Market Impact of Biden’s Decision
Market Impact of Biden’s Decision: Start a free trial of The Sevens Report.
What’s in Today’s Report:
- Market Impact of Biden’s Decision to Drop Out
- Putting Last Week’s Declines in Proper Context (What Tech Giveth, Tech Taketh Away)
- Weekly Market Preview: Does the Changing Political Landscape Pressure Markets?
- Weekly Economic Cheat Sheet: The First Big National Report for July Comes This Week
Futures are solidly higher on surprise rate cuts from China and as President Biden dropped out of the Presidential election.
President Biden dropped out of the election this weekend and endorsed VP Harris as the new nominee and this should see a mild tightening of the polls.
Economically, China announced a surprise 10 bps interest rate cut and that’s helping to boost the economic outlook.
This week will be a busy one for earnings and economic data, but it starts slowly as there is just one notable economic report today, Chicago Fed National Activity (E: 0.18) and three notable earnings reports: NXPI ($3.21),VZ ($1.15) and TFC ($0.78). NXPI is the most important earnings report today and if the semiconductor company can post strong guidance, it’ll help ease chip worries (which will help the tech sector and broader market stabilize).
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