Cryptocurrency

Robinhood has reached a $3.9 million settlement with the state of California due to allegations of blocking cryptocurrency withdrawals. Meanwhile, a novel crypto project is gaining traction with its “Vape to Earn” initiative, successfully raising $6 million to develop specially-designed vapes. Anthony Scaramucci remains bullish on Bitcoin, forecasting a potential rise to between $150,000 and $200,000 as the number of Bitcoin wallets approaches one billion, suggesting substantial growth ahead. DeFi tokens continue to be among the market’s best performers, with Aave and Uniswap riding high on recent encouraging developments. In a significant move, Trump’s crypto project has promised to strengthen the US’s financial dominance by leveraging dollar-pegged stablecoins and decentralized finance (DeFi) platforms, emphasizing the grand scale of their vision. Bitcoin, Ethereum, and Dogecoin have all spiked recently, defying the downward trend in stock markets. However, analysts caution Bitcoin traders to remain wary of the $68,000 level. In political fundraising news, Kamala Harris’s Super PAC has started accepting Bitcoin, Ethereum, and other cryptocurrencies for campaign donations.

US Politics

Economist Peter Schiff has commented that the perceived strength of the labor market is fading faster than Kamala Harris’s post-convention popularity spike, as job openings have dropped to their lowest level in 3.5 years. Tim Walz, Kamala Harris’s VP pick, has been subpoenaed by a Republican House panel investigating the “Feeding Our Future” nonprofit’s use of COVID aid funds. Pro-Bitcoin Senator Cynthia Lummis has stated that a Trump presidency would be a game-changer for the cryptocurrency industry but foresees challenges if Kamala Harris wins. In a policy shift, Kamala Harris has revealed a 28% capital gains tax for high earners, which tones down Biden’s previous proposal ahead of the 2024 election. Polls show that Trump leads Harris among veterans and active service members, although his support has declined since 2016. Liz Cheney has announced she will vote for Kamala Harris in the 2024 presidential election, citing Trump as a danger to the republic.

US Markets

Wall Street futures are narrowly mixed as uncertainty looms ahead of jobless claims data, with the VIX pulling back. Analysts predict near-term weakness but expect a post-election bump in the markets. Modular Medical shares have surged approximately 29%, and several other stocks are moving premarket. Both the S&P 500 and Nasdaq have fallen for the second consecutive session amid declines in Nvidia’s stock, placing the Fear & Greed Index in a neutral zone.

World Politics

The FBI has issued a warning that North Korea-backed hackers may target Bitcoin and Ethereum ETFs. In other news, Chinese President Xi Jinping has pledged $51 billion to Africa but failed to attract Taiwan’s lone African ally, Eswatini, which skipped China’s summit.

World Economy

Asian and European markets are showing mixed results today. Oil prices remain below $70 per barrel, and the US dollar is retreating as global markets react while the US was asleep.

Technology

Accenture and Unilever have announced a major expansion to transform their digital operations using AI technology. Volvo Cars is expanding its partnership with Nvidia for advanced AI and autonomous driving capabilities. The National Labor Relations Board has declared Amazon a “joint employer” of its contracted delivery drivers, potentially paving the way for union negotiations. Despite some Microsoft customers reportedly dropping its Copilot AI Office tools, top analysts believe this is just part of “growing pains” and remain optimistic about AI’s future.

Electric Vehicles

Tesla’s sales are experiencing a slump in Britain despite rising EV registrations. However, BYD is seeing a surge in sales. Tesla is on track to extend its gains in the stock market premarket. NIO has reported Q2 earnings with an EPS beat, delivery growth, and a strong Q3 outlook. Tesla plans to roll out its Full Self-Driving (FSD) feature in China and Europe by Q1 2025. Volvo has scrapped plans for an all-BEV lineup by 2030 and now views hybrids as a bridge to full electrification. A senior Tesla executive mentioned that the Cybertruck might get parking assistance features after it “asked” him to “teach” it driving over the weekend.

Consumer

A spirits maker’s stock has skyrocketed by 162% premarket following its announcement of a merger with a mortgage-tech company. The GM-LG Ultium Cells joint venture has agreed to union recognition at its Tennessee battery plant, according to the UAW. Top Wall Street forecasters have updated Korn Ferry’s price expectations ahead of Q1 earnings. Jeep has halted production of its Wrangler and Grand Cherokee models due to sluggish sales and rising inventory levels.

Communications

Verizon plans to acquire Frontier in a $20 billion deal and has reaffirmed its FY24 outlook. A survey reveals that Elon Musk’s X is facing a 26% decline in ad spending by 2025 amid steep declines in brand safety. However, X has triumphed in an appeal over California’s law on content moderation policies, with Musk congratulating the team for defending freedom of speech.

Industrial

Freight operator XPO shares are diving premarket on Thursday. The Biden administration has reportedly warned that Nippon Steel’s $14.9 billion acquisition of US Steel poses national security risks.

Space

SpaceX has reportedly evacuated employees from Brazil and halted travel amid Elon Musk’s legal battle with Brazilian Supreme Court Justice Alexandre de Moraes over X.

Energy

Allied Gold has announced an agreement with the Malian junta, leading to a dip in their shares.

Photo credit: WorldSpectrum from Pixabay

Market news and data provided by Benzinga APIs