Trump elects vice president, Dow Jones closes at record high, Bitcoin “digital gold” | Wilnesh News

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record high
this Dow Jones Industrial Average Closed at record high Former President Donald Trump survives an assassination attempt. this S&P 500 Index hit intraday highs and Nasdaq Index up 0.4%. Prospects for Trump’s reelection seen as positive for small stocks Russell 2000 It rose 1.8%, hitting its highest level since 2022 and recording its fourth consecutive session of gains. 10-Year Treasury Bond Yield Ministry of Finance rose slightly to Investor analysis Comments from Federal Reserve Chairman Powell. US oil prices Refused.

Trump’s vice presidential pick
donald trump has Selects Ohio Senator J.D. Vance as his vice presidential running mate 2024 elections. Trump announced his decision on Truth Social, praising Vance as the most suitable candidate after considering several other candidates. The Biden campaign was quick to criticize the choice, accusing Vance of fueling Trump’s “extreme Make America Great Again agenda” and claiming both men would prioritize tax cuts for the wealthy while raising taxes on the middle class. . They also say billionaires and corporations favor Vance and expect the policies to benefit them at the expense of ordinary Americans. You can track Trump officially becomes the Republican presidential candidate, real-time updates here.

The Fed may not wait
Powell said Central bank won’t wait until inflation reaches 2% target Lower interest rates. Because of the delayed effects of monetary policy, “if you wait until inflation gets all the way down to 2%, you may have waited too long because of the tightening you’re doing, or the degree of tightening you’re doing,” Powell said. “The economic impact is still existence, may bring the inflation rate below 2%.”

Bitcoin “Digital Gold”
BlackRock CEO Larry Fink originally Bitcoin Skeptics now see cryptocurrencies as “digital gold” and potential safe havens Investors worry about political instability and rising government debt. Fink believes that Bitcoin can provide uncorrelated returns and serve as a hedge against currency devaluation caused by excessive deficits. “I believe you can invest in it when you’re more scared,” Fink told CNBC. “It’s a tool when you believe that some countries are devaluing their currencies through excessive deficits, and some countries are. .quack in the street”.

Goldman Sachs beats expectations
Goldman Sachs Exceeded profit and revenue expectations The second quarter was driven by stronger-than-expected fixed income results and lower loan loss provisions. But Goldman’s famed investment banking business disappointed compared with rivals; investment banking fees rose 21%, compared with increases of more than 50% for both JPMorgan and Citigroup. Goldman Sachs Chief Financial Officer Dennis Coleman said the bank remains No. 1 in terms of combined market share, a comparison that correlates with better relative performance a year ago. Expectations are high for Goldman Sachs, whose Wall Street business is on the rebound after a dismal 2023. Goldman SachsShare price rose 2%

(PRO) Retail Puppy Love
TeslaThe recent rally was driven by “retail puppy loveWells Fargo warned it “could be over soon.” Analyst Colin Langan reiterated his underweight rating, in stark contrast to Wall Street’s bullish sentiment. Tesla shares lagged peers after initially being bearish this year, but have soared 78% since April after accelerating product launches.

Not only did it Trump Media look Share price soared 30% After the assassination of former President Donald Trump, Cryptocurrencies also get a boost. This surge is due to political betting platforms predict It suggests that Trump is likely to win the November election by a large margin after the assassination. A connection to cryptocurrency? Trump’s recent Raised $12 million At a fundraiser hosted by tech venture capitalists David Sacks and Chamath Palihapitiya, he Criticized Democrats for trying to regulate the cryptocurrency industry.

Currently, financial markets are largely supportive of Trump’s trade agenda.

“I mean, the market would prefer Trump. “He’s more pro-free market and anti-regulation in order to grow,” said Wharton finance professor Jeremy Siegel. CNBC’s “Squawk Box” on Monday.

But this growth comes at a cost.

“Regarding growth, if we do a red sweep“I think it’s more likely that we’ll have more tax cuts – bigger tax cuts than if the 2017 tax cuts were to be extended after they expire at the end of 2025. So while the deficit is higher, it’s definitely going to have a negative impact on economic growth. Relative benefits.

“The deficit is not on a good track even under current policies, and if all the tax cuts are extended (which is likely to happen under any scenario, but probably a little more under a red wave), you’re going to see a pretty Painful situation for release.

Goldman Sachs Recommends A second Trump term could sustain recent small-cap rally. this Russell 2000 It rose 6% last week and 1.8% on Monday.

“There are a lot of unknowns when it comes to trade and immigration policy, and if you go back to 2019, the first trade war, it did have a chilling effect on business confidence, and maybe some of that can be offset by: deregulation, ” Feroli said. “If you look at policy next year, we’re really entering an environment of widespread uncertainty.”

Christopher Harvey, head of equity strategy at Wells Fargo Securities, told CNBC, “As Trump rises in the polls and you get more certainty, yes, we can argue for a tax levy. Tariffs, but the possibility of Trump being elected is good for the market, so that certainty is a small positive, and that’s why the market is up.

“Regulations are being loosened, who is good for that? It’s good for banks, it’s good for capital markets, it’s good for M&A, it’s good for IPOs, and I think that’s where you can make money in this market.”

— CNBC’s MacKenzie Sigalos, Alex Harring, Yun Li, Hugh Son, Sarah Min, April Roach and Jesse Pound contributed to this report.