📈 Big Tech lines up

Good morning.

The Fast Five →Big TechVCs to throw support to Trump, riskiest stocks begin an epic rotation with cuts in sight, small caps are the hottest trade going, gold jumps to record high, and Elon Musk vows to move X, SpaceX headquarters from CA to TX…

Calendar: (all times ET)

• Today: Fed Beige Book, 2:00 PM

• THU, 7/18: Initial jobless claims, 8:30 AM

Your 5-minute briefing for Wednesday, July 17:

BEFORE THE OPEN

PRE-MARKET

MARKETS

• US stocks rallied yesterday as investors continued to fuel small cap bets on expectations of imminent rate cuts

  • Russell 2000 is beating Nasdaq 100 by the most since 2011

  • Dow had its best day since June 2023

  • S&P and Dow surged to new ATHs

• US 10Y yield slid to a four-month low

• Gold rallied to ATHs on rate cut bets

• Cotton futures fell to four-year lows, to half of their May 2022 ten-year high

EARNINGS

• Bank of America shares popped ~5% after beating Q2 earnings and revenue estimates thanks to rising IB and asset management fees (link)

• Morgan Stanley also beat Q2 profit and revenue estimates on strong results in trading and IB, but their wealth business lagged (link)

• UnitedHealth shares jumped 6% after beating Q2 estimates despite a hit from a major cyberattack; the firm also lowered its FY profit outlook (link)

• What we're watching this week:

  • Today: ASML, United Airlines, Johnson & Johnson

  • Thursday: TSMC, Netflix, Domino's

  • Friday: American Express

• Full calendar here

NEWS BRIEFING

Andreessen, Horowitz Latest Tech VCs to Throw Support to Trump

Riskiest Stocks Begin an Epic Rotation With Rate Cuts in Sight

• Retail sales report showcases consumer, economic resilience (link)

• Russell 2000 beats Nasdaq 100 by most in decade (link)

• Gold jumps to record as traders ramp up bets on Fed rate pivot (link)

• Oil retreats most in 3 weeks on stronger dollar, weak demand (link)

• Small caps are the hottest trade going in the stock market (link)

• Musk moving X, SpaceX headquarters from California to Texas (link)

• Tesla posts 800 job openings after biggest round of layoffs in company history (link)

• Amazon’s deal with AI startup Adept faces FTC scrutiny (link)

• Emirates’ 777 order underscores Airbus’ outlook for large freighters (link)

• Five Below slides as investors digest the CEO change and fresh guidance (link)

• Intuit layoffs to impact hundreds of Bay Area workers as part of AI pivot (link)

CRYPTO

• Loka Mining launched a decentralized mining pool, allowing miners to sell future rewards to investors at a discount for instant liquidity (link)

• Crypto exchange Kraken signed a sleeve sponsorship deal with Premier League club Tottenham Hotspur (link)

• Bitcoin ETF inflows topped $300 million on Monday, marking a 7-day streak (link)

• Craig Wright was ordered to post on his website, Slack, and X that he is not the Bitcoin founder after UK court ruling (link)

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