Where Things Stand in the Market as of Sunday, July 14th, 2024

Good morning Investors & Traders!

Things got a little shaky on Thursday, with the market again serving notice that stocks are extended, though the Nasdaq is now “only” 6.9% above its 50-day, versus Wednesday’s 9%. Testing the market’s mettle—and especially leadership AI/growth stocks– this coming week is a full slate of earnings reports, including ASML Holdings (ASML) on Wednesday morning, and Taiwan Semi (TSMC) on Thursday morning.

A wild card this week is how the market will respond to Saturday night’s attempted assassination of former president Donald Trump ahead of the Republican National Convention that will run from Monday through Thursday. The gunman, who was shot and killed by a sniper, now identified as Thomas Matthew Crooks, fired multiple shots at the stage as former President Trump was holding a campaign rally. Trump was slightly wounded on his right ear, but one attendee was killed and a second one, wounded. Secret Service quickly surrounded Trump and quickly got him off the stage, his face streaked with blood.