On today’s episode of Market Domination Overtime, hosts Julie Hyman and Josh Lipton delve into the latest market close and highlight key stories from the trading week.
US equities ended Friday’s session on a strong note, with the Dow Jones Industrial Average (^DJI) gaining 650 points, or 1.6%. Both the Nasdaq Composite (^IXIC) and the S&P 500 (^GSPC) saw increases of over 1%. Lauren Sanfilippo, senior investment strategist at Merrill and Bank of America Private Bank, suggests that the upcoming second-quarter earnings reports will be crucial in determining if a market rotation continues. She notes, “If those 493 stocks start catching up and the Magnificent 7 cools down, we might see a broader market expansion.”
Vice President Kamala Harris is gearing up for a potential matchup with former President Donald Trump in the upcoming presidential race. With ongoing inflation concerns, her challenge will be to persuade voters of the economic progress achieved during the Biden administration. Yahoo Finance senior columnist Rick Newman discusses the political dynamics, emphasizing Harris’s need to demonstrate her capability to lead the economy effectively.
Lineage (LINE) made its Nasdaq debut on Thursday, raising $4.4 billion in what has become the largest IPO of 2024. Despite inflationary pressures impacting the broader economy and dampening the IPO market, Citi’s co-head of equity capital markets for North America, Paul Abrahimzadeh, observes that “the private market is beginning to recover” post-pandemic. He adds, “We’re seeing early signs of improvement, with higher valuations for follow-on funding rounds and less restrictive deal structures. The IPO market still has robust demand, with companies going public at strong valuations and deals performing well.”
Lastly, Julie Hyman and Josh Lipton preview the upcoming week, covering significant events such as Big Tech earnings reports and July’s employment data.
