📈 Top pick

Good morning.

The Fast Five → Trump’s VP pick has long ties to Silicon Valley, Powell signals Fed won’t wait for 2% inflation target, Apple at all-time high after Morgan Stanley calls 'top pick', BlackRock hits $10.6 trillion asset record, and Elon Musk plans to give $45M/mo to pro-Trump super PAC…

Calendar: (all times ET)

• Today: 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 Tuesday, July 16:

BEFORE THE OPEN

PRE-MARKET

MARKETS

• US stocks continued to rally on growing bets of a Trump re-election

• Russell 2000 saw its best four-day rally since June 2020 to hit its highest since December 2021

• US 2Y-10Y yield curve inversion hit 23 bps, the lowest since January

• US 2Y-30Y yield curve briefly un-inverted for the first time since January

• Mexican peso slipped 1.3% versus the dollar

• Argentine peso rose 8.1% in parallel markets after government intervention

• Bitcoin surged to a two-week high on Trump reelection sights

EARNINGS

• Goldman Sachs beat Q2 analyst estimates on a 150% YoY jump in profit thanks to strength in fixed income trading and a rebound in IB (link)

• BlackRock AUM hit a record $10.65T in Q2 thanks to rising asset values and ETF inflows, while total revenue rose 8% YoY (link)

• What we're watching this week:

  • Today: Bank of America, Morgan Stanley, UnitedHealth

  • Wednesday: ASML, United Airlines, Johnson & Johnson

  • Thursday: TSMC, Netflix, Domino's

  • Friday: American Express

• Full calendar here

NEWS BRIEFING

Trump VP Pick Has Long Ties to Silicon Valley, and Was a VC Himself

Powell Indicates Fed Won’t Wait Until Inflation is 2% to Cut Rates

• Traders add to bets on Fed rate cuts (link)

• Oil steadies as traders look to dollar and China for next cues (link)

• BlackRock bullish on UK stocks post-election, Japan stocks top play (link)

• Elon Musk plans to give $45M/mo. to pro-Trump super PAC (link)

• Apple at all-time high after called 'top pick' by Morgan Stanley (link)

• Disney's internal communications leaked online after hack (link)

• The FAA grounded SpaceX's entire Falcon 9 fleet after one exploded mid-flight last week (link)

• Apple releases iOS 18 public beta for iPhone — Here’s what’s new and how to get it (link)

• Tesla CEO Elon Musk appears to confirm delay in Aug. 8 robotaxi unveil event to make design change (link)

CRYPTO

• Lazarus Group has been suspected of laundering $35 million from DMM Bitcoin exchange hack (link)

• Tether has been accused in a new class action lawsuit of market manipulation and antitrust violations (link)

• Bitcoin rebounded above $62,000 for the first time since early July after an assassination attempt on former President Trump. It’s over $63k at time of publishing (link)

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