- 3 Big Scoops
- Posts
- Jamie Dimon Spooks Wall Street
In partnership with
Bulls, Bitcoin, & Beyond
Market Moves Yesterday
S&P 500 @ 5,308.18 ( ⬆️ 0.092%)
Nasdaq Composite @ 16,794.88 ( ⬆️ 0.65%)
Bitcoin @ $70,913.80 ( ⬆️ 5.26%)
Hey Scoopers,
Happy Tuesday! Here’s what we’re covering today:
👉 JPMorgan stock pulls back
👉 The commodities bull run
👉 An Ethereum ETF is on the cards
So, let’s go 🚀
Market Wrap 📉
The tech sector drove the Nasdaq Composite index to record gains powered primarily by Nvidia.
Investors are keeping a close eye on Nvidia’s upcoming fiscal Q1 results, due this Wednesday. The tech stock surged over 2% on multiple bullish analyst calls that highlighted its dominant market position.
Several investment banks raised their price target on the chipmaker ahead of its earnings report, indicating shares could soar 30% from current levels.
Nvidia stock is up 91.4% in 2024 and has more than tripled in the last 12 months. Valued at $2.3 trillion by market cap, Nvidia is now the third-largest holding in the S&P 500 index.
Stocks are coming off a strong week. The S&P 500 index just posted a four-week winning streak and notched all-time highs.
Trending Stocks 🔥
Palo Alto Network - The cybersecurity giant dropped 8.4% in pre-market despite beating estimates in fiscal Q3 and delivering Q4 guidance in line with consensus forecasts.
Li Auto- The EV stock is down 25% following downbeat Q1 results. It reported revenue of $3.5 billion, up 36.4% year over year but below estimates of $3.76 billion.
Hims & Hers Health - Shares surged over 30% after the telehealth company introduced access to compounded GLP-1 injections, expanding on the weight loss program it launched last December.
Jamie Dimon Drives JPM Stock Lower
Shares of JPMorgan fell 4.5% yesterday after the company’s CEO, Jamie Dimon, indicated his tenure might come to an end within the next five years.
Source: CNBC
This is a change from Dimon’s previous responses to succession planning questions, in which his standard answer was that retirement was perpetually five years away.
In the last two decades, Dimon has made the U.S.-based lender the largest in the country in terms of assets, market cap, and other measures.
The top candidates who might replace Dimon at the helm include the CEO of JPMorgan’s consumer bank, Marianne Lake, and Jennifer Piepszak, the co-lead of its commercial and investment banking vertical.
Moreover, Dimon stated the bank would not repurchase shares at current levels, indicating the stock might be overvalued right now.
JPM stock is up 15% in 2024 and over 40% in the last 12 months.
Learn how to make AI work for you.
AI breakthroughs happen every day. But where do you learn to actually apply the tech to your work? Join The Rundown — the world’s largest AI newsletter read by over 600,000 early adopters staying ahead of the curve.
The Rundown’s expert research team spends all day learning what’s new in AI
They send you daily emails on impactful AI tools and how to apply it
You learn how to become 2x more productive by leveraging AI
Silver and Copper Are on Fire
A host of precious metals and base metals climbed to fresh record highs on Monday, pushing June gold futures to a record high of $2,454.20 an ounce. Moreover, July copper futures hit a peak of $5.199 a pound.
Copper, a metal used in a variety of industrial products, provides insights into the economy's health.
Silver reached its highest price in 11 years at $32.75 an ounce, a level last seen in late 2012.
However, the gains in commodity prices threaten the U.S. stock market, as regulators might find it difficult to bring inflation under control amid higher prices.
In case inflation remains elevated, interest rates will also remain higher, resulting in lower corporate earnings and sluggish consumer spending.
Ethereum Leads Crypto Rally
Crypto prices have rallied in the last 24 hours amid a late surge in optimism around the U.S. SEC’s decision on spot ether ETF applications, due this week.
Source: Coinpedia
Ethereum prices are up over 16% and are trading at $3,680 at the time of writing. Bitcoin prices also popped over 5%, surpassing the $70,000 threshold for the first time since April.
An Ethereum spot ETF would drive adoption across retail and institutional investors. These inflows will act as a tailwind for Ethereum, driving prices higher.
Headlines You Can't Miss!
Microsoft launches new PCs with AI chips from Qualcomm
Tesla Fermont factory suffers another fire
Samsung Electronics names new chief for chip business
Peloton stock plunges on refinancing plans
India’s SEBI recommends a multi-regulator approach for crypto
Chart of The Day
Source: Visual Capitalist
The distribution of global GDP (gross domestic product) among the world’s largest economies has shifted dramatically in the last four decades, primarily due to economic policies, tech advancements, and demographic trends.
Here are a few key numbers from this chart
After bottoming out at 21.1% in 2011, the U.S. economy may account for 26.3% of global GDP in 2024.
China’s rapid growth began in the early 2000s after it joined the World Trade Organization in 2001, facilitating the country’s integration into the global economy.
Japan accounted for almost 18% of global GDP in 1994. Since then, it has wrestled with economic stagnation and an aging population, resulting in a decline in its economic might.
Meme of the Day
DISCLAIMER: None of this is financial advice. The newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research.