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Trump Media & Technology — Shares jumped nearly 29% as investors reacted to Saturday's attempted assassination of former President Trump , which has fueled increased conviction of a Trump win in this year's presidential election. Trump Media is the parent of social media platform Truth Social. Sturm, Ruger & Company , Smith & Wesson — Shares of the firearm manufacturing companies rose after Saturday's shooting at Trump's rally. Sturm, Ruger & Company rose 7%, while Smith & Wesson jumped 10%. Coinbase , Marathon Digital — Crypto stocks moved higher as investors increased their bets on a Trump election win, which they expect will benefit cryptocurrencies.
Persons: Donald Trump, Wolfe, Saturday's, Trump, Sturm, Smith, Wesson, Goldman Sachs, Goldman, LSEG, Coinbase, MicroStrategy, Bitcoin, Morgan Stanley, Baxter, Tesla, — CNBC's Hakyung Kim, Sarah Min, Lisa Kailai Han, Michelle Fox Organizations: UnitedHealth, — Health, Humana, Wolfe Research, Republican, Trump Media & Technology —, Trump, Trump Media, Brigade, Ruger & Company, Smith, Wesson, Ruger, Company, Sunnova Energy, NextEra Energy, Marathon, Apple —, Apple, Bloomberg News, Baxter Locations: Arkhouse, India
Wharton School finance professor Jeremy Siegel said markets are already anticipating a second Trump bump after the attempted assassination of the former president on Saturday raised the odds he will win the November election. He's more free market, he's antiregulatory, for growth," Siegel told CNBC's "Squawk Box" on Monday. Will there be a second time where those entrepreneurial spirits could rise and boost the stock market?" Siegel made his comments after the assassination on Trump raised the likelihood the Republican will win the presidency for a second time. "They're not thrilled about the tariffs," Siegel said of Wall Street.
Persons: Jeremy Siegel, Trump, Donald, he's, Siegel, CNBC's, Stocks, Trump's, They're Organizations: Wharton School, Trump, Republican, U.S, Wall Locations: China
Goldman Sachs — Shares slipped less than 1% after the bank posted a second-quarter earnings beat . Crypto stocks — Shares of bitcoin miners and cryptocurrency stocks rose as bitcoin and Ethereum popped more than 4%. Tesla — The electric vehicle stock rose 4%, building on a more than 25% gain so far this month. BlackRock — Shares rose 1.2%. The world's largest asset manager posted second-quarter adjusted earnings per share of $10.36, exceeding the LSEG consensus estimate of $9.93.
Persons: Donald Trump, Goldman Sachs, Goldman, LSEG, Coinbase, Tesla, AutoNation, Morgan Stanley, Baxter, — CNBC's Lisa Han, Hakyung Kim, Sarah Min, Jesse Pound, Pia Singh Organizations: Trump Media & Technology, Trump, Apple, Bloomberg News, Micro Computer, Walgreens, Alliance, Marathon, Technologies, Sunnova Energy, Energy, Stelco Holdings, CDK, Baxter Locations: India, Cleveland, BlackRock
IWM 5D mountain iShares Russell 2000 ETF Next week's earnings results will help investors glean whether that rotation trade is sustainable. The Dow Jones Industrial Average, which is weighted more toward the real economy than is the S & P 500 and Nasdaq, rose to a new record above 40,000. According to FactSet consensus estimates, S & P 500 companies are set to post blended earnings growth of 9.2% in the second quarter. "It's not unthinkable to see us exiting this year at 5,800 on the S & P," he said. This follows a difficult 2Q, when 75% of Large Cap Core managers trailed the S & P 500," Palfrey wrote.
