For many months, a head-to-head battle between Donald Trump and President Joe Biden was expected for <a href="https://www.benzinga.com/topic/2024-election">the 2024 presidential election.</a>



The first 2024 presidential debate has led to calls for Biden to be replaced and volatility in the betting and prediction markets with around four months to go before election day.



What Happened: A poor performance by Biden at the first debate and growing concerns over his age have<a href="https://www.benzinga.com/news/24/06/39562453/us-allies-urge-biden-to-step-down-after-disastrous-debate-performance-important-to-manage-ones-ride"> led to increased calls</a> for the president to step down ahead of the 2024 election.



Various reports have pointed to Biden supporters and allies calling for a new candidate to replace him for a better shot of beating Trump in the highly anticipated election.



Biden and Vice President Kamala Harris reiterated that they are seeking to win reelection together, according to a <a href="https://apnews.com/article/president-joe-biden-white-house-jeff-zients-7794155c12bc78c084e4b964545e2b7f?taid=66858db530fb670001895498&amp;utm_campaign=TrueAnthem&amp;utm_medium=AP&amp;utm_source=Twitter">report </a>from the Associated Press. The report said Biden has also personally reached out with several members of Congress in an effort to drum up support.



An earlier Wednesday New York Times <a href="https://www.benzinga.com/general/politics/24/07/39620336/biden-contemplates-future-in-2024-race-after-poor-debate-showing-report">report </a>said Biden was contemplating his future in the election after the poor showing in the debate. The White House denied the report saying they were "absolutely false."



New 2024 election polls released since the debate have shown Trump's lead growing nationally and in the important swing states that could decide the winner.



Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39556388/joe-biden-to-be-replaced-in-2024-election-newsom-tops-democrat-wish-list-betting-odds-but-">Joe Biden To Be Replaced In 2024 Election? Newsom Tops Democrat Wish List, Betting Odds, But Says &#8216;We&#8217;ve Got To Have The Back Of This President&#8217;</a>



Betting Odds: The debate showing and calls for Biden to move aside in the election have led to high volatility in betting odds for the 2024 election.



"Joe Biden is facing mounting pressure to pull out of the 2024 U.S. presidential race after a dismal performance at the first of two debates," <a href="https://www.covers.com/politics/joe-biden-presidential-odds-is-it-time-for-sleepy-joe-to-step-aside">Covers </a>writes in an update on the betting odds.



Formerly listed as a betting favorite or slight underdog to Trump, Biden's odds stand at +350 to win the 2024 election according to Covers. The odds for Biden to drop out of the presidential race are listed at +185, implying a 35.1% probability.



Following the debate, the betting odds installed Trump as a bigger favorite to win the election, regardless of who his opposition would be. Odds on June 29 from Bet365 provided by <a href="https://www.covers.com/politics/us-election-betting-odds">Covers </a>showed the following:



Donald Trump: -188



Joe Biden: +350



Gavin Newsom: +550



Kamala Harris: +2,200



Michelle Obama: +2,200



Gretchen Whitmer: +2,500



Hillary Clinton: +5,000



Robert F. Kennedy Jr.: +6,600



The debate saw Trump gain from his previous odds of -150 to a new lead of -188. Biden went from being a slight underdog at +162 to a bigger underdog at +350. Other potential candidates like Newsom saw their odds gain with the California governor going from +2,000 to +550.



The sharp change in odds comes after the market already saw a brief reset <a href="https://www.benzinga.com/general/sports-betting/24/05/39123057/exclusive-trumps-guilty-verdict-sparks-brief-overreaction-in-2024-election-betting-odds-bu">after Trump's hush money trial.</a>



"Despite being found guilty of 34 charges in his New York hush money trial, Trump remains the favorite to be the next president at -110," Covers' Betting Analyst Rohit Ponnaiya told Benzinga at the time.



After the verdict, Biden briefly passed Trump as the favorite at -110 with Trump at +120, before the market stabilized to Trump as the favorite at -110 and Biden at +137.



Post-debate odds to win the Democratic nomination were as follows on June 29:



Joe Biden: -500



Gavin Newsom: +900



Michelle Obama: +1,000



Kamala Harris: +1,200



Trump has topped the betting odds for several months in the race for the 2024 presidential election. Back in August 2023, Biden was the favorite to win re-election. 



Going back to Biden's inauguration in January 2021, it was Harris who was the favorite to win the 2024 election at odds of +350, based on the plan that Biden would not run for re-election. Biden and Trump trailed Harris at the time at odds of +400 and +650, respectively.



Prediction Markets: Prediction markets like Polymarket have seen a surge in political-themed markets, including those on the 2024 presidential election.



Polymarket, which calls itself "the world's largest prediction market," offers betting on several political outcomes. On Polymarket, users can deposit funds using USDC (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>) via the Polygon network (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/matic/usd">MATIC</a>), or directly from a crypto account with Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>). In each betting market, the winning option pays out at $1.



Over $217 million has been wagered on the outcome of the 2024 presidential election on <a href="https://polymarket.com/event/presidential-election-winner-2024">Polymarket</a>. Here are the current projected odds on Polymarket, with odds from May 31 in parentheses:



Donald Trump: 62% (55%)



Kamala Harris: 16% (1%)



Joe Biden: 13% (39%)



Gavin Newsom: 3% (1%)



Michelle Obama: 3% (3%)



Robert F. Kennedy Jr.: 2% (2%)



Other Democrat (including Gretchen Whitmer): 6%



Biden previously led Trump 44% to 43% on Polymarket, but the former president's odds have increased significantly in recent months. Harris passed Biden on Wednesday thanks to the numerous reports of Biden potentially considering stepping aside and calls growing for a replacement.



A separate prediction market on <a href="https://polymarket.com/event/democratic-nominee-2024?tid=1720033005433">Polymarket </a>allows bettors to wager on who the Democratic nominee will be. On Wednesday, the odds were:



Biden: 42%



Harris: 37%



Other (Whitmer): 10%



Obama: 7%



Newsom: 5%



Another Polymarket <a href="https://polymarket.com/event/will-biden-drop-out-of-presidential-race?tid=1720033018086">market </a>asks whether Biden will drop out of the presidential race. The market shows a 60% chance that Biden will drop out, which is up over 160% in the last 24 hours and hitting all-time highs Wednesday.



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2024 Election Betting Odds React To Biden Debate Disaster: Trump Odds Hit All-Time High, Kamala Harris Soars

Minutes from June&#8217;s Federal Open Market Committee (FOMC) meeting that were released Wednesday indicate that policymakers are not eager to cut interest rates until additional data confirms that inflation is moving sustainably toward<a href="https://www.benzinga.com/topic/interest-rates"> the committee's 2% target.</a>



<h3 class="wp-block-heading">FOMC On Inflation Data, Economic Outlook</h3>



Despite recent encouraging inflation data, the Fed remains cautious on easing rates, according to the June minutes. The majority of participants observed that economic growth is gradually slowing, with many viewing the current policy stance as restrictive.



Participants generally agreed the Fed's restrictive monetary policy is curbing growth in consumption and investment, contributing to a gradual economic slowdown.



Some noted that continued economic strength and other factors might suggest the longer-run equilibrium interest rate is higher than previously thought. 



In such a scenario, both monetary policy and overall financial conditions could be less restrictive than they currently seem, implying the need to maintain higher-for-longer interest rates. 



While consumer price inflation is significantly lower than a year ago, progress toward the 2% inflation objective has been modest in recent months.



&#8220;Participants noted that progress in reducing inflation had been slower this year than they had expected last December,&#8221; the minutes said.



Moreover, several participants noted that if inflation were to remain high or rise further, &#8220;the target range for the federal funds rate might need to be raised.&#8221;



<h3 class="wp-block-heading">Labor Market In Better Balance, Yet Inflation Risks Persist</h3>



Inflation risks are perceived to tilt upward due to potential persistent inflation dynamics or unexpected supply-side disruptions.



Risks that could keep inflation elevated include worsening geopolitical developments, heightened trade tensions, persistent shelter price inflation, insufficiently restrictive financial conditions or unexpectedly expansionary U.S. fiscal policy. These factors could also pose upside risks to economic activity.



Several participants cited the risk of unanchored long-term inflation expectations.



The labor market has shown signs of better balance, with reduced tightness, according to the FOMC. 



Policymakers hinted that &#8220;with labor market tightness having eased and inflation having declined over the past year, the risks to achieving the committee's employment and inflation goals had moved toward better balance, leaving monetary policy well positioned to deal with the risks and uncertainties faced in pursuing both sides of the committee's dual mandate.&#8221;



Fed&#8217;s June Projections And Powell&#8217;s Remarks



In June, the Fed&#8217;s new projection for the 2024 median Fed funds rate indicated just one cut anticipated by year-end, compared to three in March's projection and the two widely expected by market participants. 



Fed Chair Jerome Powell said at the June meeting that the decision between one versus two cuts was &#8220;a very close call.&#8221; He also stressed the need to build confidence in the disinflation trend before cutting interest rates.



On Tuesday, Powell sounded more optimistic on the disinflation path, expecting inflation to be between 2 and 2.5% within a year. 



He stressed that the labor market is &#8220;cooling off appropriately&#8221; and that policymakers are carefully considering the risks of acting too early or too late in easing monetary policy.



<h3 class="wp-block-heading">Market Reactions </h3>



The market viewed the June Fed meeting minutes as somewhat hawkish, causing the U.S. Dollar Index (DXY), tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), to reduce its losses for the day.



This reaction was mainly observed in the foreign exchange markets since Wall Street closed early at 1:00 p.m. ET.



Both bonds and stocks closed higher the shortened trading session ahead of the July 4 holiday, with the S&amp;P 500 and Nasdaq 100 reaching new record highs before the closing bell.



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) increased by 0.4%, while the tech-focused Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose by 0.8%.



