The Great Rotation

Great rotation trade sees investors dump AI giants, the US economy is pulling off something historic, Apple no longer among top smartphone vendors in China, OpenAI announces a “SearchGPT” search engine, and starter home prices top $1 million in 200+ US cities…

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Market Briefing
July 26, 2024

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The Fast Five → Great rotation trade sees investors dump AI giants, the US economy is pulling off something historic, Apple’s no longer among top smartphone vendors in China, OpenAI announces a “SearchGPT” search engine, and starter home prices top $1 million in 200+ US cities…

Calendar: (all times ET)

Today:

PCE index, 8:30 AM
Consumer sentiment, 10:00 AM

Your 5-minute briefing for Friday, July 26:

BEFORE THE OPEN

As of market close 7/24/2024.

Pre-Market:

US Investor % Bullish Sentiment:
↓ 43.17% for Wk of July 25 2024 (Last week: 52.75%)

Chart updates every Friday.

Market Recap:

  • Futures slightly up Thu night; major averages set for weekly losses.

  • Stocks poised for weekly declines; rotation into small caps and cyclicals.

  • Thursday: S&P -0.5%, Nasdaq -0.9%, Dow +0.2%.

  • Today: June's PCE report, expected +0.1% monthly, +2.5% yearly.

  • Earnings: Bristol Myers Squibb, Colgate-Palmolive, 3M.

EARNINGS

Here’s what we’re watching this week:

  • Today: Bristol-Myers Squibb (BMY)

    • 3M (MMM) - earnings of $1.68 per share (-22.6% YoY) on $5.9B revenue (-25.4% YoY)

Full earnings calendar here.

HEADLINES

Speculative AI trades seen outside of tech, communications. Shares of utilities, property firms have rallied this quarter.

Economic growth in the first half of the year was solid, with the economy expanding a robust 2.8% annualized rate in the second quarter.

  • US economy grew at 2.8% rate in second quarter (more)

  • 2-year Treasury yield dips as investors look to key inflation data (more)

  • 30-year fixed-rate mortgage edges up to 6.78% (more)

  • Yen steady, Asian stocks weak as wild week winds down (more)

  • China veers off beaten path with consumer stimulus (more)

  • Starter home prices top $1 million in more than 200 US cities (more)

  • Apple no longer among top 5 smartphone vendors in China (more)

  • OpenAI announces a search engine called SearchGPT (more)

  • Southwest abandons open seating after 53 years (more)

  • CrowdStrike CEO says 97% of Windows sensors back online (more)

  • Kroger, Albertsons agree to pause merger (more)

  • Uber, Lyft and others win CA ruling to treat drivers as contractors (more)

  • Lilly loses $120B in value as rival obesity drugs impress (more)

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- We’re on a short break this week -
The Dealflow, Crypto, and Bullish sections
will resume on Monday 7/29.

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