President Donald Trump's repeated calls for aggressive rate cuts collided with economic reality Tuesday, as June's rising inflation dynamics offered a win—at least temporarily—for Federal Reserve Chair<a href="https://www.benzinga.com/topic/jerome-powell"> Jerome Powell's cautious stance.</a>



Headline inflation in June accelerated to 2.7% year over year, up from 2.4% in May and the highest reading since February. 



On a monthly basis, the Consumer Price Index rose 0.3%—the largest increase in five months. Both figures were in line with economists forecasts.



Core inflation, which strips out food and energy, rose 2.9% from a year ago, slightly below the 3% consensus. Monthly core CPI came in at 0.2%, a touch under the expected 0.3%, but still above May's 0.1%.



In recent months, Powell has consistently resisted political pressure to lower interest rates, maintaining a wait-and-see approach amid growing uncertainty from rising tariffs. 



That patience now appears warranted.



See Also: <a href="https://www.benzinga.com/news/politics/25/07/46235830/trump-wants-rate-cuts-will-big-beautiful-bill-help-answer-big-fat-no">Trump Wants Rate Cuts, Will &#8216;Big Beautiful Bill&#8217; Help? Answer: Big Fat &#8216;No&#8217;</a>



<h2 class="wp-block-heading">June Inflation Data Validates Powell&#8217;s Trump Pushback </h2>



"Consumer Prices low. Bring down the Fed Rate, now!!!," Trump commented about the June&#8217;s inflation report. 



But the underlying details told a more nuanced picture.



"This does not strike me as a good CPI print," said Mike Konczal of the Economic Security Project, noting that goods and non-housing services rose, even if lower shelter prices masked the full impact. 



"It's just one month, but this is a clear win for the Fed having paused rate cuts."



"Today's report finally provided ample evidence that tariffs are being passed onto consumers," said Bank of America&#8217;s economist Stephen Juneau in a note. 



Core goods prices rose 0.2% month over month and 0.3% when excluding used cars, which declined again. Price hikes were broad-based across categories like appliances, apparel and recreational items.



Juneau expects this dynamic to carry into the Fed's preferred inflation metric, projecting a 0.3% monthly increase in core Personal Consumption Expenditures (PCE) that could keep the year-over-year rate near 3% by the third quarter.



"If our PCE tracking estimate is correct, the case for the Fed to remain on hold this year (our call) would strengthen," he said.



"Inflation's not going quietly. June's 2.7% CPI reading tells us the road back to 2% won't be smooth and gives the Fed reason to pause before cutting rates," Gina Bolvin, president of Bolvin Wealth Management Group, added. 



Bill Adams, chief economist at Comerica Bank, said CPI data shows inflation is still running above target, though within range. "Core CPI has ranged from 2.8% to 3.3% since last June, and total CPI from 2.3% to 3.0%. Both currently sit at around the middle of those ranges."



Given that the unemployment rate edged lower in June, Adams said the Fed has room to wait. "There's no smoking gun forcing a rate cut in July."



<h2 class="wp-block-heading">What's Next For The Fed?</h2>



Markets now widely expect the Federal Reserve to hold rates steady at its July meeting. However, rate futures still reflect hopes for two cuts in the second half of 2025, and another two in 2026—bets that look increasingly fragile as inflation proves sticky.



Powell's term ends in May 2026 and speculation over his successor is intensifying.



According to Kalshi, the leading betting platform, former Fed governor Kevin Warsh leads with a 36% chance of taking the role, followed by economist Kevin Hassett at 30%. 



Fed Governor Christopher Waller trails at 19%, while Trump&#8217;s Treasury Secretary Scott Bessent holds a 14% probability.



<iframe loading="lazy" src="https://kalshi.com/external-widgets/events/KXFEDCHAIRNOM-29?color_scheme=light&#038;widget_size=medium&#038;variant=a&#038;ids=KXFEDCHAIRNOM-29-KW&#038;ids=KXFEDCHAIRNOM-29-KH&#038;ids=KXFEDCHAIRNOM-29-CWAL&#038;utm_campaign=benzinga_widget" width="488px" height="196px" style="border:0"></iframe>



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Image: Shutterstock

Analyst Color

Macro Economic Events

Politics

Econ #s

Economics

Federal Reserve

Analyst Ratings

June Inflation Data Validates Powell's Trump Pushback

Bank of America Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) looks to keep a streak of beating analyst estimates alive when the company reports second-quarter financial results before<a href="https://www.benzinga.com/earnings" target="_blank" rel="noopener"> the market opens Wednesday.</a>



Here's a look at the current analyst estimates, what analysts are saying ahead of the report, and key items to watch.



Earnings Estimates: Analysts expect Bank of America to report second-quarter revenue of $26.81 billion, up from $25.54 billion in last year's second quarter, according to data<a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0715"> from Benzinga Pro.</a>



The company has beaten analyst estimates for revenue in five straight quarters and in nine of the last 10 quarters overall.



Analysts expect Bank of America to report second-quarter earnings per share of 87 cents, up from 83 cents per share. The company has beaten analyst estimates for earnings per share in more than 10 straight quarters.



Read Also: <a href="https://www.benzinga.com/trading-ideas/dividends/25/07/46390407/how-to-earn-500-a-month-from-bank-of-america-stock-ahead-of-q2-earnings-2">How To Earn $500 A Month From Bank of America Stock Ahead Of Q2 Earnings</a>



What Analysts Are Saying: Several analysts have downgraded Bank of America stock ahead of the quarterly financial results.



HSBC recently downgraded the stock from Buy to Hold, while also raising the price target from $47 to $51.



Analyst Saul Martinez said there are "downside risks" that are not priced into large U.S. banks like Bank of America. The analyst also downgraded JPMorgan and Goldman Sachs.



The analyst noted that factors such as macroeconomic uncertainty, the potential for economic growth to slow going forward, and future interest rate cuts in 2025 and 2026 could impact the stock's future valuation.



Martinez said regional banks may be more favorably valued and ripe for rallies.



Here are other recent <a href="https://www.benzinga.com/quote/BAC/analyst-ratings">analyst ratings for Bank of America </a>and their price targets:



<ul class="wp-block-list">
<li>Truist: Maintained Buy rating, raised price target from $51 to $53</li>



<li>RBC Capital: Maintained Outperform rating, raised rice target from $45 to $53</li>



<li>Baird: Downgraded from Outperform to Neutral, with price target of $52</li>



<li>Citigroup: Maintained Buy rating, raised price target from $50 to $54</li>
</ul>



Key Items to Watch: Bank of America's earnings report comes a day after peer JPMorgan &amp; Chase <a href="https://www.benzinga.com/markets/earnings/25/07/46416888/jpmorgan-q2-earnings-dimon-warns-tariffs-risks">reported results. </a>JPMorgan beat analyst estimates for both revenue and earnings per share and set the table for high expectations being placed on the banking sector.



One person who will be paying close attention to Bank of America's earnings report is Berkshire Hathaway Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>)(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) CEO Warren Buffett. The banking company is the third-largest holding in the conglomerate's investment portfolio.



The Bank of America stake is valued at $29.2 billion. Berkshire has been cutting its stake in Bank of America in recent quarters. Buffett may be looking for specifics or overall health to determine if it makes sense to further trim the position.



Bank of America's earnings report and subsequent stock move will also be closely followed by owners of the SPDR Select Sector – Financials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>), with the bank the fifth largest holding at 4.2% of assets.



Recent stress tests were passed by major banks, which could lead to increased dividend payouts and share buybacks, and also open banks to more capital-intensive uses. Analysts may ask the company how it plans to use its cash after the recent stress test.



BAC Price Action: Bank of America stock was down 1.9% to $46.15 on Tuesday versus a 52-week trading range of $33.06 to $49.30. Bank of America stock is up 4.6% year-to-date in 2025.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/25/07/46396595/jpmorgan-citi-to-kick-off-bank-earnings-as-wall-street-sees-profit-boom">JPMorgan, Citi To Kick Off Bank Earnings As Wall Street Sees Profit Boom</a></li>
</ul>



Photo: Shutterstock

Previews

Trading Ideas

Bank Of America Q2 Earnings Preview: Can Top Warren Buffett Holding Keep Beating Analyst Estimates?

JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) CEO <a href="https://www.benzinga.com/topic/jamie-dimon">Jamie Dimon </a>addressed a pressing question on the bank's earnings call Tuesday: Why haven't major banks collaborated to create a joint tokenized deposit solution, similar to the Zelle payments network, to counter the rise <a href="https://www.benzinga.com/markets/earnings/25/07/46416888/jpmorgan-q2-earnings-dimon-warns-tariffs-risks">of stablecoin providers? </a>



What To Know: During a discussion with TD Cowen analyst Steven Alexopoulos, Dimon acknowledged the logic behind tokenized deposits for customers operating within a single bank's ecosystem. 



Tokenized deposits, which are digital representations of traditional bank deposits on a blockchain, can streamline internal transactions and offer efficiency for customers already inside a bank's network.&nbsp;



Read Next: <a href="https://www.benzinga.com/markets/tech/25/07/46422009/rare-earth-royalty-meet-the-power-players-shaping-the-industry?utm_source=articleShare">Rare Earth Royalty: Meet The Power Players Shaping The Industry</a>



However, Dimon conceded that these benefits are limited when it comes to transacting with customers outside that ecosystem.



The analyst pressed further and asked what&#8217;s preventing banks from joining forces to create a unified, interoperable solution that could compete with the convenience and reach of stablecoins. 



Dimon's response was candid: "That's a great question. I believe it remains a question."&nbsp;



He went on to highlight the core issue of interoperability between stablecoins, traditional deposits and the broader movement of money.&nbsp;



"You're raising a very important point about interoperability of stablecoins and deposits and movement of money and what problem you're trying to solve, but you're raising great points. You can assume we're thinking about all that," Dimon said.&nbsp;



Why It Matters: The JPMorgan CEO's comments addressed the complex issues facing traditional banks as they navigate the rapidly evolving payments landscape. 



