Consumers are Stressed & Big Banks’ Biggest Quarter

Summary

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Brew Markets – Episode Summary

Episode Title: Consumers are Stressed & Big Banks’ Biggest Quarter
Podcast: Brew Markets (Morning Brew)
Host: Ann Berry
Date: July 16, 2026

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Episode Overview

In this episode, Ann Berry and co-host John dissect the latest turbulence in consumer staples, explain why even essential grocery products are under pressure, and take a high-energy “ticker on a sticker” tour of the major US banks’ record-shattering earnings. The hosts blend market data and memorable CEO highlights with a dose of playful role-play, helping listeners make sense of how today’s stock news impacts their wallets and investments.

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Key Discussion Points & Insights

1. Consumer Staples: Not So "Staple" Anymore

[00:26–05:14]

• Grocery Unit Sales Decline:

  • Recent analysis from Bain & Co. and Nielsen found US grocery unit product sales dropped 1.8% year-over-year in June—a major warning sign for an industry known for steady demand.
  • While inflation on food has eased (egg prices recall: +30% in 2022, +20% in 2023), consumers have hit their limits and are absorbing fewer price increases.

• "Choiceful Substitution":

  • Shoppers are trading down to private-label (store) brands (e.g., Walmart, Costco’s Kirkland) and waiting for promotions instead of paying full price.
  • Retailers like Walmart and Kroger are pushing suppliers for lower shelf prices—even if it means squeezing supplier margins.

• Impact on Food Companies:

  • Conagra: Took a $2 billion impairment charge, warned of 1–3% organic sales decline, cut dividend by 50%.
    • Ann Berry: “A clear sign that cash preservation is now a higher priority than sending income out to shareholders, which is not good when consumer staples are known for their steady Eddie dividends over time.” [03:55]
  • PepsiCo: Historically resilient, but reports reduced consumer spending on snacks/drinks. Stock is down 5%; leaning into innovation to drive growth.

• Corporate Restructuring and M&A:

  • Kellogg split into Kellanova and W.K. Kellogg (both sold); Kraft Heinz considered splitting before CEO pivoted to cost-cutting.

• Activist Attention on Laggards:

  • Ann singles out General Mills (down 20% YoY) and Campbell’s (down 22%), suggesting they’re ripe for activist investors.

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2. Pharma Giant Eli Lilly Bets Big on Psychedelics

[05:14–06:04]

• Acquisition Announcement:
  • Eli Lilly acquiring Atai Beckley, a clinical-stage psychedelic therapy company, for up to $3.8 billion ($2.8 billion upfront, $1 billion tied to milestones).
  • Atai Beckley develops a fast-acting psychedelic nasal spray for treatment-resistant depression.
  • Move aligned with growing interest in psychedelic-based mental health therapies and new federal support.
    • John: “Eli Lilly Shares traded around 1.5% higher today while ATAI Beckley gained over 30%.” [06:04]

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3. Health & Airline Earnings: United Health and United Airlines

[06:04–07:15]

• United Health:

  • Net income up 60% YoY ($5.5 billion); shares up 2%.
  • CEO Stephen Hemsley led a turnaround, exiting unprofitable contracts and boosting AI investment.
    • Ann Berry: “Shares at United now up nearly 30% this year.” [06:30]

• United Airlines:

  • Fuel costs up $6 billion YoY owing to Middle East conflict and resulting energy prices (Q2 fuel up 84% YoY).
  • Despite cost pressure, beat earnings estimates thanks to resilient travel demand, especially premium.
  • Shares slip ~2% as investors worry about sustained high expenses.

