EV demand dips, TNT matches NBA bid: Market Domination Overtime
On today's episode of Market Domination Overtime, Hosts Julie Hyman and Josh Lipton break down the market close and some of the biggest stories of the trading day. All three of the major averages close Monday in the green after digesting the news of President Biden's withdrawal from the 2024 election and preparing for this week's big earnings results. The Nasdaq Composite (^IXIC) rose by over 1.5% — or 280 points — trailed by the S&P 500's (^GSPC) gains of over 1% as indexes bounce back from last week's tumultuous trading. Michael Kushma, senior portfolio manager at Morgan Stanley Investment Management, says it's still too early to know how the election will turn out, and is advising investors to pay more attention to whether the Federal Reserve cuts interest rates two or three times this year rather than election odds. Porsche (POAHY) has adjusted its electric vehicle (EV) target in response to cooling global demand. The luxury automaker has stepped back from its previous goal of having 80% of its sales come from EVs by 2030. Yahoo Finance Autos Reporter Pras Subramanian breaks down the details of Porsche's revised outlook on electric vehicles, hybrids, and traditional gas-powered cars. Nvidia (NVDA) is reportedly working to produce a new Blackwell AI chip for the Chinese market, according to Reuters. Moor Insights and Strategy Founder, CEO, and Chief Strategist Patrick Moorhead to discuss his outlook on the semiconductor giant. He explains that despite rising US-China tensions, "this whole notion of AI coming to a screeching halt anytime soon is fiction." Meanwhile, the battle for who will get to broadcast a portion of NBA games is getting more heated. Warner Bros. Discovery's (WBD) TNT says it has matched one offer to broadcast NBA games. It is widely reported that the offer the company matched was Amazon's (AMZN) $1.8 billion per year bid. Yahoo Finance senior reporter Alexandra Canal reports the breaking developments. Finally, Julie Hyman and Josh Lipton break down what to watch on Tuesday, July 23rd, from major tech earnings to new data on existing home sales. For more expert insight and the latest market action, click here to watch this full episode of Market Domination. This post was written by Melanie Riehl
