The largely friendly U.S. neighbor who gave us Bob and Doug McKenzie and Tim Hortons\u2019 doughnuts is bearing less welcome gifts as of late \u2014- yellow New York skies and a rate hike that sparked a Fed meeting rethink. So it may be a grind between now and next week\u2019s CPI data and Fed decision.<\/p>\n
Our call of the day<\/strong> offers a distraction with a look at investing in the sport that sprung itself on Gen Xers via the flick \u201cCaddyshack.\u201d Yep, golf\u2019s a hot topic following shock news that the Saudis have agreed to merge their LIV Golf circuit with the PGA Tour and Europe\u2019s DP World Tour, a decision some in the U.S. are most unhappy about. <\/p>\n Bill Blain, strategist at U.K.-based Shard Capital, offers an explanation as to why this sport is back on the map and may be a spot for savvy investors. He notes in a Thursday post that dedicated clubs are filling up again, partly by wealthy work-from-home professionals, a far cry from years ago.<\/p>\n \u201cEven idiots understand golf is a perfect business \u2013 like drugs. Donald Trump owns a couple up in Scotland, but uniquely, they are absolute money black holes,\u201d he notes. <\/p>\n \u201cGolf gives average folk enormous boons \u2013 it brings players esteem, happiness, a sense of purpose, and a forgetfulness about how much money they are prepared to spend trying to achieve the same golf-ball accuracy a few genetically freakish professional players seem able to achieve every game. A golf addict will spend any amount to be like them,\u201d he said.<\/p>\n The Saudis, Blain said, \u201cwill spend billions, but could potentially reap trillions if they have called the global sporting zeitgeist correctly.\u201d And while they failed to nab soccer giant Lionel Messi, the neighboring Qataris did manage a decent World Cup, he adds.<\/p>\n It\u2019s a message even beyond golf. \u201cPersonally, if I can find a way to invest in the future of global sport \u2014 then I will be all over it like a rash,\u201d he says. \u201cSome sports are already massive business opportunities \u2013 and that will widen as AI and leisure time change our priorities. Monetizing the value of sporting franchises through the media and merchandising is massive in the USA \u2013 the key thing being viewers paying to watch.\u201d<\/p>\n Blain points out that following last season\u2019s Formula One How does one put a few pennies into the potentially future lucrative world of golf? Jefferies analysts on Wednesday pointed out to clients snappy performances this week of golf equipment holders Acushnet The Stock Dork offered these golf plays up earlier in the year: Dick\u2019s Sporting Goods Stock futures YM00<\/span> HK:HSI.<\/span>\n <\/p>\n For more market updates plus actionable trade ideas for stocks, options and crypto, subscribe to\u00a0MarketDiem by Investor\u2019s Business Daily.<\/strong><\/p>\n Jobless claims climbed to a 21-week high of 261,000. Wholesale inventories are still to come at 10 a.m. The eurozone fell into a mild recession in the first quarter. <\/p>\n GameStop Smartsheet Oxford Industries In the footsteps of Netflix New York plans to distribute 1 million free N95 masks Thursday amid hazardous smoke levels from Canadian wildfires, that has created the worst air quality in the world.<\/p>\n \u2018Millions of women suffering in silence\u2019: Female workers want menopause benefits, so why are they so rare?<\/p>\n Ukrainians rescued from rooftops and flooded houses, as Russia\u2019s war delivers another devastating blow.<\/p>\n Many\u00a0of Russia\u2019s political and business elite see war as unwinnable and want it to stop.