While tokenized deposits offer promise, their utility is hampered by a lack of cross-bank interoperability.&nbsp;



Meanwhile, stablecoin companies like Circle Internet Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRCL#NYSE">CRCL</a>) have gained traction by offering seamless, borderless payment solutions that appeal to both consumers and businesses.



Dimon's comments highlight a pivotal moment for the banking industry: to remain competitive, banks may need to move beyond their individual "walled gardens" and collaborate on interoperable digital solutions or risk losing ground to digital finance challengers.



Read Next:&nbsp;



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</ul>



Photo: Shutterstock

Fintech

News

Management

Movers

CRCL

Jamie Dimon Admits Big Banks Are Behind In The Stablecoin Race

Consumers facing inflation concerns and worries of <a href="https://www.benzinga.com/markets/25/04/44656119/trump-tariffs-could-blow-up-apple-analyst-estimates-39-5-billion-impact">future tariffs on products</a> from Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) could be in for a surprise sale during July and August, thanks to annual state sales tax holidays in participating states.



What Happened: Each year, many states offer sales tax-free shopping periods for back-to-school items. While the list typically includes clothing, shoes and school supplies, some states offer the tax reprieve on electronics such as laptops, tablets and even<a href="https://www.benzinga.com/tech/25/03/44366890/apple-stock-faces-pressure-from-declining-iphone-revenue-could-companys-first-foldable-smartphone-in-2026-reverse-course"> iPhones from Apple.</a>



While there are 17 states that offer sales tax holidays in July and August, only nine of them apply to products available from Apple, as <a href="https://9to5mac.com/2025/07/15/you-may-be-able-to-buy-apple-products-without-paying-state-sales-tax/">reported </a>by 9to5Mac.



Here are the states included, the dates of the tax-free holiday and what items are included:



<ul class="wp-block-list">
<li>Alabama: July 18 to July 20, maximum price $750, computers and accessories</li>



<li>Arkansas: Aug. 2 to Aug. 3, no maximum price, good on iPhones, iPads, Mac computers and more</li>



<li>Massachusetts: Aug. 9 to Aug. 10, maximum price $2,000 one item, no total limit, good on all items</li>



<li>New Mexico: July 25 to July 27, maximum price $1,000 for Mac/iPad, $500 for accessories</li>



<li>Ohio: Aug. 1 to Aug. 14: maximum price $500 savings on one item, all items</li>



<li>South Carolina: Aug. 1 to Aug. 3: no maximum price, good on all items</li>



<li>Tennessee: July 25 to July 27, maximum price $1,500, good on computers and accessories</li>



<li>Virginia: Aug. 1 to Aug. 3, maximum price $60 per item, good on some accessories</li>



<li>West Virginia: Aug. 1 to Aug. 4, maximum price $500, good on iPads</li>
</ul>



Apple lists the sales tax holiday on its <a href="https://www.apple.com/shop/campaigns/tax-holiday#:~:text=%E2%80%9310%2C%202025.-,To%20qualify%20for%20the%20tax%20exemption%2C%20the%20purchase%20must%20be,together%20cost%20more%20than%20$2500.">website </a>and says the purchases can be made online and in-store. Local taxes may apply for some of the items purchased during the state sales tax holiday.



Here are the local and state tax <a href="https://taxfoundation.org/data/all/state/sales-tax-rates/">rates </a>for the participating states:



<ul class="wp-block-list">
<li>Alabama: 9.44%</li>



<li>Arkansas: 9.48%</li>



<li>Massachusetts: 6.25%</li>



<li>New Mexico: 7.67%</li>



<li>Ohio: 7.30%</li>



<li>South Carolina: 7.49%</li>



<li>Tennessee: 9.61%</li>



<li>Virginia: 5.77%</li>



<li>West Virginia: 6.58%</li>
</ul>



Of the nine states that participate in the state sales tax reprieve and offer Apple products as an option, three are among the five highest states for local and sales taxes. Tennessee ranks second in the country, followed by Arkansas, which ranks third and Alabama, which ranks fifth.



Read Also: <a href="http://Apple's Foldable iPhone Could Land In 2026, And Leave Samsung Playing Catch-Up">Apple&#8217;s Foldable iPhone Could Land In 2026, And Leave Samsung Playing Catch-Up</a>



Why It's Important: Apple could see a boost in revenue in the U.S. during the July and August back-to-school months thanks to sales like these.



Apple reported revenue of $40.31 billion in the Americas segment in <a href="https://www.benzinga.com/news/earnings/25/05/45152493/apple-reports-strong-q2-earnings-revenue-beat-eps-beat-installed-base-hits-all-time-high-across-all-segments-100-billion-buyback-and-more">the second quarter</a>. iPhone sales declined year-over-year, while Mac and iPad sales were up on a year-over-year basis.



For Apple, selling more devices to students can also set up revenue opportunities down the road for its growing Services business, which set a record of $26.65 billion in the second quarter.



The National Retail Federation <a href="https://www.usatoday.com/story/money/2025/07/10/back-to-school-shopping-sales-tax-holiday-2025/84459340007/">estimates </a>that the average K-12 shopper budgeted $875 last year and college student shoppers budgeted $1,365. An NRF survey found that 76% of shoppers expect higher prices on the back-to-school items they need for the 2025 school year.



"These tax-free events can help drive customers to stores, and result in increased sales because customers may purchase additional items that they were not shopping for that day," said Katherine Cullen, NRF vice president of industry and consumer insights.



Time will tell if Apple sees a greater impact from the state sales tax holiday than in recent years, given that higher costs could drive more consumers to shop during sales and periods of deals to help offset the increased costs of having kids in school.



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Photo: View Apart via Shutterstock

Long Ideas

Tech

AAPL

Apple Stock A Back-To-School Winner? Nine States Offer Sales Tax Holidays, Big Savings

The June inflation report brought a dose of relief to Wall Street on Tuesday morning, as the headline Consumer Price Index (CPI) matched expectations, while core inflation came in slightly cooler than forecast, reviving optimism for interest rate <a href="https://www.benzinga.com/topic/interest-rates">cuts later this year.</a>



The headline CPI rose 0.3% month over month and 2.7% year over year, exactly in line with the consensus. That marks an acceleration from May's 2.4% annual rate and the fastest price increase since January.



But the real surprise came from the core readings. Core CPI, which excludes food and energy, rose just 0.2% on the month and 2.9% annually, compared to expectations of 0.3% and 3.0%, respectively. 



While still elevated, the softer print gave markets a reason to believe the inflation uptrend might be more contained than feared.



The food index rose 0.3% for the second consecutive month, continuing to put pressure on consumer wallets. Grocery prices also rose 0.3%. Coffee jumped 2.2% in June, while citrus fruits climbed 2.3%. Beef prices also edged up 2%, though egg prices plunged by 7.4%



Energy prices also rebounded. After a drop in May, the energy index rose 0.9% in June. Gasoline prices increased 1.0%, electricity prices also climbed 1.0%, and natural gas edged up 0.5%. However, looking at the year-over-year numbers, gasoline prices are still down 8.3%, while electricity and natural gas prices are up 5.8% and 14.2%, respectively.



Some relief came from categories that had previously driven inflation. Used cars and trucks dropped 0.7% in June, adding to May's 0.5% decline, while new vehicle prices slipped 0.3%. Lodging away from home saw a sharp 2.9% decrease, and airline fares were down 0.1%.



Shelter was still up a firm 3.8% year over year. Other notable annual gains include a 6.1% increase in motor vehicle insurance, 3.3% for household furnishings and operations, and 2.8% for medical care.



<h2 class="wp-block-heading">Market Reactions</h2>



Markets welcomed the data with a cautious sense of relief. Futures on the S&amp;P 500 rose 0.4%, while contracts on the tech-heavy Nasdaq 100 jumped 0.7%, putting both major indexes on track to open at fresh record highs.



In the bond market, Treasury yields slipped, with the 10-year yield easing to 4.43%. Fed funds futures held steady, continuing to fully price in two rate cuts totaling 50 basis points by the end of 2025.



Gold, as tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), was flat on the day. 



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/07/46410553/us-stock-futures-trade-mixed-ahead-of-june-inflation-print-big-banks-in-focus-as-street-awaits-jpmorgan-wells-fargo-bny-mellon-citibanks-earnings">US Stock Futures Trade Mixed Ahead Of June Inflation Print: Big Banks In Focus As Street Awaits JPMorgan, Wells Fargo, BNY Mellon, Citibank&#8217;s Earnings </a></li>
</ul>



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Equities

Large Cap

June Inflation Lands As Expected — But Cooler Core Reading Fuels Fed Rate Cut Hopes

The Nasdaq 100 surged to fresh record highs on Tuesday, breaking above the 23,000 mark as Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and other chipmakers powered a sharp rally. Investors cheered the news that Nvidia and Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) would resume certain chip sales to China, even as they parsed quarterly results <a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/07/46420414/bank-earnings-performance-q2-citigroup-jpmorgan-blackrock-wells-fargo">from major U.S. banks.</a>



The iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>) climbed 1.6% to a new all-time high, extending its rally to 67% since the April lows.



Meanwhile, the White House confirmed that trade negotiations are ongoing with the EU, Japan, and South Korea, following the imposition of steep tariffs on imports from all three regions—measures that could trigger price surges starting in August.



On the macro front, U.S. inflation accelerated for a second straight month. The headline consumer price index rose 2.7% year-over-year in June, the highest since February and in line with expectations. However, core inflation, which strips out food and energy, came in slightly below forecasts at 2.9%, versus 3.0% expected.



The softer core reading reinforced market expectations for monetary easing, with futures now pricing in two rate cuts from the Federal Reserve by year-end.



Elsewhere in markets, the U.S. dollar index rose 0.44%, on track for a fourth consecutive daily gain. Gold dipped 0.7% to $3,325 per ounce, while silver slid 1.2%. 



In crypto, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 2.8%, on pace for its worst daily loss since late May.