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4. Spotlight: Major US Banks’ Blockbuster Quarter ("Ticker on a Sticker")

[08:59–21:04]

Segment Introduction & Format

[08:59]
Ann and John role-play as each major bank, sharing headlines as the bank would.

a. JPMorgan Chase (JPM) – John

• Market cap: $920 billion; stock up 20% YoY.
• Record revenue ($58B, +27%) and record profit ($21B, $7.70/share, beating estimates by $1.85).
• Trading revenue $12B, equities trading up 86%.
• Raised full-year net interest income outlook.
• Jamie Dimon’s Memorable Quotes:
  • “It’s getting close to as good as it gets. We just don’t know how long it’s going to last.” [11:10]
  • “Risks are shifting like tectonic plates beneath the surface.” [11:33]

b. Goldman Sachs (GS) – Ann

• Market cap: $328 billion; stock up 57% YoY.
• Best quarter ever: EPS ~$21 (+45% over estimate), net earnings $6.6B (+92%), record overall revenue ($20B, +39%), investment banking/trading revenue $15.5B.
• Assets under supervision hit $4 trillion.
• Dividend increased 11% (14th year in a row).
• High deal backlog, notably led SpaceX IPO.
• David Solomon (CEO) on CNBC:
  • "The deal in isolation [SpaceX IPO] was immaterial to these blowout quarterly results." [13:53]

c. Bank of America (BAC) – John

• Market cap: $430B; stock up 33% YoY.
• Earnings per share $1.21 (beat by 8c); revenue $31.5B (+15%).
• Trading up 33%; equities up 70% ($3.5B, $1B above expectations).
• No daily trading desk losses all quarter.
• CEO Brian Moynihan: “The economy is more durable than expected… consumer spending running at 6%+ year over year.” [15:15]

d. Morgan Stanley (MS) – Ann

• Market cap: $346B; stock up 58% YoY; near ATH.
• Revenue $21.4B (+27%), EPS $3.46 (beat by 53c), net income up 58%.
• Equity trading up 69% ($6.3B), wealth management revenue +14% ($9B), net new client money +$448B (total client assets hit $10T).
• Lead underwriter for upcoming Jersey Mike’s IPO.

e. Citigroup (C) – John

• Market cap: $222B; stock up 47% YoY.
• Ongoing turnaround after layoffs and strategy overhaul by CEO Jane Fraser.
• Revenue $25B (+14%), best quarterly revenue in a decade; EPS $3.15; net income $5.8B (+45%).
• Investment banking up 44% (best in five years), stock trading up 45%.
• CFO: “We’re still playing catch up in equities relative to the likes of Goldman and Morgan Stanley.” [18:48]
• Despite results, share price down 5% post-earnings as investors wary about durability.

f. Wells Fargo (WFC) – Ann

• Market cap: $270B; stock up 9% YoY (laggard).
• Revenue $22.6B (+9%), net income up 25%.
• First full year of unlimited growth since Fed lifted asset cap (2025).
• Investment banking up 16% ($5.4B), wealth management up 13% ($4B).
• CEO Charlie Shaft: “We are clearly benefiting from the broad based economic strength we see in the United States.” [20:47]
• Stock flat post-reporting.

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5. Market Wrap & Teaser for Tomorrow

[21:19–22:48]

• Market Performance:

  • S&P 500 down 0.5%, Dow down 0.2%, NASDAQ down 1.5% after a tech-led selloff.

• Upcoming Show:

  • Ann teases an episode on tech IPOs—debating if retail investors should participate or let VCs cash out instead.
    • “Should retail investors pile in on IPO day thanks to just fear of missing a forthcoming potential rally, while trying to thread this needle is a growing set of publicly traded funds that consist of positions in private tech companies.” [22:00]
  • Tomorrow’s guest: CEO of a public fund investing in private tech firms, for a "no holds barred" chat.

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Notable Quotes & Memorable Moments

• Ann Berry on Consumer Staples Stress:

  • “Cash preservation is now a higher priority than sending income out to shareholders, which is not good when consumer staples are known for their steady Eddie dividends over time.” [03:55]

• Jamie Dimon (JPMorgan CEO):

  • “It’s getting close to as good as it gets. We just don’t know how long it’s going to last.” [11:10]
  • “Risks are shifting like tectonic plates beneath the surface.” [11:33] (as paraphrased by Ann)

• David Solomon (Goldman CEO):

  • On SpaceX IPO: “The deal in isolation was immaterial to these blowout quarterly results.” [13:53]