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</ul>



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Fed Minutes: Policymakers Are Not In Rush To Cut Interest Rates, Decision Hinges On Economic Data

Boeing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) investors appeared unaltered this week by a suspenseful decision that could put the company under independent monitoring for three years or take it back to <a href="https://www.benzinga.com/topic/boeing">court on criminal charges.</a>



The <a href="https://www.benzinga.com/markets/equities/24/07/39570406/justice-department-moves-to-charge-boeing-over-fatal-crashes-report">non-negotiable plea deal offered to Boeing </a>by the Department of Justice over the alleged violation of a previous agreement was made public on Monday, the same day that the company announced <a href="https://www.benzinga.com/news/24/07/39578138/why-boeing-shares-are-moving-higher-monday">a definitive agreement to purchase </a>Spirit AeroSystems Holdings Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPR#NYSE">SPR</a>).



The acquisition of the Wichita-based fuselage maker, which was founded as a spin-off of Boeing itself and has served as its main fuselage provider for almost two decades, was met with mild enthusiasm from investors.



Boeing shares rose by about 3% on Monday and remained approximately 1.3% higher on Wednesday compared to their closing price on Friday.



The $4.7 billion all-stock deal was read by many as part of a Boeing strategy to clean up its safety reputation by owning a bigger chunk of its supply chain, after the company returned to the center of public scrutiny for a series of fatal plane crashes that occurred five years ago.



One piece of news that went somewhat buried under the acquisition announcement was a proposal by federal prosecutors for Boeing to plead guilty to breaking its previous "probation" deal.



The Context: Boeing faced severe pressure at the end of the last decade after two crashes in 2018 and 2019 claimed the lives of 346 people, raising concerns over the safety of the 737 MAX passenger aircraft.



In 2021, a deal was reached where Boeing was offered a $2.5 billion settlement in exchange for having charges dropped, provided the company cleaned up its act. This arrangement was referred to at the time as a type of "corporate probation" that would last three years.



The settlement included $500 million in compensation for the families of the deceased, and Boeing committed to developing a new compliance program to assess the safety of its production aircrafts.



An Alaska Airlines flight forced to make an emergency landing in January brought the company's safety practices back under the scrutiny of the DOJ.



Further investigation found that irregularities in the Boeing manufacturing chain led to the Alaska Airlines 737 Max incident, leading Boeing to compensate the airline for <a href="https://www.benzinga.com/markets/equities/24/04/38097239/compensation-package-boeing-assists-alaska-air-with-160m-amid-crisis">$160 million in damages</a>.



In May, federal prosecutors <a href="https://www.benzinga.com/news/24/05/38845748/justice-department-accuses-boeing-of-2021-settlement-breach">said Boeing broke the deal</a>, by failing to &#8220;design, implement, and enforce a compliance and ethics program to prevent and detect violations of the U.S. fraud laws throughout its operations&#8221;.



Read also: <a href="https://www.benzinga.com//node/39623013">Boeing Set For Improved Deliveries And Production Rates, Goldman Sachs Analyst Says</a>



<h3 class="wp-block-heading">Should Boeing Take The New Deal?</h3>



This week, the DOJ gave Boeing a new opportunity to avoid criminal charges. The company now has until July 7 to admit it broke the terms of the 2021 deal and plead guilty.



n doing so, it would also commit to taking on an independent compliance monitor for three years and paying an additional $243.6 million fine.



<a href="https://www.wsj.com/us-news/law/boeing-737-max-guilty-plea-trial-78e13438?mod=hp_lista_pos2">According</a> to The Wall Street Journal, a third-party law firm would typically be hired as the compliance monitor, responsible for reporting any irregularities to the DOJ.



Victims&#8217; families have rejected the deal, as they argue it leaves Boeing home free for a small price. They expect the company to admit full responsibility for the loss of lives and pay a sum 10 times greater.



Taking the deal would clear up Boeing's criminal liability but would require the company to allow a third-party monitor full access to its day-to-day operations, previous records, and information. Additionally, a guilty plea would leave a stain on the company's reputation.



Boeing can choose to reject the deal, which would put it back on trial on criminal charges. This would be a risky move, as federal prosecutors have documented evidence amounting to a confession of breaking the 2021 deal. Two Boeing executives have admitted that the company misled air-safety regulators about a safety feature linked to the 2018 and 2019 crashes.



Legal commentators quoted by WSJ said Boeing has little chances of winning that trial by trying to convince a judge that the company didn't break the 2021 deal. Losing it would severely jeopardize the company's ability to land government contracts, which currently amount to tens of billions of dollars.



Read Next: 



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<li><a href="https://www.benzinga.com//node/39591439">Read also: Boeing Set For Improved Deliveries And Production Rates, Goldman Sachs Analyst Says</a></li>
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Boeing Faces High-Stakes Decision: Accept Plea Deal Or Risk Trial Over 737 MAX Safety Violations

Adobe Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>) and Oracle Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) were named top technology picks for July by Mizuho on Wednesday. Cerity Partners&#8217;&nbsp;Jim Lebenthal maintains positions in both stocks as he believes both will continue to benefit <a href="https://www.benzinga.com/markets/equities/24/07/39589689/ai-boom-spurs-nvidia-led-us-stock-market-rally-experts-draw-parallels-with-dotcom-bubble-no-one-">from the AI boom</a>.



What To Know: Wednesday on CNBC&#8217;s &#8220;Fast Money Halftime Report,&#8221; Lebenthal made the case for buying shares of Adobe and Oracle at current levels. 



&#8220;I like both of them. I find them reasonably attractive names that are good ways to play the <a href="https://www.benzinga.com/topic/ai">AI</a> space. Adobe has figured out a way to actually monetize AI, and I think it was held down for too long and is now marching higher as it should be on the back of recent earnings,&#8221; Lebenthal said. 



Adobe shares popped last month after the company reported <a href="https://www.benzinga.com/news/earnings/24/06/39321927/adobe-q2-earnings-revenue-beat-eps-beat-strong-guidance-momentum-due-to-highly-differentiated-appro">better-than-expected&nbsp;earnings</a> for the second quarter and issued strong&nbsp;guidance for the third quarter. Adobe also introduced full-year 2024 guidance that was well ahead of analyst expectations. 



The stock has continued to trend higher since Adobe reported earnings as several analysts have weighed in with positive revisions. 



Related Link: <a href="https://www.benzinga.com/general/biotech/24/07/39580968/top-performing-industry-etfs-in-june-software-leads-returns-chipmakers-attract-most-inflows">Top Performing Industry ETFs In June: Software Leads Returns, Chipmakers Attract Most Inflows</a>



Oracle shares have trended higher alongside Adobe on similar tailwinds. The stock jumped on the company&#8217;s most recent <a href="https://www.benzinga.com/news/earnings/24/06/39280057/oracle-misses-q4-earnings-stock-surges-on-booming-ai-demand-openai-contract-partnership-with-google">earnings report</a> in June. Although Oracle fell short of analyst expectations, the company highlighted &#8220;enormous&#8221; AI demand and announced a partnership with Alphabet Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google Cloud, which sent shares racing higher.



&#8220;These data centers that they&#8217;re building for cloud infrastructure are also being used for artificial intelligence,&#8221; Lebenthal said. 



Although he said the stock looks &#8220;attractively priced&#8221; at current levels, he recommended waiting for a pullback to buy into the name. Lebenthal noted that he already owns the stock and will &#8220;definitely&#8221; be holding the shares he currently has.



ADBE, ORCL Price Action: Adobe shares closed Wednesday up 0.43% at $570.15 and Oracle shares finished the day up 0.61% at $144.15, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.



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This illustration was generated using artificial intelligence via Midjourney.

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Adobe, Oracle Named Top Tech Picks For July: Why This Investor Expects The AI Momentum To Continue

Shares of First Foundation Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FFWM#NYSE">FFWM</a>), a Texas-based <a href="https://www.benzinga.com/markets/equities/24/05/39099474/regional-banks-yet-to-recover-from-svb-collapse-time-to-invest-in-the-top-banking-etf">regional bank facing</a> commercial real-estate risks, dropped significantly on Wednesday after it received some badly needed help from a group of investors led by Fortress Investment Group.



The stock closed at $6.58 a share on Tuesday but fell 24.7% to $4.95 by mid-day on Wednesday.



Fortress,&nbsp;Canyon Partners,&nbsp;Strategic Value Bank Partners,&nbsp;North Reef Capital&nbsp;and other investors agreed to buy $228 million in common and preferred shares at $4.10 each from&nbsp;the Dallas bank, which has about $14 billion in assets, according to the firms, the Wall Street Journal <a href="https://www.wsj.com/finance/banking/investors-give-lifeline-to-texas-bank-confronting-real-estate-risks-33a75b51">reported</a>. 



Fortress will invest $115 million in First Foundation as part of the deal, while Canyon Partners will invest $46 million. Strategic Value and North Reef Capital plan to invest $22 million each. Fortress will own 24.9% of the bank after the deal closes, while other investors will own as much as 10%.



Also Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/36917031/exclusive-regional-banks-a-buying-opportunity-amid-ridiculously-cheap-valuations-ve">EXCLUSIVE: Regional Banks A Buying Opportunity Amid &#8216;Ridiculously Cheap Valuations,&#8217; Veteran Value Investor Says</a>



The infusion is intended to give First Foundation some time to sell off certain loans, according to people close to the matter.&nbsp;



The commercial real-estate market has suffered as a result of higher interest rates and the rise of remote work leading to widespread declines in property values. That has increasingly threatened to leave banks with big losses, especially smaller institutions that hold higher concentrations of loans in that sector.



Higher rates have also caused the amount of interest that banks must pay up to depositors to rise, causing the value of fixed-rate securities they hold to fall. 



That pressure has pushed some regional banks to find ways to raise cash, and more banks are expected to execute similar deals to boost their finances, industry executives say, according to the Journal.



Federal Reserve Chair&nbsp;Jerome Powell&nbsp;has said there will likely be more failures related to commercial real estate but that there is no risk to the broader financial system, the Journal reported.