<h3 class="wp-block-heading">Tuesday&#8217;s Performance In Major US Indices, ETFs</h3>



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Major Indices</td><td>Price</td><td>Chg %</td></tr><tr><td>Nasdaq 100</td><td>22,974.53</td><td>0.5%</td></tr><tr><td>S&amp;P 500</td><td>6,266.49</td><td>0.0%</td></tr><tr><td>Dow Jones</td><td>44,173.53</td><td>-0.6%</td></tr><tr><td>Russell 2000</td><td>2,224.92</td><td>-1.1%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated by 12:15 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:



<ul class="wp-block-list">
<li>The&nbsp;Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>) flattened at $574.00.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) dropped 0.6% to $441.81.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)&nbsp;rose 0.5% to $559.98.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) tumbled 1.1% to $220.65.</li>



<li>The&nbsp;Technology&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up 1.2%; the&nbsp;Materials&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) lagged, down 1.7%.</li>
</ul>



<h3 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h3>



<ul class="wp-block-list">
<li>BlackRock Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) slid 5.8% after its second-quarter revenue came in just below Wall Street estimates.</li>



<li>Other stocks reacting to earnings included JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), down 0.6%, Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), up 2.3%, Wells Fargo Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>), down 5%, State Street Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STT#NYSE">STT</a>), down 3%. </li>



<li>Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) dropped 8.1% after CFO Karyn Ovelmen resigned, effective July 11, 2025, with Peter Wexler named interim CFO.</li>



<li>MP Materials Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MP#NYSE">MP</a>) soared 25% after Apple announced a $500 million deal to purchase rare-earth magnets from the company.</li>
</ul>



Now read:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/earnings/25/07/46416888/jpmorgan-q2-earnings-dimon-warns-tariffs-risks">JPMorgan Q2 Highlights: Investment Banking Revenue Jumps, Dimon Warns Of Tariffs And Geopolitical Risk</a></li>
</ul>



Photo: Shutterstock

$BTC

NVDA

SOXX

Tech Stocks Hit New Highs As AI Momentum Builds: What's Moving Markets Tuesday?

JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) traded higher in premarket on Tuesday after reporting <a target="_blank" href="https://www.benzinga.com/pressreleases/25/07/b46410863/jpmorganchase-reports-second-quarter-2025-financial-results" rel="noreferrer noopener">second-quarter 2025 results</a> that beat revenue and earnings estimates.



Managed net Revenue fell 10% year over year to $45.68 billion. Reported net Revenue declined 11% to $44.91 billion, topping the consensus estimate of $44.17 billion. Adjusted EPS of $4.96 exceeded the consensus of $4.48.



Consumer &amp; Community Banking (CCB) revenue rose 6% YoY to $18.8 billion, and Commercial &amp; Investment Bank (CIB) revenue was $19.5 billion (+9% Y/Y) in the quarter.



Also Read: <a target="_blank" href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46407556/jamie-dimon-will-go-all-in-on-crypto-says-jim-cramer-after-bitcoins-explosive-rally-id-like-to-pay-the-bookie" rel="noreferrer noopener">Jamie Dimon Will &#8216;Go All In On Crypto,&#8217; Says Jim Cramer After Bitcoin&#8217;s Explosive Rally: &#8216;I&#8217;d Like To Pay The Bookie…</a>&#8216;



Investment Banking revenue was $2.7 billion, up 9% YoY, in the quarter. Payments revenue grew 4% to $4.7 billion, up 3% ex-equity gains, driven by deposits and fees. Lending Revenue fell 6% YoY to $1.8 billion.



Asset and Wealth Management (AWM) Revenue was $5.8 billion (+10% YoY), driven by higher fees from inflows, market gains, brokerage activity, and deposit balances.



Corporate Revenue fell to $1.5 billion, down $8.6 billion year over year. Net interest income dropped $875 million to $1.5 billion, while noninterest Revenue declined $7.7 billion to $49 million, mainly due to last year&#8217;s Visa gain.



In AWM, Assets under management stood at $4.343 trillion, and client assets stood at $6.42 trillion (up 19%), driven by higher market levels and continued net inflows.



Net interest income excluding Markets slipped 1% to $22.8 billion, as higher wholesale and card balances mostly offset lower rates and margin compression.



Noninterest Revenue excluding Markets fell 31% to $14.0 billion but rose 8% adjusted for last year&#8217;s Visa gain and securities losses, driven by growth in fees across asset management, auto leases, investment banking, and Payments. Markets revenue rose 15% to $8.90 billion.



The provision for credit losses was $2.85 billion, down 7% YoY, with $2.4 billion in charge-offs (up $179M) and a $439 million reserve build tied to lending growth. A year ago, the provision was $3.1 billion, with $2.2 billion in charge-offs and an $821 million reserve build.



Average loans rose 5% YoY and up 3% quarter-over-quarter (QoQ); average deposits were up 6% YoY and +3% QoQ.



In CCB, debit and credit card sales volume increased by 7% year over year, and active mobile customers increased by 8% year over year. In CIB, Market revenue rose 15% year over year, with Fixed-Income Markets increasing 14% year over year and Equity Markets up 15% year over year in the quarter.



The CET1 capital ratio stood at 15%, and the advanced CET1 capital ratio was 15.1%. The bank&#8217;s capital distributions included a dividend per share of $1.40 and $7.1 billion of common stock net repurchases.



<h2 class="wp-block-heading">CEO Jamie Dimon&#8217;s Stance On Economy And Crypto</h2>



Jamie Dimon, Chairman and CEO, commented,&#8221; The U.S. economy remained resilient in the quarter. The finalization of tax reform and potential deregulation are positive for the economic outlook, however, significant risks persist – including from tariffs and trade uncertainty, worsening geopolitical conditions, high fiscal deficits and elevated asset prices. As always, we hope for the best but prepare the Firm for a wide range of scenarios.&#8221;



On the company conference call, Jamie Dimon stressed the importance of organic growth. He does not see a large deal that makes sense for the bank.



Dimon said the bank would be involved in stablecoins and JPMorgan deposit coins. He also mentioned that they do not feel the need to own a large language model (LLM).



<h2 class="wp-block-heading">Outlook</h2>



For the full year 2025, JPMorgan <a target="_blank" href="https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/quarterly-earnings/2025/2nd-quarter/360c049d-2061-4b87-ae11-e58a741956ad.pdf" rel="noreferrer noopener">expects</a> net interest income of approximately $95.5 billion, or $92 billion excluding Markets, and adjusted expenses of about $95.5 billion, all depending on market conditions. The Card Services net charge-off rate is projected at around 3.6%.



Price Action: JPM shares are down 0.64% at $286.97 premarket at the last check on Tuesday.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/earnings/25/07/46414749/wells-fargos-net-interest-income-shrinks-in-q2-bank-trims-outlook" target="_blank" rel="noreferrer noopener">Wells Fargo&#8217;s Net Interest Income Shrinks In Q2, Bank Trims Outlook</a></li>
</ul>



Photo Courtesy lev radin via Shutterstock

Earnings

Guidance

JPMorgan Q2 Highlights: Investment Banking Revenue Jumps, Dimon Warns Of Tariffs And Geopolitical Risk

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) has retraced 3% and fallen below $118,000, with a &#8216;whale&#8217; identified as the potential seller triggering <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46412151/why-did-bitcoin-ethereum-xrp-dogecoin-flip-bearish-ahead-of-the-cpi-inflation-data-release">the price downturn</a>.



What Happened: On-chain data provder Lookonchain <a href="https://x.com/lookonchain/status/1945045973350187134">flagged</a> on Tuesday that a whale owning 80,009 BTC, valued at about $9.46 billion, has started liquidating his position. 



So far, 40,009 BTC was transferred to Galaxy Digital. Galaxy Digital has already deposited 6,000 BTC — $706 million — to exchanges Binance and Bybit, signaling active distribution.



The news drew strong attention on social media. 



Market commentator Nuke Capital <a href="https://x.com/NukeCapital/status/1945046174630638072">noted</a> how this move came near range lows and coincided with the CPI data release day. 



He called it a psychological play and wished the bears "good luck," as the selling might add downward pressure.



Also Read: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46412151/why-did-bitcoin-ethereum-xrp-dogecoin-flip-bearish-ahead-of-the-cpi-inflation-data-release">Why Did Bitcoin, Ethereum, XRP, Dogecoin Flip Bearish Ahead Of The CPI Inflation Data Release?</a>



What's Next: TheDefiVillian <a href="https://x.com/thedefivillain/status/1945053763477156222">pointed</a> out the whale is only halfway through selling. 



Historically, once large sell-offs near completion, markets often start to anticipate the end of selling pressure, triggering sharp rebounds.



This "whale dump" might be the perfect re-entry opportunity for market participants that want to get long on Bitcoin, he concluded.



Daan Crypto Trades <a href="https://x.com/DaanCrypto/status/1945073058097561729">noted</a> Bitcoin is currently at a critical support zone near $118,000, with more than $3 billion in open interest above this level, much of it likely underwater longs. 



The recent price weakness is largely due to the whale offloading part of his 80,000 BTC stack through OTC and exchanges, causing significant spot selling pressure.



This has pushed funding rates higher as leveraged longs try to counterbalance the selling. 



If prices fall further, a liquidation cascade could follow. 



But if the whale's selling slows, it may signal the end of the shakeout and pave the way for a strong recovery.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46394828/bitcoin-eth-xrp-solana-are-in-for-a-long-and-exhausting-bull-market-bernstein-predicts">Bitcoin, ETH, XRP, Solana Are In For A &#8216;Long And Exhausting Bull Market,&#8217; Bernstein Predicts</a></li>
</ul>



Image: Shutterstock

Cryptocurrency

Bitcoin Whale Moves 80,000 BTC — Is A $9 Billion Dump Coming?

