TLDR

MARKET RECAP → The S&P 500 (VOO) made a modest gain on Wednesday as investors reassessed their portfolios following a strong first half of the year driven by artificial intelligence stocks.

AI ASSISTANT REVOLUTIONIZES WEALTH MANAGEMENT → 🧠 Morgan Stanley's new AI assistant, powered by OpenAI’s GPT-4, turbocharged advisor productivity by providing instant access to over 100,000 documents, streamlining client interactions, and boosting efficiency across the board​.

YOUTUBE’S STREAMING DOMINANCE → 📺 YouTube dominated the streaming market by investing in original content and strategic partnerships, boosting ad revenue and outpacing competitors with its extensive content library and user-friendly interface.

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MARKETS

Today’s S&P 500 Heatmap

Notable Earnings This Week

TODAY’S TOP NEWS

AI Assistant Revolutionizes Wealth Management

🧠 New Assistant: Morgan Stanley launched the AI @ Morgan Stanley Assistant, powered by OpenAI’s GPT-4, to enhance the productivity of its wealth advisors. This AI tool provided swift access to over 100,000 research documents, significantly streamlining client interactions and administrative tasks​.

🌐 Successful Pilot: After a successful pilot with 1,000 advisors, the AI assistant will be rolled out to all 16,000 advisors by the end of Q3 2024. This move was part of Morgan Stanley's broader strategy to leverage AI for increased efficiency and improved client service, ensuring advisors could provide more personalized and accurate advice​.​

📈 Risk Controls: By utilizing its vast internal research exclusively, Morgan Stanley mitigated risks associated with AI inaccuracies. This approach ensured high-quality, reliable insights for advisors, reinforcing the firm's commitment to technological innovation and maintaining its competitive edge in wealth management​.

TODAY’S TOP NEWS

YouTube's Streaming Dominance

📺 Market Leader: YouTube solidified its position as a dominant player in the streaming market, outpacing competitors with its extensive content library and user-friendly interface.

🚀 Strategic Moves: The platform's success was attributed to strategic investments in original content and partnerships, enhancing its appeal to a diverse audience.

💰 Revenue Growth: YouTube's ad revenue saw significant growth, driven by innovative ad formats and effective monetization strategies, securing its financial stability and market influence.

MESSAGE FROM OUR PARTNER

BULL VS. BEAR

NOTABLE POSTS

KEEP READING

Southwest Airlines cuts revenue forecast, blaming changing booking patterns (CNBC)

Top corporate CFOs are losing some confidence in economy, as consumer demand fears spike (CNBC)

Both mortgage rates and weekly mortgage demand are stuck in place, suggesting a slow summer housing market (CNBC)

FedEx shares jump after hours as massive cost-cutting measures kick in (CNBC)

World’s first carbon tax on livestock will cost farmers $100 per cow (CNN)

The Nvidia spell has been broken. Here’s what could come next (CNN)

WHAT WE’RE WATCHING

OUR FAVORITE TOOLS & RESOURCES

• Quiver Quantitative — Quiver allows retail investors to tap into the power of big data with insights into things like congressional trades as they are disclosed

• Perplexity — Perplexity AI is an AI-chatbot-powered research and conversational search engine

• The Market Ear — Live news, analysis and commentary on what moves markets and trading

• Coinmarketcap.com — Crypto market data

• Finviz — Financial visualizations

• Trading Economics — Economic calendar

• CME FedWatch Tool — Market-implied probabilities of future levels of interest rates 

• Dataroma — Track stock picks and portfolios of legendary value investors such as Warren Buffett

• ChatGPT — Large language model-based chatbot powered by generative AI

• Notion AI — Notion AI is a writing assistant that can help you write, brainstorm, edit, summarize, and more

• Vimcal — Lightning-fast calendar and AI scheduling assistant

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