Persons: Patrick Palfrey, Hogan, Keith Buchanan, Buchanan, Palfrey, David Sekera, Quincy Krosby, Goldman Sachs, Morgan Stanley, Huntington Organizations: Nasdaq, UBS, Investors, Riley, Dow Jones, Globalt Investments, Riley Securities, Big Tech, Core, LPL, BlackRock, Bank of America, Taiwan Semiconductor, Price, Retail, Hunt Transport Services, State, PNC Financial Services, UnitedHealth, United Airlines, Discover Financial Services, U.S . Bancorp, Johnson, Citizens Financial Group, Philadelphia Fed, Netflix, T Bank, KeyCorp, American Express, Halliburton, Fifth Third Bancorp, Regions Locations: Nasdaq, NAHB, Horton, Blackstone, Taiwan
Check out the companies making the biggest moves in premarket trading: Wells Fargo — Shares tumbled 6% after the bank reported $11.92 billion in net interest income for the second quarter, a 9% year-over-year decline . Analysts polled by FactSet were expecting $12.12 billion in net interest income. Wells Fargo also reiterated its full-year forecast of a 7% to 9% decrease in net interest income. JPMorgan Chase — The bank slipped 1.6% despite reporting a revenue beat for the second quarter. Carvana — Shares of the used car seller added 1.3% after BTIG initiated coverage of the stock at a buy rating.
Persons: Wells, FactSet, Wells Fargo, JPMorgan Chase, Tesla, Carvana, Fastenal, , Sarah Min, Jesse Pound, Pia Singh Organizations: JPMorgan, Revenue, LSEG, UBS, Bloomberg
Pressures faced by lower-income consumers have been smoothed over by robust spending from the middle- and higher-income cohort. 'A shift in priorities' Even with cracks emerging in the consumer, many investors anticipate a soft landing for the economy. "They are spending, but they're being more particular than they were before in terms of what they're spending on," she added. "As more consumers shift their meal preferences to eating at home as opposed to eating out, that could provide a catalyst to lift these stocks valuations," he wrote. Sekera also noted travel as one area where consumers are continuing to spend, even as they pull back on other purchases.
Persons: Bill Merz, They're, Lindsay Rosner, there's, Dave Sekera, Morningstar, Kraft Heinz, Kellanova, Sekera, Goldman Sachs, Rosner Organizations: PepsiCo, U.S, Bank Asset Management, Goldman Sachs Asset Management, HSBC, Viking Holdings, Worldwide Holdings, Marriott International, Walmart, Target, Kraft Locations: U.S, delinquencies
Delta Air Lines — Shares tumbled 9% after the airline issued a lower-than-expected sales growth forecast in the current quarter. Net income also fell 30% in the second quarter despite revenue reaching record highs. Costco Wholesale — Costco shares added nearly 3% after the wholesale club raised its membership fee for the first time since 2017 . Alcoa — The aluminum producer's shares rose 2.7% after releasing preliminary second-quarter results that came in stronger than expectations. MicroStrategy – MicroStrategy shares rose more than 4% after the bitcoin development company announced a 10-for-1 stock split .
Persons: Morgan Stanley, Jefferies, MicroStrategy, , Jesse Pound, Tanaya Macheel, Michelle Fox, Alex Harring, Hakyung Kim, Sarah Min Organizations: Delta Air Lines, Costco Wholesale, Costco, Pfizer, PepsiCo —, Pepsi, Semiconductor, Darden, Jefferies, Alcoa, FactSet, FactSet . Revenue, Spotify Locations: U.S, Canada, FactSet .
Though Goldman increased its price target, the investment bank remains neutral on Tesla, with the new price target implying about 5% downside from Tuesday's close of $262.33. Taiwan Semiconductor Manufacturing — Shares of the company, which makes semiconductor chips for AI giants including Nvidia and Apple, added 2%. Taiwan Semiconductor reported revenue from April-June this year of T$673.51 billion, as compared to the T$654.27 billion expected by analysts polled by LSEG, according to Reuters. 3M Company — Shares declined 1.2% after 3M announced its finance chief Monish Patolawala is leaving the company "to pursue another opportunity." The analyst's $77 price target implies a rise of 10.2% over the next 12 months.