Investment manager giant BlackRock, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) reported&nbsp;that second-quarter 2025 revenue grew&nbsp;13%&nbsp;year-over-year to&nbsp;$5.42 billion, beating the <a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">consensus of&nbsp;$5.34 billion</a>.&nbsp;



Investment advisory, administration fees, and securities lending revenue increased to&nbsp;$4.45 billion from&nbsp;$3.88 billion a year ago, primarily driven by organic base fee growth, the impact of market beta and foreign exchange movements on average AUM, and approximately $240 million of fees related to the GIP Transaction.



Securities lending revenue of $171 million <a target="_blank" href="https://ir.blackrock.com/files/doc_financials/2025/Q2/BLK-2Q25-Earnings-Release.pdf" rel="noreferrer noopener">increased</a> from $154 million in the second quarter of 2024, primarily reflecting higher average balances of securities on loan.



Also Read: <a target="_blank" href="https://www.benzinga.com/news/25/07/46396595/jpmorgan-citi-to-kick-off-bank-earnings-as-wall-street-sees-profit-boom" rel="noreferrer noopener">JPMorgan, Citi To Kick Off Bank Earnings As Wall Street Sees Profit Boom</a>



Performance fees decreased $70 million from the second quarter of 2024, primarily reflecting lower revenue from private markets, liquid alternative, and long-only products.



BlackRock stated that $68 billion of quarterly total net inflows, down from $81.6 billion a year ago, reflect the impact of a single institutional client&#8217;s $52 billion lower-fee index partial redemption.



Net inflows reached $152 billion year to date, led by a record first half for iShares ETFs, alongside private markets and cash net inflows.



At the end of the quarter, total AUM was $12.53 trillion, compared to&nbsp;$10.65 trillion&nbsp;in the prior year quarter.



Adjusted operating income rose&nbsp;12% to&nbsp;$2.09 billion. Adjusted EPS increased&nbsp;16% to&nbsp;$12.05,&nbsp;beating the consensus of&nbsp;$10.80.



Laurence Fink, Chairman and CEO, commented, &#8220;Our expanding client relationships are resonating in higher, more diversified organic base fee growth. We generated 6% organic base fee growth for the second quarter and the first half of 2025, and 7% over the last twelve months.&#8221;



&#8220;iShares ETFs had a record first half in flows, and technology ACV growth reached a fresh high of 16%. This core strength, alongside client demand for private markets, digital assets, Aperio, and our tech and data-driven systematic strategies, propelled another consecutive quarter of above-target organic base fee growth and record AUM of $12.5 trillion,&#8221; Fink added.



Price Action: BLK stock is trading lower by 1.12% to $1,099 during the premarket session at last check Tuesday.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/07/46407517/nvidia-resumes-h20-shipments-to-china-as-jensen-huang-meets-trump-beijing-officials-fully-compliant-rtx-pro-aims-to-bridge-ai-cold-war" target="_blank" rel="noreferrer noopener">Nvidia Resumes H20 Shipments To China As Jensen Huang Meets Tr</a></li>
</ul>



Photo via Shutterstock

General

BlackRock's Q2 Net Inflows, Performance Fees Take A Hit

U.S. stock futures were fluctuating on Tuesday after ending higher on Monday. Futures of major benchmark indices were mixed.



Investors are bracing for June&#8217;s release of the <a href="https://www.benzinga.com/markets/economic-data/25/07/46392923/une-cpi-inflation-preview-tariffs-markets-fed">Consumer Price Index</a>. Economists anticipate the headline inflation rate to climb from 2.4% in May to 2.7% in June—the highest since January and a pace of acceleration unseen since late 2023. 



Monthly, the CPI is expected to rise 0.3%, up from 0.1% in May, marking the fastest monthly increase of the year.



Meanwhile, <a href="https://www.benzinga.com/news/25/07/46396595/jpmorgan-citi-to-kick-off-bank-earnings-as-wall-street-sees-profit-boom">big bank earnings season</a> also kicks off today, with key industry heavyweight JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), and Wells Fargo Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) headlining a crucial reporting day for financials. 



The 10-year Treasury bond yielded 4.42% and the two-year bond was at 3.90%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool&#8217;s</a> projections show markets pricing a 95.3% likelihood of the Federal Reserve keeping the current interest rates unchanged in its July meeting. 



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Dow Jones</td><td>-0.08%</td></tr><tr><td>S&amp;P 500</td><td>0.36%</td></tr><tr><td>Nasdaq 100</td><td>0.58%</td></tr><tr><td>Russell 2000</td><td>0.08%</td></tr></tbody></table></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, were higher in premarket on Tuesday. The SPY was up 0.37% at $627.15, while the QQQ advanced 0.60% to $559.52, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pr</a>o data.



Cues From Last Session:



Sectors that gained on Monday included financial, communication services, and real estate stocks, leading most of the S&amp;P 500 to close positively.



Conversely, energy and materials sectors bucked the trend, ending the session lower. Overall, U.S. stocks settled higher.



Separately, Fastenal Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>) reported better-than-expected second-quarter earnings. Shares of Daré Bioscience, Inc. (NASDAQ: DARE jumped approximately 23% after the company announced interim safety and efficacy results from its ongoing Phase 3 clinical trial for Ovaprene.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>0.27%</td><td>20,640.33</td></tr><tr><td>S&amp;P 500</td><td>0.14%</td><td>6,268.56</td></tr><tr><td>Dow Jones</td><td>0.20%</td><td>44,459.65</td></tr><tr><td>Russell 2000</td><td>0.67%</td><td>2,249.73</td></tr></tbody></table></figure>



Insights From Analysts:



Senior economist at WisdomTree, Jeremy Siegel, said that the public firms in the U.S. were beginning to quantify potential damage from tariffs, though these estimates remain based on previously announced rates, not the most recent escalation threats.



He highlighted that the official impact will start to show in the July data, but those numbers won't be released until August or even September. Investors will have to watch high-frequency indicators like jobless claims and credit card spending, in the meantime, he added.



&#8220;The real risk is that rising tariffs will continue to sap purchasing power just as economic momentum is already slowing. While I don't see a recession looming, growth is undeniably weaker than what we saw through much of 2024,&#8221; he added.



Meanwhile, the analysts at BlackRock highlighted two ways to capture alpha and earn returns in the market in their latest commentary.



&#8220;U.S. tariffs could intensify already elevated dispersion, making this a more rewarding environment for alpha,&#8221; their note stated.



<ul class="wp-block-list">
<li>One way to capture that alpha? Reduce the potential drag from static factor exposures by deliberately managing macro risk.</li>
</ul>



<ul class="wp-block-list">
<li>Another approach to capturing alpha: avoiding macro factor risk in favor of security-specific risk.</li>
</ul>



The note thus added that &#8220;Dynamically managing macro risk and taking security-specific risk can help capture it (alpha). We eye selective global opportunities.&#8221;



See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How to Trade Futures</a> 



Upcoming Economic Data



Here&#8217;s what investors will keep an eye on Tuesday:



<ul class="wp-block-list">
<li>June&#8217;s headline and core consumer price index data, and the Empire State manufacturing survey, will be released by 8:30 a.m. ET.</li>



<li>Fed Governor Michelle Bowman will speak at 9:15 a.m., Fed Governor Michael Barr will speak at 12:45 p.m., Boston Fed President Susan Collins will speak at 2:45 p.m., and Dallas Fed President Lorie Logan will speak at 6:45 p.m. ET.</li>
</ul>



Stocks In Focus:



<ul class="wp-block-list">
<li>JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) was up 0.33% in premarket on Tuesday as analysts expect it to report earnings of $4.48 per share on revenue of $44.17 billion before the opening bell.</li>



<li>Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) fell 0.26% as it is expected to report earnings before the opening bell. Analysts estimate earnings of $1.40 per share on revenue of $20.78 billion.</li>



<li>Bank of New York Mellon Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>) was 0.10% higher as analysts expect it to report earnings of $1.76 per share on revenue of $4.83 billion before the opening bell.</li>



<li>Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) advanced 0.47% as it is expected to report earnings before the opening bell. Analysts estimate earnings of $1.62 per share on revenue of $20.89 billion.</li>



<li>Longevity Health Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XAGE#NASDAQ">XAGE</a>) surged 75.80% after announcing a merger with THPlasma and the termination of its transaction with 20/20 BioLabs. This strategic move is expected to leverage plasma synergies to drive bioaesthetic innovation.</li>



<li>BloomZ Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLMZ#NASDAQ">BLMZ</a>) zoomed 66.08% after it signed an MoU with HYPRCOMMUNITY to develop an AI-driven VTuber social platform.</li>



<li>Brazil Potash Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRO#NYSE">GRO</a>) jumped 43.45% after signing an MoU with Fictor &amp; Wtt S.A. for $200 million in power line construction.</li>



<li>Glimpse Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRAR#NASDAQ">VRAR</a>) advanced 28.14% after releasing preliminary unaudited results, showcasing remarkable performance with revenue reaching $3.50 million, marking a 100% increase from the previous quarter.</li>
</ul>



Commodities, Gold, And Global Equity Markets:



Crude oil futures were trading lower in the early New York session by 0.55% to hover around $66.61 per barrel.



Gold Spot US Dollar rose 0.49% to hover around $3,359.84 per ounce. Its last record high stood at $3,500.33 per ounce. The U.S. Dollar Index spot was lower by 0.10% at the 97.9830 level.



Asian markets ended higher on Tuesday, as India's S&amp;P BSE Sensex, Japan's Nikkei 225, Australia's ASX 200, China&#8217;s CSI 300, Hong Kong's Hang Seng, and South Korea's Kospi indices rose. European markets were mixed in early trade.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/07/46407517/nvidia-resumes-h20-shipments-to-china-as-jensen-huang-meets-trump-beijing-officials-fully-compliant-rtx-pro-aims-to-bridge-ai-cold-war">Nvidia Resumes H20 Shipments To China As Jensen Huang Meets Trump, Beijing Officials — &#8216;Fully Compliant&#8217; RTX PRO Aims To Bridge AI Cold War</a></li>
</ul>



Photo courtesy: Shutterstock

BLMZ

FAST

VRAR

XAGE

US Stock Futures Trade Mixed Ahead Of June Inflation Print: Big Banks In Focus As Street Awaits JPMorgan, Wells Fargo, BNY Mellon, Citibank's Earnings

Sen.&nbsp;Elizabeth Warren&nbsp;(D-Mass.)&nbsp;questioned a potential quid pro quo involving the Trump family&#8217;s cryptocurrency ventures and Binance&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/bnb/usd">BNB</a>) convicted ex-CEO Changpeng Zhao.



