Live Markets: Wall Street advances as chances of Trump win rise

Corecivic

15/07/2024 21:15

* 
      Main U.S. indexes end green: Dow leads, up ~0.5%
    

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      Energy leads S&P 500 sector gainers; Utilities weakest
group
    

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      Dollar, crude slip; gold up; bitcoin surges >5% (>10%
since Fri)
    

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      U.S. 10-Year Treasury yield rises to ~4.23%
    

  
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    WALL STREET ADVANCES AS CHANCES OF TRUMP WIN RISE
    Shares on Wall Street ended Monday on a positive note,
adding to last Friday's rally, as investors priced in the
possibility of a second term for Donald Trump as president after
he survived an assassination attempt last Saturday.
    Online betting site PredictIt showed bets of an election win
at 67 cents for Trump, after the assassination attempt, up from
Friday's 60 cents, with a victory for Democratic U.S. President
Joe Biden at 26 cents.
    Crypto stocks, gun stocks and shares of other companies that
could benefit from a Donald Trump presidency jumped on Monday.
    Crypto exchange Coinbase Global  COIN.O  and bitcoin miners
Riot Platforms  RIOT.O  and Marathon Digital  MARA.O  surged
over 10% each. 
    Shares of private prison operators Geo Group  GEO.N  and
CoreCivic  CXW.N  each bounced about 8%. Both are likely gaining
on the prospect of a Trump presidency as he has promised to
crack down on illegal immigration, which could boost demand for
detention centers.
    "Investors think a less constrained Trump administration
could double down on campaign pledges to restrict immigration,
lower income taxes, and raise tariffs across the board," wrote
Karl Schamotta, chief market strategist, at Corpay in Toronto,
in a research note.
    "(It's) a policy mix that might raise U.S. inflation and
interest rates, worsen the country's fiscal position, and damage
global trade flows, even as it supports a stronger dollar and
higher valuations for large corporates."
    Meanwhile, Federal Reserve Chair Jerome Powell remained
non-committal on the timing and degree of rate cuts. He said the
three U.S. inflation readings over the second quarter of this
year do "add somewhat to confidence" that the pace of price
increases is returning to the Fed's target in a sustainable
fashion.
    The U.S. rate futures market has slightly reduced the
chances of a September cut to 89% from 94% last Friday,
according to LSEG calculations, while slightly nudging up the
July rate cut probability to 8.5%, from Friday's roughly 5%.
    Here's a snapshot of the different asset classes across
financial markets:
    
   
    (Gertrude Chavez-Dreyfuss)
     *****

    
    FOR MONDAY'S EARLIER LIVE MARKETS POSTS:
    
    STIFEL STICKS BY CALL FOR 10% CORRECTION - CLICK HERE
    
    COULD US 10-YEAR YIELD GET BACK TO 5%? - CLICK HERE
    
    EMPIRE STATE: NEW YORK FACTORY CONTRACTION DEEPENS - CLICK
HERE
    
    WALL STREET RISES ON OPTIMISM ABOUT POSSIBLE TRUMP WIN -
CLICK HERE
    
    DOW INDUSTRIALS LINED UP TO MAKE THE 40K LEAP? - CLICK HERE
    
    GERMAN BOURSE IS EUROPE'S HIDDEN CHAMPION, DEUTSCHE BANK
SAYS - CLICK HERE
    
    SMIDs: TURNING WORDS INTO ACTION - CLICK HERE
    
    EUROPEAN STOCKS FALL, LUXURY NAMES SLIDE - CLICK HERE
    
    EUROPEAN FUTURES LOWER AS TRADERS ASSESS TRUMP SHOOTING
-CLICK HERE
    
    TRUMP SHOOTING RICOCHETS IN TREASURIES - CLICK HERE
    
    

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