Persons: Goldman Sachs, Tesla, Goldman, Monish Patolawala, Carvana, Needham, Jefferies, LegalZoom.com, Dan Wernikoff, LegalZoom, Lisa Han, Alex Harring, Spencer Kimball Organizations: Taiwan Semiconductor Manufacturing, Nvidia, Apple, Taiwan Semiconductor, LSEG, Reuters, 3M, Walmart —, Spotify Technology
These bank stocks are cheap and expected to rally
  + stars: | 2024-07-10 | by ( Sarah Min | ) www.cnbc.com   time to read: +2 min
These bank stocks are cheap and expected to jump, according to CNBC Pro. The bank stock has underperformed this year, down more than 7%. But it's expected to surge 19% to its consensus price target, and has a forward P/E of 10.6. The stock is expected to gain 17% from here, and looks relatively cheap with its 10.1 forward P/E. It has a forward P/E of just 8.4.
Persons: Wells, Goldman Sachs, Morgan Stanley, It's, Stephens Organizations: CNBC Pro, Citigroup, JPMorgan Chase, Bank of America, Silicon Valley Bank, Regional Banking, CNBC, KBW Nasdaq, U.S, Bancorp, U.S . Bancorp, Western Alliance, East West Bancorp Locations: Wells Fargo, Silicon
Helen of Troy — The housewares stock plummeted nearly 28%, hitting a new 52-week low during the session. The company posted an earnings miss for its first quarter of fiscal 2025 before the bell, earning 99 cents per share, excluding items. Lucid — The electric vehicle company's stock added nearly 1% after rallying about 8% in the previous session. Lucid jumped after the firm said it delivered 2,394 vehicles in the second quarter, marking a 70% year-over-year increase. Tesla — Shares of the electric vehicle company popped more than 4%.
Persons: Blackwell, Helen of Troy —, FactSet, UiPath, Lucid, Eli Lilly's Mounjaro, Eli Lilly, Morgan Stanley, Corning, Yun Li, Pia Singh, Sarah Min, Darla Mercado Organizations: Nvidia, UBS, BP — U.S, Novo Nordisk, Novo Nordisk's Ozempic, Sony, Paramount, National Amusements, Skydance Media, Apollo, CNBC Locations: Novo
Morphic Holding — Shares surged more than 75% on news that Eli Lilly will acquire the biopharma company in a $3.2 billion deal . The deal will give Eli Lilly access to Morphic's portfolio of treatments in development, such as those for ulcerative colitis and Crohn's disease. Eli Lilly shares inched up 0.2% on the news. SolarEdge — The energy company rose 5% after Bank of America upgraded shares to neutral from underperform, citing an attractive entry point for investors. Gilead — Shares of the biotech stock rose more than 2% after an upgrade to outperform from market perform at Raymond James.
Persons: Eli Lilly, SolarEdge, Guggenheim, ServiceNow, John DiFucci, Baird, Gilead —, Raymond James, Gilead, Sarah Min, Jesse Pound, Michelle Fox, Yun Li Organizations: Paramount, Skydance Media, Bank of America, PNC, UBS, KeyCorp, Columbia,
Financial markets are slowly starting to absorb the possibility that what was once a toss-up presidential election campaign has taken a notable turn. That has put investors in a quandary of how to handicap what a Trump presidency would look like from an economic and market standpoint. .SPX mountain 2024-06-28 S & P 500 performance since the debate However, the bond market has had a bit more of a reaction. The first Trump presidency and some of his campaign rhetoric nevertheless has led to guesswork about what could be ahead. "This particularly favors financials and there will be an expectation of more M & A approval in a Trump presidency.