What Happened: In an X post, Warren cited a recent report that claimed Binance covertly helped President&nbsp;Donald Trump-backed cryptocurrency company World Liberty Financial develop the USD1 stablecoin.



&#8220;One of the Trump family's crypto ventures got behind-the-scenes help from the world's largest crypto exchange,&#8221; Warren said. &#8220;Its founder? A convicted felon now seeking a Trump pardon.&#8221; 



Warren was referring to Zhao, who was <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38547115/ex-binance-ceo-changpeng-zhao-sees-crypto-industry-entering-new-phase">sentenced for anti-money laundering violations</a> in the U.S. Zhou&nbsp;paid a $50 million fine, stepped down from the&nbsp;company and subsequently served four months in prison. 



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">One of the Trump family's crypto ventures got behind-the-scenes help from the world's largest crypto exchange. Its founder? A convicted felon now seeking a Trump pardon. Congress should be shutting this down — not making it easier for Trump to profit by passing crypto bills. <a href="https://t.co/yimkchiigS">pic.twitter.com/yimkchiigS</a>&mdash; Elizabeth Warren (@SenWarren) <a href="https://twitter.com/SenWarren/status/1944834183924191369?ref_src=twsrc%5Etfw">July 14, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The senior Democrat, who has been fighting hard to convince lawmakers to take notice of Trump&#8217;s cryptocurrency activities, urged Congress to address this issue before passing bills that would enable him to profit more.



<a href="http://pro.benzinga.com">Benzinga</a> reached out to Binance and the White House for a comment. The story will be updated once they respond.



See Also: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46330813/circles-expands-beyond-coinbase-binance-partnerships-strikes-deal-with-bybit">Circle Expands Beyond Coinbase, Binance Partnerships, Strikes Deal With Bybit</a>



Why It Matters: The report suggested that <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46381943/trumps-crypto-firm-allegedly-received-covert-aid-from-binance-before-founders-pardon-plea">Binance allegedly helped write the core code</a> for the dollar-pegged stablecoin USD1, and the code facilitated&nbsp;an <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45160707/eric-trump-says-world-libertys-stablecoin-will-be-used-to-close-a-2-billion-deal-dollar-token-to-also-get-integrated-with-justin-suns-tron-blockchain">Emirati investment firm to&nbsp;acquire&nbsp;a $2 billion stake</a> in&nbsp;Binance using USD1.



Zhao called the report a hit piece and was contemplating a defamation lawsuit.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">4. FUD. Bloomberg just wrote another hit piece (sponsored by a competitor) containing so many factual errors I don&#39;t even know where to begin. Might have to sue them again for defamation. <a href="https://t.co/FevGMArHj8">https://t.co/FevGMArHj8</a>&mdash; CZ &#x1f536; BNB (@cz_binance) <a href="https://twitter.com/cz_binance/status/1943705285098365065?ref_src=twsrc%5Etfw">July 11, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Warren had deemed the<a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45399468/elizabeth-warren-calls-out-trump-linked-stablecoin-as-a-national-security-risk-hes-cashing-in-on-foreign-crypto-deals"> deal &#8220;shady&#8221; and a national security risk</a>, accusing Trump of profiting from foreign cryptocurrency agreements. She&nbsp;<a href="https://www.benzinga.com/25/05/45509721/elizabeth-warren-urges-congress-to-vote-against-genius-act-citing-potential-for-trumps-corruptionanthony-scaramucci-warns-democrats-against-political-suicide" target="_blank" rel="noreferrer noopener">urged Congress to vote against</a>&nbsp;the GENIUS Act, also known as the stablecoin bill, because it would enable Trump&#8217;s &#8220;crypto corruption.&#8221; The bill eventually passed the Senate



Trump reported incomes<a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45966444/donald-trump-jr-says-his-father-doesnt-touch-the-family-backed-crypto-company-despite-disclosure-of-57-million-income" target="_blank" rel="noreferrer noopener">&nbsp;exceeding $57 million</a>&nbsp;from&nbsp;World Liberty Financial in his latest disclosure.



Read Next:&nbsp;



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/politics/25/07/46359496/elizabeth-warren-says-crypto-industry-wants-trump-to-boost-their-products-just-like-he-was-hawking-elon-musks-cars">Elizabeth Warren Says Crypto Industry Wants Trump To Boost Their Products Just Like He Was &#8216;Hawking&#8217; Elon Musk&#8217;s Cars</a></li>
</ul>



Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.



Credit: Cody Scanlan/The Register / USA TODAY NETWORK via Imagn Images<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" target="_blank" rel="noreferrer noopener"></a>

$BNB

Elizabeth Warren Says 'Convicted Felon' Leveraged Trump Family's Crypto Interests For Pardon: Senator Makes Scathing Comments On Binance Co-Founder

Deutsche Bank has issued a warning about the potential consequences of President Donald Trump replacing Jerome Powell as the head of the U.S. Federal Reserve.



What Happened: A research note titled &#8220;What if?&#8221; was published by the bank&#8217;s global head of FX research, George Saravelos, over the weekend. The note explores the potential market impact if Trump successfully ousts Powell and appoints someone who shares his views on lower interest rates, <a href="https://fortune.com/2025/07/14/trump-fire-fed-powell-currency-bond-market-collapse-deutsche-bank/">reported</a> Fortune.



Saravelos&#8217;s note suggests that the market reaction to Powell&#8217;s removal could be significant, potentially leading to a collapse in both the currency and bond markets. The note also highlights the possibility of a rise in inflation expectations, a drop in real yields, and an increase in broader risk premia due to institutional erosion.



Saravelos expects the earliest warning sign to be a sharp decline in the U.S. dollar, which has already fallen 9.75% this year. He forecasts an additional 3%–4% drop in the dollar&#8217;s value and a 30–40 basis point sell-off in U.S. fixed income markets within 24 hours of any announcement regarding Powell's removal.



"We believe the market reaction would be large," the note mentioned. It added, &#8220;In extreme cases, both the currency and the bond market can collapse as inflation expectations move higher, real yields drop and broader risk premia increase on the back of institutional erosion."



While many investors don&#8217;t see Powell&#8217;s replacement as a likely scenario, they also don&#8217;t consider it impossible. Bettors on Polymarket, a crypto predictions exchange, currently estimate a 19% chance of Powell&#8217;s removal before his term ends in May.



Trump's public criticism of Powell has been clear in his social media posts and, more recently, in a letter from Russ Vought, the former Office of Management and Budget director, demanding explanations from Powell regarding the renovation of the Federal Reserve's headquarters.



SEE ALSO: <a href="https://benzinga.com/crypto/cryptocurrency/25/07/46400968/pudgy-penguins-coin-pengu-leaps-past-dogecoin-shiba-inu-pepe-with-93-weekly-gain" target="_blank" rel="noreferrer noopener">Pudgy Penguins Coin PENGU Leaps Past Dogecoin, Shiba Inu, Pepe With 93% Weekly Gain &#8211; Benzinga</a>



Why It Matters: The Federal Reserve has been under scrutiny from the Trump administration over a controversial renovation project at its Washington headquarters, which has exceeded its original $2.5 billion estimate. 



In response, Powell ordered a review of the project amid growing political backlash and accusations of mismanagement, secrecy, and lack of oversight, according to a <a href="https://www.benzinga.com/news/politics/25/07/46405212/trump-gets-faqd-by-powell-no-champagne-rooms-just-clearing-cancer-dust">detailed FAQ </a>published by the central bank.



Real estate investor and entrepreneur Grant Cardone accused Powell of setting the middle class back a decade and freezing the housing market <a href="https://www.benzinga.com/markets/25/07/46384532/grant-cardone-says-jerome-powell-intentionally-set-middle-class-back-a-decade-and-froze-the-housing">in a social media post</a>. He blamed Powell&#8217;s past comments about raising rates to fight inflation, even if it caused economic pain.



Earlier this month, Powell had indicated that the central bank would have implemented a more lenient monetary policy if not for President Trump&#8217;s tariff strategy <a href="https://www.benzinga.com/markets/macro-economic-events/25/07/46213909/jerome-powell-says-trumps-tariffs-deterred-fed-from-easing-monetary-policy-july-decision-to-depend-on-data-wouldnt-take-any-meeting-off-the-table">during a panel discussion</a>.



READ MORE: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/07/46337134/bill-ackman-cheers-money-market-funds-hitting-record-7-4-trillion-as-jerome-powell-snubs-trumps-rate-cut-demands">Bill Ackman Cheers Money Market Funds Hitting Record $7.4 Trillion As Jerome Powell Snubs Trump&#8217;s Rate Cut Demands</a></li>
</ul>



Image via Shutterstock



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Trump's Ouster Of Fed Chair Powell Could Trigger 'Collapse' Of Currency And Bond Market, Deutsche Bank Warns

The CNN Money Fear and Greed index showed an improvement in the overall market sentiment, while the index remained in the &#8220;Extreme Greed&#8221; zone on Monday.



U.S. stocks closed higher on Monday, with the Dow Jones index recording gains during the session following President Donald Trump&#8216;s weekend announcement of a sweeping 30% tariff on all imports from the European Union and Mexico, set to take effect August 1.



Investor sentiment was further clouded by inflation concerns ahead of Tuesday&#8217;s consumer price index release. Economists anticipate an annual rise from 2.4% to 2.7%, suggesting that companies may be starting to pass on higher import costs to consumers.



