Harris Secures Backing for Democratic Nomination – AP Survey
Vice President Kamala Harris is in a strong position to secure the Democratic Party’s nomination to run against Republican candidate Donald Trump in the upcoming presidential election. According to an AP survey, Harris has garnered the support of at least 2,214 delegates, well above the threshold needed for the nomination. This backing comes after President Joe Biden announced he would not seek re-election and endorsed Harris.
While Harris is set to be officially nominated during the Democratic National Convention in August, there is potential for a virtual roll call before the convention. Despite her favorable position, she faces a challenging campaign ahead, with a recent HarrisX/Forbes poll showing Trump widening his lead in the race. The poll, conducted between July 19-21, showed Trump leading Harris by six percentage points, 54% to 47%.
Market Indices and Earnings Focus
The major indices recorded gains on Monday, with the Dow Jones Industrial Average advancing 0.3%, the S&P 500 rising 1.1%, and the tech-heavy Nasdaq Composite gaining 1.6%. This uptick comes despite the S&P 500’s technology sector experiencing nearly a 4% drop in under a week, as investors shift their focus in light of potential interest rate cuts and a possible second Trump presidency.
Tuesday’s corporate earnings will be in the spotlight, with significant reports expected from Tesla (NASDAQ
) and Alphabet (NASDAQ
) after the close. Despite Monday’s gains, investor sentiment remains cautious as they await earnings from these and other major companies.
Tesla, Alphabet Lead Earnings Schedule
The quarterly corporate earnings season accelerates on Tuesday, with reports from General Motors (NYSE
), Coca-Cola (NYSE
), Comcast (NASDAQ
), United Parcel Service (NYSE
), and Spotify (NYSE
) due before the bell. However, Tesla and Alphabet’s earnings after the close are the most anticipated.
Tesla is expected to report a second-quarter margin at a more than five-year low due to inventory discounts, price cuts, and incentives. Meanwhile, Alphabet is projected to report a fourth consecutive quarter of double-digit revenue growth, driven by an improving advertising market.
Wiz Turns Down Google – Memo
Cybersecurity company Wiz has declined a $23 billion acquisition offer from Alphabet, according to a memo seen by Reuters. Wiz CEO Assaf Rappaport indicated the company would proceed with its planned initial public offering, aiming for $1 billion in annual recurring revenue. This decision marks a setback for Google, which has been heavily investing in its cloud infrastructure.
Crude Prices Near Mid-June Lows
Crude prices stabilized on Tuesday near their lowest levels since mid-June. Market sentiment has been dampened by concerns over sluggish demand in China, the world’s largest oil importer, and expectations of a supply surplus next year. Morgan Stanley analysts predict the oil market will shift to a surplus by 2025 due to waning seasonal demand and increased global output.
Great job yesterday, OP, on the 40% chat play after our alerts plays paid Friday. Will look to re-enter SBUX LEAPS on the dip along with add DIS and BABA today.
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