US Open: indices open flat, remaining in consolidation 📌

• US100 and US500 slightly gain at the start of the cash session
• The dollar retreats, losing ground to EUR and GBP
• 10-year bond yields rise dynamically for the second consecutive session

The opening of the cash session in the USA is calm. Major indexes remain in consolidation at the highest levels, which has lasted for over 2 weeks. Simultaneously, the dollar index is down 0.20% today, approaching an important support level. If this zone is broken, we can expect further weakening of the USD, which should support stock index quotations. Noteworthy are also the 10-year US Treasury yields, which have risen significantly for the second consecutive session to the level of 4.45%.

Highlights

BlackRock will acquire the British firm Preqin for £2.55 billion ($3.23 billion) in cash as part of the further expansion of the world's largest asset management company into alternative investments. Joe Biden's loyalists spent the weekend rejecting calls for the president to drop his re-election bid, but a CBS News poll showed that only 28% of voters think he should run, including just 54% from his own party. The Supreme Court will rule today on whether Donald Trump is exempt from criminal charges for attempts to overturn the 2020 election. The court, with a 6-3 conservative majority including three justices appointed by Trump, appeared inclined during April 25 arguments to recognize some level of criminal immunity, though perhaps in a narrower version than the "absolute immunity" for official actions that Trump sought.

US500

Indexes on Wall Street remain exceptionally high after the dynamic increases observed over the last two months. US500 is up 0.20% at the time of publication to 5530 points. At the same time, for two weeks, quotations have remained in a narrow consolidation range above 5500 points, and investors are waiting for a decisive signal in one direction or the other.

Source: xStation 5

Company News

BlackRock (BLK.US), the world's largest asset management firm, has agreed to acquire UK data company Preqin for £2.55 billion ($3.23 billion) in cash, expanding its presence in alternative investments. This move follows BlackRock's January purchase of Global Infrastructure Partners for $12.5 billion and comes amid increasing investor demand for alternative assets like private equity and infrastructure. BlackRock outbid competitors including London Stock Exchange Group and S&P Global. The acquisition will enhance BlackRock's Aladdin tech business, offering improved data, research, and investment processes for fund managers.

Li Auto (LI.US) increased by 5.00% following the announcement of their June deliveries, which totaled 47,774 vehicles, representing a 46.7% increase year-over-year and a 36.4% rise month-over-month. This positive trend continued throughout the second quarter, with total deliveries reaching 108,581, a 25.5% increase year-over-year. As of June 30, 2024, Li Auto's cumulative deliveries stood at 822,345 vehicles, making it the top brand among China's emerging new energy auto manufacturers. The company's recent success is driven by the launch of its new model, the Li L6, and improved store efficiency.

Spirit AeroSystems (SPR.US) stock gains over 4.50% after Boeing announced its intention to acquire the company in an all-stock transaction priced at $37.25 per share (current $34.00). This deal, which includes Spirit's debt, has a total value of around $8.3 billion. The acquisition price represents a 26% premium over Spirit's closing stock price on February 29, the day before acquisition talks were confirmed.

NIO (NIO.US) gains 2.90% after the company released its monthly delivery report, showing a 98% year-over-year growth for June and an almost 144% increase in second-quarter vehicles deliveries. The company's total cumulative deliveries reached 537,020 as of June 30, 2024, highlighting significant growth and strong market performance.

Chewy (CHWY.US) jumped 6.80% after stock influencer Keith Gill, known as "Roaring Kitty" disclosed a 6.6% stake in the company, holding about 9 million shares of Chewy Class A common stock as of June 24, according to a 13G filing.