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Wednesday, July 3

The overall market is currently experiencing normal macro volatility.

Some of the largest moves in the market today include: Ethereum has experienced a move of -4.0%. Bitcoin has experienced a move of -3.4%. Gold has experienced a move of +1.1%.

US private employment growth in June 2024 was the weakest in five months, adding only 150K jobs and missing forecasts. Exports from the US fell by $1.8 billion or 0.7% MoM to $261.7 billion in May, while imports decreased slightly but still widened the trade deficit to its largest since October 2022 at $75.1 billion.

European markets are focused on PMI data releases with steady dollar performance; tech shares lead a rise in US stocks amidst political developments in France and upcoming UK elections.

The Federal Reserve's interest payments over two years have influenced currency markets and U.S yields amid inflation control efforts, as industrial production data from Brazil is anticipated ahead of record-high approaching US futures before a holiday break.

BTC/USD [-3.4%]
Bitcoin's price movement may be influenced by concerns surrounding the defunct Mt. Gox exchange's repayment plan, leading to a slip in value as it hovers around $62,000 levels. Heightened short positions against longs suggest bearish sentiment among traders due to anxiety over Mt.Gox liquidating billions worth of Bitcoin throughout July amid ongoing market uncertainties regarding security measures following recent hacking incidents totalling over half a billion dollars in losses during Q2 2024. Social media buzz highlights liquidity stress in the U.S banking system raising worries potentially impacting risky assets like Bitcoin; however observers anticipate receding stresses with expectations for renewed Federal Reserve injections historically beneficial post-crashes.

ETH/USD [-3.9%]
Ethereum's dApp volume surged by 92%, driven by NFT trading and staking activities, while some applications saw declines. Anticipation surrounds the upcoming Ethereum ETF approval in mid-July, expected to attract billions post-launch. ETH options trends reflect cautious optimism similar to Bitcoin's early bullish sentiment without signs of euphoria. An imminent SEC decision on Ether-based ETFs could drive institutional demand despite recent exchange withdrawals impacting short-term fluctuations; long-term projections remain optimistic for price stability or surpassing all-time highs this quarter based on reduced selling pressure from ongoing asset withdrawals.

PARA | +11.5% | +921.8M
Paramount Global's stock surged on news of a potential merger with Skydance Media, involving National Amusements. The deal includes significant agreements for voting shares acquisition and aims to bypass certain shareholder approval requirements this time around. This follows past failed talks between the companies but now signals positive developments amidst challenges in the media industry like declining cable business and debt burdens.

TSLA |+1.9% | +14.3B
Tesla stock has surged on positive sentiment from analysts and insiders, including Gary Black's confidence in Future Fund's position despite reducing Tesla holdings. Analysts have varying opinions on Tesla’s future performance post Q2 delivery beat, with price target upgrades reflecting optimism amidst competition dynamics within the electric vehicle sector.

NVO |-1.7%|-7.9B
Novo Nordisk A/S is facing scrutiny due to the US President's comments on high drug prices, leading to investor concerns. This attention could result in pricing pressure and regulatory challenges for the company going forward. Additionally, Novo Nordisk appears to be underperforming its sector peers recently.

CVAC |+19.5%|+174.2M CureVac NV's stock surged due to a restructuring collaboration with GSK, focusing on high-value mRNA projects in oncology. The workforce reduction aims to boost innovation and extend cash runway into 2028 through new agreements. This move coincides with GSK acquiring rights for flu and COVID-19 vaccines from CureVac, aligning both companies' focus on mRNA development activities while extending CVAC's cash reserves until 2028.

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