Key Takeaways

• Trump to make Bitcoin "strategic asset" of US.
• Week’s focus: Fed decisions; Big tech earnings.
• US national debt nears US$35T mark.
• Baillie Gifford trims NVDA for US$2.3B.
• Musk hints at August release for Cybertruck FSD.
• Philips pre-market jump; Q2 profits beat expectations.

I. Market Report

Stock futures rose Monday as Wall Street gears up for a busy week of corporate earnings.

As of 08:26 am, EST (or 08:26 pm in Malaysia), futures tied to the Dow Jones Industrial Average climbed 0.40%. S&P 500 futures gained 0.48%, while Nasdaq 100 futures added 0.78%.

II. Market Movers

As of 08:26 am, EST (or 08:26 pm in Malaysia), top pre-market movements are as follows:

Note: We are pleased to inform you that our app now supports pre/after-market trading for US stocks. The trading hours for these sessions are as follows:

• Pre-market: 16:00 to 21:30 in Malaysia
• After-hours market: 04:00 to 08:00 the next day in Malaysia

Please note that regular trading hours are from 21:30 to 04:00 UTC.

III. Flash Headlines

Trump: Bitcoin Will 'Skyrocket' if He Regains Presidency, Vows to Fire SEC Chair

In a show of massive political support for the cryptocurrency demographic, former President Donald Trump said that Bitcoin would skyrocket like "never before" if he came back to power and promised to fire current SEC Chair Gary Gensler on Day 1 of his tenure. Read in detail>>

Week's Focus: Fed Leads Major Central Bank Decisions, BOJ Faces Tricky Position

Monetary policy decisions in Japan, the United States and Britain are in focus this week after the yen surged last week on global markets betting the Bank of Japan could raise interest rates. Earnings from a slew of companies including Apple ($Apple Inc. AAPL$), Amazon ($Amazon.com, Inc. AMZN$) and Microsoft ($Microsoft Corporation MSFT$) will also be scrutinized for clues about the health of the world’s largest economies. Read in detail>>

US Gov't Debt Nears US$35 Trillion

The latest data from the US Treasury Department website shows that the US federal government debt has reached US$34.997 trillion, just one step away from the US$35 trillion mark. Read in detail>>

Hedge Funds Trim Yen Shorts Ahead of Key BOJ Decision

Hedge funds rushed to exit short yen positions as the carry trade, once popular among investors, collapsed. Data from the US Commodity Futures Trading Commission (CFTC) showed that hedge funds reduced their net short yen positions by 56,639 contracts in the two weeks ending July 23, the largest sell-off since early 2011... Read in detail>>

Peter Schiff Warns of Potential Market Crash, Small-Caps See Big Inflows

Economist Peter Schiff raised concerns about a potential market crash, highlighting the current market sell-off, the rise of safe-haven currencies, and the fall of commodity currencies. He warned that the “Markets are sounding an alarm,” suggesting that the Federal Reserve should cut rates before a recession hits. Read in detail>>

MLIV Pulse Survey: Gold Is the Best "Trump Deal"

According to the latest MLIV Pulse survey, gold is the best hedge portfolio if Trump wins the election again. Among the 480 respondents, twice as many people support gold as a safe haven in the event of Trump's re-election as those who support the US dollar. More than 60% of respondents believe that the US dollar will eventually weaken if Trump wins re-election. Read in detail>>

IV. Stocks to Watch

Baillie Gifford Trims US$2.3B Nvidia Stake in Q2

Renowned British asset management firm Baillie Gifford disclosed its latest 13F filing, revealing it significantly reduced its position in Nvidia Corp. ($NVIDIA Corporation NVDA$) during the second quarter, marking the sixth consecutive quarter the firm has trimmed its Nvidia holdings. Read in detail>>

