TLDR

MARKET RECAP → Stocks closed higher Tuesday following a well-received piece of economic data which showed 1.51 job openings for every unemployed worker in July, the lowest number since September 2021. Why is this good for stocks? It means the Fed is doing its job and might lower interest rates sooner rather than later.

BITCOIN ETF BATTLE → Bitcoin (BTC), Ether (ETH), and crypto-exchange Coinbase (COIN) all jumped on Monday following news that the DC Court of Appeals ruled in favor of Grayscale in its battle to get a Bitcoin exchange traded fund (“ETF”) approved.

BYD’S ELECTRIC SURGE → Profits turbocharged by 205%, leaving Tesla (TSLA) in the dust in China’s EV showdown! Tesla stock was unfazed nonetheless, closing +7.7% higher Tuesday.

Sean Horgan

Head of Investor Relations @ MoneyLion

$shorgan

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Today’s S&P 500 Heatmap

Source: finviz.com

Today’s Top News

BATTLE FOR FIRST BITCOIN ETF MIGHT BE STAGING A COMEBACK

The price of Bitcoin (BTC) jumped nearly 6% Tuesday Morning. Why? The odds of a Bitcoin exchange-traded fund (“ETF”) receiving approval might just have improved.

The DC Court of Appeals sided with Grayscale Tuesday in its lawsuit against the SEC’s decision to deny its application to convert the Grayscale Bitcoin Trust to and ETF.

Ether (ETH) and crypto exchange company Coinbase (COIN) also jumped following the news.

Source: shutterstock

BYD SHOCKS MARKET WITH EXPLOSIVE 205% PROFIT SURGE

? BYD Company (BYD) Profits on Steroids: Chinese EV maker’s first-half net profit zapped up ~205% due to a delivery spree, jumping from 3.6B to 10.95B yuan. Shares of BYD rose over 5% on the news.

? Tesla (TSLA) Who? The little voice in the corner says, “Step aside, Tesla.” BYD aims for mass-market glory, scores spectacular Q2 sales, outpacing Tesla’s quarterly global deliveries. Operating margins glow healthily, unlike some EV peers.

? BYD charges ahead in the race to electrify China, carving its niche where Tesla can’t tread. Price wars erupt, but BYD’s zesty strategy embraces discounts to win the race and collect EV money. Beware, Tesla—BYD’s wheeling in its mass-market artillery!