The Rundown - Tesla on Track for 10th Straight Day of Gains, Disney to Launch New Cruise Line in Tokyo

Starting point is 00:00:00 Public.com presents The Rundown, your daily market update in five minutes. My name is J.D. Durk and filling in for Zaid and Moni, today is Tuesday, July 9th. In today's episode, we'll update you on Disney's big investment designed to capitalize on the rebound in cruise ship travel demand. Plus, a relatively new AI stock you might not yet have heard of. It's winning over some analysts on Wall Street. And stick around until the end of the show to learn about a concerning new trend in the crypto industry. But first, the NASDAQ and S&P closing yet again at fresh record highs on Monday, with the S&P 500 hitting its 35th record high of 2024. It's been a rally. It hasn't really seen a whole lot of downside volatility because the S&P has not dropped by more than 1% since April.

Starting point is 00:00:47 The all-time highs come even with a record $6.15 trillion of investor cash sitting in money market asset funds due to expectations that short-term rates will. stay high. As stocks look to notch another record, investor attention will turn to Fed Reserve Chairman Jerome Powell. He's set to testify before Congress later today and tomorrow. Wall Street will be listening closely for clues on what the central bank will do with interest rates the rest of the year. We'll also get the June CPI report on Thursday PPI inflation day to Friday, both of which will play a role in the Fed's strategy moving forward. And a reminder that Q2 earning season, ah yes, kicks off this week. We'll begin with Delta. and Pepsi on Thursday.

Starting point is 00:01:30 We'll also, of course, hear from the big banks like City and J.P. Morgan the following day. Also on our radar are shares of Tesla, which are riding a nine-day winning streak heading into today's trading session. The stock is up about 75% since it hit a 52-week low in April. Let's take a look at a few of the top headlines we're following for you today. First up, Disney is expanding its cruise business with the addition of its first ever ship in Tokyo. There's no name for the vessel just yet, but it's expensive. to rake in just under $622 million in annual sales within several years of launch. That according to Oriental Land Company, which is the operator of Tokyo Disneyland,

Starting point is 00:02:10 who signed a licensing agreement with Disney for the ship. The launch is targeted for 2028 and will be modeled after the Disney Wish, which is the company's largest cruise line. It's a part of the company's 10-year, $60 billion investment plan for its theme parks and cruise division, which accounts for more than a third of the company's revenue and nearly 60% of operating income. Disney currently has five ships in operation with a new one set to launch from Singapore in 2025 and two others in development. And in other news, a new study suggests Novo-Nordex blockbuster obesity drug is not quite as effective as its rival Eli Lillies.

Starting point is 00:02:51 The data analysis, which was just published in a medical journal on Monday, found that Eli Lilly's Munjarro treatment helped patients shed more weight at a faster rate than Novo's Ozempic. The report indicates individuals taking Munjaro were 76% more likely to lose at least 5% of their body weight, 10% more likely to lose at least 10%, and more than three times is likely to drop at least 15% compared to patients taking Ozempic. Novo issued a statement refuting the results, saying it should be a head-to-head comparison between its weight loss drug, Weigavi and Mungaro, not with OZempec. Shares of Novo Nordisk are slipping in response to the news.

Starting point is 00:03:36 All right, let's talk more about the stocks making big moves on this Tuesday. Shares of Tempice AI, a healthcare diagnostics company that IPO just a few weeks ago, are trending higher as Wall Street analysts begin initiating coverage. Firms like J.P. Morgan and Morgan Stanley sharing bullish outlooks for the company, which is using AI and data analysis to make lab tests more accurate and tailored treatments to be more personal to the patient. You can check out Tempus AI under ticker symbol TEM right in the public app. And let's talk about BP. Shares of the company are falling after the energy giant warned of a $2 billion impairment charge and thinner refining margins. The company said weak oil

Starting point is 00:04:18 trading performance will hurt earnings for its second quarter report due out on the 30th of this month. The sentiment echoes comments from ExxonMobil, which said Monday that its oil refining profits will drop by as much as $1.5 billion in the second quarter. All right, time now to wrap up the show and get this. Cryptothests doubled to $1.4 billion in the first half of the year, according to data from blockchain intelligence company, TRM Labs. The total for all of 23 was $1.7 billion, so we're nearly past that mark just halfway through the year. About $308 million of stolen crypto was from a single attack against Japanese crypto exchange, DMM, Bitcoin. All right, folks, that's going to do it for today's edition of The Rundown. As always,

Starting point is 00:05:05 if you like the show, go ahead and give us a five-star rating on Apple or Spotify. Thanks for taking the time to listen. We'll see you back here tomorrow on The Rundown.

The Rundown - Tesla on Track for 10th Straight Day of Gains, Disney to Launch New Cruise Line in Tokyo

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