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On August 14th, Bank of America strategists stated that a Republican victory in the midterm elections and retention of the Texas governorship could propel the stock market further upward. A team led by Michael Hartnett wrote that a strong performance by Trumps party on November 3rd, coupled with Greg Abbotts re-election in Texas, would be particularly beneficial for artificial intelligence (AI) trading. The midterm elections are considered a major risk event for US stocks, and Goldman Sachs strategist Snider recommends buying index volatility in the months leading up to the election. Hartnett stated, "If Trump retains the Senate and Abbott in Texas, the stock market—especially the AI sector—is expected to surge into a bubble 2027." However, if the Democrats win the Senate and defeat Abbott, the stock market could experience a "significant drop" of over 10%, and the dollar and bond yields would also decline by the end of the year.According to Axios: OpenAI underwent executive changes ahead of its IPO.August 14th - As of today (August 14th), the number of inbound and outbound passengers at Hangzhou Port this year has exceeded 3 million, roughly the same as the previous year. Among them, over 270,000 are foreign passengers, representing a year-on-year increase of over 12%, while over 160,000 are visa-free foreign passengers, representing a year-on-year increase of over 20%. The main sources of foreign passengers are South Korea, Vietnam, Singapore, and Malaysia.Russia has stated that there is no reason to give Ukraine a "temporary respite" regarding the situation in the Black Sea.Russia has stated that it cannot revive the 2022-23 Black Sea Initiative.

The Dow Futures drop following a strong week

Charlie Brooks

Jul 11, 2022 10:59

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After major benchmark indexes completed the week higher, U.S. stock futures dropped during Sunday evening trade as investors anticipated company earnings reports and important inflation data.


By 7:00pm ET (11:00pm GMT), the Dow Jones Futures were down 0.2 percent , the S&P 500 Futures were down 0.3 percent , and the Nasdaq 100 Futures were down 0.4 percent .


Ahead this week, market participants will concentrate on new CPI data, with the inflation rate predicted to hit 8.8 percent, the highest level since December 1981. Investors will examine, among other data releases, retail sales, manufacturing production, Michigan consumer mood, NFIB Small Business Optimism, consumer inflation expectations, producer pricing, export and import prices, and the New York Empire State Manufacturing Index.


PepsiCo Inc (NASDAQ:PEP) and Delta Air Lines Inc (NYSE:DAL) are scheduled to report earnings on Tuesday and Wednesday, respectively, while JPMorgan Chase & Co (NYSE:JPM), Morgan Stanley (NYSE:MS), Wells Fargo & Company (NYSE:WFC), and Citigroup Inc (NYSE:C) are scheduled to report earnings later in the week.


During trading on Friday, the Dow Jones Industrial Average sank 46.4 points, or 0.2 percent, to 31,338.2, the S&P 500 finished 0.3 points, or 0.1 percent, down at 3,894.4, and the NASDAQ Composite climbed for the sixth consecutive day, adding 14 points, or 0.1 percent, to 11,635.3. The Dow rose 1.4 percent for the week, while the S&P 500 climbed 2.7 percent and the NASDAQ gained 6.1 percent .


On the bond markets, 10-Year United States rates jumped to 3.08 percent.


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