• Brian Moynihan (Bank of America CEO):

  • “The economy is more durable than expected.” [15:15]

• Charlie Shaft (Wells Fargo CEO):

  • “We are clearly benefiting from the broad based economic strength we see in the United States.” [20:47]

• Ann Berry on Show Vibe:

  • “If you hear smiles and more energy, it’s because we’re so excited to look like ourselves.” [21:08]

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Timestamps by Segment

• Intro & Consumer Staples: 00:26–05:14
• Eli Lilly Psychedelics Bet: 05:14–06:04
• United Health & Airlines Earnings: 06:04–07:15
• Banks Earnings Roleplay: 08:59–21:04
  • JPMorgan: 09:59–11:33
  • Goldman Sachs: 11:33–13:59
  • Bank of America: 13:59–15:30
  • Morgan Stanley: 15:30–17:22
  • Citigroup: 17:27–19:02
  • Wells Fargo: 19:02–21:04
• Market Wrap: 21:19–21:35
• Tomorrow’s Preview: 21:35–22:48

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Episode Highlights

• High consumer stress is reshaping food & staples retail, leading to corporate shakeups and dividend cuts for blue-chip brands.
• Major US banks just delivered historic profit quarters, fueled by AI financing, IPOs, and volatile trading—yet even CEOs warn it can’t last.
• Eli Lilly doubles down on mental health pharma’s psychedelic frontier, signaling wider acceptance and investment in the area.
• A playful, accessible break down of dense earnings reports turns market jargon into engaging storytelling.

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This summary delivers a comprehensive understanding of the episode’s themes, headlines, and standout moments—serving anyone who missed the show with all the insights and color they need.

Transcript

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[Ann Barry]

Eli Lilly the pharma giant continues its spending spree, this time betting on psychedelics. Ticker on a sticker, the fan favorite, the Bank's edition. We run through earnings the best way we know how and groceries why the staples usually price for steady demand, sending markets into a tizzy the Thursday, July 16 it's Brew Markets Daily and I'm Ann Barry. More market details to come. But first, consumer staples, those essential everyday products like food drinks and hygiene items. The company making them historically prized by investors for their steady demand regardless almost of economic conditions. Which is why the markets were in a tizzy about fresh grocery data showing that those staples are just not looking so stable though these days after all pressuring already depleted food stocks. While CNBC reported today a new analysis out from the consulting Firm Bain Co. And the data giant Nielsen, which shows grocery unit product sales fell 1.8% in June versus a year earlier, showing consumers buying lower volumes in a real red flag moment. Now this may seem a little dry, but stick with us because there are real market implications here and take a big step back. While food inflation has eased dramatically from its post pandemic peaks, remember those egg prices going up 30% in 2022, up 20% last year, while fatigued budget constrained consumers simply cannot absorb more price hikes. And shoppers have been voting with their wallets. They've been trading down to private label brands, a quote choiceful substitution that's driven the growth of Walmart's own brands and Costco's popular Kirkland signature line. And consumers are showing the kind of discipline now that we don't typically associate in a place where there's relatively easy access to credit. Consumers are waiting for promotions in groceries now instead of paying up. Full price pressure also coming from the retailer end too, not just from shoppers. With giants like Walmart and Kroger pushing on food makers to get those shelf prices down, even if it means squeezing their suppliers margins. Well, there's been a host of consequences for some of those blue chip consumer staple stocks. Conagra, which owns brands like Healthy Choice And Slim Jim just took a $2 billion impairment charge and warned that organic sales could decline 1% to 3% this fiscal year. That's a lot for this kind of industry. That's as shoppers continue to pull back. We talked about that on the show earlier this week. But also the really bad news here, which is a cut in that company's dividend by 50%, a clear sign that cash preservation is now a higher priority than sending income out to shareholders, which is not good when consumer staples are known for their steady Eddie dividends over time. ConAgra shares down about 18% this year. Then PepsiCo. Snacks and drinks have been historically resilient, but that Stock down around 5% reporting reduced consumer spending on these categories, too. They're leaning into innovation as the lever to try to pull growth back on up. Now to add to all this volatility, you've got organic growth at risk, meaning sector mergers, acquisitions and breakups have been rife. Just take a look at Kellogg that split into Kellanova and W.K. kellogg in 2023. Both of those individual businesses though ultimately sold to Mars and Ferrero, respectively. And then Kraft Heinz had a breakup on the cards at the top of this year. That's until a new CEO of asked Wall street for some patience and is now doubling down on trying to get savings across the firm's massive portfolio. So you can just imagine management teams head spinning, investors, heads spinning and consumers, of course, really trying to navigate all of this hit to their budgets. So now just one person's view. This is my own take. I'm looking at two food giants who to me, are ripe for activists to come in and shake them up. General Mills stock down more than 20% over the past year as it's trying to muscle through a turnaround that still waiting to see strong signs there. And then you got Campbell's, which dropped the name soup from its title and has also seen its stock price drop roughly 22% over the past 12 months. Now both, in my opinion, need a new catalyst to get their stocks moving again, particularly in the wake of news like today's on the grocery category. So hedge funds, we're looking at you. We're going to keep on watching. But coming up in a moment, ticker on a sticker. I've missed it, you've missed it. We've all missed it. We're going to spin through bank earnings with our favorite form of role play. But first, a few headlines driving today's trading session, starting with Eli Lilly and yet another multibillion dollar acquisition from the pharma giant.

