Key banks are reporting impacts to kick off second-quarter profit season; Russell 2000 futures hit the small-cap index’s all-time high on Thursday amid a rotation out of large-cap tech stocks; Tesla (TSLA) stocks are extending their decline in premarket trading, near a record, as the electric automobile (EV) maker plans to hold off on unveiling its robotaxi; The ECU Union (EU) says Elon Musk-owned social media network X violated online content laws; And Novo Nordisk (NVO) is coming out of an Oxford study showing that the Danish drugmaker’s diabetes drug Ozempic was linked to reduced rates of dementia and a variety of mental problems. U.S. reserve futures are modestly revised closer, as cooling inflation information on Thursday boosted expectations of a Fed rate cut and a rotation into small-cap life, with the Nasdaq and S&P 500 declining. Here’s what investors want to know these days.
1. JPMorgan beats expectations; Wells Fargo Internet Obsession Source of Revenue Sink
Second quarter earnings season is here for big US banks, with JPMorgan Chase (JPM) and Wells Fargo (WFC) among the first to break out. JPMorgan reported earnings on a controlled basis of $50.99 billion, with earnings per share (EPS) of $6.12 also coming above analysts’ expectations. Still, its stock is up less than 1% in premarket buying and selling, putting Wells Fargo down nearly 6% over its lifetime as it reported a 9.4% decline in its $11.9 billion revenue source. JPMorgan CEO Jamie Dimon, whose comments are always closely watched by investors, warned that despite progress in reducing inflation, inflation and interest rates “may remain higher than the market expects.” are”, because “we still face many inflationary forces: large fiscal deficits, infrastructure needs, trade restructuring and the remilitarization of the world.
2. Russell 2000 up as rotation out of large-cap tech stocks continues
Russell 2000 futures edged higher, with the underlying index jumping 3.6% on Thursday to outperform the S&P 500 and Nasdaq Composite. The gains in the index of small-cap companies came as investors turned from mega-cap tech stocks to companies that appeared to be boosted by the Fed’s rate cut, which is now expected to be close to June’s inflation record. Chances are, a surprising thing has come to light. The future decline in customer costs will be enormous. Both Nasdaq and S&P 500 futures were little changed.
3. Tesla Falls Apart, Robotaxi Impact on EV Maker as Reported
Tesla (TSLA) shares are sliding more than 1% in premarket trading, suffering the heaviest loss of any S&P 500 specialty Thursday, falling 8.4% to a record for the EV maker for two months. is suspending the unveiling of its robotaxi. However, the company had earlier hinted that it would hold an event to introduce the self-reliant automobile on August 8. bloomberg It was told that the presentation has been extended again to October. Tesla shares on Thursday entered an 11-session winning streak to move into the golf green for the era, boosted by its better-than-expected second quarter delivery record, but with the previous day’s decline leaving it in disastrous territory for 2024. I returned.
4. EU says Elon Musk’s ex breached online content rules
The ECU Union (EU) has made a formal threat against X, accusing the Elon Musk-owned social media network formerly known as Twitter of violating online content laws. The EU Commission, the EU’s enforcement arm, accused “Since anyone can subscribe to achieve such ‘verified’ status, it negatively impacts users’ ability to make independent and informed decisions about the authenticity of accounts and the content they interact with.” ,” Fee said.
5. Positive aspects of Novo Nordisk as Ozempic discovered to reduce dementia rates
Novo Nordisk (NVO)’s American depositary receipts (ADRs) are rising more than 1% in premarket trading, close to the fall after an Oxford study confirmed that the Danish drugmaker’s diabetes drug Ozempic could reduce dementia rates. The area of psychological issues was also linked to reduction. researchers said the Lancet‘S eClinicalMedicine According to the journal, patients close in one generation on Ozempic were 48% less likely to develop dementia, compared with those who took the drug used, sitagliptin. The study unconfirmed that semaglutide, the active ingredient in both Novo’s Ozempic and its weight-loss drug Vegovy, could do more than just treat diabetes or weight loss, noted bloomberg,
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