Market Flies Higher After Weekend Calamity | Herd on Wall Street
Morning traders, the market woke up with heat after a scary weekend in U.S. Politics.
$Trump Media & Technology(DJT.US$shares soared 30% Monday as traders reacted to the attack on Donald Trump, after the former president survived an apparent assassination attempt. Trump was 'fine' after gunfire rang out at a Butler, Pennsylvania rally, Bloomberg reported, though injured.
Other so-called " Trump trades," such as the U.S. dollar and Bitcoin, also rose. $Phunware(PHUN.US$ climbed 7%, $Rumble(RUM.US$ climbed 9%. According to Bloomberg, Trump-related or Trump policy-supported stocks, $Smith & Wesson Brands(SWBI.US$ climbed 12%, private prison companies $The GEO Group Inc(GEO.US$ climbed 9%, $CoreCivic, Inc.(CXW.US$ climbed 7%.
My name is Kevin Travers, and here are stories from the moomoo herd on Wall Street today.
$Tesla(TSLA.US$ climbed 6%, the highest advancer on the S&P 500 after Elon Musk reportedly donated to Trump's campaign and openly supported him. Otherwise, the stock climbed 11 sessions in a row until pulling back last Thursday after the firm delayed its robo-taxi event for two months.
$Blackrock(BLK.US$ reported Q2 adjusted earnings Monday of $10.36 per diluted share, up from $9.28 a year earlier. $Goldman Sachs(GS.US$ reported second-quarter earnings that doubled on a yearly basis, driven by double-digit gains in investment banking fees and asset and wealth management revenue.
This week will see a deluge of earnings reports from financial companies, but $Netflix(NFLX.US$ will be the first of the major tech companies to report Thursday.
In commodities, crude oil futures sagged 0.61% Bitcoin climbed 3% to $62k, up on Trump volume. Silver and gold both climbed Monday, while the U.S. 2-year and the U.S. 10 years climbed.
As a general recap, the market was climbing, and indexes were on their way to record highs after the S&P 500 and Dow Jones Industrial Average hit records Friday.
Shortly after 10:45 am EST, the $S&P 500 Index(.SPX.US$ climbed 0.63%, the $Dow Jones Industrial Average(.DJI.US$ climbed 0.55%, and the $Nasdaq Composite Index(.IXIC.US$ climbed 0.92%.
This week will be a light one for macroeconomic news, with a myraid of Federal Reserve speakers, retail sales numbers Tuesday, and Initial Jobless claims Thursday.
Last week, investors saw lower CPI numbers by about 0.1% than last month, and Producer Price Index numbers came out Friday, showing core producer prices grew at a rate of 0.4%, more than last month. Consumer confidence indicators from the University of Michigan showed that consumer sentiment on the economy fell to an eight-month low.
Tuesday, Federal Reserve Chair Jerome Powell said he would like more data supporting rate cuts, but the Fed keeps its options open. He said that, compared to two years ago, the labor market had cooled significantly to just above where it sat in 2019, and that inflation was not the Fed's only concern.
"Reducing policy restraint too late or too little could unduly weaken economic activity and employment," Powell said.
Mooers, what are you watching today? Comment below and I may feature your comment tomorrow!
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Ultratech : bs. traders didn't pump it. it opened like that. learn how to write a fking article that's actually true.
Kevin Travers OP Ultratech : What do you think affects stock prices?
Stock_Drift : Watching $SoFi Technologies (SOFI.US)$
Shootingstar : I am watching xrp![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
104166257 : h
CornpopBadDude Kevin Travers OP : Why are you responding to Ultratech? Do you remember last spring when he made love to a handful of Beyond Burger? That was pretty weird.
Kevin Travers OP CornpopBadDude : I started working at moomoo last aug, I'll go back and research that, hahaha wild