[John]

And this time, Lilly is betting on psychedelics. The company announced it will acquire Atai Beckley in a deal worth up to $3.8 billion. The clinical stage company is developing psychedelic products for treatment resistant depression, one of those products being a fast acting psychedelic nasal spray.

[Ann Barry]

Well, Lilly said it will pay 2.8 billion of that consideration upfront, with the remaining 1 billion tied to hitting ongoing development and regulatory milestones. Now the move comes as interest in psychedelic based mental health treatments continues to expand. Earlier this year, President Trump signed an executive order to accelerate research into emerging therapies for mental illnesses. And Lilly has a history in the area because before the GLP1 boom, it's now known for its blockbuster antidepressant Prozac powered one of the company's biggest growth stories and frankly defined a category.

[John]

That's right. And Eli Lilly Shares traded around 1 1/2% higher today while ATAI Beckley gained over 30%. Now, pivoting over to earnings, UnitedHealth delivered another sign its turnaround may be taking hold. Shares in that health insurance ticker, UNH, climbed over 2% today after the company topped Wall Street's expectations and raised its full year profit outlook. United reported net income of five and a half billion dollars. That's a 60% increase from a year ago.

[Ann Barry]

Well, the turnaround has been led by Stephen Hemsley, a UnitedHealthcare veteran who returned as CEO last year. Since then, he's been making some bold moves. The company has exited unprofitable contracts. It's reshuffled the leadership deck and is looking to invest 1 1/2 billion dollars into AI in order to improve efficiency. While investors appear to be buying into the strategy. Shares over there at United now up nearly 30% this year.

[John]

And from UnitedHealth to United Airlines, where higher oil prices are becoming a multibillion dollar problem. The airline says it's expected to spend roughly $6 billion more on fuel this year. That's as the Middle east conflict continues to keep energy prices elevated. And second quarter fuel costs were already up 84% from a year ago.

[Ann Barry]

Well, United to say that it expects to offset those higher fuel costs by the fourth quarter of this year, with some of that coming from higher fares. But despite the fuel headwind, United States still beat Wall Street's top and bottom line expectations as travel demand remained resilient, particularly in that premium travel segment. Nevertheless, shares slipping around 2% today as investors focus on the airline's much higher fuel bill. Coming up, earnings season means ticker on a sticker. And today we survey bank's earnings and why Jamie Dimon said, Quote it's getting close to as good as it gets.

