🇬🇧 England vs Norway 🇳🇴 – All Historical Football Matches 1937: Norway 0-6 England 1938: England 4-0 Norway 1949: Norway 1-4 England 1966: Norway 1-6 England 1980: England 4-0 Norway 1981: Norway 2-1 England 1992: England 1-1 Norway 1993: Norway 2-0 England 1994: England 0-0 Norway 1995: Norway 0-0 England 2012: Norway 0-1 England 2014: England 1-0 Norway England wins: 7 Draws: 3 Norway wins: 2

Premarket movers: Magnificent Seven stocks are mostly higher: Nvidia (NVDA) +1.6%, Tesla (TSLA) +1.1%, Microsoft (MSFT) +1%, Amazon (AMZN) +0.6%, Alphabet (GOOGL) +0.6%, Meta Platforms (META) +0.3% while Apple (AAPL) falls 2% after a report that the company cut component orders for the iPhone 18 Pro and iPhone 18 Pro Max following weaker-than-expected demand. Tower companies gain after SpaceX said in a post on X that it had agreed to acquire a nationwide low-band spectrum license portfolio in a deal analysts say is a positive catalyst for the sector. Telecom stocks slip on concerns over increased competition from satellite operators, with T-Mobile (TMUS) -7.8% and AT&T (T) -6.3% Optical-equipment makers rally after Lumentum (LITE +6.2%) noted that its components are “completely sold out” through early 2029 on demand from tech companies clamoring for faster AI data centers. American Express (AXP) falls 1.5% after federal regulators fined the credit card company $350 million for failing to catch and report money laundering in its system. Cboe Global Markets Inc. (CBOE) gains 2% after Morgan Stanley upgraded the exchange. Delta Air (DAL) is down 3.4% after the carrier cut its adjusted earnings per share forecast for the full year. The midpoint of the new outlook trailed the average analyst estimate. Fastly Inc. (FSLY) gains 7.4% after Oppenheimer upgraded the software company to outperform from perform, seeing a growing opportunity related to AI agents. Humana (HUM) jumps 15% after the health insurer improved its performance on the Medicare Advantage quality ratings that will improve future revenue. Baird upgraded the stock. South Bow (SOBO) falls 1.6% after Barclays cut its recommendation on the pipeline company to underweight from equal-weight on execution and permitting risk. Webull Corp. (BULL) rises 4.4% after Scotiabank raised its recommendation on the exchange to sector outperform from sector perform after the recent selloff in shares

UK Industrial Production (M/M) Aug: 0.8% (est -0.1%; prev 0.2%) - Industrial Production (Y/Y): 1.6% (est 0.7%; prev 0.6%) - Manufacturing Production (M/M): 1.2% (est 0.0%; prev 0.9%) - Manufacturing Production (Y/Y): 3.0% (est 2.3%; prev 2.6%)

Premarket movers All Mag 7 names are higher: Tesla +1.2%, Nvidia +0.9%, Microsoft +0.8%, Amazon +0.7%, Alphabet +0.6%, Meta Platforms +0.4%, Apple +0.1% AMD (AMD) is up 2% after the chipmaker’s CEO predicted “very high” chip demand over the next few years. Separately, analysts raised their price targets on the stock, citing growth from AI agent products. BorgWarner (BWA) gains 3.7% as Morgan Stanley upgrades to overweight from equal-weight, noting that a long tail of internal combustion engine and hybrid demand supports the core auto outlook. Constellation Energy (CEG) is up 6.1% after it announced a long-term deal with Google to bring 890 MW of new nuclear capacity over 20 years onto the PJM grid in Illinois, Pennsylvania and New Jersey. Corteva Inc. (CTVA) is up 3% after JPMorgan raised its recommendation on the crop chemical company to overweight from neutral after it spun off its Vylor Inc. seed business. JetBlue Airways (JBLU) gains 2.1% after Citi upgraded the airline to neutral from sell. Option Care Health (OPCH) rises 21% after the Financial Times reports that McKesson and PE firm Clayton Dubilier & Rice are closing in on a deal to buy the provider of medical infusion services, in a transaction that would value the business at more than $5 billion including debt. Procter & Gamble Co. (PG) is up 1.5% after Evercore ISI upgraded the maker of consumer products to outperform from inline, citing an improved growth outlook going forward. Qiagen (QGEN) is up 2.6% and Fortrea Holdings (FTRE) gains 3.3% after Barclays analyst Luke Sergott upgraded both names to overweight from equal-weight ahead of third-quarter earnings.

Tech stock pressure pulled U.S. equities lower (SPX -0.1%, NDX -0.6%) amid a risk-off start to a week featuring $NVDA earnings and July PCE inflation Wednesday and Fed Chair Warsh’s Jackson Hole speech Friday. Brent crude fell 1.6% to $93/bbl, lowering the 10-year yield to 4.71%; BTC held near $77.3K while gold rose. Chipmakers declined led by SK Hynix and Samsung Electronics in Korea and $MU and $MRVL in the U.S. pre-mkt. S&P 500 2026 EPS estimates have continued to climb to $364 (+31% y/y) on AI and energy strength, equating the S&P earnings yield to the 10-year treasury yield for the first time since early 2024 and before that the 2000 internet bubble. I remain cautious on $TSLA given declining forward long-term earnings estimates, rising unsupervised AV competition, and an extended valuation.​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​ For additional detail, please see my daily pre-mkt summary for Subscribers.

The cheapest MiCA-regulated crypto exchanges ↓ (bookmark for later) Revolut – 0% / 0.09% OKX – 0.08% / 0.1% Gate – 0.1% / 0.1% Bybit – 0.1% / 0.3% Bitvavo – 0.2% / 0.3% Blockchaincom – 0.2% / 0.4% Bitpanda – 0.3% / 0.3% Kraken – 0.3% / 0.4% Bitstamp – 0.3% / 0.4% Cryptocom – 0.3% / 0.5% Robinhood – 0.5% Bit2Me – 0.5% / 0.6% Coinbase – 0.6% / 1.2% eToro – 1% Swissquote – 1% / 1% Data from @DefiLlama.