📈 Powell's testimony

Good morning.

The Fast Five → Powell tells Congress economy no longer overheated, key takeaways from testimony, Tesla's US market share drops below 50% for first time, Goldman sees stocks and economy slowing, and Adidas set to benefit as Nike’s turnaround efforts falter…

Calendar: (all times ET)

• Today: Jerome Powell testimony to House, 10 AM

• THU, 7/11: Initial jobless claims, 8:30 AM

  • Consumer price index (CPI), 8:30 AM

• FRI, 7/12: Producer price index (PPI), 8:30 AM

  • Consumer sentiment, 10:00 AM

Your 5-minute briefing for Wednesday, July 10:

BEFORE THE OPEN

PRE-MARKET

MARKETS

• US stocks rose slightly as investors reacted to dovish comments from J Pow's testimony

• The S&P and Nasdaq posted new ATHs

• London robusta futures hit an ATH of $4,844/ton

EARNINGS

• What we're watching this week:

  • Thursday: Delta, PepsiCo

  • Friday: JPMorgan, Wells Fargo, Citigroup

• Full calendar here

NEWS BRIEFING

US Economy No Longer Overheated, Fed's Powell Tells Congress

Tesla’s Share of US EV Market Falls Below 50% for First Time

• Key takeaways from Fed Chair Powell’s testimony on Capitol Hill (link)

• Yellen: inflation will continue to ease over time (link)

• Biden announces new NATO aid for Ukraine, as his reelection campaign teeters (link)

• Fed may tweak rule saving biggest US banks billions (link)

• Oil edges lower as focus turns from hurricane to Fed (link)

• Goldman Sachs asset managers see economy, stocks slowing (link)

• Nike’s new chief runs into trouble as turnaround efforts falter (link)

• Adidas set to benefit as Nike struggles (link)

• Jury begins deliberating at Archegos founder's criminal trial (link)

• UPS appoints insider Brian Dykes new CFO (link)

• In a first, federal regulators ban messaging app from hosting minors (link)

• Purdue Pharma secures litigation ceasefire after US Supreme Court ruling (link)

• UiPath to lay off 10% of workforce in companywide restructuring (link)

• Vacuum cleaner manufacturer Dyson to cut around 1,000 jobs in the UK (link)

CRYPTO

• Bitcoin mining difficulty plummeted 7.8%, the largest drop since FTX's collapse (link)

• Former FTX execs Nishad Singh and Gary Wang will face sentencing later this year after testifying against Sam Bankman-Fried (link)

• Bitwise was hit with a fraud lawsuit for allegedly tricking investors into converting to a high-fee, underperforming crypto trust (link)

• The Tezos Foundation teamed up with Baanx for a non-custodial crypto debit card on Tezos' Ethereum-compatible Layer 2 blockchain (link)

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