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Today is Tuesday, October 15, 2024.

The Early Bird Index today is 75.71.

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Cryptocurrency Wins Election

It was a strong Monday for cryptocurrency prices. Bitcoin jumped about 5% and Ethereum rose by 6% after the Democratic presidential candidate Kamala Harris released a pro-crypto agenda.

Details: Harris, the current vice president, issued support on Monday for a regulatory framework for crypto.

Background: The Republican presidential candidate Donald Trump also issued support for crypto in 2024. Despite his opposition to crypto when he was president, Trump now favors cutting regulations to support crypto, promoting Bitcoin mining, and creating a strategic bitcoin reserve.

Powering the Story: It’s a win-win for crypto. No matter who wins the upcoming U.S. presidential election, crypto investors will have an ally in the White House.

Early Bird’s Nest Egg Gains: A well-designed regulatory framework would likely increase investor confidence in the crypto market. It would also improve market integrity, and pave the way for more crypto adoption.

Final Thoughts: Bitcoin and Ethereum are up 8% in the last 30 days.

Notables

Notable Earnings Today: Bank of America (NYS: BAC), Walgreens Boots Alliance (Nasdaq: WBA), United Airlines (Nasdaq: UAL), UnitedHealth Group (NYSE: UNH), Interactive Brokers (Nasdaq: IBKR), Citigroup (NYSE: C), J.B. Hunt Transport Services (Nasdaq: JBHT), Johnson & Johnson (NYSE: JNJ), Albertsons (NYSE: ACI), SMART Global (Nasdaq: SGH), Pinnacle Financial Partners (Nasdaq: PNFP), Progressive (NYSE: PGR), Hancock Whitney (Nasdaq: HWC), Charles Schwab (NYSE: SCHW), Goldman Sachs (NYSE: GS), PNC (NYSE: PNC), Omnicom (NYSE: OMC), State Street (NYSE: STT), Fulton Financial (Nasdaq: FULT), Enerpac Tool Group (NYSE: EPAC), Equity Bancshares (NYSE: EQBK).

Notable IPOs Today: N/A.

Notable Equity Crowdfunding Campaigns Ending Today: EarthGrid (Netcapital), Little Dragon Dabs (truCrowd), Boyd Cycling (Vicinity), Doroni Aerospace (StartEngine), Demarco Training (SMBX), Arrive (PicMii).

Notable Economic Events Today: NY Empire State Manufacturing Index (8:30 a.m. ET).

Coty Reports Slower U.S. Growth

Coty (NYSE: COTY), the parent of popular beauty brands such as CoverGirl, fell 5.45% in after-hours trading on Monday after reporting preliminary financial results.

Details: The company said sales in the quarter grew about 4% to 5%, lower than the original estimate of 6%.

Powering the Story: Coty said U.S. market growth slowed at one point during the quarter.

Final Thoughts: Down 24% this year, Coty is struggling to make investors happy.

Saudi Arabia Oil Production Expected to Grow

Energy stocks fell in after-hours trading on Monday after a report said that Saudi Arabia is expected to increase oil production, thus increasing the supply of oil.

Final Thoughts: Exxon Mobil (NYSE: XOM) fell by 1.64%, Chevron (NYSE: CVX) dropped by 1.30%, and Occidental Petroleum (NYSE: OXY) declined by 1.33%.

Trends to Watch

Chipping Away at AI Exports: US Weighs Capping Exports of AI Chips From Nvidia and AMD to Some Countries (Bloomberg)

All-Time High: Nvidia closes at record as AI chipmaker’s market cap tops $3.4 trillion (CNBC)

Happy Uptober: Is Bitcoin’s Uptober beginning, or will today’s BTC rally end with more of the same? (Cointelegraph)

Going Nuclear: Google signed a deal to power data centers with nuclear micro-reactors from Kairos — but the 2030 timeline is very optimistic (TechCrunch)

Boeing’s Bad Year Continues: Boeing to issue layoff notices to thousands next month, union and source say (Reuters)

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_{The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.}