[John]

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[Ann Barry]

banks one of our favorite topics do not let your eyes glaze over. I know it's tempting with the jargon and the sameness of the coverage of that, at least how it tends to feel. But banks really are the lifeblood of any economy, which is why we keep coming back to them over and over again. And this week, the six big US Banks reported earnings, five of them on the same day. The headlines were dazzling. So many positive things to say. Record revenue, record profit, lots of hyperbole, much of it tied to work on those blockbuster AI deals and IPOs. Plus overall high volumes of trading, given the recent geopolitical uncertainty and just a lot of volatility around this tech trade in the equity markets. Well, we wanted to whiz through the results and do it with a bit of added energy in our favorite form of role play, which is ticker on a sticker. So John and I, we're going to take turns telling our story as though we each are the banks themselves. So John, start us off.

[John]

Okay, I'm going to pick a sticker,

[Ann Barry]

sticker at the ready. Look at you like it's ready to go.

[John]

My sticker is out and it says JPM because I am JPMorgan Chase, the largest bank in the country putting my sticker on market cap of $920 billion. I gotta say I'm inching towards that trillion dollar mark for a bank. My Stock is up 20% over the past year and and reported my earnings on Tuesday. Total revenue of $58 billion was up 27% year over year. Every one of my business lines set a revenue record. And how about records in my bottom line? I printed the biggest quarterly profit in my history. Net income of $21 billion or $7.70 a share. Crushed the estimate by $1.85. And now full disclosure. And you highlighted this on Tuesday's show. Nearly four and a half billion of that was a one time accounting gain from from my equity stake in Visa, the credit card company. Visa used to operate as a bank owned payments network before it IPO'd and my participation is still paying off with visa shares up 40% in the last five years. Now of course you're gonna hear this from all my peers later in the segment. The trading desk was busy trading revenue hit $12 billion with equities trading up 86% year over year. And for those nerding out, I once again raised my full year net interest income, that's NII outlook to $105 billion. That's the spread between what I earn on loans versus what I pay on deposits. Investors were happy to see that. Finally. There are so many quotable moments from my CEO Jamie Dimon. But I'll give you this one. It's getting close to as good as it gets. We just don't know how long it's going to last.

[Ann Barry]

Lots coming out of your CEO Jamie Dimon, JP Morgan, AKA John. He also talked about risks being out there shifting like tectonic plates beneath the surface. That's right. Quite lyrical Jamie Dimon with his comments these days. All right, onto the next one. I'm now Goldman Sachs. I am actually an alum of Goldman Sachs in real life. But for this purpose, here is my ticker on a sticker sticking my sticker on my Jersey. That's ticker GS market cap $328 billion stock up about 57 over the past year. Huge there and popped again on this earnings report. Now remember last quarter, that's when my bond trading business, what Wall street calls fic, that's fixed income, currencies and commodities was the drag on an otherwise great set of results. Well we got our app, that one we shored up. But overall just reported my best quarter ever. Earnings per share of just under 21 bucks. Blew past estimates by 45%. Net earnings of $6.6 billion, up 92% year over year. And the big headline here, overall revenue setting a record for Goldman, 20 billion plus dollars, up 39% year over year. So while we're talking records, let's talk about a few more that were smashed. My investment banking and trading division revenue $15.5 billion. Investment banking, that's advisory fees and some capital market support. That alone up 55%. And another record assets under supervision hitting a whopping $4 trillion. Now here's what got investors very excited. The board raised my dividend by 11% to $5 a share. The 14th straight year of increases. Well, Jamie Dimon may not be sure how long it's going to last if this is as good as it gets. But my CEO David Solomon, I highlighted our deals backlog which is sort of a window into the near term future. Currently sitting at its highest level in five years. And if it converts, it means that my future quarters are set up for some success also. Now one final note because everyone is talking about Goldman's role in the SpaceX IPO. That's where my CEO slid into the DMs apparently of Elon Musk to make sure that the big position in that mandate was one. Elon, historically having a strong relationship with my rival Morgan Stanley. Goldman was the lead underwriter. But on cnbc, Solomon actually said that the deal in isolation was quote, immaterial to these blowout quarterly results. Making the point that this is a diversified business which saw strength across the board.

