plunged 29% to new lows after cutting its revenue forecast and making a significant strategy shift. It’s the company is desperately trying to stabilize its core business, but analysts say they’re uncertain how long it will take (or if it’s even probable). 📉

Under Armour: The apparel retailer surged 19% despite sales falling in North America across its various channels and product categories. However, the company’s adjusted earnings per share and revenue topped expectations, with guidance beating as management shifts toward a more ‘premium’ strategy that reduces the use of sales/promotions to drive demand. 🛍️

Eli Lilly: The pharma giant rose 10% after beating earnings and revenue estimates, driven by the strong performance of Mounjaro and Zepbound, as well as its non-incretin medicines. Management raised its full-year revenue guidance by $3 billion because of continued product momentum. 💊

Novo Nordisk: The pharma firm’s flagship weight-loss drug, Wegovy, continues to perform, but earnings missed expectations, and management trimmed its operating profit outlook. Shares rose 7% despite that, though retail investors remain concerned about increasing competition and the company’s overall drug pipeline. 💉

Warner Bros Discovery: The media conglomerate fell 9% after taking $11.20 billion in write-downs and charges during the second quarter. Most of the non-cash impairment charge was driven by its networks division, reflecting the uncertainty around its linear television business amid the NBA’s decision to move on to another carrier. ❌

Paramount Global: The media giant jumped 5% after cutting 2,000 jobs (15% of its workforce) as part of a broader cost-savings plan. Like Warner Bros., it also took a $5.98 billion write-down. Revenue was dragged down by TV licensing fees’ 48% YoY decline, even as streaming turned a profit. 🔺

Economic data: You’re in luck; no major U.S. data is scheduled for release.

Pre-Market Earnings: Nikola ($NKLA), Canopy Growth ($CGC), CBAK Energy Tech ($CBAT), Pagaya Technologies ($PGY), AMC Networks ($AMCX). 😪

After-Hour Earnings: Hawaiian Electric Industries ($HE), Motorsport Games ($MSGM), Getty Images ($GETY), Future Fuel ($FF), Cadre Holdings ($CDRE). 🎧

P.S. You can listen to all of these earnings calls and more straight from the Stocktwits app or website. You’ll find them on the calendar page and individual symbol pages once they’re set to begin! We’ll see you there. 👍

🧑‍💻 Register for a free 2-hour trading workshop on 8/10 to learn the fundamentals of sound investing*

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🤖 SoundHound acquires Amelia AI for $80M after it raised $189M+

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💊 Biotech firm Recursion to buy smaller peer Exscientia for $688 million

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🛳️ ‘Cruisezilla’ passenger ships have doubled in size since 2000, environmental group warns

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