Stock market today: Stocks rise, Dow eyes fresh record as bets on Trump ramp up

07/15/2024 20:39
Stock market today: Stocks rise, Dow eyes fresh record as bets on Trump ramp up

The impact on markets of the Trump shooting is overshadowing fresh Wall Street bank earnings.

US stocks climbed on Monday as investors weighed the market impact of an assassination attempt on presidential candidate Donald Trump that overshadowed the return of earnings season.

The Dow Jones Industrial Average (^DJI) rose about 0.7%, after the blue-chip gauge ended last week a few points away from a fresh all-time high. The S&P 500 (^GSPC) added 0.4%, while the tech-heavy Nasdaq Composite (^IXIC) gained 0.5%.

Stocks are poised to build on a roaring rally after second-quarter results from more big US banks rolled in. Goldman Sachs (GS) reported a profit surge of 150% amid investment banking strength, a sign that Wall Street is rebounding from a two-year drought. BlackRock (BLK) profit beat estimates as assets under management hit a record of $10.6 trillion.

But the market was focused on the potential fallout from the apparent assassination attempt on Trump at a rally on Saturday. Bets ramped up on a win in November's presidential election for the Republican front-runner, seen as likely to cut taxes, raise trade tariffs and ease up on regulation.

The benchmark 10-year Treasury yield (^TNX) was up almost 3 basis points to trade at around 4.2%, while the 30-year yield gained (^TYX) to steepen the yield curve. The dollar (DX=F) edged up and bitcoin (BTC-USD) surged to a two-week high amid the speculation around former President Trump.

Meanwhile, shares of Trump Media & Technology (DJT) were about 40% higher. Stock in the parent company of Trump's social media platform, Truth Social, had rocketed up almost 75% in pre-market trading. Crypto-related stocks also got a bid.

In corporates, Alphabet (GOOG, GOOGL) is said to be in talks for a $23 billion deal to buy cybersecurity start-up Wiz. Shares in the Google parent were little changed in early trading.

Later Monday, investors will listen closely to Jerome Powell's comments for hints to the Federal Reserve chair's view of the latest data when he speaks in Washington. Several Fed speakers are on this week's docket who could dent or cement optimism for interest-rate cuts.

Live1 update

  • Stocks rise in morning trading

    US stocks climbed Monday at the opening bell as investors weighed the market impact of an assassination attempt on presidential candidate Donald Trump that overshadowed the return of earnings season.

    The Dow Jones Industrial Average (^DJI) rose about 0.7%, after the blue-chip gauge ended last week a few points away from a fresh all-time high. The S&P 500 (^GSPC) added 0.4%, while those on the tech-heavy the Nasdaq Composite (^IXIC) gained 0.5%.

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