Persons: Joe Biden, Donald Trump, specter, Biden, Trump, Mark Malek, Siebert AdvisorNXT, Handicapping, Michael Hartnett, Hartnett, Ed Mills, Raymond James, Kamala Harris, Harris, Chris Krueger, TD Cowen, Krueger, ABC's George Stephanopoulos, , Sarah Min Organizations: Republican, Trump, Treasury, Bank of, White, Reading, New York Times, Biden, Democrat Locations: Washington
Skydance and its financial backers will invest more than $8 billion into Paramount and to acquire National Amusements, Paramount's controlling shareholder. Morphic Holding – Shares rallied 75% on news that Eli Lilly will acquire the biopharmaceutical company in a $3.2 billion deal . The deal will give Eli Lilly access to Morphic's portfolio of treatments in development, such as those for ulcerative colitis and Crohn's disease. Shares of Eli Lilly advanced 1.3% on the news. Boeing – Shares fell slightly after the airplane maker agreed to plead guilty to criminal fraud related to the fatal 737 Max crashes, sparing Boeing from a trial.
Persons: Eli Lilly, BofA, Corning, Guggenheim, Max, Grayson, Raymond James, Samantha Subin, Pia Singh, Hakyung Kim, Sarah Min, Michelle Fox Organizations: Paramount Global, Skydance Media, Skydance, Paramount, National, Morphic, Ideaya Biosciences, Bank of America, Boeing –, Boeing, ., CNBC, Devon Energy, Gilead Sciences Locations: Columbia, Stifel, Williston, Gilead
Goldman Sachs' Scott Rubner is now on correction watch because everyone, including himself, is too bullish on stocks, he said. "This is the last bullish U.S. Equity email that I will be sending out for now, as the last standing bears have capitulated and everyone is in the pool," Rubner wrote on Monday. Kolanovic came to prominence after forecasting a recovery during the coronavirus pandemic but had maintained a bleak outlook on equities over the past two years even as the S & P 500 surged to new highs. Rubner anticipates the S & P 500 could top out around mid-July. "Since 1928, July 17th has marked the local top for the month heading into a materially lower August," Rubner wrote.
Persons: Goldman Sachs, Scott Rubner, Rubner, Marko Kolanovic, Kolanovic Organizations: U.S, Equity, JPMorgan
U.S. stock futures were little changed Monday night after the S&P 500 and Nasdaq Composite closed at fresh record highs. S&P 500 futures and Nasdaq 100 futures climbed 0.12% and 0.18%, respectively. The S&P 500 and Nasdaq Composite closed Monday's trading session at all-time highs again, each rising slightly as investors awaited key inflation data and earnings results due out later this week. The broad market index closed up 0.1%, while the tech-heavy Nasdaq gained 0.3%. Bank earnings results from Citigroup and JPMorgan Chase are due out Friday.
Persons: Courtney Garcia, CNBC's, Jerome Powell, Powell, JPMorgan Chase, , Jeff Cox Organizations: New York Stock, Nasdaq, Dow Jones Industrial, Dow Jones, Reserve, Payne Capital Management, Senate, Financial Services, PepsiCo, Delta Air Lines, Citigroup, JPMorgan
Some key inflation readings in the week ahead could bolster the case for a September interest rate cut, as investors deliberate how long stocks can sustain their rally to record highs. After a rocky start to the year, a recently improving inflation picture has investors hopeful the Federal Reserve could soon start to lower rates. Stubborn inflation patches The June consumer price index is expected to show a slight improvement in the headline number. In May, for example, shelter inflation rose 0.4% on the month and 5.4% on the year, while other key items declined. Monday, July 8 3 p.m. Consumer Credit (May) Tuesday, July 9 6 a.m. NFIB Small Business Index (June) Wednesday, July 10 10 a.m. Wholesale Inventories final (May) Thursday, July 11 8:30 a.m. Consumer Price Index (June) 8:30 a.m.
Persons: nonfarm payrolls, Mark Malek, FactSet, there's, Ross Mayfield, Baird, Mayfield, David Kelly, CNBC's, Wells, Price, JPMorgan Chase Organizations: Reserve, Dow Jones, Nasdaq, CPI, PPI, FactSet, University of Michigan, Asset Management, Citigroup, JPMorgan Chase, PepsiCo, Delta Air Lines, Consumer Credit, Treasury Budget, Air Lines, Conagra, JPMorgan, Bank of New York Mellon Locations: U.S, Wells Fargo, Michigan, Fastenal
Crypto stocks — Stocks tied to bitcoin price slid after the cryptocurrency dropped 5% to its lowest level since February , with the now defunct Mt. Macy's — Shares of the retailer jumped more than 6% following a Wall Street Journal report that an investor group has hiked its takeout offer. Arkhouse Management and Brigade Capital Management are now offering about $24.80 per share for Macy's, up from $24 previously, the report said. Tesla — The electric vehicle manufacturer popped 2%, marking a continuing comeback after its second-quarter vehicle deliveries number beat analyst estimates earlier this week. Shell — Shares popped 1%.