<\/p>\n Google plans a crackdown on workers who want to come into the office<\/p>\n After having been left behind for much of 2023, small-cap stocks have charged back in June, with the Russell 2000 Their bar chart compares median performances of the Russell 2000 and S&P 500 after an initial five-day period of small-cap outperformance. Over the short term, that seems to continue, but three months later things start to even out. Six and 12 months later, the S&P 500 starts to outperform again. <\/p>\n \u201cNot only that, but six months later, the S&P 500 outperformed the Russell 2000 six out of seven times, and 12 months later, large-caps outperformed small-caps five out of seven times, said Bespoke. <\/p>\n These were the top-searched tickers on MarketWatch as of 6 a.m.:<\/p>\n 1,375 feet under \u2014 the deepest sleep on the planet.<\/p>\n Teenage wasteland \u2014 $64,000 on mobile games.<\/p>\n First bad air, now the \u201cdevil bird\u201d has landed in New York. <\/p>\n
\n FWONK<\/span>
\n racing, he found himself buying books on F1 engineering, reawakened by TV and media coverage. Expect the Netflix documentary \u201cFull Swing\u201d about pro golf players to help out, he said. <\/p>\n
\n GOLF<\/span>
\n and Topgolf Callaway Brands
\n MODG.<\/span>
\n Analyst Randal Konik said the Saudi investment \u201cwill enable the newly formed company to embark on ambitious initiatives aimed at expanding the reach of golf and cultivating a broader following.\u201d<\/p>\n
\n DKS,<\/span>
\n Big 5 Sporting Goods
\n BGFV,<\/span>
\n Vista Outdoor
\n VSTO<\/span>
\n and even Nike
\n NKE.<\/span>\n <\/p>\nThe markets<\/h2>\n
\n ES00<\/span><\/p>\n
\n are mixed, with Nasdaq-100 futures
\n NQ00<\/span>
\n up about 0.2%, while the 10-year Treasury yield
\n BX:TMUBMUSD10Y<\/span>
\n is steady at 3.792%. The dollar
\n DXY<\/span>
\n is weaker, while oil prices
\n CL<\/span>
\n are holding steady. It was a mostly softer day for Asia
\n JP:NIK<\/span><\/p>\nThe buzz<\/h2>\n
\n GME<\/span>
\n shares slumped 19% after the retailer fired CEO Mike Furlong and said board elected activist investor Ryan Cohen as executive chairman.<\/p>\n
\n SMAR<\/span>
\n stock is off 17% on a disappointing outlook from the cloud-based work-management platform provider. But shares of chip maker Semtech
\n SMTC<\/span>
\n are up 25% on a surprise profit.<\/p>\n
\n OXM<\/span>
\n fell 9% late Wednesday after the Tommy Bahama parent cut guidance. <\/p>\n
\n NFLX<\/span>
\n and Disney
\n DIS,<\/span>
\n Amazon
\n AMZN<\/span>
\n is reportedly considering an ad-tiered service for Prime Video. <\/p>\nThe best of the web<\/h2>\n
The chart<\/h2>\n
\n RUT<\/span>
\n up nearly 8% on the month, versus a 2% gain for the S&P 500. This Bespoke Investment chart takes a look at similar performances over history that may shed light on what\u2019s ahead: <\/p>\nTop tickers<\/h2>\n
\n
\n \n Ticker<\/p>\n<\/td>\n \n Security name<\/p>\n<\/td>\n<\/tr>\n \n \n TSLA<\/span>\n <\/td>\n \n Tesla <\/p>\n<\/td>\n<\/tr>\n \n \n GME<\/span>\n <\/td>\n \n GameStop<\/p>\n<\/td>\n<\/tr>\n \n \n NVDA<\/span>\n <\/td>\n \n Nvidia<\/p>\n<\/td>\n<\/tr>\n \n \n PLTR<\/span>\n <\/td>\n \n Palantir Technologies<\/p>\n<\/td>\n<\/tr>\n \n \n AAPL<\/span>\n <\/td>\n \n Apple<\/p>\n<\/td>\n<\/tr>\n \n \n AMC<\/span>\n <\/td>\n \n AMC Entertainment<\/p>\n<\/td>\n<\/tr>\n \n \n NIO<\/span>\n <\/td>\n \n NIO<\/p>\n<\/td>\n<\/tr>\n \n \n BUD<\/span>\n <\/td>\n \n Anheuser-Busch InBev<\/p>\n<\/td>\n<\/tr>\n \n \n AMZN<\/span>\n <\/td>\n \n Amazon.com<\/p>\n<\/td>\n<\/tr>\n \n \n MULN<\/span>\n <\/td>\n \n Mullen Automotive<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Random reads<\/h2>\n