Investing.com – Wall Street starts the week on a positive note. Investors are still sifting through news of former President Donald Trump's assassination ahead of earnings reports from companies including Goldman Sachs and comments from Federal Reserve Chairman Jerome Powell.
1. Trump will win the Republican nomination.
The 2024 Republican National Convention begins today in Milwaukee with former President Donald Trump. Trump would receive his party's official nomination days after surviving an assassination attempt.
Trump is likely to be nominated as the party's presidential candidate. Many analysts speculated that the assassination increased the chances of President-elect Joe Biden winning.
The assassination attempt eased pressure from congressional Democrats to drop out amid concerns about Biden's readiness for office. Because the party wants unity.
Some Democrats in the House and Senate have called for Biden to step down after his performance in a June debate with Trump.
Leaders of both parties held peaceful talks over the weekend. Trying to cool the heat in a country with deep political divisions. This has intensified during presidential elections.
2. Stock futures rose from Q2 results.
US stock futures rose today as investors await a week ahead of earnings from various companies and comments from Federal Reserve Chairman Jerome Powell.
As of 04:00 ET (08:00 GMT), the index was up 135 points, or 0.3%, up 17 points, or 0.3%, and up 88 points, or 0.4%.
Second quarter earnings season [ดูด้านล่าง] This week will be the focus. More than 40 S&P 500 companies report earnings. Investors also wonder if these results will be enough to lift the index. Because they are already at record levels.
Last week, tech stocks hit new highs above 40,000 on Friday, including record highs.
The head of the central bank is also in the spotlight. Because he had a scheduled interview with David. Rubenstein at the Economic Club of Washington, DC
In his latest statement on Capitol Hill, Powell emphasized the Fed's continued efforts to manage inflation and its commitment to both tasks. Investors are still looking for further signs of a rate cut in September.
3. Earnings season begins with Goldman
The US quarterly earnings reporting season continues this week. Investment bank Goldman Sachs (NYSE: ) is scheduled to release earnings after the session. This comes after several banks started announcing results last week.
Expectations are expected to be high after that Citigroup (NYSE: ) and JPMorgan (NYSE: ) posted strong growth in investment banking revenue. Although net income Wells Fargo (NYSE: ) to deceive investors.
Bank of America (NYSE: ) and Morgan Stanley (NYSE: ) is expected to report earnings this week, with Netflix (NASDAQ: ) the first tech company to provide a big boost to stock growth this year.
Second-quarter earnings at S&P 500 companies are expected to rise 10.1% year over year, according to LSEG data on Friday, up from 8.2% growth in the first quarter.
Earnings growth for the S&P 500 index improved in the second quarter of 2023 after ending a slump, largely due to growth in technology companies and confidence in the artificial intelligence sector.
4. China's economy slowed in the second quarter.
Today's data suggests that China's economic growth slowed in the second quarter. This is because the prolonged slowdown in the real estate sector has hit domestic demand hard.
The world's second-largest economy grew by 4.7% in April-June. This is the weakest growth since the first quarter of 2023 and is down from a 5.3% expansion in the previous quarter.
The data showed China's gross domestic product rose 5.3% in June, up from 5.6% in May, while consumption rose 2.0% in June. A sharp slowdown from a 3.7% increase in May.
That weakness has focused attention on China's Third Plenum. It is a major event that takes place every five years and starts today. Amid expectations that Beijing will unveil additional stimulus measures to support the economy.
5. Oil prices steady despite weak Chinese economic data.
Oil prices are stable today. Weaker data from China was offset by heightened political uncertainty.
By 04:00 ET, crude was down 0.1% at $80.94 a barrel, while crude was down 0.1% at $84.95.
The world's second largest economy posted its weakest growth since the first quarter of 2023.
China's crude oil imports also fell 2.3% in the first half of the year to 11.05 million barrels per day. Amid disappointing fuel demand
The data indicate that the country is facing an increasing economic crisis. And it will have a negative effect on the demand for crude oil in the market.
However, losses were limited by political uncertainty in the US and the Middle East.
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