📈 Market reacts to shooting

Trump shooting changes Biden’s strategy, how traders are expected to react, Trump victory trades to swell, Jamie Dimon warns interest rates may stay higher, and Elon Musk endorses Trump…

Author

Smart Owl
July 15, 2024

Good morning.

The Fast Five → Trump shooting changes Biden’s strategy, how traders are expected to react, Trump victory trades to swell, Jamie Dimon warns interest rates may stay higher, and Elon Musk endorses Trump…

Calendar: (all times ET)

  • Today: Fed Chair Powell speaks, 12 PM

  • TUE, 7/16: US retail sales, 8:30 AM

  • WED, 7/17: Fed Beige Book, 2:00 PM

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

Your 5-minute briefing for Monday, July 15:

BEFORE THE OPEN

As of market close 7/12/2024. Bitcoin as of 7/14/2024.

PRE-MARKET

MARKETS

  • US stocks rose on Friday on growing optimism for Fed rate cuts

  • Russell 2000 had its best week since November

  • Dow closed at an ATH

  • Europe's Stoxx 600 had its best week in two months

  • Yen hit a four-week high versus the dollar

EARNINGS

  • JPMorgan beat Q2 estimates on record profit and revenues driven by a 52% surge in IB fees and 10% jump in trading revenue (link)

  • Citigroup topped Q2 earnings and revenue estimates on a 37% rise in equities trading revenue and 60% rise in IB revenue (link)

  • Wells Fargo shares fell ~6% despite beating Q2 analyst estimates as a 9% drop in net interest income offset a 38% surge in IB revenue (link)

  • What we're watching this week:

    • Today: Goldman Sachs, BlackRock

    • Tuesday: Bank of America, Morgan Stanley, UnitedHealth Group

    • Wednesday: ASML, United Airlines, Johnson & Johnson

    • Thursday: TSMC, Netflix, Domino's

    • Friday: American Express

  • Full calendar here

NEWS BRIEFING

Conversation dominated by assassination attempt, not Biden. Politicians call to tone down rhetoric in midst of campaign.

Saturday’s shooting at former President Trump’s election rally raises his odds of winning back the White House, and trades betting on his victory will increase this coming week, investors said on Sunday.

  • How traders are expected to react to Trump rally shooting (link)

  • US futures steady as traders digest latest geopolitical shock (link)

  • Global markets ramp up the ‘Trump trade’ after rally attack (link)

  • US producer price data points to subsiding inflation pressures (link)

  • Oil steadies with dollar strength in focus after Trump shooting (link)

  • Yen’s woes seem too big for even a BOJ hike to solve (link)

  • Elon Musk endorses Trump in presidential race, calls him "tough" (link)

  • Jamie Dimon warns inflation and interest rates may stay higher (link)

  • OpenAI whistleblowers ask SEC to investigate alleged restrictive non-disclosure agreements (link)

  • Amazon must comply with US agency's pregnancy bias probe (link)

  • South Korea's SK On in talks to supply prismatic EV batteries as it seeks turnaround (link)

  • Citigroup seeks to end racial-bias lawsuit over ATM fees (link)

CRYPTO

  • US spot Bitcoin ETFs attracted over $1 billion in net inflows this week (link)

  • Bitcoin rose 2.1% to $59,849 after the shooting at Former President Trump's rally (link)

  • The SEC dropped its probe into Hiro's Stacks, a Bitcoin L2 blockchain, in another win for the crypto industry (link)

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