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📈 The chips fall
Chip stocks shed over $500 billion in value as US floats tougher trade rules on China, Biden says he’ll only quit race for medical reasons, Fed officials say they are 'closer' to cutting interest rates, and Trump is considering Jamie Dimon for Treasury Secretary…
Smart Owl
July 18, 2024
Good morning.
The Fast Five →Chip stocks shed over $500 billion in value as US floats tougher trade rules on China, Biden says he’ll only quit race for medical reasons, Fed officials say they are 'closer' to cutting interest rates, and Trump is considering Jamie Dimon for Treasury Secretary…
Calendar: (all times ET)
Today: Initial jobless claims, 8:30 AM
Your 5-minute briefing for Thursday, July 18:
BEFORE THE OPEN
As of market close 7/17/2024.
PRE-MARKET
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MARKETS
A tech selloff pulled major indexes lower on reports of US-China trade war escalation
Dow nonetheless notched a third-straight ATH
Russell 2000 snapped a five-day win streak
Nasdaq had its worst day since December 2022
Chip stocks slid 7% in their worst day since 2020
EARNINGS
ASML shares plunged 13% despite comfortably beating Q2 analyst estimates due reports of US export restrictions to China (link)
United Airlines beat Q2 EPS estimates on strong international demand but missed on Q3 forecasts as flight oversupplies weigh on fares (link)
Johnson & Johnson beat Q2 EPS estimates on strong drug sales but slashed its FY profit forecast to account for recent M&A costs (link)
What we're watching this week:
Today: TSMC, Netflix, Domino's
Friday: American Express
Full calendar here
NEWS BRIEFING
Wall St's semiconductor index lost more than $500 billion in market value on Wednesday in its worst session since 2020 after a report said the US was mulling tighter curbs on exports of advanced semiconductor technology to China.
President Joe Biden said in a new interview that he might reconsider his decision to stay in the race against Donald Trump if a “medical condition” emerged.
Nasdaq, S&P end sharply lower, hit by chips, megacaps; Dow extends rally (link)
US firms point to slowing activity and softer labor market (link)
Top Fed officials say they are 'closer' to cutting interest rates (link)
Jamie Dimon being considered by Trump for Treasury Secretary (link)
US floats tougher trade rules to rein in China chip industry (link)
California first state to get federal funds for hydrogen energy hub to help replace fossil fuels (link)
Novo Nordisk and Eli Lilly shares slide on new obesity drug trial from Roche (link)
US SEC sues Digital World's former CEO alleging securities fraud (link)
Why Charles Schwab Stock Slumped Again on Wednesday (link)
China’s Restaurant Stocks Lose Luster as Dining-Out Demand Fades (link)
Regional bank stocks rally thanks to Powell (and maybe Trump) (link)
CRYPTO
Former President Trump said he would consider JPMorgan CEO Jamie Dimon, a vocal Bitcoin critic, for Treasury Secretary if elected (link)
Crypto miners are scrambling to boost revenues by forging deals with AI developers to capitalize on rising demand for GPUs (link)
The launch of spot Ether ETFs is expected to push ETH prices above $5,000, with $15 billion of net inflows predicted in the first 18 months (link)
The German government netted $2.8 billion from the emergency sale of 49,858 Bitcoin seized in the Movie2k piracy case (link)
DAILY SHARES
One President is in cognitive decline. Another is getting shot at. There are two wars taking place at the moment. It’s 100 degrees outside.
Dow +742 points.
— Douglas A. Boneparth (@dougboneparth)
8:15 PM • Jul 16, 2024
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