Fastenal Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>) reported better-than-expected second-quarter earnings. Shares of Daré Bioscience, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DARE#NASDAQ">DARE</a>) jumped around 23% on Monday after the company announced interim safety and efficacy results from its ongoing Phase 3 clinical trial evaluating the contraceptive effectiveness, safety and acceptability of Ovaprene.



Most sectors on the S&amp;P 500 closed on a positive note, with financial, communication services and real estate stocks recording the biggest gains on Monday. However, energy and materials stocks bucked the overall market trend, closing the session lower.



The Dow Jones closed higher by 88 points to 44,459.65 on Monday. The S&amp;P 500 rose 0.14% to 6,268.56, while the Nasdaq Composite gained 0.27% at 20,640.33 during Monday's session.



Investors are awaiting earnings results from JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), Wells Fargo &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) and Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) today.



What is CNN Business Fear &amp; Greed Index?



At a current reading of 76.4, the index remained in the &#8220;Extreme Greed&#8221; zone on Monday, versus a prior reading of 75.6.



The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.



Read Next: 



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<li><a href="https://www.benzinga.com/news/25/07/46390296/rocket-lab-is-one-of-the-hottest-stocks-in-the-universe-cramer">This Is &#8216;One Of The Hottest Stocks In The Universe,&#8217; Jim Cramer Says</a></li>
</ul>



Photo courtesy: Shutterstock

Pre-Market Outlook

DARE

US Stocks End Higher Amid Tariff Concerns: Investor Sentiment Improves, Fear & Greed Index Remains In 'Extreme Greed' Zone

Cryptocurrency market euphoria cooled slightly Monday as investors anticipate the release of June&#8217;s Consumer Price Index report.



<figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><th>Cryptocurrency</th><th>Gains +/-</th><th>Price (Recorded at 9:15 p.m. ET)</th></tr></thead><tbody><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>+0.17%</td><td>$119,233.36</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+0.47%</td><td>$2,986.37</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-2.40%</td><td>$0.1941</td></tr></tbody></table></figure>



What Happened: Bitcoin fell to an intraday low of $118,959.20, a marked reversal from its early morning highs. Trading volume soared 256% to a whopping $180 billion, indicating heavy profit-taking.



According to CryptoQuant, <a href="https://cryptoquant.com/asset/btc/chart/miner-flows/miner-reserve?miner=all_miner&amp;window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line">miner reserves</a> have fallen steeply over the past few days.



Ethereum also reversed course, falling below $3,000, even as trading activity remained high.



The two blue-chip currencies are off to a flying start in the third quarter, with Bitcoin up 11.68% and Ethereum up more than 20% so far.



Over $800 million was liquidated from the market in the last 24 hours, with short position traders bearing the brunt of the rally. That said, about $595 million in longs risked liquidation if Bitcoin reversed to $117,000.



Bitcoin's open interest rose 2.40% to $87.43 billion, marking a new record high. "Greed" sentiment persisted in the market, according to the Crypto Fear &amp; Greed Index.



Top Gainers (24 Hours)



<figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><th>Cryptocurrency</th><th>Gains +/-</th><th>Price (Recorded at 9:15 p.m. ET)</th></tr></thead><tbody><tr><td>Pudgy Penguins (PENGU)</td><td>+7.11%</td><td>$0.03073</td></tr><tr><td>Curve DAO Token (CRV)&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+6.23%</td><td>$0.6977</td></tr><tr><td>Sui (SUI)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+4.93%</td><td>$3.84 </td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.74 trillion, following a modest increase of 0.55% in the last 24 hours.



Stock ended in the green on Monday. The Dow Jones Industrial Average rose 88.14 points, or 0.20%, to end at 44,459.65. The S&amp;P 500 added 0.14% to end at 6,268.56, and the tech-focused Nasdaq Composite gained 0.27% to finish at 20,640.33.



Tariff-related news weighed on the market, as investors await the <a href="https://www.benzinga.com/markets/economic-data/25/07/46392923/une-cpi-inflation-preview-tariffs-markets-fed">Consumer Price Index report on Tuesday</a> to gauge the impact of President Donald Trump&#8217;s trade decisions on the economy.



Trump has proposed a<a href="https://www.benzinga.com/news/politics/25/07/46386524/trump-wants-blanket-tariffs-of-up-to-20-after-surprise-treasury-surplus-in-june-ed-yardeni-says-dont-push-your-luck"> blanket tariff rate of 15%-20%</a> on most nations, a notable jump from the current 10% base.



See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>



Analyst Notes: Widely followed cryptocurrency analyst and trader Ali Martinez said Bitcoin hit the first target at $121,000 after breaking out of a parallel channel, with the next "key levels" of interest at $131,000, $144,000, and $158,000.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Bitcoin <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> has hit the first target at $121,000 after breaking out of a parallel channel. The next key levels are $131,000, $144,000, and $158,000. <a href="https://t.co/GsOFa0MyrJ">pic.twitter.com/GsOFa0MyrJ</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1944728836270416084?ref_src=twsrc%5Etfw">July 14, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Edward, another cryptocurrency market researcher, drew a parallel to Bitcoin&#8217;s 2024 breakout, where a similar weekly surge preceded a 50% rally.



"This time, $135,000–$140,000 isn't hopium. It's one clean breakout away," the analyst said.



That said, Edward flagged $115,500–116,500 as a potential retest zone.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">3 &#x265f;&#xFE0F; Areas to Watch There's real price gravity above and below. Key cluster: $115,500–116,500 (potential retest zone). Above $120K? Things thin out fast. Liquidity maps show air between that and $135K. <a href="https://t.co/BfNLEZa5vP">pic.twitter.com/BfNLEZa5vP</a>&mdash; Edward (@Defi_Edward) <a href="https://twitter.com/Defi_Edward/status/1944709743722860573?ref_src=twsrc%5Etfw">July 14, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo: Antonio Gravante On Shutterstock.com



Read Next:&nbsp;&nbsp;&nbsp;&nbsp;



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<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46401183/strategy-adds-472-million-in-bitcoin-ups-total-holdings-to-over-600000-btc">Strategy Adds $472 Million In Bitcoin, Ups Total Holdings To Over 600,000 BTC</a></li>
</ul>

$DOGE

$ETH

Bitcoin Retraces From Highs Ahead Of CPI Report; Ethereum Gains And Dogecoin Falls: Analyst Says $135,000–$140,000 Isn't Hopium, But 'One Clean Breakout' Away

Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) announced it will resume sales of its H20 GPU to China and unveiled a new RTX PRO graphics processor designed specifically for Chinese customers, according to a company statement released Monday.



Check out the current price of <a href="https://benzinga.com/quote/nvda">NVDA stock here</a>.



What Happened: CEO Jensen Huang said during visits to Washington and Beijing that Nvidia is filing applications to sell the H20 GPU again, with the U.S. government providing assurances that licenses will be granted. The company expects to begin deliveries soon, according to Nvidia.



The new RTX PRO GPU is &#8220;fully compliant&#8221; with U.S. export controls and &#8220;ideal for digital twin AI for smart factories and logistics,&#8221; Huang announced. The chip represents Nvidia&#8217;s latest effort to maintain market share in China while navigating heightened trade restrictions.



The announcements come as Huang conducted diplomatic visits to both capitals this month. In Washington, he met with President Donald Trump and policymakers, reaffirming Nvidia&#8217;s support for domestic AI infrastructure and manufacturing initiatives. In Beijing, he discussed AI productivity benefits with government and industry officials.



See Also: <a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/07/46402633/sp500-record-highs-narrow-breadth-2025">S&amp;P 500 Record Highs Hide A Fracture Unseen In Decades</a>



Why It Matters: The H20 resumption marks a significant development for NVIDIA&#8217;s Chinese operations. U.S. export controls have restricted semiconductor firms from selling advanced AI chips to Chinese customers, forcing NVIDIA to develop modified versions for the Chinese market.



Huang previously told CNN that <a href="https://www.benzinga.com/markets/tech/25/07/46397545/nvidias-jensen-huang-china-doesnt-need-us-chips">Chinese military forces don&#8217;t use Nvidia chips</a> due to export restrictions. &#8220;They don&#8217;t need Nvidia&#8217;s chips, certainly, or American tech stacks in order to build their military,&#8221; he said. &#8220;They simply can&#8217;t rely on it.&#8221;



The CEO emphasized that &#8220;general-purpose, open-source research and foundation models are the backbone of AI innovation&#8221; during his Washington meetings. He argued that making U.S. technology accessible globally encourages nations to choose American technology stacks.



NVIDIA&#8217;s China strategy faces scrutiny after reports that a Chinese AI firm, DeepSeek, allegedly used shell companies to obtain H100 chips while supporting China&#8217;s <a href="https://www.benzinga.com/markets/tech/25/07/46397545/nvidias-jensen-huang-china-doesnt-need-us-chips">military and intelligence agencies</a>. 



Earlier this year, Nvidia was&nbsp;<a href="https://www.benzinga.com/25/05/45644145/nvidia-stock-is-bullish-ahead-of-q1-earnings-but-will-h20-chip-woes-dampen-the-party" target="_blank" rel="noreferrer noopener">forced to halt shipments</a>&nbsp;of its China-specific&nbsp;H20&nbsp;AI chips after the U.S. government determined a special license was required, costing the company $2.5 billion in potential revenue in the first quarter.



Price Action: Nvidia shares traded at $163.87 in after-hours Monday, down 0.64% from the regular session close of $164.07. The stock gained 3.20% in overnight trading on Robinhood, reaching $169.41.



Read Next:



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<li><a href="https://www.benzinga.com/markets/equities/25/07/46407227/palantir-the-trade-desk-tilray-sonnet-biotherapeutics-and-tesla-why-these-5-stocks-are-on-investors-radars-today">Palantir, The Trade Desk, Tilray, Sonnet Biotherapeutics, And Tesla: Why These 5 Stocks Are On Investors&#8217; Radars Today</a></li>
</ul>



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.



