Crypto

Donald Trump’s fourth NFT collection has taken the digital asset market by storm, amassing over $2 million in sales within just 24 hours. Meanwhile, Bitcoin and Ethereum seem to have recovered from the FTX collapse, showing resilience in a volatile market. However, MicroStrategy has outperformed them according to recent reports. Nvidia’s ETFs saw a split in pre-market trading after the tech giant, led by Jensen Huang, exceeded Q2 expectations, creating ripples across the financial landscape. Noteworthy too is Balaji Srinivasan’s endorsement of El Salvador President Nayib Bukele’s pro-Bitcoin stance, suggesting that the U.S. government funds itself through inflation rather than taxation. AI-related crypto tokens experienced a downturn despite Nvidia’s strong Q2 earnings, though their year-to-date performance mirrors the booming tech sector. In a shocking incident, Haru Invest’s CEO was stabbed during a fraud trial in Seoul and had to be hospitalized. Bitcoin prices remained flat, while Ethereum and Dogecoin surged even as stock markets dipped following Nvidia’s earnings report. A top crypto trader has predicted an upcoming bullish trend, hinting that a “party” is on the horizon for crypto investors.

US Politics

In the political arena, Nate Silver, a renowned polling analyst, stated that Vice President Kamala Harris has a 97% chance of winning the Electoral College if she secures a pivotal state in the upcoming election against Donald Trump. However, Trump’s strategy against Harris has raised concerns among GOP donors and strategists, worried about its long-term implications. Former Trump aide Anthony Scaramucci commented that SEC Chair Gary Gensler might be aiming for Harris to lose the next election following a Wells Notice issued to NFT platform OpenSea. Additionally, Marjorie Taylor Greene criticized Kamala Harris as “weak and incompetent,” alleging she needed support from Minnesota Governor Tim Walz during interviews.

US Markets

Thursday’s pre-market session saw significant movements with major stocks like Guess?, Nvidia, Pure Storage, and Applied Digital trading lower. Wall Street appears to be gearing up for a relief rally post-Nvidia earnings, although a strategist mentioned that near-term market movements might not be influenced heavily by the presidential election. The Nasdaq fell over 1%, driven by declines in Super Micro and other chip stocks. The Fear & Greed Index remains in the ‘neutral’ zone, indicating cautious investor sentiment.

World Politics

Russia has permanently banned 92 Americans, including academics, government officials, and journalists, attributing this move to the Biden administration’s “hybrid war” and “Russophobic policy.” The White House announced that President Joe Biden and Chinese President Xi Jinping are scheduled for talks following a visit by the top U.S. security advisor to China. In France, Telegram CEO Pavel Durov was formally charged amid escalating tensions with Russia, with bail set at $5.6 million.

US Economy

Aon forecasts a 9% increase in employer health care costs for 2025, driven by various factors including rising medical expenses and inflation. Traders are preparing for the release of the Fed’s preferred inflation report on Friday, with expectations that July’s price pressures will show an uptick. Federal Reserve’s Raphael Bostic emphasized his reluctance to cut rates only to raise them again shortly thereafter.

World Economy

Asian markets presented a mixed picture while European markets advanced. The U.S. dollar gained strength as gold reached new highs at $2,555 per ounce. These global market trends occurred overnight while U.S. markets were closed.

Tech

Nvidia’s pre-earnings showdown provided opportunities for both bullish and bearish investors through Direxion’s NVDA ETFs. Amazon is advancing its satellite internet project by securing land in New Zealand for Project Kuiper. Intel faces scrutiny over potential job cuts while competing for a $20 billion U.S. chip subsidy. China’s $6 billion-plus investment in data centers is being fueled by the U.S. embargo. HP Inc. reported mixed Q3 results and issued a cautious outlook for FY24 amidst Nvidia’s post-Q2 earnings tumble. Tech enthusiasts drew parallels between Nvidia’s current market reactions to Apple’s post-WWDC 2024 movements. Crowdstrike saw pre-market drops as it revised its annual revenue forecast downward following a global Microsoft Windows outage. Nvidia’s premarket slump nearly 5% dragged down peers like Super Micro and Micron. Anticipating high demand driven by AI advancements, Apple ramped up iPhone 16 orders by over 10% ahead of its September launch. Yelp launched an antitrust battle against Google following a federal ruling declaring Google a monopolist. Nvidia’s Sovereign AI segment is poised to generate “low double-digit billions” this year, according to CFO Colette Kress, who emphasized the necessity of AI for digital intelligence. Prominent Apple tipsters revealed that the iPhone 17 Pro Max would feature 12GB DRAM and an upgraded cooling system, likely making AI capabilities a major selling point.

Electric Vehicle

Uber CEO Dara Khosrowshahi visited BYD’s headquarters in China to discuss integrating 100,000 BYD electric vehicles into Uber’s ride-hailing platform. Tesla appealed for reduced tariffs on its China-made EVs in Canada, similar to those in the EU. Elon Musk agreed that Tesla cars can cost less than $20,000 in certain U.S. states due to generous EV incentives.

Consumer

Best Buy reported a 3% drop in domestic sales for Q2 but raised its FY25 outlook as the CEO highlighted growth in tablet and computing segments. Build-A-Bear Workshop beat Q2 earnings expectations and anticipated strong Q3-YTD web demand improvement. Dollar General missed its Q2 earnings estimates, slashed its outlook, and reported shrinking margins. Guess stock plummeted due to unspecified issues while Chipotle fast-tracked its CFO appointment following CEO Brian Niccol’s move to Starbucks, with Adam Rymer taking over earlier than planned.

Communication

The Brazilian Supreme Court ordered Elon Musk to appoint a legal representative for X within 24 hours or face suspension of operations in Brazil. Disney’s ESPN secured broadcasting rights for the U.S. Open Tennis tournament until 2037.

Industrial

Nippon Steel committed an additional $1.3 billion investment in U.S. Steel amidst resistance from the Biden administration against a takeover.

Financial

Wall Street’s top analysts provided insights on three real estate stocks offering over 7% dividend yields.

General

Elon Musk and author Stephen King engaged in a public spat involving mockery and name-calling after SpaceX’s Falcon 9 booster failed to land upright on a droneship. Following his endorsement of Donald Trump for president, Musk hired a Republican strategist, signaling deeper political involvement.

Space

The FAA grounded SpaceX’s Falcon 9 following the booster’s landing failure, leaving the Polaris Dawn mission timeline uncertain.

Photo by Avi Rozen on Shutterstock

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