Amazon Q2 Preview: Expect Strong Sales and Cloud, But Cautious on Q3 Profit

As Amazon.com Inc ($Amazon.com, Inc. AMZN$) gears up to announce its Q2 earnings on Thursday after the market close, anticipation is building around what could be a remarkable performance. With just six days to go, BofA Securities’ analyst Justin Post has painted an optimistic picture for the e-commerce and cloud giant, with a US$220 price target (a potential 22.3% upside) and maintaining a Buy rating. Read in detail>>

Musk Provides New Timeline for Cybertruck FSD Access: 'It Should Be Coming Out in August'

Tesla Inc‘s ($Tesla Motors, Inc. TSLA$) Cybertruck customers may get access to its full self-driving (FSD) driver assistance technology in August, company CEO Elon Musk said on Sunday. Read in detail>>

Analyst: OpenAI Search Engine Likely No Threat to Google Dominance

Deepwater Asset Management’s managing partners, Gene Munster and Doug Clinton have downplayed concerns that Alphabet Inc.’s ($Alphabet Inc. Class C GOOG$) ($Alphabet Inc. Class A GOOGL$) Google Search could be outdone by OpenAI’s SearchGPT. Read in detail>>

Philips Jumps Pre-Market, Q2 Profit Beats, FY Guidance Reiterated

Dutch healthcare company Philips ($Royal Philips NV Sponsored ADR PHG$) US stocks rose more than 10% in pre-market trading to US$28.4. On the news front, Philips announced its second-quarter results, with sales of 4.46 billion euros, market expectations of 4.49 billion euros... Read in detail>>

Zeekr Gains Pre-Market, Official Images of MIX Model Emerge, Launch Expected in H2

Zeekr ($ZEEKR Intelligent Technology Holding Limited ZK$) US stocks rose before the market opened at US$17.68. On the news front, Zeekr Auto Video released the latest official photos of Zeekr MIX pure electric MPV on July 26. Read in detail>>

Longeveron Reports Positive Results from Alzheimer's Disease Study

Longeveron Inc. ($Longeveron LGVN$) announced the results of its CLEAR MIND Phase 2a clinical trial evaluating the use of Lomecel-B in patients with mild Alzheimer's disease. The study met its key objectives, providing data to support a favorable benefit-risk profile for the treatment.

ON Semiconductor Reports Q2 Results Above Estimates

ON Semiconductor Corp. ($ON Semiconductor Corporation ON$) reported Q2 2024 results that exceeded expectations: Non-GAAP EPS of US$0.96 beat by US$0.04. Revenue of US$1.74 billion, down 16.7% year-over-year, but beating by US$10 million. The company also provided Q3 2024 guidance, with GAAP and non-GAAP outlooks above the consensus.

McDonald's Q2 Revenue Flat, Net Income Falls

McDonald's Corp. ($McDonald's Corporation MCD$) reported its second quarter results: Revenue was US$6.49 billion, compared to US$6.498 billion in the year-ago period. Net income was US$2.022 billion, down from US$2.31 billion a year earlier. Read in detail>>

AstraZeneca Gains Pre-Market, Positive Results for Chronic Lymphocytic Leukemia Treatment

AstraZeneca ($Astrazeneca PLC Sponsored ADR AZN$) US stocks rose in pre-market trading. In the news, the company said that the results of its Calquence drug for the treatment of chronic lymphocytic leukemia were favorable. Read in detail>>

V. Calendar

Earnings:

$McDonald's Corporation MCD$
$Welltower, Inc. WELL$
$ON Semiconductor Corporation ON$
$Equity Residential EQR$
$SBA Communications Corporation SBAC$
$Hologic, Inc. HOLX$
$Loews Corporation L$
$CVR Energy, Inc. CVI$

Expected IPO:

$Actuate Therapeutics ACTU$
$M3-Brigade Acquisition V Corp. MBAVU$

Please note that the timing of IPOs is subject to change at any time (including being advanced or delayed). Investors should therefore keep up-to-date with relevant news.

Events:

Finally, just a little reminder:

The regular trading hours for US stocks in the Daylight Saving Time (DST) are from 21:30 to 04:00+1 GMT+8, with pre-market trading available from 16:00 to 21:30.

Have a nice trading day!