<h1 class="wp-block-heading">Brighter Outlook</h1>



D.A. Davidson &amp; Co. raised its outlook on First Foundation following the announced capital raise, upgrading the stock from Neutral to Buy and raising the price target from $6.57 to $9.



&#8220;While near term profitability remains under pressure, we view the raise as a clearing event, allowing the company the capacity to sell loans, reducing concentration levels and earnings pressure, and build its [allowance for credit losses], while maintaining solid capital levels,&#8221; analyst Gary Tenner said in a note on Wednesday. &#8220;Announced $228M equity investment provides balance sheet flexibility and capital boost.&#8221;



<h1 class="wp-block-heading">ETF Price Action</h1>



Retail bank exchange-traded funds also fell by Wednesday&#8217;s mid-day trading.



SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) slipped 1.29%, Direxion Daily Regional Banks Bull 3X Shares ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DPST#NYSE">DPST</a>) fell 3.89% and iShares U.S. Regional Banks ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAT#NYSE">IAT</a>) declined 0.95%.



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First Foundation Stock Plunges After $228M Fundraise: Regional Bank Has Heavy Commercial Real Estate Exposure

The S&amp;P 500 and Nasdaq 100 indices surged to new all-time highs on Thursday, as investors heightened their expectations for rate cuts following June&#8217;s sharply lower-than-expected services sector activity, which experienced its worst <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39618958/us-services-sector-activity-experiences-largest-contraction-in-over-4-years-gold-ra">contraction since May 2020. </a>



Market-implied odds of a Fed rate cut in September rose from 65% to 72%, according to CME Group&#8217;s FedWatch tool, with traders pricing in more than 50 basis points of rate cuts by year end, implying two fully priced rate reductions by the Fed. 



Risk sentiment was particularly strong ahead of the Federal Open Market Committee (FOMC) Minutes, slated to be released at 2:00 p.m. ET. 



Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and the chip making industry, as tracked by the iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>), rebounded, up 3.7% and 1.9%, respectively.



Strong gains also stemmed from gold miners, with the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) up 4.2%, eyeing one of the best-performing sessions year to date, driven by rising metal prices. 



Expectations of lower interest rates fueled gold prices up by 1.4%, silver up by 3.5%, and copper up by 2.6%. 



Treasury yields weakened sharply, with both the 10-year and 30-year yields down 7 basis points. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) rose 1.1%, rallying the most since June 13. 



However, the crypto market faltered, with Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) down 2.7% to $60,450.



<h3 class="wp-block-heading">Wednesday&#8217;s Performance In Major US Indices, ETFs</h3>



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Major Indices</td><td>Price</td><td>1-day %chg</td></tr><tr><td>Nasdaq 100</td><td>20,168.73</td><td>0.8%</td></tr><tr><td>S&amp;P 500</td><td>5,531.06</td><td>0.4%</td></tr><tr><td>Russell 2000</td><td>202.16</td><td>0.1 %</td></tr><tr><td>Dow Jones</td><td>39,273.72</td><td>-0.1%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 12:28 p.m. ET</figcaption></figure>



According to&nbsp;<a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent070324&amp;t=be2bearmibe3na1">Benzinga Pro&nbsp;data:</a>



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.3% higher to $550.85.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;was 0.2% lower to $392.45.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA:&nbsp;<a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) was 0.8% higher to $490.70.</li>



<li>Sector-wise, the&nbsp;Technology Discretionary&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)&nbsp;outperformed, up by 1.3%, while the&nbsp;Health Care Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) lagged, falling 1%.</li>
</ul>



<h3 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h3>



<ul>
<li>Weight-loss giant Eli Lilly and Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) and Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) tumbled 1.9% and 4% respectively, after a study conducted by the Massachusetts Eye and Ear showed that Ozempic and Wegovy are linked to higher risk of blinding eye conditions. Amgen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>) and Viking Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VKTX#NASDAQ">VKTX</a>) also fell 1.9% and 2.2%, respectively.</li>



<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares continued their upward momentum from Tuesday, rallying 5.5% after the electric-vehicle maker&#8217;s quarterly deliveries came in better than expected.</li>



<li>Other EV-related stocks also rallied, with Lucid Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) up 8%, Archer Aviation Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACHR#NYSE">ACHR</a>) up 15%. </li>



<li>Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) surged over 7% following rumors from the Wall Street Journal that Skydance is once again interested in the deal to buy Paramount&#8217;s controlling company, National Amusements.</li>



<li>Constellation Brands Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>) fell 4.4%, marking the worst session since October 2023, amid lower-than-expected revenue last quarter. </li>
</ul>



Read Now: 



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39620397/june-jobs-report-preview-cooling-labor-market-trends-may-further-bolster-rate-cut-h">June Jobs Report Preview: Cooling Labor Market Trends May Further Bolster Rate Cut Hopes</a></li>
</ul>

Equities

Large Cap

Mid Cap

Broad U.S. Equity ETFs

Commodities

$BTC

ACHR

AMGN

LCID

NVDA

PARA

SOXX

TSLA

VKTX

S&P 500, Nasdaq 100 Climb To Record Highs As Data Fosters Rate Cut Optimism Ahead Of Fed Minutes; Gold, Bonds Rally: What's Driving Markets Wednesday?

The U.S. labor market doesn&#8217;t appear as tight and hot as a couple of months ago, with the June&#8217;s Employment Situation report likely to show an overall cooling trend from a very <a href="https://www.benzinga.com/news/large-cap/24/06/39225961/job-market-booms-in-may-payrolls-surge-more-than-expected-wages-increase">strong performance in May. </a>



Slated for release Friday at 8:30 a.m. ET, the official jobs report from the Bureau of Labor Statistics is expected to reveal a decline in nonfarm payroll growth and a slowdown in earnings momentum.



On Tuesday, Fed Chair Jerome Powell suggested the labor market <a href="https://www.benzinga.com/markets/bonds/24/07/39600702/fed-chair-powell-warns-of-unsustainable-us-debt-path-downplays-risks-of-possible-trump-attacks-on-c">is &#8220;cooling off appropriately,&#8221;</a> and the Fed will monitor these developments, ready to act if conditions warrant.



<h1 class="wp-block-heading">June Jobs Report Estimates: What Economists Expect</h1>



<ul>
<li>Economists predict a decline in the pace of monthly new nonfarm payrolls from 272,000 in May to 189,000 in June. Estimates range from 150,000 to 237,000, according to Econoday.</li>



<li>The unemployment rate is expected to hold steady at 4%.</li>



<li>Average hourly earnings are anticipated to rise at a 0.3% month-over-month pace, a deceleration from May&#8217;s 0.4%.</li>



<li>On an annual basis, pay growth is projected to decline from 4.1% to 3.9%.</li>
</ul>



<h1 class="wp-block-heading">Conflicting Data Points To Potential Surprises</h1>



Recent economic data have been mixed, suggesting potential surprises in the June jobs report compared to economists&#8217; expectations.



The ADP&#8217;s National Employment Report, which uses payroll data from Automatic Data Processing Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ADP#NYSE">ADP</a>) and focuses on private employment, revealed 150,000 job additions in June, below May&#8217;s 157,000 and the forecasted 160,000. Pay growth slowed, with job stayers reporting a 4.9% year-on-year increase.



Nela Richardson, chief economist at ADP, stated that job growth was solid but &#8220;not broad-based,&#8221; noting that June&#8217;s numbers would have been disappointing without a rebound in leisure and hospitality hiring.



Read also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39616016/private-employers-add-150-000-jobs-in-june-less-than-expected-job-growth-solid-but-">Private Employers Add 150,000 Jobs In June, Less Than Expected: Job Growth &#8216;Solid, But Not Broad-Based&#8217;</a>



Bill Adams, chief economist for Comerica Bank, highlighted that private job growth was cool in June according to ADP and the government jobs report is also expected to show the least pay growth since 2021.



Comerica forecasts nonfarm payroll employment to increase by 220,000 in June, with the unemployment rate edging up to 4.1% from 4.0%.



Adams also noted the ADP data don&#8217;t capture the significant rise in self-employment due to gig work and entrepreneurship, which are growing faster than in the pre-pandemic period.



Overall, the ADP and jobless claims reports reinforce the impression that the labor market has cooled and is likely to cool further in the second half of 2024.



<h1 class="wp-block-heading">Services Sector Jitters</h1>



The most conflicting indications ahead of Friday&#8217;s jobs report came from services sector surveys by S&amp;P Global and the Institute for Supply Management (ISM).



S&amp;P Global&#8217;s Services Purchasing Managers&#8217; Index (PMI) for June showed the strongest expansion for U.S. services activity since April 2022, extending the growth streak to 17 consecutive months. In contrast, the ISM Services PMI reported the worst contraction in over four years last month.



Employment conditions also sharply differed in the two surveys. S&amp;P Global&#8217;s Services PMI indicated employment returned to growth after two months of contraction, while the ISM reported a faster pace of contraction in the services labor market.



"U.S. service sector companies reported an encouragingly solid end to the second quarter, with output rising at the fastest rate in over two years. Both new order inflows and hiring have accelerated, the latter buoyed by firms taking on more workers in response to rising backlogs of work,&#8221; Chris Williamson, chief business economist at S&amp;P Global Market Intelligence, said.



Steve Miller, chair of the ISM Services Business Survey Committee, commented, "The decrease in the composite index in June is a result of notably lower business activity, a contraction in new orders for the second time since May 2020, and continued contraction in employment.&#8221;



<h1 class="wp-block-heading">Weaker Jobs Data May Fuel Rate Cut Wagers</h1>



On Thursday, market reactions highlighted the significance investors placed on the ISM Services PMI. Treasury yields plummeted by 8 to 9 basis points on the long end as traders increased bets on Fed rate cuts.



The probability of a rate cut in September climbed from 65% to 73% following the release, with 52 basis points of cuts already anticipated by the end of the year.



