- GRIT
- Posts
- Former Tech VC Joins Race
Good Morning!
Happy Tuesday! Let’s see what is moving markets:
👉JD Vance earns nomination
👉Bank Of America earnings are in
👉Powell talks rates
VANCE: Earns Nomination
Ohio Senator JD Vance has been announced as the Republican Vice Presidential nominee. A former tech venture capitalist, Vance has strong ties to the tech industry, with Peter Thiel having invested in his venture capital fund. He is also believed to have close relationships with Thiel associates like Elon Musk and David Sacks.
Source: WXTL
Vance also owns up to $250,000 in Bitcoin, reflecting his interest in digital assets. His nomination has generated excitement in the tech world, given his connections and background.
🎯 GRIT TAKE: Putting politics aside, having someone on the … upgrade to VIP now to read the full GRIT Take!
EARNINGS: Bank Of America
Bank of America reported better-than-expected Q2 revenue and profit on Tuesday, thanks to rising investment banking and asset management fees. Profit fell 6.9% to $6.9 billion, or 83 cents a share, due to lower net interest income from higher interest rates. Revenue increased slightly to $25.54 billion.
Source: CNBC
Investment banking fees surged 29% to $1.56 billion, surpassing the $1.51 billion estimate. Asset management fees rose 14% to $3.37 billion, boosting wealth management revenue by 6.3% to $5.57 billion, in line with expectations. Net interest income dropped 3% to $13.86 billion, meeting estimates. However, new guidance suggests this figure will rise to about $14.5 billion in Q4, giving investors confidence.
POWELL: Talks Rates
Federal Reserve Chair Jerome Powell stated Monday that the central bank will not wait for inflation to reach 2% before cutting interest rates. At the Economic Club of Washington, D.C., Powell noted that central bank policies have “long and variable lags,” and the Fed seeks “greater confidence” that inflation will return to the 2% target before adjusting rates.
Source: NBC
He also mentioned that a “hard landing” for the U.S. economy is unlikely. This was Powell’s first public appearance since the June CPI report showed cooling inflation. He emphasized that he wasn’t signaling any specific timeline for rate cuts, with the Fed’s next policy meeting scheduled for late July.
Chart of the Day
📊 Stocks Near 52-Week Lows
Source: @Carbon Finance
GRIT Meme of the Day 😂
Tag GRIT Capital on social media for a chance to be featured in our meme or Tweet of the day in our GRIT daily newsletter! 👇
Source: @wallstreetbets
The author, publisher or insiders of the publisher may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities). To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.
Grit is a publisher of financial information, not an investment advisor. Grit does not provide personalized or individualized investment advice or information that is tailored to the needs of any particular recipient. Grit does not guarantee the accuracy or completeness of the information provided in this page. All statements and expressions herein are the sole opinion of the author or paid advertiser.
THE INFORMATION CONTAINED ON THIS WEBSITE IS NOT AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE, AND DOES NOT PURPORT TO BE AND DOES NOT EXPRESS ANY OPINION AS TO THE PRICE AT WHICH THE SECURITIES OF ANY COMPANY MAY TRADE AT ANY TIME. THE INFORMATION AND OPINIONS PROVIDED HEREIN SHOULD NOT BE TAKEN AS SPECIFIC ADVICE ON THE MERITS OF ANY INVESTMENT DECISION. INVESTORS SHOULD MAKE THEIR OWN INVESTIGATION AND DECISIONS REGARDING THE PROSPECTS OF ANY COMPANY DISCUSSED HEREIN BASED ON SUCH INVESTORS’ OWN REVIEW OF PUBLICLY AVAILABLE INFORMATION AND SHOULD NOT RELY ON THE INFORMATION CONTAINED HEREIN. INVESTORS SHOULD OBTAIN INDIVIDUAL INVESTMENT ADVICE BASED ON THEIR OWN CIRCUMSTANCES BEFORE MAKING AN INVESTMENT DECISION
No statement or expression of opinion, or any other matter herein, directly or indirectly, is an offer or the solicitation of an offer to buy or sell the securities or financial instruments mentioned.
The author, publisher or insiders of the publisher may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities). To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.
Any projections, market outlooks or estimates herein are forward looking statements and are inherently unreliable. They are based upon certain assumptions and should not be construed to be indicative of the actual events that will occur. Other events that were not taken into account may occur and may significantly affect the returns or performance of the securities discussed herein. The information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, and Grit undertakes no obligation to correct, update or revise the information in this document or to otherwise provide any additional material.
Grit does not accept any liability whatsoever for any direct or consequential loss, however arising, directly or indirectly, from any use of the information contained herein.
By using the Site or any related social media account, you are indicating your consent and agreement to this disclaimer and our terms of use. Unauthorized reproduction of this newsletter or its contents by photocopy, facsimile or any other means is illegal and punishable by law.
Please read: Terms of Use, Privacy Policy, Disclosure Policy and Disclaimer Policy
If you have any questions please contact us at info@gritcap.io
Reply