Lucid, Palantir report earnings: Market Domination Overtime
On today's episode of Market Domination Overtime, Hosts Julie Hyman and Josh Lipton break down the market close and what to watch on Tuesday, August 6th. Markets tanked on Monday, closing the session lower after widespread selling activity: the Dow Jones Industrial Average (^DJI) sank by 1,033 points (2.6%), the Nasdaq Composite (^IXIC) dropped off by 576 points (3.43%), and the S&P 500 (^GSPC) fell by 160 points (3.0%). iCapital Chief Investment Strategist Anastasia Amoroso explains that the sell-off has been gaining steam, but Monday's action "feels like a tantrum." Amid a slower economy, Amoroso expects defensive trades to outperform and points to tax-exempt municipal bonds as a good opportunity. She also believes real estate is a solid play, as it is a sector best positioned to benefit from an interest rate cut. While the technology sector is being hammered by a global sell-off, Amoroso argues that in the longer-term, investors could buy some of the semiconductor stocks that benefit from AI on the dip. Lucid (LCID) shares are soaring in after-hours trading after reporting better-than-expected second quarter revenue. The EV maker also announced it has received a $1.5 billion commitment from the Public Investment Fund, Saudi Arabia's sovereign wealth fund. Similarly, shares of Palantir Technologies (PLTR) are rising after the company saw its revenues surge by 27% year-over-year in its second quarter earnings and raised its 2024 revenue guidance. Finally, Julie Hyman and Josh Lipton break down what to watch on Tuesday, August 6th, from Uber (UBER) earnings to the announcement of Kamala Harris's vice presidential pick. This post was written by Melanie Riehl