Bonds rallied, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) soaring 1.4%, while the U.S. dollar weakened substantially, down 0.5%. 



Lower yields and the weaker greenback aided gold prices, with the precious metal, as tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), up 1.4%, eyeing its best-performing session since mid-May.



Now Read: 



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39618958/us-services-sector-activity-experiences-largest-contraction-in-over-4-years-gold-ra">US Services Sector Activity Experiences Largest Contraction In Over 4 Years: Gold Rallies, Dollar Tumbles As Traders Raise Rate Cut Bets</a></li>
</ul>



Photo: Shutterstock

Specialty ETFs

Treasuries

June Jobs Report Preview: Cooling Labor Market Trends May Further Bolster Rate Cut Hopes

As the <a href="https://www.benzinga.com/topic/2024-election">presidential race heats up</a>, many voters wonder which of the two candidates is best fit to steer the U.S. economy for the next four years.



While voters continue to voice valid concerns about President Joe Biden's ability to <a href="https://www.benzinga.com//node/39581531">serve a second term</a> due to his age, Donald Trump received a reprieve this week as the Supreme Court granted him partial immunity for actions taken <a href="https://www.benzinga.com//node/39586454">during his presidency.</a>



However unpredictable the outcome of the upcoming presidential election might be, a good predictor can be found in the country's economic performance during each of the president's time in office.



<h3 class="wp-block-heading">Bidenomics Vs. Trumponomics: Who Wore it Best?</h3>



Lead economic indicators can help understand how presidential decisions shaped the country&#8217;s course during the Trump years (2016-2020) and through Biden's ongoing term, which began in 2020.



Although the two candidates have different views on key policies, certain economic markers have remained consistent across both presidencies.



A strong labor market was one of the defining traits of both presidencies, when ruling out disruptions caused by the pandemic. The jobless rate was about 3.6% in 2019 when Trump took office, and after settling back from a pandemic peak of 14.8% during April 2020, if held steady <a href="https://www.benzinga.com/markets/equities/24/06/39229188/wall-street-reacts-to-hot-jobs-report-stocks-swing-as-traders-abandon-july-rate-cut-hopes">under 4% for the past two years</a>, hitting its lowest point at 3.4% during Biden's term.



Economic growth, as measured by changes in Gross Domestic Product, also kept a relatively steady course through both administrations at between 2.3% and 2.7% on a quarterly basis when excluding the pandemic-led recession and its recovery period.



The unusual months marked by the COVID-19 pandemic present the biggest challenge in comparing the economic performance of both presidencies. The initial impacts of the pandemic became widespread during the final months of Trump's term, while most disruptions extended into Biden's presidency, where they eventually unfolded and led to a return to normality.



This fact means that all economic data needs to be taken with a grain of salt, as Biden inherited a government largely hit by pandemic disruptions, which also means that the outstanding rates of growth seen during 2021 and 2022 cannot be attributed solely to Bidenomics, but are a consequence of a predictable post-pandemic rebound.



Read also: <a href="https://www.benzinga.com//node/39600702">Fed Chair Powell Warns Of &#8216;Unsustainable&#8217; US Debt Path, Downplays Risks Of Possible Trump Attacks On Central Bank Independence</a>



Inflation and tariffs: Biden presided over the largest inflationary period of recent decades, with prices rising by at least 20%. In contrast, inflation only reached 5% during the entire Trump era.



Yet it would be too quick to assume Trump would be better at fighting today's sticky inflation than a second Biden term. Many of the causes for the latest inflationary trend can be attributed to outside factors including supply chain shortages and labor disruptions from the pandemic, which were later increased by geopolitical events like the Russian invasion of Ukraine and its impact on global energy prices.



Pandemic-era aid packages also contributed to rising inflation, according to pundits, but these were approved by both administrations and were largely legislative efforts, not purely executive measures.



On Tuesday, one Jefferies analyst said that <a href="https://www.benzinga.com//node/39594060">a Trump win would mean "stronger growth and higher inflation,"</a> with the Fed deciding to stick with higher interest rates for a longer period of time.



A key difference in the policy decisions for both presidents comes up in the way they implemented tariffs on foreign goods. While both are favoring increased taxation on imports for the future, specially on those coming from China, Biden's strategy has been set on protecting <a href="https://www.benzinga.com/markets/equities/24/03/37898024/ev-makers-cheer-bidens-electrifying-plan-uaw-demands-jobs-be-protected">specific strategic industries, like EVs</a>, semiconductors and green energy, Trump favors increasing tariffs across the board.



This could have an effect on how the country recovers from inflation,<a href="https://www.benzinga.com/markets/equities/24/06/39289912/us-inflation-eases-more-than-expected-in-may-boosts-2024-rate-cut-prospects-ahead-of-wednesdays-"> which continues above the ideal 2% measure and reached 3.3% in May</a>, down one basis point from the previous month.



A Trump plan to raise tariffs on U.S. imports by 10% and 60% on all imports from China, was referred to by a Goldman Sachs analyst on Tuesday as <a href="https://www.benzinga.com/markets/asia/24/07/39595146/trumps-trade-tariffs-would-be-highest-in-the-postwar-period-and-increase-inflation-says-goldman-sach">a sure-fire way to increase inflation and raise the odds of a tougher trade war with China</a>.



Another key difference between the two leaders comes in their views on how to finance the government by taking on different strategies, from taxation to debt acquisition. While Trump favored tax cuts and significant government borrowing, Biden has referred to plans to increase corporate taxes. In the previous terms, Trump took approximately twice as much debt as Biden. 



The U.S. now presents one of the largest deficits in history, with public debt equaling approximately 122% of GDP and both plans are expected to lead to large deficits for the coming years, <a href="https://www.bankrate.com/banking/federal-reserve/biden-versus-trump-economy/#wages-have-grown">as per</a> Bankrate.



Swing States: With most polls on the election placing the result on a tight margin, it might be up to voters in swing states like Michigan, Wisconsin, Georgia, Arizona, Nevada, Pennsylvania and North Carolina to define the results.



A <a href="https://www.cbsnews.com/news/economy-top-issue-voters-presidential-election-2024/">recent</a> CBS poll had voters in swing states report that the economy will be a major issue when choosing the next president. Real household income has dropped in most of these states since the pandemic, putting pressure on Biden to answer for their loss in purchasing power.



Housing prices are another pain point for Biden in swing states. <a href="https://www.benzinga.com/real-estate/24/06/39550558/housing-costs-and-interest-rates-are-weighing-heavily-on-consumer-minds-study-finds">Rent and home prices have skyrocketed since the pandemic</a> in major urban centers across these states, according to data collected by Reuters.



While the Biden administration took on the monumental task of leading a recovery from the pandemic recession, voters in key states won't necessarily reward his policies when seeing that their situation might be worse off in net terms when compared to the time Trump was in office.



Now Read:



<ul>
<li><a href="https://www.benzinga.com//node/39590765">NATO To &#8216;Trump-Proof&#8217; Ukraine Aid After Biden&#8217;s Weak Debate Performance With $40B Annual Financial Pledge And New Post In Kyiv</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

General

Economics Will Define 2024 Election: Comparing Trump And Biden Presidencies

Business sentiment in the U.S. services sector plummeted in June, missing economic estimates by a wide margin and indicating that the pace of economic growth slowed down markedly at the <a href="https://www.benzinga.com/topic/ism">end of last quarter. </a>



The Purchasing Managers&#8217; Index for the services sector, as measured by the Institute for Supply Management (ISM), marked the worst contraction since May 2020.



<h3 class="wp-block-heading">June ISM Services PMI Report: Key Highlights</h3>



<ul>
<li>The ISM Services PMI fell from 53.8% to 48.8% in June, sharply below market expectations of 52.5% as monitored by Econoday.</li>



<li>The subindex for Business Activity fell from 61.2% to 49.6% in June. </li>



<li>The subindex for New Orders entered contraction after 17 straight months of expansion, falling from 54.1% in May to 47.3% in June. The outcome fell short of the 53.6% expected.</li>



<li>The subindex for Prices Paid eased from 58.1% to 56.3%, slightly below the predicted 56.7%, indicating a marginal improvement in price inputs paid by services providers.</li>



<li>The subindex for Employment contracted at a faster pace compared to May, falling from 47.1% to 46.1%, missing the expected 49%. </li>
</ul>



Chart: Services Sector Activity Tumbles The Most Since May 2020



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="500" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/03102122/image-1-1-1024x500.png" alt="" class="wp-image-418726" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/03102122/image-1-1-1024x500.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/03102122/image-1-1-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/03102122/image-1-1-768x375.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/03102122/image-1-1-1536x750.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/03102122/image-1-1.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



&#8220;The decrease in the composite index in June is a result of notably lower business activity, a contraction in new orders for the second time since May 2020 and continued contraction in employment.&#8221; Steve Miller, chair of the ISM Services Business Survey Committee, said. 



Miller highlighted that survey respondents report flat or lower business conditions, and while price pressures are fading, &#8220;some commodities have significantly higher costs.&#8221; 



Respondents also indicated that the weaker supplier delivery performance is attribute to transportation challenges, and not to demand gains.



Also read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39616016/private-employers-add-150-000-jobs-in-june-less-than-expected-job-growth-solid-but-">Private Employers Add 150,000 Jobs In June, Less Than Expected: Job Growth &#8216;Solid, But Not Broad</a><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39616016/private-employers-add-150-000-jobs-in-june-less-than-expected-job-growth-solid-but-">-Based&#8217;</a>



<h3 class="wp-block-heading">Market Reactions: Stocks Hold Gains, Bond Yields Rise Again</h3>



U.S. stocks inched higher in reaction to the bleak ISM Services PMI report, bond yields fell markedly, and the dollar weakened as traders raised their wagers on upcoming Fed interest rate cuts.



