July 14: Trump Assassination Attempt, Barcelona Attacks Tourists, Tesla Explodes (Recap Ep284)

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This week, the main news is the shooting at Donald Trump’s rally in Butler, Pennsylvania, which is being investigated as an attempted assassination of the former president and presumptive Republican nominee. The Secret Service killed the suspected shooter, who attacked from an elevated position outside the rally venue. Trump called for unity and resilience as leaders across the political spectrum reacted to the shooting.

In U.S. Market News, Federal Reserve Chair Jerome Powell suggested that the central bank is paying greater attention to when it will cut interest rates as economic growth and the labor market continue to cool. The S&P 500 closed at +0.55%, marking its 25th record close for the year.

In Bitcoin & Other Cryptocurrency News, the German government has been selling hundreds of millions of dollars worth of Bitcoin for weeks.

In Commodities & Energy, India and Russia are likely to agree on a long-term uranium supply pact for nuclear power in the southern state of Tamil Nadu. Indian Prime Minister Narendra Modi will visit Russia on Monday and Tuesday for the first time in five years, and is expected to hold talks with President Putin and possibly deliver strategic deals, including a military agreement.

In Financial & Banking News, unemployment jumped to a four-year high, triggering the Federal Reserve’s dreaded Sahm Rule, indicating a recession. The monthly inflation rate dipped in June for the first time in over four years, decreasing by 0.1% from May and putting the 12-month rate at +3%, the lowest level in over three years. This makes it more likely that the Fed will start lowering interest rates later this year.

In Economic News, U.S. consumer sentiment fell to an eight-month low in July as high prices continued to weigh on Americans’ views of their finances and the economy. The U.S. Labor Department reported that the producer price index (PPI) rose by 0.2% in June, slightly more than expected, due to the rising cost of services. Investors still expect the Fed to start cutting rates in September.

In Corporate News, Tesla shares rose by 3.71% on Tuesday to $262.33. Morgan Stanley maintained its overweight rating on Tesla. In May, Tesla’s market share in the U.S. EV market was 15%, but it fell below 50% in Q2. The stock is now in its 10th straight positive day, having erased all year-to-date losses and surged about 75% since hitting 52-week lows in April. The stock is up 40.91% in the past three months but down 3.00% for 2024.

In Technology, Samsung launched the Galaxy Ring, its first foray into “smart rings.” The Galaxy Ring is a lightweight ring equipped with sensors designed for 24/7 health monitoring.

In International Events, mass tourism troubles in Barcelona reached a fever pitch as protesters threw items and sprayed travelers with water guns and canned drinks while shouting “tourists go home.” Protesters used thick police-style tape to block hotel entrances and sidewalk cafes in Barceloneta and marched with a large banner demanding that city officials “decrease tourists now.” The U.S. National Weather Service said a widespread heat wave is expected to deliver record temperatures along the U.S. West Coast, with 36 million people under excessive heat warnings. Temperatures are running over 20 degrees above normal in places like Redding, with Death Valley National Park projecting highs near 130F (54C) through next Friday. Las Vegas hit 120 degrees, setting a new all-time record.

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