Founded in 2009, Block provides payment services to merchants, along with related services. The company also launched Cash App, a person-to-person payment network. In 2023, Square's payment volume was a little over $200 million.

This pick list highlights constituents of the Morningstar US Mid Cap Index that we believe offer investors the best risk-adjusted return prospects. The market capitalization range for U.S. mid-caps typically falls between $1 billion and $8 billion and represents 20% of the total capitalization of the U.S. equity market.

Block, which changed its name from Square in late 2021, is a technology platform company that provides payment and point-of-sale solutions to merchants worldwide. While changing its name, Block retained many of its well-known product titles, including its Square terminals. The company provides merchants with hardware for sales and payment solutions, along with software that converts iPads to payment terminals. Payments can be made on Square terminals via a tap, dip, or swipe or through the company's Block Cash electronic tender. Block also provides Cash App, which allows consumers to send, spend, and store money on an app. Block processes transactions in the U.S. and internationally.

Stocks are widely lower, continuing yesterday's slide and on the back of this morning's surprise Jobs report. The Unemployment Rate ticked up to 4.3% for July from 4.1% the month before. Nonfarm Payrolls printed at 114,000, much lower than the expected and the month before. These weak labor numbers raise questions: Did the Fed wait too long before pivoting to easing monetary policy? Will they enact a larger cut in September, perhaps 50 bps instead of the expected 25 bps? Is the desired soft landing still possible? We note that the recent GDP report gives us confidence that the U.S. economy has avoided a recession. And more data keeps coming. Deep breathes. Every day we recalibrate.