[John]

That's right. Impressive. But are you bank of America? Because I am bank of America ticker BAC. You are in my Jersey market cap of $430 billion, my stock has been up 33% over the past year and I beat on both top and bottom lines. Earnings per share of $1.21 beat by $0.08. Revenue of $31.5 billion was up 15% year over year. Now Goldman, you highlighted the strong returns from your trading desk. Well, my trading revenue was up 33% to seven and a half billion dollars. Specifically stock trading revenue, that's equities was up 70% to three and a half.

[Ann Barry]

There it is again. That volatility lining the bank's pockets.

[John]

Oh, they love it. And what does Wall street know? That three and a half billion dollars was $1 billion higher than was expected. My trading desk also didn't post a single daily loss all quarter. Now, JP Morgan investors were pleased when you raised your NII Outlook and analysts Were pushing my CFO on why we didn't raise hours over at bank of America, given how strong our quarter was. Well, our CFO simply said we're just up against tougher comps, that's all. It's not more complicated than that. Like, come on, we're doing impressive. We can't just keep beating impressive.

[Ann Barry]

You sound like Nvidia right now. Yes, you sound like Nvidia.

[John]

At some point, enough has to be enough. Finally, with bank of America, you think of consumer banking. Well, my CEO Brian Moynihan said the economy is, quote, more durable than expected, pointing to consumer spending that's now running at 6% plus year over year, up from 5% in the first half.

[Ann Barry]

Lots going on with you, bank of America. Love it. All right, now I'm going to be Morgan Stanley ticker Ms. There it is. You can hear the rustle of my sticker coming off the backing. Going on to my jersey. Here we go. Market cap $346 billion. Stock up about 58% over the past year, Just shy of hitting an all time high right now. So let me join the gang here. I too reported record revenue and record profit. Not going to be left out when it comes to shattering records. Right now, my revenue hitting $21.4 billion, up 27%, an EPS of three bucks 46, beating estimates by 53 cents. Net income jumping 58% to $5.6 billion. Now, bank of America, your equity trading result was up 70%. So you just beat me. You just eked out ahead of me because mine was up 69% to reach a record $6.3 billion, nearly 2 billion more than analysts had expected. But let's talk right now about the core that I am known for, and that is wealth management. Yes, another record there. Revenue up 14% year over year off the back of a strong year. By the way, last year, revenue reaching just under $9 billion. Now, there are plenty of fees to be made off of these blockbuster IPOs, but don't forget, the employees at newly public companies are minting their sudden wealth too. And that is where my wealth management comes into play. My wealth management business pulled in $448 billion in net new client money, more than double what I added a year ago, pushing total client assets across my wealth and investment businesses to a milestone $10 trillion. And final note for any sandwich fans out there, Jersey Mike's recently filed to ipo and I am the lead underwriter. And I don't think I had to slip into DMs together?

[John]

No, I don't think so. Maybe just slip into a local grind.

[Ann Barry]

Yes, exactly.

[John]

All right, well, now I am Citigroup Ticker C. I've got that written on my sticker. Market cap of $222 billion. My stock is up 47% year over year. Now, the last time I was here on the show with you and I updated you on my turnaround story at Citi, my CEO, Jane Fraser had been streamlining the bank, which means layoffs, an estimated 5,000 more in the last quarter. And I exited sprawling international consumer franchises that just weren't paying off. So I'm here with an update. How is it going? It's going well. Revenue last quarter of $25 billion was up 14%. My best quarterly revenue in a decade. EPS of 315 beat estimates. And my net income of $5.8 billion was up 45%. Now, I want to come in here and highlight my investment banking because that's one of the areas that my CEO has been focused on for improvement. Good news, it was up 44%, my best showing in five years. You see, I've been hiring experienced bankers away from more successful rivals and aiming to win bigger assignments. Notably, a good share of that activity has been across energy and power tied to the AI infrastructure buildout. That's where Citi is getting some share. From investment to trading. Stock trading revenue up 45% to a record $2.3 billion. Now, that said, Rome wasn't built in a day. We're in a turnaround, my CFO acknowledged. We're, quote, still playing catch up in equities relative to the likes of Goldman and Morgan Stanley. So despite having our best quarter in a decade in terms of revenue, investors might be looking for proof this turnaround is durable. My share price has been down about 5% since I reported earlier this week.

