Business and Finance News - 7.24.24

The SEC has approved spot exchange-traded funds (ETFs) for Ethereum, allowing investors to trade the cryptocurrency via traditional brokerage accounts. This follows the January approval of Bitcoin ETFs, with analysts predicting significant inflows and a potential price increase for Ethereum. (CoinDesk)

*Ethereum ETF - An Ethereum exchange-traded fund (ETF) is a financial product that lets you invest in Ethereum, a popular cryptocurrency, without actually having to buy or manage the cryptocurrency itself.

General Motors has raised its 2024 financial targets after exceeding second-quarter earnings expectations, forecasting adjusted earnings before interest and taxes of $13-15 billion. Despite strong financial performance, GM's stock fell 7% due to concerns over the sustainability of growth and challenges in EV and China operations. (CNBC)

*General Motors (GM) - General Motors (GM) is a multinational corporation that designs, manufactures, markets, and distributes vehicles and vehicle parts.

Lockheed Martin raised its 2024 sales target to $70.5-$71.5 billion due to increased demand for fighter jets and missiles, following the Pentagon's resumption of F-35 deliveries. The company's second-quarter net income exceeded expectations, with total sales rising 8.5% to $18.12 billion, driven partly by aid to Ukraine and Israel. (Reuters)

*Lockheed Martin (LMT) - Lockheed Martin is a global aerospace, defense, and security company that designs, develops, manufactures, and integrates advanced technology systems, products, and services, including aircraft, spacecraft, missile defense systems, and cybersecurity solutions.

Spotify reached 246 million paid subscribers in Q2 2024, surpassing expectations, with a 12% year-over-year increase. The company plans to introduce an even more premium tier and reported a 14% growth in monthly active users to 626 million, despite missing its guidance. (The Hollywood Reporter)

*Spotify (SPOT) - Spotify is a digital music, podcast, and video streaming service that provides access to millions of songs and other content from artists all over the world.

UPS reported a 30.1% decline in Q2 operating profit to $1.9 billion, driven by decreased freight demand, higher labor costs, and softened pricing. The company missed revenue expectations, reporting $21.8 billion, and adjusted diluted earnings per share fell 29.5% year-over-year to $1.79. (PYMNTS)

*United Parcel Service (UPS) (UPS) - UPS, or United Parcel Service, is a global logistics and package delivery company that offers a wide range of services.

Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 40,358.09 -57.35 (-0.14%)

• S&P 500: 5,555.74 -8.67 (-0.16%)

• Nasdaq Composite: 17,997.35 -10.22 (-0.06%)

• Russell 2000: 2,243.27 +22.62 (+1.02%)

• CBOE Volatility Index (VIX): 14.72 -0.19 (-1.27%)

• Bitcoin (BTC): $65,800.25 (10:15PM PST on 7/23/24)

• Ethereum (ETH): $3,436.27 (10:15PM PST on 7/23/24)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 553.78 -0.87 (-0.16%)

• iShares Core S&P 500 ETF (IVV): 556.78 -0.93 (-0.17%)

• Vanguard S&P 500 ETF (VOO): 508.94 -0.85 (-0.17%)

• Vanguard Total Stock Market ETF (VTI): 273.69 -0.20 (-0.07%)

• Invesco QQQ Trust (QQQ): 480.62 -1.70 (-0.35%)

• Vanguard Real Estate ETF (VNQ): 89.64 -0.07 (-0.08%)

Here’s how the THE SUPER SIX STOCKS did yesterday:

• Apple (AAPL) [3.45T]: 225.01 +1.05 (+0.47%)

• Microsoft (MSFT) [3.306T]: 444.85 +1.91 (+0.43%)

• Nvidia (NVDA) [3.021T]: 122.59 -0.95 (-0.77%)

• Alphabet (GOOG) [2.269T]: 183.60 +0.25 (+0.14%)

• Amazon (AMZN) [1.94T]: 186.41 +3.86 (+2.11%)

• Meta Platforms (META) [1.24T]: 488.69 +1.29 (+0.26%)