<ul>
<li>The S&amp;P 500 Index, as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), was 0.2% higher at 10:15 a.m. in New York.</li>



<li>The tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose by 0.2%.</li>



<li>The blue-chip SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) was flat. </li>



<li>Long-dated Treasury yields saw sharp declines, with the 30-year yield down by 9 basis points to 4.52%, pushing the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) up by 1.4%.</li>



<li>The U.S. dollar tumbled, with the Invesco DB USD Index Bullish Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), down 0.5%.</li>



<li>Gold, as tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), rallied 1.5%. </li>
</ul>



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39605542/goldman-sachs-10-reasons-why-stock-risks-rise-in-the-second-half-of-2024">Goldman Sachs: 10 Reasons Why Stock Risks Rise In The Second Half Of 2024</a></li>
</ul>



Photo: Shutterstock

Bonds

US Services Sector Activity Experiences Largest Contraction In Over 4 Years: Gold Rallies, Dollar Tumbles As Traders Raise Rate Cut Bets

The calls to ban members of Congress from buying and selling stocks and options have<a href="https://www.benzinga.com/general/politics/24/05/39096827/exclusive-khanna-says-shameful-congress-members-profited-from-stocks-calls-for-trading-ban-makin"> grown over the years.</a>



One of the most followed members of Congress for stock trading activity is former Speaker of the House Nancy Pelosi (D-Calif.), thanks to the large purchases made by her husband Paul Pelosi.



What Happened: Pelosi disclosed several new stock trades on Wednesday, ahead of the Fourth of July holiday, continuing a recent tradition of reporting trades around market holidays.



The transactions, as reported by <a href="https://www.benzinga.com/gov-trades">Benzinga's Government Trades page</a>, are as follows:



<ul>
<li>Bought 20 call options Broadcom Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>), $800 strike price, June 20, 2025 expiration date, purchase size is $1 to $5 million</li>



<li>Bought 10,000 shares NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) on June 26, purchase size $1 to $5 million</li>



<li>Sold 2,500 shares Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), sale size $250,000 to $500,000</li>



<li>Sold 2,000 shares Visa Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>), sale size $500,000 to $1 million</li>
</ul>



"Prediction fulfilled!!!," Congresstrading <a href="https://x.com/congresstrading/status/1808488303458406591">tweeted</a>. "She always reports right before a holiday to avoid media coverage, but she is actually becoming MORE predictable this way."



Pelosi <a href="https://www.benzinga.com/general/politics/23/12/36365744/nancy-pelosi-husband-bet-millions-on-nvidia-stock-after-missing-out-on-earlier-8-million-profit">previously disclosed buying</a> call options in Nvidia valued at $1 to $5 million ahead of the Christmas holiday, with the filing coming on the Friday before Christmas.



The Congresswoman has often filed stock disclosures on Fridays or around holidays. 



Read Also: <a href="https://www.benzinga.com/general/politics/24/01/36459015/10-best-stock-traders-in-congress-in-2023-spoiler-nancy-pelosi-is-back-on-the-list">10 Best Stock Traders In Congress In 2023 (Spoiler: Nancy Pelosi Has Reentered The Chat)</a>



Why It's Important: Pelosi's husband Paul Pelosi is a venture capitalist who regularly makes sizable stock and options purchases.



The former Speaker of the House has said she <a href="https://www.benzinga.com/news/22/07/28176691/does-nancy-pelosi-share-stock-tips-with-husband-heres-what-the-congresswoman-said">does not share stock tips</a> or inside information with her husband, but the timing of several trades has drawn scrutiny from investors.



The Visa shares sold were listed as partial, which means the couple still owns shares of the credit card company. It was <a href="https://www.cbsnews.com/news/new-details-on-visas-attempt-to-influence-pelosi/">reported </a>several years ago on "60 Minutes" that the Pelosis participated in the Visa IPO, securing 5,000 shares at an IPO price of $44. The Visa transaction drew red flags at the time, with the company's headquarters located in Pelosi's home district.



Increased interest in Congress trading activity, which has outperformed leading market indexes in some years, has led to several ETFs launching.



The Series Portfolios Trust Unusual Whales Subversive Republican Trading ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/KRUZ#BATS">KRUZ</a>) and Series Portfolios Trust Unusual Whales Subversive Democratic Trading ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/NANC#BATS">NANC</a>) track the trading activity of Republican and Democratic members of Congress, respectively.



A new ETF is also on the way from Tuttle Capital that <a href="https://www.benzinga.com/etfs/specialty-etfs/24/06/39299113/nancy-pelosi-among-best-of-the-best-in-stock-trading-new-congress-trading-etf-coming-from-cre">will combine trades </a>from both parties, and base holdings on the trading accuracy and performance of members of Congress and their committee assignments.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/general/politics/24/07/39585140/marjorie-taylor-greene-buys-cybersecurity-stock-owned-by-nancy-pelosi-why-trade-could-draw-red-f">Marjorie Taylor Greene Buys Cybersecurity Stock Owned By Nancy Pelosi: Why Trade Could Draw Red Flags</a></li>
</ul>



Photo: Shutterstock

AVGO

KRUZ

NANC

Nancy Pelosi Loads Up On More Nvidia Shares, Sells Tesla: 'She Always Reports Right Before A Holiday'

Koss Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KOSS#NASDAQ">KOSS</a>) shares are ripping higher Wednesday. The stock appears to be moving on speculation about recent moves from meme stock trader Keith Gill, <a href="https://www.benzinga.com/news/24/07/39585976/lawsuit-against-keith-gill-voluntarily-dismissed-whats-going-on-with-gamestop-stock" target="_blank" rel="noreferrer noopener">also known as "Roaring Kitty."</a>



What To Know: Gill is behind a lot of the recent volatility in GameStop Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) and other retail darlings as the trader made a return to social media in May following a three-year hiatus. Gill is often credited with spearheading the meme stock short squeeze that took place in 2021.



GameStop shares have battled selling pressure in recent sessions after Gill disclosed a 6.6% stake in pet retailer Chewy Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHWY#NYSE">CHWY</a>). The connection here is that Chewy was founded by GameStop CEO Ryan Cohen. The SEC filing confirming Gill&#8217;s stake surfaced just days after the trader <a href="https://x.com/TheRoaringKitty/status/1806371920495186041" target="_blank" rel="noreferrer noopener">posted</a> an image of a dog on X, which sparked speculation that he may be eyeing Chewy.



Related Link: <a href="https://www.benzinga.com/markets/equities/24/07/39588165/roaring-kittys-200m-chewy-bet-gets-unlikely-this-is-his-own-money-response-from-citron-andrew-le">Roaring Kitty&#8217;s $200M Chewy Bet Gets &#8216;Unlikely This Is His Own Money&#8217; Response From Citron: Andrew Left&#8217;s Firm Finds Warren Buffett&#8217;s Occidental Stake More Compelling</a>



The dog image has also been met with new speculation from several Reddit users about what Gill could be planning to do next. 



A <a href="https://www.reddit.com/r/Teddy/comments/1dsyn2b/why_cant_we_go_backwards/">post</a> on Monday from Reddit user canadadrynoob pointed out that a similar dog emoji was used in one of Roaring Kitty&#8217;s posts from May in which several emojis scroll across the screen on top of a music video. The Reddit user speculated that the emoji post could represent a timeline of events. This appears to have sparked more speculation about what could come next.



Reddit user Otherwise-Category42 made a <a href="https://www.reddit.com/r/Superstonk/comments/1dtv3zj/the_gme_koss_connection_the_spark_to_ignite_the/">post</a> after the market close on Tuesday drawing similarities between recent stock movement in GameStop and Koss Corp shares. The user also highlighted that the next emoji in Gill&#8217;s post from May shows an image of a microphone with an American flag in the background. 



The post appears to have sparked speculation that Gill could be targeting Koss stock next, potentially sometime around the July 4 holiday. Koss Corp shares rallied in extended trading Tuesday shortly after the Reddit post went live. Koss designs, manufactures and sells stereo headphones and related accessory products. 



Gill hasn't posted a position update on social media since he shared a screenshot on Reddit showing that he was holding 9.001 million shares of GameStop, up from about 5 million shares at the prior update.



KOSS Price Action: Koss Corp shares were up 82.8% at $7.97 at the time of publication, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>. 



Don&#8217;t Miss: 



<ul>
<li><a href="https://www.benzinga.com/exclusives/24/07/39603613/exclusive-top-10-most-searched-tickers-on-benzinga-pro-in-first-half-2024-where-do-nvidia-tesla-pala">EXCLUSIVE: Top 10 Most Searched Tickers On Benzinga Pro In First Half 2024 – Where Do Nvidia, Tesla, Palantir, GameStop Rank?</a></li>
</ul>



Photo: Shutterstock.

Social Media

Movers

CHWY

KOSS

Koss Corp Stock Is Ripping Higher As Roaring Kitty Speculation Mounts: What's Going On?

The pace of job creation in the U.S. private sector fell short of expectations in June, suggesting a slight easing <a href="https://www.benzinga.com/topic/labor-market">in labor market conditions.</a>



Private employers in the U.S. added 150,000 jobs last month, a decrease from upwardly the revised 157,000 jobs in May and below the forecasted 161,000 jobs, according to the latest ADP National Employment Report. It marks the third straight month of a reduced pace in the U.S. private employment growth.



This report – generated by Automated Data Processing Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ADP#NYSE">ADP</a>) using payroll data from over 500,000 companies and more than 25 million employees –&nbsp;provides an early snapshot of employment trends ahead of official jobs report from the Bureau of Labor Statistics.



On Tuesday, Fed Chair Jerome Powell suggested that the labor market is moving toward a healthier balance, with the unemployment rate approaching sustainable levels and wage growth leveling off. &#8220;The labor market is cooling off appropriately, and we&#8217;re watching it very carefully,&#8221; he stated.



