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Growing revolt
Biden faces growing revolt from Democrats, Fed's Powell says US on 'disinflationary path’, Apple to get OpenAI board observer role, Tesla shares soar on Q2 deliveries, and echoes of dotcom bubble haunt AI-driven stock market…
Market Briefing
July 03, 2024
Good morning.
The Fast Five → Biden faces growing revolt from Democrats, Fed's Powell says US on 'disinflationary path’, Apple to get OpenAI board observer role, Tesla shares soar on Q2 deliveries, and echoes of dotcom bubble haunt AI-driven stock market…
Calendar: (all times ET)
Today: | Market closes early |
THU 7/4: | Market closed for July 4 |
FRI 7/5: | Unemployment report, 8:30a |
Your 5-minute briefing for Wednesday, July 3:
BEFORE THE OPEN
As of market close 7/2/2024.
Pre-Market:
 |  |
US Investor % Bullish Sentiment:
↑ 44.49% for Wk of June 27 2024 (Last week: 44.37%)
*Updates every Friday.
Market Recap:
Stocks rose as Powell noted inflation progress but no rate cuts.
S&P +0.62%, Nasdaq +0.84% -both hit record highs; Dow +0.41%.
Tesla +10% on strong Q2 deliveries.
Treasury yields eased post-Powell comments.
Nvidia -1.3%, Eli Lilly -0.8%.
Today: Low trading volume expected; NYSE closes early, shut tomorrow for Independence Day.
EARNINGS
A light week of notable earnings:
Today:
Constellation Brands (STZ) - earnings of $3.46 per share (+18.9% YoY) on $2.7 billion revenue (+6.4% YoY).
Thursday: Stock market holiday
Full earnings calendar here.
Download our Report: Profiting from Electric Vehicle (EV) Stocks
HEADLINES
President Biden is struggling to contain mounting dissent from Democratic members of Congress that has culminated in a call for him to withdraw as the party's nominee.
Phil Schiller, Apple’s former marketing chief, will take the position that would match that of Microsoft.
Powell says US needs to cut deficit ‘sooner rather than later’ (more)
Powell welcomes recent data but Fed needs more confidence to cut (more)
US labor market steadily easing despite rise in job openings (more)
Oil prices inch up on large US crude stock draw (more)
US awards $504M for 'tech hubs' in overlooked regions (more)
China’s services sector grows less than expected (more)
Tesla shares soar on better-than-expected Q2 deliveries (more)
Eli Lilly Alzheimer's drug approved by FDA (more)
EV makers face rough road ahead despite upbeat quarterly sales (more)
Echoes of dotcom bubble haunt AI-driven stock market (more)
Paramount and Skydance near merger deal (more)
Manhattan now a ‘buyer’s market’ as real estate prices fall and inventory rises (more)
Obama in favor of Biden swap-out?
As we approach the Democratic National Convention in August... many sense a Biden swap-out is looming.
In fact, according to Tucker Carlson, in private even "Obama is telling people Biden can't win, and he is therefore in favor of an open convention."
Which brings up the obvious question: WHO will they replace Biden with?
There are many theories floating around online...
But I believe I've found the most likely outcome, and it's one you probably haven't seen anywhere else yet.
Sincerely,
Dan Ferris, Senior Analyst, Stansberry Research
- sponsored message -
DEALFLOW
M+A | Investments
DRiP Haus, a Solana-based creator platform, acquired Vault Music, a limited-edition music platform on the Solana blockchain (more)
Instructure Holdings, a company empowering the delivery of education, acquired Scribbles, a provider of records management to US K-12 school districts, from Alamar Partners (more)
Motorola Solutions (MSI), a connect technologies company, acquired Noggin, cloud-based business continuity planning, operational resilience and critical event management software (more)
Togetherwork, a software and payment solution to organizations, received an investment from Park Square Capital (more)
Metrika and Zodia custody partner on digital asset risk management (more)
VC
Prodia, a provider of a distributed network of GPUs for AI inference solutions, raised $15M in Seed funding (more)
Pi Squared raises $12.5M in Seed Funding led by Polychain Capital to build a universal ZK circuit powered by Proof of Proof (more)
Uncaged Innovations, a biomaterial company creating sustainable leather from grains at scale, raised $5.6M in Seed funding (more)
BoldHue, a beauty-tech company, raised nearly $3.4M in Seed funding (more)
CRYPTO
BULLISH BITES
🏀 Check-up: Boston Celtics sale could break records.
⚡️ New Target: Tech industry wants to lock up nuclear power for AI.
🚨 Buy Alert: Massive investment opportunity unearthed during the debate.
🔥 Viral: This song is catchy and going viral. It’s also North Korean propaganda.
🏝 Attn: Island-Hoppers: Greece has a new helicopter airline.
DAILY SHARE
bill gates started hanging out with warren buffett and diversifying his portfolio
steve ballmer, like a chad, held on to enough shares of microsoft to surpass gates in wealth as of today
— sophie (@netcapgirl)
6:51 PM • Jul 2, 2024
Steve Ballmer’s net worth ($157.2B) just passed Bill Gates ($156.7B) for the first time ever.
He did this by not selling his Microsoft stock and having diamond hands
— Dr. Parik Patel, BA, CFA, ACCA Esq. (@ParikPatelCFA)
9:14 PM • Jul 2, 2024
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