Photo courtesy: Shutterstock

Nvidia Resumes H20 Shipments To China As Jensen Huang Meets Trump, Beijing Officials — 'Fully Compliant' RTX PRO Aims To Bridge AI Cold War

Renowned TV host Jim Cramer is stirring chatter on X with another buzzworthy &#8220;meme stock&#8221; acronym, aimed at a new group of retail-favorite stocks that are defying gravity.



Check out the current price of&nbsp;<a href="https://www.benzinga.com/quote/PLTR" target="_blank" rel="noreferrer noopener">PLTR stock here.</a>



What Happened: On Monday, in a post on X, Cramer wrote, &#8220;A new acronym for the meme stocks that just won't quit!!! PARC!,&#8221; referring to Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>), AppLovin Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APP#NASDAQ">APP</a>), Robinhood Markets Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>), and Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>).



All four companies are notable for their social media-fueled momentum, high levels of retail participation, and volatility, which has earned them the <a href="https://www.benzinga.com/pro/blog/what-are-meme-stocks">&#8220;meme stock&#8221; moniker</a>.



Palantir provides AI and data analytics applications for governments and commercial applications, and has seen strong momentum in recent years. AppLovin, on the other hand, is a mobile advertising platform and a game publisher that has seen a sharp rally since mid-last year.



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">A new acronym for the meme stocks that just won't quit!!! PARC! <a href="https://t.co/m3HmDYDxup">pic.twitter.com/m3HmDYDxup</a>&mdash; Jim Cramer (@jimcramer) <a href="https://twitter.com/jimcramer/status/1944879501931880861?ref_src=twsrc%5Etfw">July 14, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Trading platform Robinhood was at the center of the retail trading boom during 2020-21, and continues to remain popular among young investors and traders. Coinbase, the largest U.S.-based crypto exchange, is similarly being fueled by renewed <a href="https://www.benzinga.com/news/events/24/11/42073346/exclusive-retail-investors-are-taking-on-more-risk-and-finding-success-is-crypto-acting-as-a-gateway-trade">retail risk appetite</a> for digital assets.



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td class="has-text-align-center" data-align="center">Stock / ETF</td><td class="has-text-align-center" data-align="center">Year-To-Date</td><td class="has-text-align-center" data-align="center">5-Year</td></tr><tr><td class="has-text-align-center" data-align="center">Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>)</td><td class="has-text-align-center" data-align="center">+98.36%</td><td class="has-text-align-center" data-align="center">+1,521.20%</td></tr><tr><td class="has-text-align-center" data-align="center">AppLovin Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APP#NASDAQ">APP</a>)</td><td class="has-text-align-center" data-align="center">+4.13%</td><td class="has-text-align-center" data-align="center">+483.44%</td></tr><tr><td class="has-text-align-center" data-align="center">Robinhood Markets Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>)</td><td class="has-text-align-center" data-align="center">+153.45%</td><td class="has-text-align-center" data-align="center">+184.38%</td></tr><tr><td class="has-text-align-center" data-align="center">Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>)</td><td class="has-text-align-center" data-align="center">+53.19%</td><td class="has-text-align-center" data-align="center">+15.21%</td></tr><tr><td class="has-text-align-center" data-align="center">Ark Innovation ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#BATS">ARKK</a>)</td><td class="has-text-align-center" data-align="center">+29.46%</td><td class="has-text-align-center" data-align="center">-8.70%</td></tr></tbody></table></figure>



Earlier in the day, Cramer asked his followers on X to choose between PARC and CARP for the new acronym, before leaning towards PARC on CNBC&#8217;s Mad Money.



Cramer&#8217;s new acronym, however, drew mixed reactions online. When he asked for suggestions from his followers, several users suggested &#8220;CRAP&#8221; over &#8220;PARC&#8221; or &#8220;CARP,&#8221; citing the high valuations of these companies. 



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">New meme acronym: PARC&#8211; Palantir, Applovin, Robinhood and Coinbase (PARC)v Coinbase, Applovin, Robinhood, Palantir (CARP) which should it be?? <a href="https://twitter.com/SquawkStreet?ref_src=twsrc%5Etfw">@SquawkStreet</a> .&mdash; Jim Cramer (@jimcramer) <a href="https://twitter.com/jimcramer/status/1944735366616932690?ref_src=twsrc%5Etfw">July 14, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It Matters: This isn't the first time Cramer has packaged market favorites into catchy acronyms. In the past, he <a href="https://www.benzinga.com/news/21/10/23745812/heres-the-new-acronym-from-jim-cramer-replacing-faang">popularized the term</a> &#8220;FANG&#8221; for Facebook, Amazon, Netflix and Google, which eventually evolved into &#8220;FAANG&#8221; to include Apple. 



Over the years, this acronym has given rise to several ETFs that aim to provide investors with exposure to the group, and the term has since become synonymous with &#8220;big tech.&#8221;



Early this month, Cramer split the FAANG to just &#8220;M-N-Ms,&#8221; referring to Microsoft, Nvidia and Meta Platforms, which have <a href="https://www.benzinga.com/markets/tech/25/07/46240154/not-fang-not-magnificent-seven-just-m-n-ms-jim-cramer-floats-new-tech-acronym-for-these-stocks-that-outpaced-peers">significantly outperformed</a> their &#8220;Magnificent Seven&#8221; counterparts during the year.



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="146" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/14224128/Screenshot-2025-07-15-at-8.11.09-AM-1024x146.png" alt="" class="wp-image-984936" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/14224128/Screenshot-2025-07-15-at-8.11.09-AM-1024x146.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/14224128/Screenshot-2025-07-15-at-8.11.09-AM-300x43.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/14224128/Screenshot-2025-07-15-at-8.11.09-AM-768x110.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/14224128/Screenshot-2025-07-15-at-8.11.09-AM.png 1528w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



Palantir leads the charge among its PARC peers with a market cap of $351 billion, and according to Benzinga&#8217;s Edge Stock Rankings, it has strong momentum, with a favorable price trend in the short, medium and long terms. Click <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">here</a> to see how it compares with Applovin, which ranks a distant second.



Photo courtesy: katz / Shutterstock.com

Markets

ARKK

COIN

HOOD

PLTR

Jim Cramer Made 'FAANG' Popular, Now He Says There's A New Acronym To Describe These Retail Favorite Stocks — 'PARC'

The S&amp;P 500's July rally to fresh record highs hides a troubling divide at the index's core—one not seen since the early 2000s—and no, this time it has nothing to do <a href="https://www.benzinga.com/topic/donald-trump">with Trump's trade policies.</a>



<h3 class="wp-block-heading">S&amp;P 500 Hits Records, But Most Stocks Miss The Party</h3>



While the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) has surged to new record highs, its equal-weighted counterpart, the Invesco S&amp;P 500 Equal Weight ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RSP#NYSE">RSP</a>), is telling a very different story. 



The ratio between SPY and RSP has now climbed to its highest level since August 2003, underscoring the narrowest market breadth in over two decades.



In plain terms, a small group of megacap stocks is carrying the rally, while the average stock is lagging behind. 



The median S&amp;P 500 constituent is now 11% below its 52-week high, and RSP is down 3% from its late-2024 peak, despite the cap-weighted index breaking records.



Market breadth refers to the number of stocks participating in a rally. Right now, it's historically thin. That's raising eyebrows among investors, not because the bull run is over, but because the gains are concentrated in just a handful of high-performing names.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="525" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/14143714/SPY_RSP_2025-07-14_14-07-27_83d76-1024x525.png" alt="" class="wp-image-984577" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/14143714/SPY_RSP_2025-07-14_14-07-27_83d76-1024x525.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/14143714/SPY_RSP_2025-07-14_14-07-27_83d76-300x154.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/14143714/SPY_RSP_2025-07-14_14-07-27_83d76-768x394.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/14143714/SPY_RSP_2025-07-14_14-07-27_83d76-1536x788.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/14143714/SPY_RSP_2025-07-14_14-07-27_83d76-2048x1050.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2 class="wp-block-heading">What's Going On With Market Breadth?</h2>



According to Goldman Sachs' analyst David J. Kostin, the narrow breadth could set the stage for a short-term shift.



"If our economic and earnings outlooks prove correct, more momentum rotation is likely in store," Kostin said.



Historical data from Goldman shows that during strong macroeconomic turns, lagging stocks tend to catch up—even if the high-flying leaders cool off.



There&#8217;s also an important valuation angle here. Stocks with strong profit margins and solid balance sheets are now trading at significant premiums, while so-called "low quality" stocks remain discounted. If macro conditions improve—meaning lower rates and easing trade tensions—there's room for a rotation into those underperformers.



Still, Kostin remains cautious. "For ‘low quality' stocks to outperform over an extended horizon, we think investors would need to embrace an outlook for stronger economic growth and lower interest rates than our current forecasts indicate," he said.



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Image created using artificial intelligence via Midjourney.

Broad U.S. Equity ETFs

ETFs

S&P 500 Record Highs Hide A Fracture Unseen In Decades

Banking giant JPMorgan Chase &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) could provide a detailed look at the health of the American economy and consumer and have a big impact on several ETFs when the company reports second-quarter financial results Tuesday <a href="https://www.benzinga.com/earnings">before market open.</a>



Here are the earnings estimates from analysts, what experts are saying ahead of the report and the key items to watch.



Earnings Estimates: Analysts expect JPMorgan to report second-quarter revenue of $44.17 billion, down from $50.99 billion, according to data<a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0714"> from Benzinga Pro.</a>



The company has beaten analyst estimates for revenue in more than 10 straight quarters.



Analysts expect the company to report second-quarter earnings per share of $4.48, up from $4.40 in last year's second quarter. The company has beaten analyst estimates for earnings per share in more than 10 straight quarters.



Read Also: <a href="https://www.benzinga.com/news/25/07/46396595/jpmorgan-citi-to-kick-off-bank-earnings-as-wall-street-sees-profit-boom">JPMorgan, Citi To Kick Off Bank Earnings As Wall Street Sees Profit Boom</a>



What Experts Are Saying: JPMorgan is one of several large financial institutions that will report quarterly financial results this week.



