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🇺🇸 Did Trump Just Make His First Mistake Of The Election Cycle?
Plus, big banks report earnings, Shopify catches an upgrade and more
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Happy Tuesday Zingernation! We are now fully in the 2024 presidential election news cycle and Trump has been able to do no wrong. From dominating the recent debate, to narrowly avoiding an assassination attempt, Trump’s odds to win the White House have steadily increased. But here’s why one former Trump staffer thinks he just made his first mistake that could hurt his chances to win in November.
—Aaron Bry & Nic Chahine
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MARKET SNAPSHOT
Yesterday: All green across the board for the major indices as stocks inch back toward their all-time highs.
On Our Radar: More earnings this morning with Bank of America, Morgan Stanley and more reporting. We will also get retail sales at 8:30am ET.
TOP STORY
Briefly: U.S. retail sales stagnated on a month-over-month basis in June 2024, declining from an upwardly revised 0.3% growth in May to zero growth and matching the forecasted flat reading, according to preliminary estimates released Tuesday.
So: Fed futures indicate a 100% likelihood of a rate cut in September, according to the CME Group‘s FedWatch tool. Traders assign an 88% probability to a 25-basis-point rate cut and a 12% probability to a 50-basis-point rate cut.
Basically: On Monday, Fed Chair Jerome Powell sounded more dovish than anticipated, suggesting that recent inflation reports show welcome progress toward the 2% target, increasing confidence that policymakers may be inclined to lower interest rates. Here are the stocks and sectors that could benefit most from interest rate cuts.
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FIVE ZINGERS
No Drop In This $SHOP: Shopify shares are trading higher this morning following an upgrade from BofA securities.
Little Pick-Me-Up?: Celsius is looking for some life after the energy drink maker dropped more than 10% yesterday. Here’s what’s going on.
Earnings Movers: Bank earnings continued to roll in this morning with companies like BofA, Morgan Stanley and Charles Schwab reporting.
More AI Love: One analyst believes Broadcom, fresh of its split, will have room to grow with increasing AI demand throughout the next few years.
Healthy Gains: United Healthcare’s stock is perking up, as investors appear to take bullish positions on the insurance giant ahead of earnings.
ONE FOR THE ROAD
Briefly: According to reports, Disney has suffered a significant data breach.
What Happened: An anonymous hacking group known as Nullbulge leaked sensitive internal data from the Burbank, California-based company’s Slack channels.
Basically: The Wall Street Journal reported the leaks, which include discussions about ad campaigns, studio technology, and candidate interviews.
The Hackers: Nullbulge claimed responsibility for the breach to WSJ, stating they accessed thousands of Slack channels. The hack comes after a string of other cyberattacks on major companies like AT&T and Snowflake.
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