Persons: Stocks, Energy, CleanSpark, Instructure, Tesla, CNBC's Hakyung Kim, Tanaya Macheel, Sarah Min, Jesse Pound Organizations: Marathon, Francisco Partners, KKR, Reuters, Macy's, Journal, Arkhouse Management, Brigade Capital Management, Novo Nordisk —, Harvard, Novo Nordisk's Ozempic, Deutsche Bank, Shell Locations: Novo, Singapore, Rotterdam
The bull case for small caps as the second half kicks off
  + stars: | 2024-07-04 | by ( Sarah Min | ) www.cnbc.com   time to read: +6 min
By contrast, the S & P 500 has already reached Jefferies' bull case of 5,400, the strategist noted. The right catalyst For investors, the bull case for small caps that prevailed when the year began, still holds. More immediately, second-quarter earnings may prove a positive catalyst for small caps since expectations are so low, according to Jefferies' DeSanctis. On a trailing 12-month basis, the S & P 500 is trading at a multiple of 25 times earnings. Ultimately, however, many investors say that a rotation into small caps is coming, even if it hasn't happened yet.
Persons: Russell, Richard Nixon, Steven DeSanctis, Jefferies, DeSanctis, Brian Leonard, Ross Mayfield, Baird, Keeley Teton's Leonard, Something's Organizations: Federal Reserve, Jefferies, CNBC Pro, Fed, Advisors Locations: Keeley
Tesla — The electric vehicle maker rose nearly 3% , a day after posting stronger-than-expected delivery numbers for the second quarter. Shares popped 10% during Tuesday's session. Constellation Brands — The beer and wine stock rose more than 2% after a better-than-expected earnings report. Southwest Airlines — Shares were fractionally lower after the airline carrier announced it had adopted a shareholder rights plan. Shares dipped about 1% during Tuesday's session.
Persons: Tesla, LSEG, Eli Lilly, — CNBC's Lisa Han, Jesse Pound, Sarah Min Organizations: Paramount, Paramount Global, Skydance Media, The New York Times, Wall Street Journal, Constellation Brands, Constellation, Southwest Airlines —, Elliott Investment Management, Food and Drug Administration, MGM Resorts, MGM Resorts International
Investors deliberating whether the stock rally can continue in the second half of 2024 should keep an eye on the 200-day moving average, according to Stephen Suttmeier, technical research strategist at Bank of America Securities. The indicator, which is used by chart analysts to determine long-term trends, has been positive during the first six months of the year — as the S & P 500 surged 15% to record levels. The broad market index did not have a single daily close below its 200-day moving average in the first half. However, if the S & P 500 falls below its 200-day moving average in the second half of 2024, that will mean weaker returns, the technician said. "[This] scenario shows average and median returns of 0.60% (SPX 5490) and 2.43% (SPX 5590), respectively," the technician said.
Persons: Stephen Suttmeier, Suttmeier, Stocks, Donald Trump Organizations: Bank of America Securities, U.S, Federal Reserve
Boeing , Spirit AeroSystems — Boeing on Monday said it would buy back fuselage maker Spirit AeroSystems in a $4.7 billion all-stock deal. Trump Media & Technology Group — Shares of Trump Media & Technology Group rose 3% following a roughly 11% loss during Friday's session. Nio — The Chinese electric vehicle stock rose 6% on Monday after the company said vehicle deliveries rose nearly 100% in June . Tesla — The electric vehicle stock popped 6%. NextEra Energy Partners — The renewable energy stock dropped 5%.
