Podcast Summary
Public.com cash account APY, NVIDIA stock decline: Public.com offers a high yield cash account with an APY of 5.1%, currently outpacing competitors. NVIDIA experienced a significant stock decline, losing $430 billion in market value over three days, but market experts believe it was due to impressive growth.
Public.com offers a high yield cash account with an APY of 5.1%, which is currently higher than many competitors including Robinhood, SoFi, Marcus, Wealthfront, Betterment, Capital One, Ally, Barclays, Bank of America, Chase, City, Wells Fargo, Discover, and American Express. This is significant as it provides investors with a higher return on their cash compared to many other options. Meanwhile, in the world of stocks, NVIDIA has experienced a notable downturn, with its shares down nearly 13% over the past three days, resulting in a $430 billion loss in market value. This marks the biggest three-day value slide for any company in history. Despite this, Emily Roland, co-chief investment strategist at John Hancock Investment Management, believes a pullback was to be expected given NVIDIA's impressive year-to-date growth of over 150% and its one-year growth of 200%. However, it's important to note that public.com's cash account offering is not a bank account, but rather a secondary brokerage account where funds are automatically deposited into partner banks and are eligible for FDIC insurance.
Economic Indicators and Political Events: Investors closely monitor economic indicators and political events, with the upcoming inflation report and CNN presidential debate likely to impact markets. Political risks, both domestically and internationally, are a growing concern for the second half of the year. Primaries in various states are ongoing, and optimism in markets could lead to downside risks if unjustified.
Investors are keeping a close eye on both economic indicators and political events this week. The upcoming inflation report and the CNN presidential debate are expected to have significant impacts on the markets. Political risks, both domestically and internationally, are also becoming a bigger concern for investors in the second half of the year. Meanwhile, primaries in New York, South Carolina, Colorado, and Utah are underway, with key races featuring Representative Jamal Bowman in New York, Mark Burns in South Carolina, four Republicans in Utah, and Representative Lauren Boeber in Colorado. RBC Capital Markets' Lori Calvacino warns that optimism already baked into markets could lead to downside risks if unjustified. It's important to remember that stocks tend to perform well in any political environment, but there are potential risks to watch out for.
Presidential Debate and Julian Assange: Presidential candidates Biden and Trump face off in the final debate before the 2024 election, with Biden addressing concerns about his age and fitness, Trump thriving on energy, and no studio audience. Assange agrees to plead guilty to a felony count of espionage, resolving a legal saga, and Boeing offers to acquire Spirit AeroSystems for a 22% upside.
The final primary debate before the 2024 presidential election is a significant moment for both President Joe Biden and his opponent, former President Donald Trump. Biden is preparing intensely to address concerns about his age and fitness for another term, while Trump is known for thriving on crowd energy. However, the debate on CNN this Thursday will not have a studio audience. In other news, WikiLeaks founder Julian Assange has agreed to plead guilty to a felony count of espionage, resolving a long-running legal saga over the publication of classified documents. Assange is expected to appear in court on the Mariana Islands and then return to Australia to avoid potential lengthy imprisonment in the US. Lastly, Boeing is reportedly offering to acquire Spirit AeroSystems in a mostly stock deal worth around $35 per share, representing a 22% upside from the supplier's closing price before the takeover talks became public.
Airbus, Merk challenges: Airbus faces supply chain issues causing delays and a 10.5% drop in European trading shares, while Merk deals with failed drugs resulting in a 10% drop and $1.5B loss. Investors watch FedEx earnings and potential Apple-Meta partnership issues.
Both Airbus and Merk are facing significant challenges that could impact their financial performance. Airbus is dealing with supply chain issues causing delays in plane deliveries, leading to a 10.5% drop in European trading shares. Merk, on the other hand, is dealing with the failure of two high-profile drugs, resulting in a 10% drop in shares and an estimated loss of peak sales of $1.5 billion. Meanwhile, investors will be closely watching FedEx earnings, expecting cost-cutting programs to pay off and easing comparisons to lift results. Additionally, Apple's potential AI partnership with Meta may not be moving forward due to privacy concerns. New York City continues to be the world's most congested urban area, causing logistical challenges for businesses and residents.
Transportation, Politics, Space: New York City drivers lost 101 hours and $9.1 billion due to traffic, French political tensions could lead to civil unrest, a US student loan repayment plan was blocked, and NASA astronauts remain on ISS due to helium leaks
Traffic congestion in New York City cost drivers an estimated 101 hours and $9.1 billion last year, making it the city with the most lost time due to traffic globally. Meanwhile, political tensions in France could potentially lead to civil unrest, as President Emmanuel Macron criticized divisive policies from far-right and far-left parties. In the United States, a student loan repayment plan intended to help millions of borrowers was blocked by federal judges, leaving many with unresolved loan burdens. NASA astronauts Butch Wilmore and Sonny Williams remain on the International Space Station due to helium leaks on the Boeing Starliner spacecraft, delaying their planned return to Earth. These global issues highlight the challenges faced in transportation, politics, and space exploration.
