Newscasts - Trading at Noon: Wall Street gains as investors bet on second Trump term
15/07/2024 17:01
Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_csxmnur3&referenceId=1_csxmnur3&pageId=Newscasts Source: 'Reuters - Business videos' Description: The Dow hit a record high in Wall Street's upbeat trading on Monday, on a greater chance of presidential candidate Donald Trump winning a second term after surviving an assassination attempt, while interest-rate cut hopes also aided sentiment. Short Link: https://refini.tv/3Y35hvu Video Transcript: Wall Street raises its bets on a second term for Trump. Welcome to Trading at Noon. I'm David Pollard. As markets grapple with the fall out of Saturday's shooting, Wall Street share market were higher today as traders price in a greater chance of a Trump second term. The Dow hit a record high rate cut hopes of further boosting sentiment. Trump seemingly fully recovered from the assassination attempt is in Milwaukee today, ahead of a formal nomination this week for the presidential bid. He'll also announce his choice for running mate in the November election. Under Trump, markets expect hawkish trade policy and looser regulations in trading today. Trump linked stocks soared, with Trump Media & Technology jumping over 30%. He's also seen as a friend to crypto, and crypto stocks leapt as Bitcoin rose to a two-week high today. Gun maker Smith & Wesson's and prison operate at GEO Group were also seeing strong interest. Earlier, Gerber Kawasaki's Ross Gerber told us how he was positioning himself ahead of November. How you position yourself today should be conservatively considering the gains that we've made over the last year and, and I think going into the election, it would be prudent to really look at, you know, the balance in your overall portfolio that's kind of what we do at Gerber Masaki is really like make sure that you're comfortable with the risk levels you're taking because stocks have gone up so much already. Long dated Treasury yields rose as investors bet that a Trump victory would drive up government debt and inflation. Meanwhile, investors are pricing in a nearly 87% chance of a 25-basis point rate cut by September, and two cuts for 2024, according to LSEG data. That's even though the Fed's last set of economic projections indicated only one rate cut this year, comments from a host of policymakers are due this week. Starting today, with Fed Chair Jerome Powell and the Bank, San Francisco Chief Mary C. Daly. Earnings news goes up a gear this week, especially from financials. Today, Goldman Sachs said profits more than doubled in the second quarter, beating estimates on strong debt underwriting and fixed income trading. Profit is, though, down from a bump of first quarter. BlackRock assets hit a record $10.65 trillion in Q2. It reported today that, thanks to rising client asset values and as investors pumped money into the company’s ETF's. Among top movers today, Apple's shares rose about 2% to an all-time high after Morgan Stanley raised its price target and designated the stock as a top pick. For its AI efforts as a boost to device sales, but Macy's shares slumped 15% after the company terminated buy out discussions with Arkhouse Management and Brigade Capital. And Amazon also in focus, the retail giant could see shoppers spending roughly $14 billion during its prime day shopping event this week. That's according to Adobe Analytics, which says Amazon sales could rise over 10% on last year's prime day. That is Trading at Noon