"The sector itself has been outperforming the S&amp;P 500, experiencing new all-time highs and has been a leading sector in the most recent market rebound," Freedom Capital Markets Chief Global Strategist Jay Woods said in a weekly <a href="https://dashboard.mailerlite.com/forms/430322/151045652250363569/share">newsletter</a>.



Because banks have passed the Fed's stress test with "flying colors,&#8221; Woods expects increased growth or potential M&amp;A activity.



"There is hope that a banking renaissance is on the horizon and maybe this quarter will give a more rosy outlook than more recent forecasts,&#8221; he adds.



Here are recent a<a href="https://www.benzinga.com/quote/JPM/analyst-ratings">nalyst ratings on JPMorgan &amp; Chase:</a>



<ul class="wp-block-list">
<li>Truist: Maintained Hold rating, raised price target from $280 to $290</li>



<li>Evercore ISI Group: Maintained Outperform rating, raised price target from $280 to $298</li>



<li>Citigroup: Maintained Neutral rating, raised price target from $250 to $275</li>
</ul>



Key Items to Watch: Woods notes five of the top holdings from the SPDR Select Sector Fund – Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).



JPMorgan is the second-largest holding in the ETF at 10.87% of assets. The ETF could be highly volatile during a week of multiple earnings releases and the pressure of JPMorgan's report.



Another ETF that could be impacted is the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>). JPMorgan is the 11th largest holding in the ETF that tracks Dow Jones Industrial Average.



Investors and analysts will closely watch JPMorgan for several items in the quarterly results. These include overall revenue, investment banking, Consumer &amp; Community Banking and Commercial &amp; Investment Bank. Such business segments can exhibit growth or a decline in revenue, and possibly gauge the overall health of the American economy.



Another critical factor is commentary from CEO Jamie Dimon regarding the firm&#8217;s future and the banking sector. Dimon offered warnings about geopolitics, tax reform, tariffs, inflation and volatility after the company's<a href="https://www.benzinga.com/25/04/44760533/jpmorgan-kicks-off-earnings-season-strong-investment-banking-wealth-management-lead-revenue-surge"> first-quarter results</a>. Investors and analysts will be looking to see if Dimon remains <a href="https://www.benzinga.com/markets/economic-data/25/06/45888024/jamie-dimon-warns-of-us-economic-dip-tells-managers-to-get-real">concerned or turns optimistic</a>.



Price Action: JPMorgan stock is up 0.4% to $287.94 on Monday versus a 52-week trading range of $190.90 to $296.40. JPMorgan stock is up 20% year-to-date in 2025.



The SPDR Select Sector Fund- Financial ETF is up 8.9% year-to-date in 2025.



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Image: Shutterstock

JPMorgan Q2 Preview: A 'Banking Renaissance' On The Horizon

Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) CEO Jensen Huang said that the Chinese military is not using <a href="https://www.benzinga.com/topic/jensen-huang">his company's chips</a> due to export controls and tensions between the U.S. and China. 



The Details: Speaking in a CNN <a href="https://www.cnn.com/2025/07/13/world/video/gps0713-nvidia-us-china-ai">interview</a> on Sunday, Huang argued that China cannot depend on U.S.-made technology for its military needs because access to such technology could be restricted at any time.&nbsp;



"It could be limited at any time; not to mention, there's plenty of computing capacity in China already," Huang said.&nbsp;



"They don't need Nvidia's chips, certainly, or American tech stacks in order to build their military," he added.&nbsp; "They simply can't rely on it."



Read Next:<a href="https://www.benzinga.com/news/health-care/25/07/46355532/unitedhealth-hits-reset-new-head-of-medicaid-appointed-as-ceo-reshapes-team?utm_source=articleShare"> UnitedHealth Hits Reset: New Head Of Medicaid Appointed As CEO Reshapes Team</a>&nbsp;



Huang's remarks come in the context of U.S. export controls that restrict semiconductor firms from selling their most advanced AI chips to Chinese customers.&nbsp;



The Nvidia CEO reiterated his criticism of the export restrictions, saying they have been counterproductive to the United States' goal of maintaining technological leadership. 



According to Huang, for American technology to become the global standard, it must be accessible to all AI developers worldwide—including those in China, who make up about half of the global talent pool.



Industry analysts, such as Daniel Newman of The Futurum Group, note that Huang is carefully balancing relations between Washington and Beijing with an approach designed to keep Nvidia positioned for future opportunities in China while avoiding actions that could provoke U.S. policymakers.



"He needs to walk a proverbial tightrope to make sure that he doesn't rattle the Trump administration," Newman <a href="https://www.cnbc.com/2025/07/14/nvidias-jensen-huang-downplays-us-china-concerns-ahead-of-trip.html">told</a> CNBC.&nbsp;



Why It Matters: Last month, a senior U.S. government official told Reuters that Chinese AI firm DeepSeek is <a href="https://www.benzinga.com/markets/tech/25/06/46062695/nvidia-deepseek-ai-chips-us-china-military-news">actively supporting</a> China's military and intelligence agencies while finding ways to bypass American restrictions on advanced semiconductor exports.&nbsp;



DeepSeek is alleged to have used shell companies in Southeast Asia and other workarounds to obtain large quantities of Nvidia's H100 chips, which are subject to strict export controls. Multiple sources familiar with the situation confirmed that DeepSeek acquired these chips after the U.S. ban was implemented.



What Else: Huang is preparing to leave on his second trip to China this year as Nvidia works on a new chip that will meet the latest export rules.&nbsp;



Last week, Huang also met with President Donald Trump and was warned by lawmakers not to meet with Chinese companies tied to the military or intelligence agencies, or those on the U.S. restricted list.



NVDA Price Action: Nvidia shares were up 0.12% at $165.12 on Monday, according to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>. 



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Photo: Shutterstock&nbsp;

Nvidia's Jensen Huang: China Doesn't Need US Chips

After relatively benign inflation reports throughout 2025, the June Consumer Price Index could deliver what Wall Street least expects: the return of hotter price pressures, largely fueled by tariffs. For markets riding all-time highs, this could mean <a href="https://www.benzinga.com/news/econ-s">more pain than gain.</a>



Here's what to expect on Tuesday at 8:30 a.m. ET, when the Bureau of Labor Statistics releases the much-anticipated June inflation report.



<h2 class="wp-block-heading">A Sharp Inflation Acceleration Is On Deck</h2>



Economists anticipate the headline inflation rate to climb from 2.4% in May to 2.7% in June—the highest since January and a pace of acceleration unseen since late 2023. 



On a monthly basis, the CPI is expected to rise 0.3%, up from 0.1% in May, marking the fastest monthly increase of the year.



But this isn't a story driven by energy or other volatile components. The core Consumer Price Index—which strips out food and energy and better reflects underlying inflation trends—is also expected to reheat. 



Forecasts indicate an annual increase from 2.8% to 3%, accompanied by a monthly gain of 0.3%, marking the end of a three-month period of stability.



"Core goods is the main driver of our expected acceleration in core CPI inflation," said Bank of America economist Stephen Juneau in a recent note to clients. The expert sees broad-based price hikes extending beyond used cars, partly due to newly imposed tariffs.



<h2 class="wp-block-heading">Markets Are Complacent—And That&#8217;s The Problem</h2>



Despite mounting signs of upward pressure, traders remain largely unfazed. 



Both the S&amp;P 500 and Nasdaq 100 indices continue to push record highs, and market-based inflation expectations—measured by breakeven rates—remain steady around 2.4% for both 5- and 10-year horizons.



That calm is echoed on Kalshi, the CFTC-regulated prediction market, where traders assign just an 8% chance that June's annual inflation tops 2.7%. In other words, betting on a surprise costs pennies and could pay ninefold.



Such confidence—or overconfidence—sets the stage for potential market disarray should the data come in hot.



<iframe loading="lazy" src="https://kalshi.com/external-widgets/events/KXCPIYOY-25JUN?color_scheme=light&#038;widget_size=medium&#038;variant=a&#038;ids=KXCPIYOY-25JUN-T2.4&#038;ids=KXCPIYOY-25JUN-T2.5&#038;ids=KXCPIYOY-25JUN-T2.6&#038;utm_campaign=benzinga_widget" width="488px" height="196px" style="border:0"></iframe>



<h2 class="wp-block-heading">What Are The Key Drivers Of Inflation?</h2>



Tariffs are front and center. 



Glen Smith, chief investment officer at GDS Wealth Management, said June's CPI "is likely the first inflation report that noticeably reflects higher prices from tariffs," and cautioned that strong inflation could delay any Federal Reserve action on rate cuts.



Bank of America's Juneau noted additional pressure coming from discretionary services like lodging and airfare, which had previously shown deflation but are now expected to rebound. Medical services and shelter costs are also forecast to contribute more than they did in May.



Goldman Sachs' Jessica Rindels sees a slightly cooler core CPI print of 0.23% for June, but said, "tariffs will likely provide a somewhat larger boost to monthly inflation," expecting core inflation to trend between 0.3% and 0.4% in the coming months.



<h2 class="wp-block-heading">What It Means For Markets</h2>



The implications for monetary policy are significant. As of now, futures markets imply a 93% chance the Federal Reserve will cut interest rates twice before year-end, totaling 50 basis points.



But a strong CPI print could change that overnight. If price pressures resurface more broadly, the Fed could remain on hold for longer, delaying relief for borrowers and possibly tightening financial conditions.



For equity markets, a stronger-than-expected inflation reading could slam the brakes on the rally that has pushed the Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>) up 30% from April lows, with stocks trading at record highs under the assumption that Donald Trump's tariffs won't disrupt growth.



 At the same time, it could hand a much-needed boost to the U.S. dollar. The U.S. Dollar Index remains down 9% year-to-date, yet positioning among investors is heavily bullish. Hotter inflation could validate those bets, as markets would likely dial back expectations for Fed rate cuts in 2025.



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June Inflation May Be Hiding A Nasty Surprise For Wall Street

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