<h2 class="wp-block-heading">June&#8217;s ADP National Employment Report: Key Highlights</h2>



<ul>
<li>Services-providing companies added 136,000 jobs, while goods producers added 14,000.</li>



<li>Industries experiencing increases in employment include leisure and hospitality (63,000), construction (27,000), professional and business services (25,000), trade, transportation, and utilities (15,000), education/health services (9,000), and financial activities (11,000). </li>



<li>Industries witnessing job contractions were natural resources/mining (down by 8,000), manufacturing (down by 5,000) and information (down by 3,000). </li>



<li>Year-over-year pay increases for job-stayers were 4.9% in June, marking the slowest growth rate since August 2021. Pay gains for those who switched jobs also decelerated, reaching 7.7%.</li>



<li>&#8220;Job growth has been solid, but not broad-based. Had it not been for a rebound in hiring in leisure and hospitality, June would have been a downbeat month.&#8221; Nela Richardson, chief economist at ADP, said.</li>
</ul>



<h2 class="wp-block-heading">Market Reactions</h2>



Prior to the ADP data, traders had factored in 50 basis points of rate cuts by year end, assigning a 65% chance on first rate reduction in September. 



The U.S. Dollar Index (DXY), as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), held steady following the ADP release.



Futures on U.S. equity indices were flat during the premarket trading Wednesday, following the rally seen Tuesday. 



On Tuesday, the Nasdaq 100, as tracked by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), hit a record-high close, buoyed by the <a href="https://www.benzinga.com/news/large-cap/24/07/39606425/nasdaq-100-notches-record-daily-close-boosted-by-mega-cap-giants-fed-rate-cut-optimism">rally in tech giants.</a> 



Read now:



<ul>
<li> <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39605542/goldman-sachs-10-reasons-why-stock-risks-rise-in-the-second-half-of-2024">Goldman Sachs: 10 Reasons Why Stock Risks Rise In The Second Half Of 2024</a></li>
</ul>



Photo: Shutterstock

Private Employers Add 150,000 Jobs In June, Less Than Expected: Job Growth 'Solid, But Not Broad-Based'

As the stock market sizzles in mid-2024, investors are eyeing two tech titans: Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>). Both stocks have hit all-time highs &#8211; with Amazon hitting the $200.43 mark and Apple stock hitting the $220.38 mark during day <a href="https://www.benzinga.com/quote/AMZN/news">trading on Tuesday</a>. 



With both stocks being extremely popular and watched by Wall Street investors, the common all-time-high event raises the burning question: which is the better buy?



<h2 class="wp-block-heading">Amazon Stock</h2>



Amazon&#8217;s stock has soared, up 53.59% in the past year and 31.63% year-to-date. It recently touched a 52-week high of $200.43. With a market cap of $2.08 trillion and a P/E ratio of 56.02, Amazon is a heavyweight in tech.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="756" height="359" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/03040604/Screenshot-2024-07-03-at-1.35.46-PM.png" alt="" class="wp-image-417840" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/03040604/Screenshot-2024-07-03-at-1.35.46-PM.png 756w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/03040604/Screenshot-2024-07-03-at-1.35.46-PM-300x142.png 300w" sizes="(max-width: 756px) 100vw, 756px" /></figure>



Source: <a href="https://www.benzinga.com/report/AMZN">Benzinga Report</a>



Analysts are bullish, with 43 ratings predicting a 12-month price target range of $200 to $245, averaging $222.50. This suggests a potential upside of 10.17%. The latest ratings from Needham, Wells Fargo, and B of A Securities, released between June 26 and July 1, imply a 10.66% upside with an average price target of $221.33.



<h2 class="wp-block-heading">Apple Stock</h2>



Apple&#8217;s stock has also performed well, up 14.45% over the past year and 14.41% year-to-date, closing at $220.27 on July 2. With a market cap of $3.36 trillion and a P/E ratio of 34.26, Apple remains a market leader.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="756" height="359" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/03040655/Screenshot-2024-07-03-at-1.36.42-PM.png" alt="" class="wp-image-417842" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/03040655/Screenshot-2024-07-03-at-1.36.42-PM.png 756w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/03040655/Screenshot-2024-07-03-at-1.36.42-PM-300x142.png 300w" sizes="(max-width: 756px) 100vw, 756px" /></figure>



Source: <a href="https://www.benzinga.com/report/AAPL">Benzinga Report</a>



However, analysts forecast a modest upside. With 33 ratings suggesting a 12-month price target range of $164 to $275, the average is $219.50, indicating just a 0.86% potential rise. Recent ratings from UBS, Needham, and Oppenheimer, dated June 28 and July 1, offer an average target of $220, a minimal 0.27% upside.



Read Also: <a href="https://www.benzinga.com/24/07/39611089/top-apple-executive-phil-schiller-to-join-openai-board-as-observer-giving-iphone-maker-equal-status">Top Apple Executive Phil Schiller To Join OpenAI Board As Observer, Giving iPhone Maker Equal Status With Microsoft After Landmark AI Agreement Reached: Report</a>



<h2 class="wp-block-heading">Amazon Vs. Apple</h2>



Growth Potential: Amazon shows more promise with a 10.17% projected upside versus Apple&#8217;s 0.86%.



Valuation: Amazon&#8217;s P/E of 56.02 suggests higher growth expectations compared to Apple&#8217;s 34.26, but also higher risk.



Market Position: Amazon dominates e-commerce and cloud computing, while Apple leads in consumer electronics. Apple&#8217;s larger market cap and lower P/E might appeal to conservative investors, whereas Amazon&#8217;s growth potential attracts those seeking higher returns.



Recent Momentum: Amazon&#8217;s stronger recent performance hints at continued upward momentum.



Both Amazon and Apple are stellar investments. 



However, Amazon appears to offer better growth prospects with a higher potential upside. Investors looking for robust growth may find Amazon more appealing, while those valuing stability might prefer Apple. As always, investment decisions should align with individual goals and risk tolerance.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/large-cap/24/07/39606425/nasdaq-100-notches-record-daily-close-boosted-by-mega-cap-giants-fed-rate-cut-optimism">Nasdaq 100 Notches Record Daily Close, Boosted By Mega-Cap Giants, Fed Rate Cut Optimism</a></li>
</ul>



Photo: Shutterstock

Analyst Ratings

Tech

AAPL

AMZN

Amazon Vs. Apple: The Showdown At All-Time Highs

Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares have been higher for six straight sessions now, with the upward momentum accelerating after the<a href="https://www.benzinga.com/markets/equities/24/07/39595720/tesla-deliveries-fall-for-second-straight-quarter-but-stock-takes-off-as-q2-numbers-exceed-expec"> release of second-quarter deliveries on Tuesday. </a> The flagship fund of Gary Black-run Future Fund substantially reduced its Tesla holdings earlier this year, and the fund manager weighed in on the potential lost opportunity stemming from the liquidation.



What Happened: &#8220;With the benefit of hindsight we could have owned more $TSLA than 3.3% of our portfolio,&#8221; said Black in a post on X, formerly Twitter.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Sure, with the benefit of hindsight we could have owned more <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> than 3.3% of our portfolio. But the stock that replaced <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> as our #2 position &#8211; <a href="https://twitter.com/search?q=%24NVDA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$NVDA</a> &#8211; is up +146% YTD vs TSLA still -8% YTD and NDX +18% YTD. At $229, <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> now trades at 94x FY'2024 EPS of $2.42 &#8211; a… <a href="https://t.co/lnfYwykWNH">pic.twitter.com/lnfYwykWNH</a>&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1808179321322066297?ref_src=twsrc%5Etfw">July 2, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



In early March, Future Fund Active ETF&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FFND#NYSE">FFND</a>) Tesla holding fell from 5.07% to a little under 3%, with Black reasoning then that March quarter consensus expectations were too high and he expected estimate rerating.



The fund&#8217;s most recent disclosure showed it held 289,075 Tesla shares as of July 2, accounting for 3.59% of the market value of the portfolio. Tesla is now the ninth biggest holding of FFND.



When a social-media user commented that Black&#8217;s firm sold Tesla stock at its bottom, the fund manager clarified that he began trimming position in Sept. 2022 at $260 per share when it was the fund&#8217;s largest position at 12.2%.



Black suggested that he wasn&#8217;t worried. The stock that replaced Tesla as Future Fund&#8217;s second most-owned stock &#8211; Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) has gained 146% year-to-date, he said. This compares favorably to Tesla&#8217;s 8% drop during the same period.



Nvidia has been the biggest beneficiary of the AI revolution that is getting entrenched and is expected to last at least three to five years.



See Also: <a href="https://www.benzinga.com/money/best-electric-vehicle-stocks">Best EV Stocks</a>



Fine With Tesla Position: Black explained why he was fine with Future Fund&#8217;s 3.3% Tesla position. At $229, Tesla traded at 94 times the 2024 estimated earnings per share of $2.42, he said. This multiple marks a two-year high, he added. On the 2024 earnings per share estimate of $3.42, Tesla traded at a 70 times P/E, the fund manager said.



As the 2024 and 2025 earnings per share estimates continue to fall, Tesla stock looks less attractive on valuation, he said.



Delving into the positives, Black said finished goods inventories fell by 33,000 or 22% in the second quarter, with the days of sales outstanding dropping from 28 days at the end of the first quarter to 20 days at the end of the second quarter. The pressure on Tesla to reduce prices has abated, going into the third quarter, he added.



Data provided by S3 Partners&#8216; Ihor Dusaniwsky showed that since June 13 short interest in Tesla shares declined by 1.5% as the stock began to rally.<a href="https://www.benzinga.com/top-stories/24/07/39607932/exclusive-tesla-shorts-were-profitable-this-year-until-shareholders-approved-musks-pay-package-exper"> Tuesday&#8217;s gains left shorts with mark-to-market losses of $1.65 billion,</a> reducing their profit for the year-to-date to $1.37 billion, he added.



