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📦 Move Over Walmart: Analyst Says This Retailer Will Overtake Wally World
Also: GameStop heats up again, and more
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Happy Wednesday Zingernation! There’s nothing scarier than walking out of a store or restaurant and going to where you swear you parked but your car is nowhere to be seen. Sure, most of the time it ends up being in a different part of the parking lot, but more Americans are asking ‘Dude, where’s my car?’ and the answer doesn’t bode well for the economy.
—Aaron Bry & Nic Chahine
Plus, the clean energy sector is starting to heat up, and one asset management company is capitalizing through investments in critical materials.
MARKET SNAPSHOT
Yesterday: Was all about the small caps. The Russell 2000 $IWM closed up more than 3%, outperforming the S&P 500 and Nasdaq.
On Our Radar: Getting back into the swing of things in terms of earnings reports. Major companies like Johnson & Johnson, United Airlines, Alcoa, Discover and more are set to report today.
TOP STORY
Briefly: Amazon.com Inc saw its Prime Day sales increase by about 13% in the first six hours compared to the same period last year, according to Momentum Commerce.
Quoted: “Consumers continue to spend, but they do so strategically, which can benefit a sale like Prime Day,” Bloomberg cites Sky Canaves, an analyst at eMarketer Inc.
So: Canaves expects shoppers to prioritize smaller items like headphones and chargers over big-ticket electronics like laptops.
Basically: Adobe estimates that online sales across all retailers will reach $14 billion over the two-day event, an almost 11% increase from last year. Check out the tactical moves that helped Amazon catch up to Walmart.
PRESENTED BY SPROTT
Society is moving toward decarbonization and electrification. At the same time, demand for electricity is rising as new middle classes emerge in countries around the world, and the power requirements of new technologies such as AI data centers increase. The importance of critical materials – mined minerals such as copper, uranium, lithium and nickel -- in the global energy transition is growing. The mass adoption of sustainable energy sources, such as nuclear, solar, wind, hydro and geothermal energy, and rising demand for electricity are driving the supply and demand pressure for the raw materials necessary to create and maintain clean-energy technologies.
For investors, the energy shift is no longer a future outlook, but a present reality – one that they can participate in by having exposure to equities that are economically tied to critical materials.
FIVE ZINGERS
Are Movies Back?: Blockbusters like Inside Out 2 have boosted box-office sales this summer. And one analyst thinks 2026 will be even stronger.
Trend Is Your Friend: Fighting trends in the market is a bold move, Cotton. The $IWM is on a 5-day win streak, but will it continue?
Burning Bridges?: Elon Musk announced he’s donating $45 mil a month to Trump’s campaign. But could it hurt Tesla’s sales in blue states?
Shares Are Buzzin’: Bumble’s stock took off yesterday after the dating app company got an upgrade from Wolfe Research and a $14 price target.
Not Done Yet: The GameStop story cooled off, with Roaring Kitty taking a cat nap from social media. But now the stock is starting to heat up again.
ONE FOR THE ROAD
Briefly: In premarket trading on Wednesday, the SPDR S&P 500 slumped 0.87% to $559.96 and the Invesco QQQ ETF plunged 1.36% to $489.58, according to Benzinga Pro data.
Why?: Republican presidential nominee Donald Trump added to the worries concerning the tech space after he said in a Bloomberg interview that Taiwan should foot its own defense bill as it strives to keep China at bay. Taiwan houses most chip suppliers to the tech industry. Bond yields edged up ahead of the housing starts and industrial production report.
So: Money is flowing out of mega-cap tech stocks and the market breadth is rapidly improving as the odds for a Fed rate cut in September climbed to over a 90% probability, said fund manager Louis Navellier. Here’s where money could flow from the big-tech names.
PRESENTED BY BENZINGA
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