Today is Tuesday, July 16, 2024.

The Early Bird Index today is 77.66.

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Ethereum ETF Launch Date Revealed

The price of Ethereum jumped about 7% on Monday due to a series of rumors regarding the arrival of spot Ethereum ETFs (exchange-traded funds) in the United States.

Details: Reuters reported Monday that the U.S. Securities and Exchange Commission gave preliminary approval to at least three of the eight asset managers hoping to launch spot Ethereum ETFs, with plans for those ETFs to trade by next Tuesday, July 23.

Also: Bloomberg analyst Eric Balchunas tweeted that spot Ethereum ETFs will likely launch on July 23.

Definition: A spot Ethereum ETF tracks the actual price of Ethereum. It allows traditional investors to get direct exposure to it.

Background: Spot Bitcoin ETFs were approved in January, which was successful.

Bigger Picture: Other cryptocurrency prices rose on Monday due to these ETF rumors. Solana grew 7%. Dogecoin climbed 9%. Shiba Inu jumped 12%.

Early Bird’s Nest Egg Gains: The imminent launch of spot Ethereum ETFs in the U.S. will likely have positive implications for other cryptocurrencies. It legitimizes cryptocurrencies as an asset class. This could create a domino effect, leading to more diverse crypto-based investment products in the traditional financial markets.

Final Thoughts: We’ll see if Ethereum’s price continues to climb before next week’s ETF launch.

Notables

Notable Earnings Today: Bank of America (NYSE: BAC), Interactive Brokers (Nasdaq: IBKR), UnitedHealth Group (NYSE: UNH), J.B. Hunt Transport (Nasdaq: JBHT), Progressive (NYSE: PGR), Morgan Stanley (NYSE: MS), Hancock Whitney (Nasdaq: HWC), PNC (NYSE: PNC), Fulton Financial (Nasdaq: FULT), State Street (NYSE: STT) Pinnacle Financial Partners (Nasdaq: PNFP), Omnicom (NYSE: OMC), Aehr Test Systems (Nasdaq: AEHR), AngioDynamics (Nasdaq: ANGO), Equity Bancshares (NYSE: EQBK), Great Southern Bancorp (Nasdaq: GSBC), Mercantile Bank (Nasdaq: MBWM), The Charles Schwab Corporation (NYSE: SCHW).

Notable IPOs Today: M3-Brigade Acquisition V Corp. Units (Nasdaq: MBAVU).

Notable Equity Crowdfunding Campaigns Ending Today: N/A.

Notable Economic Events Today: Retail Sales / Core Retail Sales (8:30 a.m. ET), Import Price Index / Export Price Index (8:30 a.m. ET), Business Inventories (8:30 a.m. ET), Atlanta Fed GDPNow (12:00 p.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).

Match Group’s New Activist Investor

Match Group (Nasdaq: MTCH), the parent of dating apps Tinder and OkCupid, jumped 8.56% in after-hours trading on Monday due to a report suggesting a new activist investor is interested in the stock.

Details: The Wall Street Journal reported that the hedge fund Starboard Value amassed a big stake in Match and wants to push for a possible sale if a turnaround isn’t successful.

Definition: An activist investor buys a large amount of a company's stock to force changes.

Background: Earlier in the year, Elliott Investment Management emerged as an activist investor for Match.

Final Thoughts: Match is down 12% this year due to a declining user base.

Trump Media Stock Jumps After Attempted Assassination

Trump Media & Technology Group (Nasdaq: DJT) surged by 31.37% on Monday after the attempted assassination of former President Donald Trump over the weekend. The stock fell 10% in after-hours trading.

Final Thoughts: The stock is up 132% this year.

Trends to Watch

Golden Results: Goldman Sachs raises banker pay and bonuses after 150% surge in quarterly profit (The Guardian)

Coming Soon: Powell indicates Fed won’t wait until inflation is down to 2% before cutting rates (CNBC)

All By Myself: Macy’s rejected a takeover offer and is betting on itself (CNN)

Thanks, Bitcoin: Bitcoin ETF Helps Propel BlackRock to Record $10.6 Trillion Assets Under Management (Decrypt)

Workforce Reduction: Salesforce Cuts More Jobs in Latest Sign of Tech Austerity (Bloomberg)

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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.}