High yield savings: Public.com offers a high yield cash account with an APY of 5.1%, higher than many competitors, allowing savers to earn more on their cash savings.
Public.com offers a high yield cash account with an interest rate of 5.1% APY, which is higher than many other popular financial institutions, including Robinhood, SoFi, Marcus, Wealthfront, Betterment, Capital One, Ally, Barclays, Bank of America, Chase, City, Wells Fargo, Discover, and American Express. This is a significant advantage for those looking to earn a higher return on their cash savings. Meanwhile, in the world of sports, the Stanley Cup Final reached an exciting game seven between the Florida Panthers and Edmonton Oilers. The Panthers took an early lead, but the Oilers responded quickly. The game remained tight, with only two goals scored in the first two periods. The decisive goal came from Sam Reinhardt, giving the Panthers a 2-1 lead and bringing them closer to winning the Stanley Cup. This high-stakes hockey match serves as a reminder of the importance of staying focused and determined, even when faced with challenges. Similarly, in finance, earning a higher interest rate on savings requires making informed decisions and exploring options beyond the traditional banking institutions. Public.com's high yield cash account offers a compelling alternative for those looking to maximize their returns.
Sports unpredictability: Connor McDavid's MVP win in the Stanley Cup playoffs underscores the unpredictability of sports, as he earned the award despite his team's loss and Canadian teams' ongoing Stanley Cup drought.
Connor McDavid's surprising MVP win in the Stanley Cup playoffs, despite his team's loss, highlights the unpredictability of sports. McDavid, on the losing team, managed to accumulate an impressive 42 points in the playoffs. Meanwhile, the drought for Canadian teams in the Stanley Cup final continues, as they have yet to win in the past 31 years. In other news, the NBA draft is approaching, and the Knicks could lose two key players, Isaiah Hartenstein and Obi Toppin, who have declined their player options for more lucrative free agent deals. In geopolitics, a 15-year legal battle for Julian Assange, the WikiLeaks co-founder, is nearing its end as he reaches a plea deal with the Justice Department over the biggest breaches of state secrets in US history. Stay tuned for more updates on these stories and more on Bloomberg Daybreak.
Assange guilty plea: After a long legal battle, Julian Assange is expected to plead guilty to leaking US secrets in the Northern Mariana Islands, leading to his immediate sentencing and return to Australia, with potential Australian government involvement
After nearly 15 years of legal proceedings, Julian Assange is expected to plead guilty to leaking US national security secrets in the Northern Mariana Islands, leading to his immediate sentencing and return to Australia. The Australian government has long advocated for his release and is believed to have played a role in facilitating this outcome, although the extent of any political involvement remains unclear. The White House has maintained that there was no political interference in the case, but further details may emerge once Assange arrives in Australia.
Presidential Debate Preparation: President Biden is intensely preparing for the upcoming debate with former President Trump, as a slip-up or moment of confusion could be damaging to his poll numbers and public perception.
The upcoming debate between President Joe Biden and former President Donald Trump on Thursday evening is a significant event for both men, with potential consequences that could impact their standing in the polls and public perception. For President Biden, who trails in some battleground state polls, a slip-up or moment of confusion could be particularly damaging. He has been intensely preparing for the debate at Camp David with a team of advisors, including Ron Clayne, Mike Donilon, and his lawyer Bob Bauer, who will play the role of Donald Trump in mock debates. The pressure is on Biden to perform well and avoid any missteps. The debate, which is the earliest in modern presidential history, could be a defining moment for both men, with potential repercussions for their political futures.
Bloomberg Daybreak accessibility: Bloomberg Daybreak is accessible through multiple platforms including Amazon Alexa, Bloomberg Business app, SiriusXM, iHeartRadio app, and Bloomberg.com.
Bloomberg Daybreak, the flagship morning news program from Bloomberg, is accessible through multiple platforms. You can listen to it on your Amazon Alexa devices by saying "Alexa, play Bloomberg 1130." Additionally, you can tune in coast to coast on the Bloomberg Business app, SiriusXM, the iHeartRadio app, and on Bloomberg.com. So no matter where you are or what device you're using, you can easily access the news and information provided by Bloomberg Daybreak to start your day right. I'm Nathan Hager and this is Karen Moscow, and we look forward to bringing you the news you need tomorrow morning.