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Trump administration = $GLXY US listing Nasdaq or NYSE? https://t.co/6eqkL4jYgl
— KeethTalks (@keeth101) July 15, 2024
Record-Breaking
Following the murder attempt on former President Donald Trump, the Dow Jones Industrial Average closed at an all-time high. The Nasdaq Composite gained 0.4% while the S&P 500 reached a record high for the day. Small caps are expected to benefit from the possibility of Trump’s reelection; the Russell 2000 increased 1.8%, reaching its highest level since 2022 and registering a fourth straight positive day. Ten-year Treasury yields increased after investors assessed remarks made by Federal Reserve Chair Jerome Powell. Oil prices fell in the US.
Trump’s Choice for Vice President
Senator JD Vance of Ohio will be Donald Trump’s running mate for the vice presidency in 2024. After weighing the options, Trump declared his choice on Truth Social, praising Vance as the most qualified applicant. The Biden team swiftly attacked Vance’s selection, charging him with supporting Trump’s “extreme MAGA agenda” and asserting that both would put tax breaks for the affluent ahead of higher taxes for the middle class. Additionally, they claimed that companies and billionaires support Vance because they anticipate measures that will benefit them at the expense of the average American. As soon as Trump formally enters the race for the Republican presidential nomination, you can follow live updates here.
Fed Might not Hold Out
Powell stated that interest rate cuts will not come from the central bank waiting for inflation to hit its 2% target. If you wait until inflation reaches 2%, Powell stated, you’ve probably waited too long because the tightening you’re doing and the level of tightness you have will likely continue to have an impact on inflation below 2% due to the delayed effects of monetary policy.
“Digital Gold” is What Bitcoin is?
Once a doubter of bitcoin, BlackRock CEO Larry Fink now views the digital asset as “digital gold” and a possible refuge for investors wary of political unpredictability and escalating public debt. Fink thinks bitcoin has the potential to provide uncorrelated profits and serve as a hedge against the depreciation of currency brought on by large deficits. “I think of it as a tool that you invest in during times of more fear, nevertheless. Fink stated on CNBC’s “Squawk on the Street” that “it is an instrument for when you believe countries are debasing their currencies by excess deficits, and some countries are.”
Goldman Surpasses Projections.
Goldman Sachs’ second-quarter profit and sales exceeded forecasts, mostly due to better-than-expected fixed-income results and reduced credit loss provisions. However, Goldman’s well-known investment banking division underperformed when compared to competitors; fees for investment banking increased by 21% while JPMorgan and Citigroup had increases of more than 50%. According to Goldman CFO Denis Coleman, the bank remains the leader in market share for mergers, and the reason for the comparison is that the previous year’s performance was superior. Goldman Sachs is expected to perform well since Wall Street companies are currently experiencing a recovery following a poor 2023. Goldman’s stock increased by 2%.
[PRO] Adoration for Retail Puppies
According to Wells Fargo, the recent surge in Tesla spurred by “retail puppy love” could soon come to an end. Analyst Colin Langan maintained an underweight rating, which is in opposition to the optimistic outlook on Wall Street. After initially being more pessimistic this year, Tesla’s stock has increased 78% since April as a result of faster-than-expected product launch announcements.