[Ann Barry]

Still looking to see which levers are left to pull to continue to get Citi to juice up its return. Well, here's the last one. Wells Fargo, the group laggard. It says here in the notes, I am Wells Fargo ticker. WFC Ticker on my sticker. Sticker on jersey. Here we go. Market cap $270 billion. Stock up only about 9% over the past year. Really behind the other banks that John and I have been talk lagging peers, not even in the double digits. Well, going into this report, I was actually down about 8% for the year, but I did beat on both the top line and in profit. My revenue of $22.6 billion was up 9% for the period EPS of 2 bucks, beating estimates by 28 cents and net income jumping by 25%. Now at Wells Fargo, I'm busy trying to rewrite my narrative because mortgage banking is no longer my primary growth engine. This is my first full year of unshackled growth since the Fed lifted my asset cap back in 2025. I was in the naughty corner and I've been competing more aggressively for large corporate clients like Citi. I've been hiring investment bankers and financing more deals. And to be honest, this hasn't been known as a strength of mine relative to my competitors. That being said, in the second quarter, my investment bank did pull in $5.4 billion, up 16% year over year. And then my wealth management unit's been stepping on the gas, bringing in nearly $4 billion, up 13%. Well, my CEO Charlie Shaft said, quote, we are clearly benefiting from the broad based economic strength we see in the United States. Echoing a little bit there what Jamie Dimon had to say in terms of how well things are going. So a rising tide floats all boats. But maybe not my stock, at least not where I would have wanted it. Shares essentially flat since I reported earlier this week. We did it, John. Yes, we did it. We did it. Lots of energy. And by the way, we have just changed the lighting in our studio and I'm just going to acknowledge it because if you're watching on YouTube, it looks so much better. And for those of you listening, if you hear smiles and more energy, it's because we're so excited to look like ourselves.

[John]

The rustling of tickers and grins and grins.

[Ann Barry]

I love it. It's totally changed the vibe. It's 4pm on the east Coast. There it is, the markets wrapping up for the day and we don't have a ticker tape, so let's throw it over instead to our human ticket, our producer, John.

[John]

Tech stocks weighed down markets today as a sell off in semiconductors overshadowed a raft of solid earnings reports. The S&P 500 finished the day down half a percent. The dow was down 0.2% and the NASDAQ finishing the trading session down 1 1/2% for the day.

[Ann Barry]

Well, just as a final thought, it's been a summer of tech IPOs and I'm teasing the show tomorrow. Well, there have been actual IPOs like that of SpaceX. It finally happened. And then there have been expected ones where the goal posts are shifting a bit. OpenAI will it, won't it? And we're looking at you, Anthropic to see whether you in fact do go out in 2026. Well, all of this coverage has stoked a long standing, heated debate over how the retail investor should play these moments. Whether to sit them out as venture capital firms cash out with big profits when new public equity investors come in at big valuations. Or should retail investors pile in on IPO day thanks to just fear of missing a forthcoming potential rally while trying to thread this needle is a growing set of publicly traded funds that consist of positions in private tech companies. And tomorrow we have the CEO of one of these joining me on the show for a no holds barred conversation on the merits, the missions and the challenges of these funds. Packed with cheeky questions. I couldn't help myself. I probably shouldn't have asked some of them, but a brave guest willing to answer them all. So come on back for what's going to be a big conversation. That's it for today's Brew Markets Daily.

[John]

Brew Markets Daily is hosted by Ann Berry and produced by John Coteau, Chakra Delatif Avenue, Laroya and Emily Miller. Icheno Ogu is our engineer, Brittany Dotako is our audio engineer and the president of Morning Brew Inc. Is Devin Emery.

[Ann Barry]

Wake up tomorrow with the Morning Brew newsletter and tune in to Neil and Toby on Morning Brew Daily.