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🛡️ Immune to the Election
Plus, big news for xAI
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Happy Wednesday afternoon to everyone on The Street. Here's a snapshot of where markets ended the trading session, plus tomorrow's trade idea delivered to you today.
🟥 | US Stocks Tumbled on Wednesday. The S&P 500 and Nasdaq Composite both posted their worst session since 2022. This comes after the mega-cap tech companies Tesla and Alphabet delivered underwhelming second-quarter results.
📈 | One Notable Gainer: Shares of Enphase Energy surged 13% despite reporting Q2 earnings and revenue that fell short of estimates. However, Enphase Energy provided an optimistic outlook as its distributors have sold off old stockpiled inventory, which will allow Enphase to find a balance between sell-in and sell-out.
📉 | One Notable Decliner: Vertiv, a Nvidia partner and critical data center infrastructure provider, saw its stock fall 14% despite reporting an earnings beat and a 57% jump in organic orders.
🛡️ | Tomorrow's Trade: Immune to the Election. Scroll down for more.
Plus, with today’s partner, it’s never too late to learn how to master the stock market.
YESTERDAY’S POLL RESULTS
🟨⬜️⬜️⬜️⬜️⬜️ Bullish
🟩🟩🟩🟩🟩🟩 Bearish
S&P 500 Heatmap. Credit: Finviz
All Stock Heatmap. Credit: Finviz
Global ADR snapshot. Credit: Finviz
MARKET MOVERS
CONN (-31%) 134-year-old home goods retailer Conn’s Inc. filed for bankruptcy and is closing more than 70 stores (CNN)
V (-4%) Visa’s stock suffered its worst day since 2022 after it reported earnings that failed to impress, with revenue falling slightly short of estimates (Barron’s)
T (+5%) AT&T reported Q2 results that showed the company added 419,000 monthly wireless phone subscribers compared to estimates for 284,800 (CNBC)
GD (-3%) Aerospace and defense company General Dynamics’ second-quarter earnings missed expectations slightly but showed an 18% increase in sales (MF)
RIVN (-7%) Shares of Rivian plummeted following a report that it will go to trial over allegations it encouraged Tesla employees to steal trade secrets (Reuters)
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OVERHEARD ON THE STREET
CNBC: Elon Musk wants Tesla to invest $5 billion into his newest startup, xAI, if shareholders approve.
AP: U.S. regulators are investigating why Delta Air Lines failed to recover as quickly as other airlines from the global technology breakdown.
The Verge: CrowdStrike published a post-incident review of the update that took down 8.5 million Windows machines and blames a bug in test software.
CNBC: Pfizer said its experimental gene therapy for a rare genetic blood-clotting disorder succeeded in a large late-stage trial.
CL: Big Lots, a chain of discount retail stores, is slated to close 35-40 stores this year, and bankruptcy is looming.
TOMORROW’S TRADE IDEA, TODAY
Domestic Manufacturing
If there’s one thing Republicans and Democrats can agree on, it's bringing manufacturing back to America. Both parties have proposed policies to boost domestic manufacturing through government subsidies and tariffs.
Tema ETFs has taken note and currently manages the American Reshoring ETF (RSHO) to capitalize on this trend. It has highlighted several stocks within the ETF that it thinks are poised to benefit.
Clean Harbors
Hazardous waste management company Clean Harbors (CLH) was chosen as a winner. The stock is up 37% YTD, and demand for its services is expected to skyrocket as American industrials ramp up.
According to Tema ETF’s Chief Investment Officer Yuri Khodjamirian, it’s one of a handful of companies that offer a solution to forever chemicals. It launched its “one-stop shop” service to handle PFAS in April.
Taiwan Semiconductor
Taiwan Semiconductor (TSM), up 67% this year thanks to the AI boom, has drastically increased its investment in the US to $65 billion. It’s already building two semiconductor fabrication plants in Phoenix, with plans for a third. This should provide 6,000 “high-wage” jobs and 20,000 construction jobs. All three facilities should be fully operational by 2030.
Moving manufacturing back to America is a promising development for many reasons, but these stocks could be in a unique position to benefit.
Which stock do you think will outperform over the next 12 months? |
TOGETHER WITH BULLSEYE TRADES
Trade Smarter with these Free, Daily Stock Alerts
It’s never too late to learn how to master the stock market.
You’ll receive daily trade alerts sent directly to your phone and email detailing the hottest stock picks.
The best part? There’s no cost to join!
Expert insights will be at your fingertips instantly.
ON OUR RADAR
ABC: Meta says it has removed about 63,000 accounts engaging in financial sextortion scams from Nigeria.
CNBC: French aerospace company Latitude is seeing a surge in U.S. applicants after SpaceX relocation news: “Come to Europe, and we’ll help you.”
Columbus Dispatch: Ohio took a big step forward toward recreational marijuana sales after some cultivators got the green light to operate.
The Guardian: Elon Musk denied the report that said he will donate $45m a month to Trump Super Pac.
Reuters: A US federal judge rejected a bid to block the Biden administration ban on worker non-compete agreements.
What did you think of today's edition? |
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