- Wall Street gains at the opening
- Bridgewater co-CIO Greg Jensen said markets are getting it wrong and warned of a bad outlook for stocks and bonds
- Tesla shares are gaining following the Q1 initial announcement
US indices show investors remain upbeat about equities after the SP500 (US500) posted its best first half since 2019, fueled by a resilient economy and appetite for technology companies. US500 is gaining 0.03% and US100 is up more than 0.20% closing to the 15400 points. However, several prominent institutional investors have expressed concerns about the sustainability of this rally, suggesting that it could be short-lived:
- Bridgewater co-CIO Greg Jensen warns of a gloomy outlook for stocks and bonds
- Pimco's CIO anticipates a "harder landing"
- Fidelity and Janus highlight the decoupling of equities from the worsening economic backdrop, suggesting that chasing the stock rally could become a trap
- JPMorgan advises watching earnings as profit margins may not be sustained near record highs due to cooling inflation and slowing growth
US500 index is currently trading at 4488 and is nearing a significant resistance level at 4500. Today, the price has shown a slight increase of 0.04%. In recent trading sessions, we observed a rebound from a support level around the 4400 zone, leading to a subsequent rise towards the current level. If the price manages to break above the resistance level of 4500, the next potential resistance zone to watch for is around 4550. On the other hand, if the price fails to break above 4500, a retracement towards the 4400 level could be anticipated.
The top movers for the SPX index (US500) today are Carnival Corp (+9.73%), SolarEdge (+5.94%), and Enphase Energy(+5.49%), both Carnival Corp and SolarEdge extends bullish momentum from the previous week, source Bloomberg
Company News:
- Tesla (TSLA.US) shares rally 6.7% in premarket trading, after the world’s most valuable automaker said it delivered a record 466,140 cars worldwide in the second quarter, outpacing Wall Street estimates
- Cryptocurrency-exposed stocks rise in US premarket trading as Bitcoin hovers above the closely watched $30,000 level for a twelfth consecutive session. Riot Platforms +7.7% (RIOTUS), Marathon Digital (MARA.US) +8.0%.
- Fidelity National Information Services (FIS.US) gains 5.41% in US premarket trading as the Financial Times reports that private equity firms, including Advent, are considering buying its majority stake in Worldpay at a valuation exceeding $15 billion. Analysts see the interest as positive for the share price of FIS.
