Wall Street looks past political uncertainty

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Wall Street looks past political uncertainty

A trader works on the floor of the New York Stock Exchange (NYSE) in New York City on July 22, 2024.

Timothy A. Clary | AFP | Getty Images

This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

What you need to know today

Tech reboundThe

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, recovering from its worst weekly slide since April, as tech stocks rebounded led by

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. The

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rose 1.58% to close above 18,000, while the

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advanced 127 points. Small-cap stocks also performed well, with the

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rising 1.7%. The yield on the 10-year

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ahead of economic data later in the week.

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slipped.

CrowdStrike tumblesRepublican representatives have called on

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CEO

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before the House Committee on Homeland Security, following a faulty software update that crashed millions of

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Windows devices. Rep. Mark Green and Rep. Andrew Garbarino said the incident was a “warning about the national security risks associated with network dependency,” according to a letter issued on Monday. CrowdStrike shares slumped 13%. Reeling from the IT glitch,

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— 23% of its mainline operations — by Monday evening.

Buffett trims stake

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‘s

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has sold $1.5 billion worth of

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shares, marking the first reduction in its stake since 2019. The move comes after the bank’s stock rallied 27.4% this year, reaching its highest level since March 2022. Despite the *****, Bank of America ******** Berkshire’s second-largest holding after Apple, and

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.

Vote of confidence

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secured an

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at the Farnborough Airshow. The order includes 20 Boeing 777X planes — which are

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— and the same number of 787-10 Dreamliners, with an option for 10 more Dreamliners. The deal marks a significant win for Boeing, which has faced recent challenges with production delays and safety concerns. “If I wasn’t assured, I would not have ordered it,” Korean Air CEO Walter Cho said. “I know Boeing will pull through whatever it is they’re going through right now, and I have full confidence in Boeing.” 

NBA rights

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has

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a $1.8 billion per year deal between the National Basketball Association and

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Prime Video for a package of games. The move allows Warner Bros. to retain some of its NBA broadcasting rights. However, the NBA may not want Warner Bros. as a media rights partner and could ******* the company’s matching rights, which could lead to a legal tussle. 

[PRO] Market uncertaintyWall Street had anticipated a Trump victory following President Joe Biden’s poor June debate performance. However, Biden’s endorsement of Vice President Kamala Harris has complicated those expectations. This is

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. 

The bottom line

Wall Street largely took Biden’s decision to

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in its stride. His endorsement of Harris prompted donors, including Disney heiress Abigail Disney, to support her candidature. Harris and the Democratic Party raised $100 million in online donations after Biden’s exit.

Amid discussions about the potential resurgence of the “

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” following an attempt on former President Donald Trump’s life and the increasing likelihood of him securing a second term, seasoned investors advised retail investors to avoid making hasty changes to their portfolios.

“

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based on what you think the election is going to bring three and a half months before the election,” Jim Lebenthal, chief equity strategist at Cerity Partners, told CNBC. “In the last month, we’ve had

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, we’ve had the very unfortunate

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, we’ve had the presumptive nominee of the Democratic Party

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. There will probably, highly likely, be more changes to come.”

You can read more of CNBC’s coverage here:

Despite political uncertainty,

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, attributing this to higher liquidity. 

“There are limits to how much the political events are going to have impacts on the broader equity market,” he said on CNBC’s “

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.” “So there’s a cushion to digest some of this political uncertainty.”

Earnings reports and central bank policies remain top priorities for Wall Street. The market is pricing in

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that the Federal Reserve will cut interest rates during its September meeting.

The Fed’s preferred inflation gauge, core PCE price index, releases Friday, and will offer hints on the central bank’s monetary policy rate cut path.

Before the economic data, automakers start rolling out their earnings. CNBC’s Michael Wayland has more on what to expect and

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among traditional automakers. And CNBC’s Lora Kolodny writes Tesla’s earnings are due today and

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— CNBC’s Samantha Subin, Hakyung Kim, Lisa Kailai Han, Ashley Capoot, Sarah Min, Alex Sherman, Kate Rogers, Yun Li and Leslie Josephs contributed to this report.

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#Wall #Street #political #uncertainty

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