📈 Growing revolt

Biden faces growing revolt from Democrats, Fed's Powell says US on 'disinflationary path’, Apple to get OpenAI board observer role, Tesla shares soar on Q2 deliveries, and echoes of dotcom bubble haunt AI-driven stock market…

Author

Smart Owl
July 03, 2024

Good morning.

The Fast Five → Biden faces growing revolt from Democrats, Fed's Powell says US on 'disinflationary path’, Apple to get OpenAI board observer role, Tesla shares soar on Q2 deliveries, and echoes of dotcom bubble haunt AI-driven stock market…

Calendar: (all times ET)

  • Today: Market closes early

    • Initial jobless claims, 8:30a

    • Factory orders, 10:00a

  • THU 7/4: Market closed for July 4

  • FRI 7/5: Unemployment report, 8:30a

Your 5-minute briefing for Wednesday, July 3:

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BEFORE THE OPEN

As of market close 7/2/2024.

PRE-MARKET

MARKETS

  • US stocks rose yesterday on comments from J Pow noting progress on inflation

  • S&P topped 5,500 and Nasdaq topped 18,000 for the first time ever to notch fresh ATHs at the close

  • Rate futures markets are pricing in a 70% chance of a Fed rate cut in September

  • SOFR hit 5.4%, a YTD high

EARNINGS

  • What we're watching this week:

    • Today: Constellation Brands (ticker: $STZ)

  • Full calendar here

NEWS BRIEFING

President Biden is struggling to contain mounting dissent from Democratic members of Congress that has culminated in a call for him to withdraw as the party's nominee.

Phil Schiller, Apple’s former marketing chief, will take the position that would match that of Microsoft.

  • Powell says US needs to cut deficit ‘sooner rather than later’ (link)

    • Powell welcomes recent data but Fed needs more confidence to cut (link)

  • US labor market steadily easing despite rise in job openings (link)

  • Oil prices inch up on large US crude stock draw (link)

  • US awards $504M for 'tech hubs' in overlooked regions (link)

  • Tesla shares soar on better-than-expected Q2 deliveries (link)

  • Echoes of dotcom bubble haunt AI-driven stock market (link)

  • Apple ex-lawyer ordered to pay $1.15 million SEC fine for insider trading (link)

  • Figma disables its AI design feature that appeared to be ripping off Apple’s Weather app (link)

  • Florida Panthers games are moving from cable to local broadcast stations (link)

  • John Deere laying off hundreds of Midwest workers (link)

CRYPTO

  • BlackRock launched a 'buffer' ETF offering a 100% downside hedge for risk-shy equity investors (link)

  • A Texas judge approved an expedited timeline for the court to consider the merits of Consensys' lawsuit against the SEC (link)

  • Circle became the first global stablecoin issuer to gain regulatory approval under the EU's MiCA framework (link)

  • Coinbase landed a $32.5 million US Marshals Service contract for crypto custody and trading (link)

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