Good morning! The US grapples with a rising national debt, Apple unveils its latest watch series, and gas prices are on an upward trend.

Together With

Masterworks is an investing platform that enables everyday people to invest in multimillion dollar paintings by artists like Banksy and Basquiat. The Report readers can skip the waitlist to join.

Skip The Waitlist

ECONOMY

US National Debt Surges

The US national debt surpasses $33 trillion, with Wall Street on edge as a potential government shutdown threatens an already strained economy.

Here's the breakdown:

• The US national debt has increased by $1 trillion in the past three months, with the budget deficit reaching $1.5 trillion for the first 11 months of the fiscal year.

• Fitch downgraded US sovereign debt from AAA to AA+ in August due to rising debt and political disagreements.

• A potential government shutdown could halt most government agency activities, with around 800,000 non-emergency federal workers facing unpaid leave.

• Each week of a government shutdown could cost the US economy $6 billion and reduce GDP growth by 0.1 percentage points for Q4 2023.

• The looming shutdown, combined with inflation, interest rate hikes, and other economic pressures, could increase the risk of a recession.

MASTERWORKS

32% return from a Banksy?

Mm-hmm, sure. So, what’s the catch?

We know it may sound too good to be true. But thousands of everyday investors are already smiling all the way to the bank, thanks to the fine-art investing platform Masterworks.

These results aren’t cherry-picking. This is the whole bushel. Masterworks has built a track record of 16 exits, including net returns of +10.4%, +27.3%, and +35.0%, even while financial markets plummeted.

But art? Really? Okay, skeptics, here are the numbers. Contemporary art prices:

• outpaced the S&P 500 by 131% over the last 26 years

• have the lowest correlation to equities of any asset class

• remained stable through the dot-com bubble and ’08 crisis

Got your attention yet? The Report readers can skip the waitlist with this exclusive link.

Skip The Waitlist

See important disclosures at masterworks.com/cd

TECH

Apple’s Newest Series Watch

Apple introduces a "Double Tap" gesture control feature for its Watch Series 9, allowing users to interact with the device by tapping their fingers in the air.

Here's the breakdown:

• The new Apple Watch Series 9 lets users control various functions, such as taking calls or playing music, without physically touching the watch.

• The "Double Tap" feature requires users to tap their index finger and thumb together twice to execute commands.

• This gesture control builds upon Apple's previous Assistive Touch accessibility tool, suggesting a move towards a more touch-free tech future.

• The technology behind "Double Tap" combines the watch's accelerometer, gyroscope, and optical heart rate sensor, processed by a new machine learning algorithm.

• Apple's push into gesture controls aligns with broader industry trends, with other tech giants also exploring similar functionalities.

FINANCE

Gas Prices Creeping Higher

Gas prices have risen steadily, reaching an average of $3.88 per gallon, influenced by factors like global oil supplies, geopolitical events, and market dynamics.

Here's the breakdown:

• The national average for unleaded gasoline has reached $3.88, the highest since the previous October, but still below the peak of $5 in June 2022 after Russia's invasion of Ukraine.

• Gas prices have increased about 20% since the beginning of the year and over 8% since June 1.

• The rise in gas prices is influenced by factors such as crude oil prices, production cuts by Saudi Arabia and Russia, China's continued oil imports, and reduced refinery production due to the hot summer.

• The Strategic Petroleum Reserve is at a historical low, with the government delaying restocking due to high prices.

• Prices may decrease in the coming months due to factors like the switch to a cheaper gasoline blend in the fall, reduced demand after peak driving season, and potential changes in production cuts by major oil producers.

APPENDIX

• Masterworks is an investing platform that enables everyday people to invest in multimillion dollar paintings by artists like Banksy and Basquiat. Skip The Waitlist.

• A significant Xbox leak reveals plans for an all-digital Series X, a new controller, and upcoming game projects.

• iOS 17 introduces enhanced features for the Shortcuts app, offering new actions and improved existing functionalities.

• Instacart's stock began trading on Nasdaq, opening at $42 per share, and saw a rise of over 40% before settling at a 12% increase by the end of the day.

• Despite a rise in mortgage rates, there was an unexpected 13% surge in refinancing applications last week, possibly due to concerns of even higher future rates.

Advertise: Interested in reaching smart readers like you? Become a partner here.