To The Moon

Summary of the Latest Trading Session

The trading session saw U.S. equity indexes rally, with the $DJIA(.DJI)$ reaching an all-time high, closing up 0.5%. This marked its 20th record close of 2024 and its first since May 17. The S&P 500 and Nasdaq Composite also performed well, adding 0.3% and 0.4% respectively, both reaching their second-highest closing values in history $Tesla Motors(TSLA)$ . Small-cap stocks, represented by the Russell 2000, were the standout performers, surging 1.8% and continuing a strong run that has seen it rise nearly 8% in the past four trading days. $Trump Media & Technology(DJT)$

• Key Catalysts Moving the Market

1. Bank Earnings and Financial Sector Performance : $Goldman Sachs(GS)$ reported strong second-quarter earnings, exceeding analysts' estimates: - Profit of $3.04 billion- Investment banking fees rose 21% year-over-year to $1.73 billion - Strong growth in debt and equity underwriting, and advisory activity

The broader financial sector showed signs of recovery in investment banking: - JPMorgan Chase reported a 52% increase in investment banking fees to $2.3 billion- Citigroup saw a 63% rise in investment banking fees to $935 million.

SPDR S&P Bank ETF gained 2.7%

Bank

2. Federal Reserve Policy Outlook

Jerome Powell's comments: - Expressed greater confidence that inflation is heading towards the 2% goal - Suggested potential for near-term rate cuts, while avoiding specific timing commitments.

Mary Daly's statement: - Indicated growing confidence in inflation control

Market Scenario

Rate Cut Expectations:

• Market Bets: Traders are increasingly betting on three rate cuts by the Federal Reserve this year after Goldman Sachs suggested conditions were ripe for easing.

Rates cut

• Fed Officials' Comments: Fed Chair Jerome Powell indicated growing confidence in achieving the 2% inflation goal, which could pave the way for near-term rate cuts, though he did not specify timing. San Francisco Fed President Mary Daly also expressed growing confidence in inflation control.

The current market environment is characterized by a complex interplay of factors, including sector rotation, evolving Fed policy expectations, and mixed signals from various asset classes. The strong performance of small-caps and value stocks, coupled with the revival in investment banking activity, suggests growing confidence in broader economic stability.

However, the increased options market volatility across multiple asset classes indicates a level of uncertainty or divergence in market views. The potential for Fed rate cuts is a key factor influencing market sentiment, with implications for both equity and fixed income markets.

The commodity markets, particularly energy and metals, are facing downward pressure, which could have implications for inflation expectations and global growth outlooks.

Conclusion

As earnings season continues $Bank of America(BAC)$ and more economic data becomes available, market participants will need to navigate a landscape where traditional correlations may be shifting. The potential for further rotation between sectors and asset classes remains high, and investors should be prepared for possible increases in volatility across various markets.

Financial markets are subject to rapid changes, and the information presented here may no longer be current or accurate. This summary is for informational purposes only and should not be considered as financial advice or a recommendation to buy, sell, or hold any securities. Readers are encouraged to conduct their own research, consult with financial professionals, and make investment decisions based on their individual circumstances and risk tolerance.

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