In premarket trading on Wednesday, the stock edged down 0.06% at $231.11, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>



Read Next:



<ul>
<li><a href="https://www.benzinga.com/trading-ideas/technicals/24/07/39605521/stock-of-the-day-teslas-q2-deliveries-spark-rally-will-resistance-halt-the-climb">Stock Of The Day: Tesla&#8217;s Q2 Deliveries Spark Rally &#8211; Will Resistance Halt The Climb?</a></li>
</ul>



Photo via Shutterstock

FFND

Tesla Shorts Suffer As Stock Soars Over 10%, But This Fund Manager Doesn't Regret Missing Out On Rally After Paring Stake: Here's Why

Trading in the index futures reflects cautious optimism among traders <a href="https://www.benzinga.com/news/large-cap/24/07/39606425/nasdaq-100-notches-record-daily-close-boosted-by-mega-cap-giants-fed-rate-cut-optimism">following the market&#8217;s record run.</a> Wednesday&#8217;s session is abbreviated, with the stock market closing at 1 p.m. EDT, owing to the Independence Day holiday on Thursday. Volume could be anemic, which is typical of a pre-holiday session. That said, traders are left to contend with some key first-tier economic data, including ones on the labor market and the services sector.



The Federal Reserve&#8217;s June meeting minutes will drop in only after the market closes. Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) could lend support to the tech indices as the stock appears on track to extend its winning streak.



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Futures</td><td>Performance (+/-)</td></tr><tr><td>Nasdaq 100</td><td>+0.05%</td></tr><tr><td>S&amp;P 500</td><td>+0.03%</td></tr><tr><td>Dow</td><td>+0.16%</td></tr><tr><td>R2K</td><td>+0.28%</td></tr></tbody></table><figcaption class="wp-element-caption">In premarket trading on Wednesday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) moved up 0.06% to $549.36 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) edged up 0.07% to $487.30, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>. Cues From Last Session:</figcaption></figure>



Traders cherished the let-up in the bond yields and a slightly dovish message relayed by Fed Chair Jerome Powell regarding inflation&#8217;s trajectory and sent stocks higher on Tuesday. The major averages opened lower but recovered immediately after only to move back and forth across the unchanged line in a narrow range.



The indices launched into a strong rally in the afternoon and ended notably higher. The Nasdaq Composite Index set a record closing high for a second straight day, ending above the 18,000 mark for the first time ever. The S&amp;P 500 also closed at a new record. Both the averages, however, failed to break above their previous intraday highs.



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>+0.84%</td><td>18,028.76</td></tr><tr><td>S&amp;P 500 Index</td><td>+0.62%</td><td>5,509.01</td></tr><tr><td>Dow Industrials</td><td>+0.41%</td><td>39,331.85</td></tr><tr><td>Russell 2000</td><td>+0.19%</td><td>2,033.87</td></tr></tbody></table></figure>



Insights From Analysts:



Carson Group Chief Market Strategist Ryan Detrick predicts Wednesday could bring in more gains. Sharing a chart showing historical data, he said July 3 is historically the best day of the summer and one of the strongest days of the year.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Tomorrow is July 3rd, which is historically the best day of the summer and one of the strongest days of the year. <a href="https://t.co/R2qoD4Zf1r">pic.twitter.com/R2qoD4Zf1r</a>&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1808352385904824422?ref_src=twsrc%5Etfw">July 3, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Lumida Wealth&#8217;s Ram Ahluwalia calls for a strong performance over the next two weeks, in line with seasonality. However, the wealth manager flagged potential downside volatility after the peak tech earnings season and ahead of the mid-August Democratic convention. Uncertainty would weigh down on sentiment, he added.



Upcoming Economic Data:



<ul>
<li>ADP is scheduled to release its June private payrolls report at 8:15 a.m. EDT. Payroll gains in the sector may have accelerated slightly from May&#8217;s 152,000 to 160,000 in June.</li>



<li>The Labor Department is due to release its weekly jobless claims report at 8:30 a.m. EDT. Economists, on average, expect claims for the week ended June 29 to come in at 233,000, flat with the previous reporting week.</li>



<li>The Commerce Department will release the May trade balance report at 8:30 a.m. EDT. The consensus estimate calls for a widening of the trade deficit from April&#8217;s $74.6 billion to $76.3 billion.</li>



<li>S&amp;P Global is set to release its final service sector purchasing managers&#8217; index for June, with economists expecting the measure to remain unchanged from the flash reading of 55.1, but rise from 54.8 in May.</li>



<li>The Institute for Supply Management is due to release the results of its non-manufacturing survey for June at 10 a.m. EDT. The non-manufacturing PMI is estimated at 52.8 for the month, down from 53.8 in May.</li>



<li>The Commerce Department&#8217;s factory orders report, due at 10 a.m. EDT, is expected to show a 0.3% month-over-month increase for May. This will mark a slowdown from the 0.7% growth in April.</li>



<li>The Fed will release the minutes of the June Federal Open Market Committee meeting&#8217;s minutes at 2 p.m. EDT. At the meeting, the central once again held the Fed funds rate at a 22-year high of 5.25%-5.50%. The dot-plot curve released along with the Summary of Economic Projections suggested only a single cut for the remainder of the year.</li>
</ul>



See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How to Trade Futures</a>



Stocks In Focus:



<ul>
<li>Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) climbed over 9% in premarket on reports of a new Skydance deal.</li>



<li>Tesla <a href="https://www.benzinga.com/markets/equities/24/07/39613558/tesla-stock-on-track-to-extend-6-session-winning-streak-up-3-5-premarket-whats-driving-the-accel">extended its gains and rose over 3.50%.</a></li>



<li>Constellation Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>) is scheduled to <a href="https://www.benzinga.com/calendars/earnings">report its quarterly results ahead of the market open.</a></li>
</ul>



Commodities, Bonds And Global Equity Markets:



Crude oil futures rebounded from Tuesday&#8217;s losses and gold futures are rising. The 10-year Treasury dipped further, while Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell over 4% over the past 24 hours and pulled back toward the $60K level.



The global equity markets were on a roll, with the Asian markets closing notably higher, tracking the buoyancy on Wall Street overnight. China bucked the uptrend amid the release of weaker-than-expected service sector activity readings. European stocks started on a firmly positive note.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39612033/s-p-500-to-rally-further-next-2-weeks-wealth-manager-points-to-bullish-seasonality-">S&amp;P 500 To Rally Further Next 2 Weeks? Wealth Manager Points To &#8216;Bullish Seasonality&#8217; But Warns Downside Volatility Could Follow After Tech Earnings Season</a></li>
</ul>



Image via Shutterstock

Earnings

Futures

Previews

Nasdaq, S&P 500 Futures Flat Ahead Of Jobs, Services Sector Data; Tesla Rises: Analyst Sees Further Gains For US Stocks

Tesla stock rose<a href="https://www.benzinga.com/premarket"> in premarket trading</a> on Wednesday, signaling the possibility of it adding to its six-session winning streak.



On Tuesday, the stock tacked on 10.20% by the close and settled at $231.26, marking the highest level since Jan. 10. The upside came after the electric vehicle maker reported <a href="https://www.benzinga.com/money/how-to-buy-tesla-stock">second-quarter deliveries</a> that exceeded the lowered consensus forecasts. While a section of analysts expressed apprehension regarding the second straight quarterly sales drop, bulls on the Street said sales could have bottomed, positioning the company on track for a second-half rebound.



The reduction in inventories and strong stationary energy storage business also generated a positive reaction from analysts.



The unanimous view is that the ultra-easy financing option provided by the company to facilitate sales was primarily responsible for the upside relative to the estimate.



See Also: <a href="https://www.benzinga.com/money/how-to-buy-tesla-stock">How To Buy Tesla Stock</a>



Following the quarterly deliveries update, Wedbush analyst Daniel Ives upped his price target from $275 to $300, with a new bull-case price target of $400 for 2025. CANACCORD Genuity&#8217;s George Gianarikas also lifted his price target for Tesla from $222 to $254.



If the uptrend is sustained in the truncated session on Wednesday, the stock remains on track to backfill a gap from mid-October 2023 and push toward $242.



In premarket trading, the stock climbed 3.5% to $239.42, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>



Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.



Read Next: 



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<li><a href="https://www.benzinga.com/markets/equities/24/07/39612719/teslas-q2-deliveries-beat-draws-mixed-reaction-from-analysts-early-independence-day-celebration-">Tesla&#8217;s Q2 Deliveries Beat Draws Mixed Reaction From Analysts: Early Independence Day Celebration Or Giant Financial Incentive-Driven Transitory Boost?</a></li>
</ul>



Image via Shutterstock

Tesla Stock On Track To Extend 6-Session Winning Streak, Up 3.5% Premarket: What's Driving The Acceleration

The tech-heavy Nasdaq 100 Index closed Tuesday&#8217;s session at 20,011 points, rallying 1% and marking the highest daily <a href="https://www.benzinga.com/topic/nasdaq-100">closing price ever recorded,</a>



Shares of Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>), Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), and Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) – together comprising 20% of the tech index&#8217;s total weight – all reached fresh all-time highs <a href="https://www.benzinga.com/markets/equities/24/07/39604852/apple-microsoft-amazon-shares-soar-to-new-all-time-highs-wheres-the-momentum-coming-from">during Tuesday&#8217;s trading session.</a>



Investors showed strong confidence in mega-cap tech giants, with nine out of the 10 largest stocks within the Nasdaq 100 closing in positive territory. The sole exception was Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), which fell by 1.4%.



<h3 class="wp-block-heading">Fed Chair Powell Bolster Rate Cut Hopes</h3>



At an ECB monetary policy panel on Tuesday, Fed Chair Jerome Powell suggested that the disinflation trend has resumed and the labor market is showing signs of &#8220;appropriate cooling.&#8221;



This has bolstered investor confidence that the Federal Reserve will soon initiate a rate-cutting cycle, with expectations for the first cut in September and another in December. 



Thus, two rate cuts are fully anticipated by year-end, with market participants projecting an additional 84 basis points of cuts, amounting to three to four cuts in 2025.



