Pressure mounts

UK’s Labour sweeps to power in landslide win, Biden’s Fourth of July shrouded by pressure to drop out, tells allies he’ll limit evening events to get more sleep, Tesla short sellers lost $3.5 billion in two days, and Saks owner to buy luxury retailer Neiman Marcus…

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Market Briefing
July 05, 2024

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Good morning.

The Fast Five → UK’s Labour sweeps to power in landslide win, Biden’s Fourth of July shrouded by pressure to drop out, tells allies he’ll limit evening events to get more sleep, Tesla short sellers lost $3.5 billion in two days, and Saks owner to buy luxury retailer Neiman Marcus…

*No Dealflow section today.

Calendar: (all times ET)

Today:

Unemployment report, 8:30 AM

Your 5-minute briefing for Friday, July 5:

BEFORE THE OPEN

As of market close 7/3/2024. Bitcoin as of 7/4/2024.

Pre-Market:

US Investor % Bullish Sentiment:
↓ 41.74% for Wk of July 04 2024 (Last week: 44.49%)

Market Recap:

  • S&P +0.51%; Nasdaq +0.88%, both at record highs.

  • Dow -0.06%, weighed by UnitedHealth -1.7%.

  • Weak economic data: higher jobless claims, service sector contraction.

  • 10-year Treasury rate down for second day.

  • Tesla +6.5% after strong delivery report, seventh straight gain.

  • Nvidia +4.6%, boosting Nasdaq.

EARNINGS

No notable earnings today. Full earnings calendar here.

Are You Prepared for the Death of the Dollar?

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HEADLINES

Sunak concedes defeat, Starmer says Labour will “start the next chapter”.

Disney heiress, wealthy Democratic donors say they won’t finance the party until Joe Biden drops out.

  • US employment, wage growth expected to moderate in June (more)

  • Biden tells allies he may limit evening events to get more sleep (more)

  • The UK just swung left despite Europe embracing hard-right parties (more)

  • Trump ally Nigel Farage elected to British parliament for first time (more)

  • Oil holds steady near two-month high amid falling US stockpiles (more)

  • Global equities climb to record before key US data (more)

  • Asia stocks notch records; pound calm after Labour landslide (more)

  • Goldman and Citi predict more gains for Nvidia supplier Hynix after 90% rally (more)

  • Nvidia to make $12B from AI chips in China this year despite US controls (more)

  • Samsung shares hit over 3-year high after better-than-expected guidance on AI demand (more)

  • Tesla cars for first time on Chinese government purchase list (more)

  • Saks owner to buy Neiman Marcus in $2.65-billion deal (more)

Nvidia is dominating AI,
but where is it going next?

Nvidia ruled the first AI boom …

Now, it’s pivoting to a new, $1 trillion Superproject.

In fact, Nvidia’s CEO mentioned this critical move 56 times during a recent earnings call.

Here’s the exciting part …

Three companies are partnering with Nvidia on this massive pivot.

And they could be the best way to benefit from Nvidia’s pivot right now.

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CRYPTO

  • Bitcoin falls to lowest since February even as stocks hit record (more)

  • Crypto market sees $295 million in liquidations across exchanges over past 24 hours (more)

  • Crypto ‘Trump Trade’ on hold as other factors captivate market (more)

  • The SEC is now going after crypto VCs (more)

BULLISH BITES

🧨 Boom: America loves fireworks, some 275 million pounds worth.

🤖 AI Race: China has six times more generative AI patents than the U.S., which is in second place.

💰 Huge Rounds: According to Pitchbook, AI companies consumed almost half of the $56 billion that startups raised last quarter - more here.

🏎 Unsurpassed: The five secrets to Ferrari’s success as a luxury brand.

DAILY SHARE

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