📈 Tesla slips

Tesla profit falls short again, India closes in on China, Trump files complaint over Harris getting Biden’s war chest, Rivian to face trial in Tesla trade secrets theft case, and there’s a mutiny in the bond market…

Author

Smart Owl
July 24, 2024

Good morning.

The Fast Five → Tesla profit falls short again, India closes in on China, Trump files complaint over Harris getting Biden’s $96M war chest, Rivian to face trial in Tesla trade secrets theft case, and there’s a mutiny in the bond market…

Calendar: (all times ET)

  • Today: New home sales, 10:00 AM

  • THU, 7/25: GDP, 8:30 AM

    • Initial jobless claims, 8:30 AM

    • Durable-goods orders, 8:30 AM

  • FRI, 7/26: PCE index, 8:30 AM

    • Consumer sentiment, 10:00 AM

Your 5-minute briefing for Wednesday, July 24:

BEFORE THE OPEN

As of market close 7/23/2024.

PRE-MARKET

MARKETS

  • Major US stock indexes slipped yesterday as investors swapped for small caps ahead of Big Tech earnings

  • Oil fell to a six-week low

EARNINGS

  • Tesla fell 10% after missing Q2 EPS estimates on a 7% drop in auto revenue (link)

  • Alphabet beat Q2 Wall Street estimates on strength in search and cloud (link)

  • Visa beat Q3 EPS estimates but reported a rare revenue miss as payments volume growth slows (link)

  • Spotify surged 12% after reporting record Q2 profit, gross margin, and FCF thanks to its recent 'efficiency' strategy (link)

  • UPS plunged 12% after missing Q2 EPS and revenue estimates and cutting revenue guidance due to weak freight demand and soft pricing (link)

  • What we're watching this week:

    • Today: Chipotle, Ford, AT&T, IBM

    • Thursday: American Airlines

  • Full calendar here

NEWS BRIEFING

EV maker to unveil robotaxi product on Oct. 10 after delay. Mexico factory pause extended on Trump tariff worries.

Rise to almost a fifth of global stock benchmark quandary for fund managers concerned at high Indian valuations.

  • Trump files complaint over Harris getting Biden’s $96M war chest (link)

  • 10-year Treasury yield dips as investors closely monitor economic data (link)

  • Record house prices depress US home sales in June (link)

  • Dollar firms as commodities slide and carry unwinds (link)

  • Oil prices rise as crude, fuel inventories seen shrinking (link)

  • Rivian to face trial in Tesla trade secrets theft case (link)

  • Mutiny in the bond market as billionaires pick a debt fight (link)

  • Meta unveils biggest Llama 3 AI model, touting language and math gains (link)

  • FTC probes AI-powered ‘surveillance pricing’ at Mastercard, JPMorgan Chase, McKinsey and others (link)

  • GM’s Cruise abandons Origin robotaxi, takes $583 million charge (link)

  • Canon USA laid off between 100 and 150 employees at its Melville headquarters less than a year after winning more IDA tax breaks (link)

CRYPTO

  • BlackRock's Bitcoin ETF recorded $523 million in inflows on July 22, its largest single-day inflow since March (link)

  • Catalyze launched a Web3 community learning app, introducing 'Web3 Alphas' NFT series and CTZ token rewards (link)

  • Alkimiya introduced an Ethereum-based tool for hedging against volatile Bitcoin transaction fee rates (link)

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