Market Rises Amid Trump Attack and Key Earnings Week
15 Julho 2024 - 7:36AM
IH Market News
U.S. index futures are rising in pre-market trading on Monday as
investors react to the attempted assassination of former President
Donald Trump and prepare for a crucial week of important corporate
earnings releases.
At 5:57 AM, Dow Jones futures (DOWI:DJI) rose 191 points, or
0.47%. S&P 500 futures gained 0.42%, and Nasdaq-100 futures
advanced 0.50%. The 10-year Treasury yield stood at 4.217%.
In the commodities market, West Texas Intermediate crude for
August rose 0.11%, to $82.30 per barrel. Brent crude for September
rose 0.09%, near $85.11 per barrel. The most traded iron ore
contract on the Dalian Commodity Exchange rose 1.03%, to $114.83
per metric ton.
On the U.S. economic agenda for Monday, the Empire State
Manufacturing Index for July will be released at 8:30 AM by the
Federal Reserve Bank of New York.
Asia-Pacific markets closed mixed. Hong Kong’s Hang Seng Index
decreased 1.52%, while Australia’s S&P/ASX 200 Index rose
0.73%. The Shanghai Composite Index advanced 0.09% and the CSI 300
Index of mainland China increased 0.11%. South Korea’s KOSPI Index
rose 0.14%, while the Kosdaq gained 0.3%. Japanese markets are
closed due to a holiday.
China’s GDP in the second quarter grew only 4.7%, below
expectations of 5.1%. Retail sales also disappointed, increasing
only 2% compared to the expected 3.3%. Additionally, Chinese
leaders are preparing to discuss issues like government debt and
advanced manufacturing at the Third Plenary Session.
European markets are down at the start of the week in response
to the impact of the assassination attempt on Donald Trump during a
rally, with sectors like utilities and basic resources leading the
losses. German retail sales data will be released today. Among
individual stocks, Burberry (LSE:BRBY) and
Swatch Group shares suffered significant drops due
to weak financial results and dividend cuts, while investors await
the latest earnings from Associated British Foods
(LSE:ABF).
A grim event in U.S. history, an attack on Donald Trump, did not
generate the expected investor move to safe havens like gold or
Treasury bonds.
Overall, the market remained relatively stable, indicating a
view that despite the severity of the event, it should not
drastically impact the market in the short term. Bets on a Trump
victory increased, though the market had already shown a positive
trend towards him since March, reflecting more a desire for a clear
electoral outcome than specific policies. Additionally, interest in
Bitcoin (COIN:BTCUSD) increased, seen as a reaction to Trump’s
strengthening odds.
Meanwhile, U.S. Treasury bonds, typically seen as safe in times
of uncertainty, did not show the usual pattern of increased demand,
suggesting a shift in the perception of political risk.
On Sunday, from the White House, President Joe Biden condemned
political violence and called for national unity. Simultaneously,
Trump announced that his next speech at the Republican National
Convention would focus on national unity, diverging from criticism
of Biden’s policies.
After a substantial drop on Thursday, U.S. stocks rebounded on
Friday, with the Dow Jones and the S&P 500 hitting new intraday
records. The Dow Jones advanced 0.62% to 40,000.90 points, the
S&P 500 rose 0.55% to 5.615,35 points, and the Nasdaq increased
0.63% to 18,398.45 points.
The recovery was driven by bargain hunting and optimism about
interest rates, despite a larger-than-expected increase in producer
prices. The U.S. Department of Labor reported that the Producer
Price Index (PPI) rose 0.2% in June, exceeding the expectation of
0.1%. The annual growth rate of the PPI accelerated to 2.6%, above
May’s 2.4%.
On the earnings front, Goldman Sachs (NYSE:GS),
BlackRock (NYSE:BLK), and Guaranty Bank
& Trust (NYSE:GNTY) are set to report before the
market opens.
After the close, numbers from First Bank
(NYSE:FBK), CrossFirst Bankshares (NASDAQ:CFB),
and ServisFirst Bancshares (NYSE:SFBS) will be
awaited.
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