📈 Top pick

Trump’s VP pick has long ties to Silicon Valley, Powell signals Fed won’t wait for 2% inflation target, Apple at all-time high after Morgan Stanley calls 'top pick', BlackRock hits $10.6 trillion asset record, and Elon Musk plans to give $45M/mo to pro-Trump super PAC...

July 16, 2024

Good morning.

The Fast Five → Trump’s VP pick has long ties to Silicon Valley, Powell signals Fed won’t wait for 2% inflation target, Apple at all-time high after Morgan Stanley calls 'top pick', BlackRock hits $10.6 trillion asset record, and Elon Musk plans to give $45M/mo to pro-Trump super PAC…

Calendar: (all times ET)

  • Today: US retail sales, 8:30 AM

  • WED, 7/17: Fed Beige Book, 2:00 PM

  • THU, 7/18: Initial jobless claims, 8:30 AM

Your 5-minute briefing for Tuesday, July 16:

BEFORE THE OPEN

As of market close 7/15/2024.

PRE-MARKET

MARKETS

  • US stocks continued to rally on growing bets of a Trump re-election

  • Russell 2000 saw its best four-day rally since June 2020 to hit its highest since December 2021

  • US 2Y-10Y yield curve inversion hit 23 bps, the lowest since January

  • US 2Y-30Y yield curve briefly un-inverted for the first time since January

  • Mexican peso slipped 1.3% versus the dollar

  • Argentine peso rose 8.1% in parallel markets after government intervention

  • Bitcoin surged to a two-week high on Trump reelection sights

EARNINGS

  • Goldman Sachs beat Q2 analyst estimates on a 150% YoY jump in profit thanks to strength in fixed income trading and a rebound in IB (link)

  • BlackRock AUM hit a record $10.65T in Q2 thanks to rising asset values and ETF inflows, while total revenue rose 8% YoY (link)

  • What we're watching this week:

    • Today: Bank of America, Morgan Stanley, UnitedHealth

    • Wednesday: ASML, United Airlines, Johnson & Johnson

    • Thursday: TSMC, Netflix, Domino's

    • Friday: American Express

  • Full calendar here

NEWS BRIEFING

Vance spent years as a venture capitalist before leaving the industry when elected to the US Senate in 2022.

Powell referenced the idea that central bank policy works with “long and variable lags” to explain why the Fed wouldn’t wait for its target to be hit.

  • Traders add to bets on Fed rate cuts (link)

  • Oil steadies as traders look to dollar and China for next cues (link)

  • BlackRock bullish on UK stocks post-election, Japan stocks top play (link)

  • Elon Musk plans to give $45M/mo. to pro-Trump super PAC (link)

  • Apple at all-time high after called 'top pick' by Morgan Stanley (link)

  • Disney's internal communications leaked online after hack (link)

  • The FAA grounded SpaceX's entire Falcon 9 fleet after one exploded mid-flight last week (link)

  • Apple releases iOS 18 public beta for iPhone — Here’s what’s new and how to get it (link)

  • Tesla CEO Elon Musk appears to confirm delay in Aug. 8 robotaxi unveil event to make design change (link)

CRYPTO

  • Lazarus Group has been suspected of laundering $35 million from DMM Bitcoin exchange hack (link)

  • Tether has been accused in a new class action lawsuit of market manipulation and antitrust violations (link)

  • Bitcoin rebounded above $62,000 for the first time since early July after an assassination attempt on former President Trump. It’s over $63k at time of publishing (link)

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