On today’s episode of Market Domination Overtime, hosts Julie Hyman and Josh Lipton break down the market close and some of the major news stories of the trading day.
The three major stock indexes closed higher on Monday as investors digested the news that President Biden will withdraw from the 2024 election and prepared for big earnings announcements this week. The Nasdaq Composite Index (^IXIC) rose more than 1.5%, or 280 points, and the S&P 500 Index (^GSPC) rose more than 1% as the indexes recovered from last week’s turbulent trading. Michael Kushma, senior portfolio manager at Morgan Stanley Investment Management, said it’s still too early to know what the outcome of the election will be and advises investors to pay more attention to whether the Federal Reserve will cut interest rates two or three times this year rather than the odds of the election.
Porsche (POAHY) has adjusted its electric vehicle (EV) goals in response to slowing global demand. The luxury automaker backed away from its previous goal of 80% of sales being EVs by 2030. Yahoo Finance’s auto reporter Pras Subramanian breaks down the details of Porsche’s revised outlook for electric, hybrid, and conventional gasoline vehicles.
According to Reuters, Nvidia (NVDA) is working on manufacturing new Blackwell AI chips for the Chinese market. Patrick Moorhead, founder, CEO and chief strategist at Moor Insights and Strategy, discusses the semiconductor giant’s outlook. He explains that despite rising tensions between the U.S. and China, “the idea that AI is going to come to a screeching halt anytime soon is a myth.”
Meanwhile, the battle for the rights to broadcast select NBA games is heating up. Warner Bros. Discovery’s (WBD) TNT announced that it had fielded one offer to broadcast NBA games, widely reported to be Amazon’s (AMZN) $1.8 billion annual offer. Yahoo Finance senior reporter Alexandra Canal has the latest on the situation.
Finally, Julie Hyman and Josh Lipton break down what to watch on Tuesday, July 23rd, from earnings from major tech companies to new data on existing home sales.
For more expert insights and the latest market trends, click here to watch this entire episode of Market Domination.
This post was written by Melanie Leal
