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BEFORE THE OPEN

Pre-Market:

US Investor % Bullish Sentiment:
↑ 52.75% for Wk of July 18 2024 (Last week: 49.18%)

Market Recap:

• Stocks sold off Wed; S&P and Nasdaq had worst session since 2022.

• S&P 500 -2.31%, Nasdaq -3.64%, Dow -1.25%.

• Alphabet -5%, Tesla -12.3%, Nvidia -6.8%, Meta -5.6%, Microsoft -3.6%.

• Overbought market, high earnings bar, weak equity period caused sell-off.

• Weak US manufacturing data; PMI fell to 49.5 in July.

• New home sales in June below expectations.

EARNINGS

Here’s what we’re watching this week:

• Today: AbbVie (ABBV), Honeywell (HON), Southwest Air (LUV)

• Friday: 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

Stocks Fall as AI Selloff Goes Global

Tesla Shares Down 12% After Earnings Miss, Biggest Slump Since 2020

• Biden Says Time for ‘Younger Voices’ in Oval Office Speech (more)

• Megacap stock selloff shows investor concerns about too much tech (more)

• US business activity edges higher; pricing power diminishing (more)

• New home sales fall to seven-month low in June (more)

• Gold rises on softer dollar, traders eye more US data (more)

• Oil prices finish higher as US oil, fuel inventories ease (more)

• China central bank surprises by lending again at lower rates (more)

• Bank of Canada cuts rates, sees weaker economy in 2024 (more)

• Japan's population falls at the fastest rate in decades (more)

• US spot Ether ETFs see net inflows of $106M on first day (more)

• Kering hit 7-year low after weak forecast, revenue drop on low China sales (more)

• Stellantis reports 48% drop in first-half net profit on weak sales (more)

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- sponsored message -

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

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