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💵 Pumpin' Powell?
Jerome Powell will testify to congress at 10am ET, $HELE earnings disaster and more
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Happy Tuesday Zingernation! When I was younger I loved getting paid for chores like mowing the lawn or cleaning some windows. But now that I’m getting older, getting paid to do absolutely nothing at all is a little bit more attractive. And if you like ‘mailbox money’, here’s how you can earn $500 a month through Pepsi’s stock.
—Aaron Bry & Nic Chahine
Plus, gold is still in an uptrend. And if you want to get in on the precious metal, check out today’s partner.
MARKET SNAPSHOT
Yesterday: Fresh record closes for the S&P 500 and Nasdaq Composite as big-tech names like Amazon, Apple, Meta and others continue to lead.
On Our Radar: It’s a Powell day! Jerome Powell will testify to Congress at 10am ET. And when Powell talks, we listen.
TOP STORY
Briefly: The equity market appears to be on track to build on gains, with the major index futures firmly in the green early Tuesday. Traders apparently are discounting a dovish message from Federal Reserve Chairman
So: Jerome Powell on the first day of the semi-annual monetary policy testimony before Congress. In a speech last week, the central bank chief remarked about the recent progress on disinflation, which raised hopes of rate cuts this year,
Basically: Tech stocks rose ahead of the catalyst and bond yields were modestly higher. The futures market has priced in a pause decision at the July meeting, although assigning a 77% probability for a September rate cut. Here’s what the market will be looking for during Powell’s testimony.
PRESENTED BY PRIORITY GOLD
Gold has shown impressive performance in 2024, rising 11% since the start of the year and reaching highs of over $2,450 per ounce. Key drivers include economic uncertainty and strong retail demand in Asia. As the Federal Reserve considers potential interest rate cuts, gold prices could continue their upward trend. Financial institutions have updated their forecasts, with some predicting gold could hit $3,000 by 2025. Considering these factors now might be an opportune time to invest in gold. Explore investment options with Priority Gold to capitalize on this trend and secure your financial future.
FIVE ZINGERS
Inside Job: Insiders are selling shares at Qualcomm, Robinhood and these two other stocks.
Cramer Says: Hate him or love him, Cramer is back making fresh calls on the market. And he’s avoiding this energy stock.
Thread Heads: Meta Platforms’ Threads is reportedly stealing market share from Elon Musk’s X. Here’s why it matters.
Just Buy It?: Nike shares have continued to slide following the company’s weak earnings report. So when is the right time to buy?
Achilles Heel: Helen of Troy, the conglomerate behind Hydro Flask water bottles, reported weak earnings this morning, sending the stock down more than 20%.
ONE FOR THE ROAD
Briefly: Tesla shares have been on a nine-session rally and bullish analysts have affirmed their confidence in the sustenance of the rally even as bears fret over the unsustainable valuation relative to the electric-vehicle maker’s fundamentals.
What Happened: Last Tuesday, when Tesla fans and influencers were discussing the stock rally seen since June 25, Tesla CEO Elon Musk butted in and said, “Once Tesla fully solves autonomy and has Optimus in volume production, anyone still holding a short position will be obliterated. Even Gates.”
So: Tesla autonomy refers to the company’s full self-driving (FSD) technology, which is currently running “supervised” and brings in recurring high-margin revenue. And here’s what history tells us about Tesla’s price action in times of high short interest.
PRESENTED BY PRIORITY GOLD
Gold has shown impressive performance in 2024, rising 11% since the start of the year and reaching highs of over $2,450 per ounce. Key drivers include economic uncertainty and strong retail demand in Asia. As the Federal Reserve considers potential interest rate cuts, gold prices could continue their upward trend. Financial institutions have updated their forecasts, with some predicting gold could hit $3,000 by 2025. Considering these factors now might be an opportune time to invest in gold. Explore investment options with Priority Gold to capitalize on this trend and secure your financial future.
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