📈 Court decision

SCOTUS rules Trump has some immunity, Democrats weigh July vote to formally tap Biden as nominee, Tesla adds $45 billion as shares rebound, Trump Media joins Russell Indexes, and "Roaring Kitty" buys $245 million stake in Chewy...

July 02, 2024

Good morning.

The Fast Five → SCOTUS rules Trump has some immunity, Democrats weigh July vote to formally tap Biden as nominee, Tesla adds $45 billion as shares rebound, Trump Media joins Russell Indexes, and "Roaring Kitty" buys $245 million stake in Chewy…

Calendar: (all times ET)

  • Today: Jerome Powell speech in Portugal, 9:30a

    • Consumer sentiment, 10:00a

  • WED 7/3: Market closes early

    • Initial jobless claims, 8:30a

    • Factory orders, 10:00a

  • THU 7/4: Market closed for July 4

  • FRI 7/5: Unemployment report, 8:30a

Your 5-minute briefing for Tuesday, July 2:

BEFORE THE OPEN

As of market close 7/1/2024.

PRE-MARKET

MARKETS

  • US stocks inched higher yesterday led by tech stocks in light pre-holiday trading

    • Nasdaq closed at a new ATH

  • US 10Y yield jumped to its highest in a month

  • The 2Y-10Y yield curve is the least inverted since May

  • Oil jumped to a two-month high

EARNINGS

  • What we're watching this week:

    • Wednesday: Constellation Brands

  • Full calendar here

NEWS BRIEFING

The Supreme Court ruled that Donald Trump has some immunity from criminal charges over his efforts to overturn the 2020 election results.

Chewy stock is volatile Monday after Keith Gill, the investor known as Roaring Kitty, disclosed a 6.6% stake in the online pet retailer.

  • US manufacturing extends slump; inflation pressures ebbing (link)

  • Democrats weigh vote to formally tap Biden as nominee (link)

  • Biden to extend overtime protections for 1 million workers (link)

  • Oil trades near two-mo. high on mideast, hurricane concerns (link)

  • Tesla adds $45 Billion as shares rebound (link)

  • Trump Media joins Russell Indexes after annual refresh (link)

  • Nvidia is set to face antitrust charges in France for alleged anti-competitive practices (link)

  • Google to require disclosures for digitally altered content in election ads (link)

  • Vaire Computing raises $4.5M for ‘reversible computing’ moonshot which could drastically reduce energy needs (link)

  • Robinhood snaps up Pluto to add AI tools to its investing app (link)

  • Shein, Temu are swamping airfreight capacity, sending rates soaring (link)

  • Redbox DVD kiosk owner Chicken Soup For The Soul files for bankruptcy (link)

CRYPTO

  • Blockchain security startup Mamori raises $5M to use machine learning to detect exploits (link)

  • Abra Launches Treasury Service for Corporates That Want to Hold Crypto (link)

  • Ethereum suffers worst outflows in two years due to spot ETF delays (link)

  • Circle becomes first stablecoin issuer to secure regulatory approval under MiCA (link)

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