Traders now anxiously await key labor market data, including the private ADP Employment Report slated for Wednesday.



<h3 class="wp-block-heading">Nasdaq 100&#8217;s Remarkable Rally</h3>



The Nasdaq 100 Index, tracked by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), is poised for its ninth week of gains out of the last 11.



Since hitting lows in October 2022, the index has rallied over 90%, as illustrated in the chart below from the <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent070224&amp;t=be2bearmibe3na1">Benzinga Pro Platform.</a>



<figure class="wp-block-image size-large"><a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent070224&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="1024" height="550" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/02155313/image-3-1024x550.png" alt="" class="wp-image-417172" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/02155313/image-3-1024x550.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/02155313/image-3-300x161.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/02155313/image-3-768x413.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/02155313/image-3-1536x826.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/02155313/image-3.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h3 class="wp-block-heading">Nasdaq 100&#8217;s Top 5 Gainers On July 2, 2024</h3>



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Security Name</td><td>Return</td></tr><tr><td>Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)</td><td>10.17%</td></tr><tr><td>ON Semiconductor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>)</td><td>5.44</td></tr><tr><td>Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>)</td><td>4.22</td></tr><tr><td>Arm Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>)</td><td>2.94</td></tr><tr><td>Charter Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NASDAQ">CHTR</a>)</td><td>2.57</td></tr></tbody></table></figure>



Read Next:



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<li> <a href="https://www.benzinga.com/markets/asia/24/07/39595146/trumps-trade-tariffs-would-be-highest-in-the-postwar-period-and-increase-inflation-says-goldman-sach">Trump&#8217;s Trade Tariffs Would Be &#8216;Highest In The Postwar Period&#8217; And Increase Inflation, Says Goldman Sachs Economist</a></li>
</ul>



Photo: Shutterstock

CHTR

MSFT

Nasdaq 100 Notches Record Daily Close, Boosted By Mega-Cap Giants, Fed Rate Cut Optimism

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) has experienced a sharp decline in early Asian trading hours, dropping from $62,000 to $59,544, marking an <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39612972/bitcoin-faces-risk-of-over-1b-in-liquidations-if-price-hits-this-level-analyst-warns">over 4% decrease</a>.



What Happened: This downturn coincided with the first net outflow from Bitcoin spot ETFs in nearly a week, according to <a href="https://sosovalue.com/assets/etf/us-btc-spot">data</a> by cryptocurrency analytics firm SoSo Value.



On July 2, Bitcoin ETFs recorded a total net outflow of $13.6167 million, breaking a five-day streak of consecutive inflows. 



The Grayscale Bitcoin Trust (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GBTC#OTC">GBTC</a>) led the exodus with a substantial single-day outflow of $32.3779 million.



However, this was partially offset by inflows into other ETFs, with BlackRock&#8217;s iShares Bitcoin Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>) and Fidelity&#8217;s Wise Origin Bitcoin Fund (BATS:<a class="ticker" href="https://www.benzinga.com/stock/FBTC#BATS">FBTC</a>) attracting $14.1154 million and $5.4189 million, respectively.



The bearish sentiment extended beyond Bitcoin, affecting other major cryptocurrencies. 



Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) and Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) each experienced over 4% declines, mirroring Bitcoin&#8217;s downward trajectory. At the time of writing, Bitcoin is trading around $60,200.



Market analysts attribute this downward pressure to multiple factors, with particular emphasis on the anticipated distribution of Bitcoin from the defunct <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39577189/will-mt-gox-really-dump-9b-in-bitcoin-on-the-market">Mt. Gox exchange</a>, expected to commence this month.



This looming supply increase has created uncertainty among investors, potentially contributing to the current price volatility.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39603786/bitcoin-to-hit-100k-by-us-election-standard-chartered">Bitcoin To Hit $100K By US Election: Standard Chartered</a>



Why It Matters: Despite the current downturn, some analysts maintain a cautiously optimistic outlook.



Crypto analyst Ali Martinez has <a href="https://x.com/ali_charts/status/1808092251760849400">identified</a> key resistance levels for Bitcoin, stating, &#8220;One of the most crucial resistance areas for Bitcoin is $65,795. If BTC can break past this level, the next significant target is $78,700!&#8221;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="648" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/03065154/ali-2-1024x648.jpeg" alt="" class="wp-image-418121" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/03065154/ali-2-1024x648.jpeg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/03065154/ali-2-300x190.jpeg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/03065154/ali-2-768x486.jpeg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/03065154/ali-2.jpeg 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



As the market grapples with these immediate challenges, attention is also turning to future developments, particularly in the Ethereum ecosystem. 



A K33 analyst <a href="https://k33.com/research/articles/all-time-high-eth-oi">highlighted</a> the potential impact of the upcoming Ethereum ETF, describing it as &#8220;a solid catalyst for ETH&#8217;s relative strength.&#8221;



The analyst predicts that while ETH might experience an initial dip post-launch, subsequent inflows could significantly boost its price.



Nate Geraci, president of The ETF Store, offered <a href="https://x.com/NateGeraci/status/1808296291140600095">insights</a> into the potential launch timeline for the Ethereum spot ETFs, suggesting a possible launch in the week of July 15.



This development could introduce new dynamics to the cryptocurrency market.



What&#8217;s Next: As these events unfold, industry stakeholders are looking forward to Benzinga&#8217;s <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19.



This gathering is expected to provide a platform for in-depth discussions on recent market trends, ETF flows, and their long-term implications for the <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39597377/spot-ethereum-etfs-could-take-in-up-to-15b-in-2024-gemini-research">digital asset landscape</a>.



Image: Shutterstock



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39603441/iris-energy-secures-413m-for-bitcoin-mining-expansion">Iris Energy Secures $413M For Bitcoin Mining Expansion</a></li>
</ul>

$DOGE

$SOL

FBTC

GBTC

IBIT

Why Is Bitcoin Down To $60K Today?

Simon Hale, a Senior Portfolio Manager at Wellington Altus Private Wealth, has highlighted the potential for Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) to reach new all-time highs. Hale&#8217;s comments come as <a href="https://www.benzinga.com/markets/equities/24/07/39595720/tesla-deliveries-fall-for-second-straight-quarter-but-stock-takes-off-as-q2-numbers-exceed-expec">Tesla&#8217;s stock continues to make headlines</a> with its recent price target increase and warnings to short sellers.



What Happened: Hale took to X to praise Rich Ross, a renowned technical analyst, and his predictions for Tesla&#8217;s future. Ross, who is the head of technical analysis at the Macro Research Team, has been consistently recognized for his expertise in the field. Hale emphasized the significance of Ross&#8217;s analysis, particularly when it aligns with their own fundamental assessments.



&#8220;This should not be ignored. Please pay attention when he says $TSLA is going to new all time highs,&#8221; Hale wrote and shared a screenshot of Ross&#8217; analysis on Tesla.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Rich Ross is the best technical analysts on Wall Street. Been following him for some time. When his technicals and our fundamentals lign up, watch out. This should not be ignored. Please pay attention when he says <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> is going to new all time highs. <a href="https://t.co/aDgN9rFZHA">pic.twitter.com/aDgN9rFZHA</a>&mdash; Simon_Hale (@SimonHale007) <a href="https://twitter.com/SimonHale007/status/1808290515713974534?ref_src=twsrc%5Etfw">July 3, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Meanwhile, Tesla&#8217;s stock has been on a rollercoaster ride. On Tuesday, the company&#8217;s shares surged after it exceeded <a href="https://www.benzinga.com/markets/equities/24/07/39595720/tesla-deliveries-fall-for-second-straight-quarter-but-stock-takes-off-as-q2-numbers-exceed-expec">second-quarter delivery estimates</a>. This news was a blow to short sellers, who have been <a href="https://www.benzinga.com/top-stories/24/07/39607932/exclusive-tesla-shorts-were-profitable-this-year-until-shareholders-approved-musks-pay-package-exper">betting against Tesla&#8217;s</a> high valuation compared to other automotive companies. 



See Also: <a href="https://www.benzinga.com/markets/equities/24/06/39566797/roaring-kitty-keith-patrick-gill-accused-of-gamestop-pump-and-dump-scheme-in-class-action-lawsui?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Roaring Kitty&#8217; Keith Patrick Gill Accused Of Gamestop Pump-And-Dump Scheme In Class Action Lawsuit: &#8216;Suf</a>



Why It Matters: Hale&#8217;s endorsement of Ross comes at a pivotal time for Tesla. Recently, Wedbush analyst Dan Ives <a href="https://www.benzinga.com/markets/equities/24/07/39610934/tesla-price-target-raised-to-300-by-wedbush-analyst-dan-ives-amid-1-trillion-tech-potential-the-">raised Tesla&#8217;s price target</a> to $300, citing the company&#8217;s burgeoning AI story, which he believes could be worth over $1 trillion. Ives highlighted a positive shift in Tesla&#8217;s demand story for the second half of 2025.



Furthermore, Gary Black, Managing Partner at Future Fund, echoed Tesla CEO Elon Musk&#8216;s <a href="https://www.benzinga.com/markets/equities/24/07/39611249/gary-black-echoes-elon-musk-after-tesla-ceo-warns-short-sellers-including-bill-gates-that-they-w">warning to short sellers</a>, predicting a substantial increase in Tesla&#8217;s Total Addressable Market with the launch of a $25,000 vehicle in 2025 and the potential of Tesla's autonomous driving technology to be worth $5 trillion.



Price Action: Tesla Inc. shares closed at $231.26 on Tuesday, up $21.40 or 10.20% for the day. In after-hours trading, the stock dipped 0.035%. Year to date, Tesla&#8217;s stock has decreased by 6.91%, according to&nbsp;<a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/06/39563833/trump-campaign-signals-intent-to-withdraw-us-from-paris-climate-accord-again-report?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Campaign Signals Intent To Withdraw US From Paris Climate Accord Again: Report</a></li>
</ul>



Image Via Shutterstock 



This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

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