Markets Slip Slightly After Fresh Records
Presented by Faraday Future
CLOSING BELL
Markets Slip Slightly After Fresh Records
The market tried its best to close positively on Friday, but finished just below the mark despite setting fresh records. Overall, it was a successful first week of earnings. Trump signed the GENIUS Act, precipitating a public crypto firm sell-off while ETH climbed.
The market faltered, though, as the President considered higher baseline tariffs on the EU on Friday, up to 20% from the current 10% baseline, according to the Financial Times. Still, Consumer sentiment from the University of Michigan came in at a five-month high in July, and next year inflation expectations fell yet again.
Fed Speak Friday was divided, as Fed Gov Kugler said she wanted to keep rates up for some time, while Gov Waller, a contender for the Powell replacement seat, said he could recommend a cut in two weeks. 👀
Today’s issue covers: QQQ might get cheaper for investors to own, Block gets an S&P 500 spot, and much much more. 📰
With the final numbers for indexes and the ETFs that track them, 6 of 11 sectors closed green, with utilities $XLU ( ▲ 1.68% ) leading and energy $XLE ( ▼ 0.81% ) lagging.
S&P 500 $SPY ( ▼ 0.07% ) 6,296
Nasdaq 100 $QQQ ( ▼ 0.1% ) 23,065
Russell 2000 $IWM ( ▼ 0.71% ) 2,240
Dow Jones $DIA ( ▼ 0.4% ) 44,342
STOCKS
Top Tech Stock Tracking QQQ Might Get Even Cheaper To Own 🤑
Invesco was the highest gainer on the S&P 500, climbing $IVZ ( ▲ 15.28% ) after a move that benefits investors who love its famous QQQ Nasdaq 100 ETF. The firm applied to convert its famous QQQ Trust into an open-ended fund. It would bring the servicing fee lower for investors, and give Invesco the role of appointed investment advisor. Currently, the $700M+ annual fees QQQ racks up with a 0.20% fee go to the Bank of New York Mellon and Nasdaq, while Invesco receives little. 😢
Nasdaq fell slightly on the news. Launched in 1999, the famous QQQ has climbed over 1,200% and has tracked the top-performing stocks on the Nasdaq, typically holding all 100.
If approved by shareholders, the new fee for investors is 18 basis points.
According to Finscal.ai data, $10K invested in QQQ at inception would be a slim $130k today 👀
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ETF NEWS
New S&P 500 Addition Rumored For Friday, $XYZ ( ▲ 2.96% ) Won
$HOOD ( ▲ 4.07% ) and other contenders for the S&P 500 throne climbed Friday after news that Chevron had completed its acquisition of $HES ( ▲ 0.96% ) to make room for a new name.
Alongside Robinhood, were other fan favorites. CashApps parent $XYZ ( ▲ 2.96% ) ended up winning the position, according to Bloomberg News. The stock climbed 10% in after-hours, while contenteders turned red.
$CVNA ( ▲ 0.41% ), $ARES ( ▼ 0.03% ), $LNG ( ▲ 5.44% ) were all on the short list, meeting S&P Global’s criteria. $APP ( ▲ 0.19% ) could also join, though it sometimes has a love-hate relationship with investors.
$TTD ( ▼ 1.51% ) joined the S&P 500 most recently, trading lower on its first day Friday.
Freshly groomed HOOD Chief Vlad Tenev, appearing at the GENIUS act signing Friday, was not enough to win the new spot
The seat opened up for a heaft $53B purchase. Chevron successfully beat a competing claim that Exxon had a right to bid for Hess assets in Guyana, according to the WSJ.
According to fiscal.ai, YTD returns on S&P 500 stocks are pretty great
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POPS & DROPS
Top Stocktwits News Stories 🗞️
Humana lost a lawsuit over Medicare bonus cuts and fell alongside other insurers. Molina Healthcare, Elevance Health, Centene, and other med stocks also fell after a WSJ report that Obamacare plans would see rate increases next year, upwards of 18%. Read more
The FDA is closely reviewing whether Sarepta’s gene therapy Elevidys should remain on the market, raising questions about efficacy and regulatory oversight. Read more
Stocks versus crypto has retail traders split in a bullish tug-of-war, as sentiment surges across both traditional equities and digital assets. Read more
3M drew support from retail investors after revising its guidance to reflect a reduced impact from Trump’s newly imposed tariffs. Read more
Meta refused to sign the EU’s AI code, calling it an overreach that risks stifling innovation and diverging from global standards. Read more
Interactive Brokers stock gained following a Q2 earnings beat that reflected strong trading volumes and cost efficiency. Read more
Oil prices rose following new EU sanctions on Russian exports and fresh attacks on Iraqi oilfields, intensifying supply-side concerns. Read more
Netflix thrilled retail traders with its Q2 beat and raise for 2025, though some investors remain cautious about long-term momentum. Read more
Don’t miss a story! Follow @StocktwitsNews for a live feed in real time. ✍️
PRESENTED BY STOCKTWITS
WEEKEND RIP JAM SESSION WITH BEN, EMIL & CEM KARSAN: BURNING DOWN THE $VIX ( ▼ 0.67% )
It’s another Weekend Rip Jam Session with Ben, Emil & Cem Karsan! The Summer of George rages on, but is this a blow-off top or just the beginning? Cem Karsan of Kai Volatility joins Ben and Emil for a deep jam session on the pain trade, market structure, vol compression, and hedge fund positioning.
Cem lays out the likely paths ahead, from August volatility to the political timing dance that could shape markets into 2025.
Links That Don’t Suck 🌐
👀 Crypto Market Value Tops $4 Trillion as Stablecoin Bill Passes
📺️ AI mania is worse than 1999’s tech bubble, Apollo’s top economist warns
😨 Trump Aims Tariff Double Whammy at Industries, Nations by Aug. 1
🏠️ Waller makes strongest call yet for rate cut in July, underscoring Fed divide
*3rd Party Ad. Not an offer or recommendation by Stocktwits. See disclosure here.
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