Cryptocurrency

Dogecoin has surged by 4.7%, largely influenced by another tweet from Elon Musk mentioning ‘DOGE’. Meanwhile, Coinbase has introduced cbBTC, a new token designed to bridge Bitcoin with Ethereum and Base networks, enhancing cross-network functionality. JPMorgan CEO Jamie Dimon, who once famously said he would “fire in a second” anyone trading Bitcoin when it was valued at $4,000, now sees his investment bank holding positions in spot ETFs tracking Bitcoin’s performance. The rising difficulty in mining and weak price actions have led Bitcoin miners to offload $1.7 billion worth of BTC. In the UK, there is a proposal to grant Bitcoin and NFTs ‘personal property’ status, aiming to maintain Britain’s leading position in the global crypto arena. A Dogecoin ‘millionaire’ is advocating for NEIRO, a memecoin that has spiked 1024% since its launch, dubbing it the ‘Clear WINNER Of Dog Themed Memecoins This Upcoming Bullrun.’ Cathie Wood’s Ark Invest has continued to divest from Palantir, selling $6.4 million worth of shares while increasing its holdings in Coinbase stock amid Bitcoin’s rebound. Bitcoin, Ethereum, and Dogecoin have seen sideways movement as inflation data tempers hopes for aggressive rate cuts. Analysts suggest this might be a ‘great time’ to accumulate more Bitcoin.

US Politics

Market experts believe that Kamala Harris has emerged victorious, according to recent sentiments. Melinda Gates has disclosed ‘substantial’ donations to the Kamala Harris-Tim Walz campaign, expressing that her billionaire status still feels ‘surreal’ and noting their alignment on numerous issues. A bipartisan group of 42 state attorneys general is urging Congress to mandate Surgeon General warnings on social media platforms like TikTok, X, and Instagram to address growing mental health concerns. President Biden and Vice President Harris are facing delays in their effort to block a $14.1 billion acquisition of US Steel by Nippon Steel due to committee postponements. In the political arena, voters in swing states have given their verdict on a debate between Harris and Trump, discussing key topics such as immigration, abortion, and the economy. Nancy Pelosi has remarked that Trump lost to Kamala Harris, which she believes is why he avoids debating her again.

US Markets

The Nasdaq and S&P 500 are set for modest gains as investors keenly await August inflation data and the European Central Bank’s rate decision. The Nasdaq saw a jump of over 2%, driven by a surge in Nvidia shares. Despite this positive sentiment, the Fear & Greed Index remains in the ‘Fear’ zone.

World Politics

The United States and its allies have expressed concerns over China’s support for Russia’s military efforts. A prominent Russian foreign policy figure is advocating for a strong nuclear response to Western support for Ukraine, stating that it is ‘time to declare our right to respond.’

US Economy

Economist Mohamed El-Erian has outlined potential paths for Federal Reserve interest rates ahead of the upcoming FOMC meeting, suggesting that rates could bottom out at 3% by 2026. An economist from the Obama era has criticized Trump-era tariffs, questioning who would bear the cost of retaliatory tariffs imposed by foreign nations.

World Economy

A leading economist predicts that the European Central Bank (ECB) will initiate global rate cuts and warns investors to brace for increased market volatility in the coming months.

Technology

Microsoft has cut 650 jobs in its Xbox division as part of restructuring efforts following its Activision Blizzard acquisition. NETGEAR’s stock saw a premarket jump on Thursday for reasons yet undisclosed. Stellantis has responded to allegations from the US Dealer Council about ‘short-term decision-making,’ stating that public personal attacks are not constructive. Apple’s decision to move iPhone production to India signals a broader tech exodus from China, with companies like Microsoft and Amazon expected to follow suit according to analysts. Nvidia’s CEO Jensen Huang has generated excitement about AI’s potential beyond data centers, while OpenAI’s valuation is projected to soar to $150 billion in new fundraising rounds, placing it among the world’s most valuable startups. Google’s AI model PaLM2 is under investigation by European privacy regulators for potential data regulation breaches.

Electric Vehicles

The US regulator has launched an investigation into VinFast VF8 vehicles following complaints regarding their lane keep assist systems. China is urging automakers to protect their EV technology and keep it within the country as companies expand factories abroad to avoid heavy tariffs.

Communication

T-Mobile successfully sent its first wireless emergency alert via SpaceX’s Starlink satellites.

Industrial Sector

Boeing faces potential disruptions in aircraft production as 33,000 workers are set to vote on a strike.

Healthcare

Champions Oncology shares have risen by over 13%, with 20 other stocks showing significant premarket movements.

Financial Sector

PwC is laying off 1,800 US employees in its first major job cuts in 15 years amid a strategic overhaul. Wall Street banks are enforcing an 80-hour weekly limit for junior bankers following overworking concerns raised by recent incidents at JPMorgan and Bank of America. Morgan Stanley is advising a shift to defensive stocks as the AI rally cools down with declines seen in Nvidia and other tech stocks.

Energy Sector

A startup backed by Bill Gates and Jeff Bezos is spearheading a global ‘gold rush’ for subterranean hydrogen sources.