Persons: Keith Gill, Joe Biden, Donald Trump, Birkenstock, Nio, Tesla, Beryl, , Jesse Pound, Michelle Fox, Alex Harring, Sarah Min, Hakyung Kim Organizations: GameStop, Boeing, Trump Media & Technology, Trump Media & Technology Group, UBS, Point Capital Management, NextEra Energy Partners, Royal Bank of Canada, Cruise, Royal Locations: Point, Grenada, Royal Caribbean
U.S. stock futures are little changed Monday night after the major averages closed higher to start the second half of 2024, as tech stocks outperformed. Dow Jones Industrial Average futures fell 26 points, or 0.07%. S&P 500 futures and Nasdaq 100 futures dipped 0.06% and 0.1%, respectively. The central bank leader will be part of a panel discussion and will not be issuing prepared remarks beforehand. He will join ECB President Christine Lagarde and Roberto Campos Neto, governor of Brazil's central bank.
Persons: Kevin Gordon, Charles Schwab, Gordon, Jerome Powell, Christine Lagarde, Roberto Campos Neto, Sara Eisen, Dow Jones Organizations: New York Stock Exchange, Dow Jones Industrial, Nasdaq, Dow Jones, European Central Bank Forum, ECB Locations: Brazil's
Boeing , Spirit AeroSystems — Boeing on Monday said it would buy back fuselage maker Spirit AeroSystems in a $4.7 billion all-stock deal. Boeing shares dipped 0.3%, while Spirit AeroSystems shares popped 4.5%. Verizon — Shares ticked up 0.5% after Goldman Sachs initiated coverage with a buy rating. Verizon shares will rise amid an improving competitive backdrop in the telecommunications industry, according to Goldman Sachs. Intercontinental Exchange — The financial exchange's shares rose 1.4% on the back of a Goldman Sachs upgrade to buy from neutral.
Persons: Kitty, Goldman Sachs, Goldman, , Alex Harring, Sarah Min, Michelle Fox Organizations: UBS, GameStop, Boeing, Verizon, Intercontinental Exchange, Nvidia
The S & P 500 and Nasdaq Composite are hovering around all-time highs, having rallied roughly 15% and 18%, respectively. The 30-stock Dow and S & P 500 each posted losses, down by 0.1%, each. In recent days, a number of Wall Street firms have hiked their year-end S & P 500 targets to catch up with this year's surprisingly strong rally. On a median basis, strategists expect the S & P 500 will end the year at 5,500, a CNBC Pro survey shows . June jobs report Markets will be closed Thursday for the Fourth of July holiday.
Persons: chipmaker, Craig Johnson, Piper Sandler, Goldman Sachs, Scott Chronert, CNBC's, Chronert, Piper Sandler's Johnson, Bill Merz, Merz, He's, Jamie Meyers, Laffer Tengler, he's, Meyers, Bank's Merz Organizations: Nasdaq, Dow Jones, Nvidia, Microsoft, Deutsche Bank Research, Equity, Dow, Wall Street, Citi, ISI, CNBC, U.S, Bank Wealth Management, PMI, Manufacturing, ADP, PMI Services, Services PMI, Constellation Locations: U.S
Stocks could be due for a pullback this summer given high second-quarter earnings growth expectations, according to Citi. In the second quarter, S & P 500 companies are expected to post a year-over-year earnings growth rate of 8.8%, according to a FactSet estimate. That is a forecast Chronert said is "probably a reach," especially for the 493 S & P 500 companies outside of Nvidia and the megacaps. .SPX YTD mountain S & P 500 Last week, Chronert was among several strategists on the Street to hike their S & P 500 year-end target on the strength of a handful of megacap tech stocks that have carried the broader index to all-time highs. According to a CNBC Pro survey , strategists on a median basis anticipate the S & P 500 will rise to just 5,500 by the end of the year.
Persons: Scott Chronert, Chronert, CNBC's, Goldman Sachs Organizations: Citi, Nvidia, ISI, CNBC
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