^{_{Welcome to the TraderTV Live Morning Research Note. Here's what's making major moves in the market today.}}

0830 - Retail Sales y/y for June: Prior 2.3%
0830 - Retail Sales m/m for June: Expected -0.3%; Prior 0.1%
0830 - Core Retail Sales m/m for June: Expected 0.1%; Prior -0.1%
0830 - Import Prices m/m for June: Expected -0.2%; Prior -0.4%
0830 - Export Prices m/m for June: Prior -0.1%; Expected -0.6%
1000 - Business Inventories m/m for May: Expected 0.5%; Prior 0.3%
1445 - Fed’s Kugler Speaks

Top Stories

Tesla Inc (TSLA)

+1.22%

The Wall Street Journal reported that Tesla CEO Elon Musk plans to commit around $45 million a month to a new pro-Trump super PAC. Musk publicly endorsed Trump for the first time in the U.S. presidential race following an attempted assassination on Trump at a Pennsylvania rally.

Palantir Technologies Inc (PLTR)

-1.87%

Trading lower premarket after Mizuho the stock from Neutral to Underperform but raised its price target from $21 to $22, citing the stock's rich valuation as increasingly difficult to justify. The analyst highlighted concerns over the lack of business visibility and the lower quality of some recent positive results, noting the stock's high valuation multiples and significant premium compared to peers.

Trump Media & Technology Group (DJT)

-9.93%

Trading sharply lower premarket after surging 41% over the past three sessions, driven by a 31% spike on Monday following an assassination attempt that boosted Donald Trump's election odds. The stock, actively discussed on Stocktwits.com, is notable for Trump's majority stake and its role as the parent company of Truth Social. Additionally, the company announced that it would be reselling 37.97 million shares to investment fund Yorkville via a standby equity purchase arrangement.

Amazon.com Inc (AMZN)

+0.56%

Trading marginally higher premarket after Wolfe Research initiated coverage on the stock with an Outperform rating and a $250 price target. The company’s Prime Day event is set to take place from Tuesday, July 16 to Wednesday, July 17. Separately, Barclays lowered its price target for the stock from $230 to $220.

Microsoft Corp

-0.02%

On watch after the U.K.'s Competition and Markets Authority (CMA) announced that it is conducting an initial investigation into the company’s hiring of Mustafa Suleyman, co-founder of AI startup Inflection, and most of its staff. The goal of the probe is to determine whether or not the hiring of Inflection staff constitutes a merger that could reduce competition in the AI sector. The CMA will decide by September 11 whether to escalate the case to a more detailed "Phase 2" investigation.

Shopify Inc (SHOP)

+3.72%

Trading sharply higher premarket after receiving two positive analyst notes. BofA Securities upgraded Shopify from Neutral to Buy and raised its price target from $78 to $82, while Wolfe Research initiated coverage on the stock with an Outperform rating and an $80 price target.

Bank of America Corp (BAC)

+2.13%

Trading higher premarket with volume following its earnings report, with sales and earnings per share exceeding analyst estimates. Provision for credit losses in the second quarter of 2024 was $1.5 billion, rising from $1.1 billion year-over-year, and the average deposit balance of $1.91 trillion increased by 2% on a year-over-year basis. The company also reported a 9% increase in trading and sales revenue, noted a 29% increase in investment banking fees, and announced plans to increase its quarterly dividend by 8%

Reddit Inc (RDDT)

-3.54%

Loop Capital downgraded its rating for the stock from Buy to Hold, citing valuation concerns despite maintaining a $75 price target. The analyst noted Reddit's shares are trading at 10x their 2025 estimated revenue, and with the stock having more than doubled since its March IPO, it faces a significant premium relative to peers. Loop Capital also noted that the upcoming August 9 lock-up expiration releasing 133 million shares could further pressure the stock as early investors may liquidate their positions. Separately, Morgan Stanley increased its price target for Reddit from $57 to $67.

Silo Pharma Inc (SILO)

+128.04%

Gapping up after receiving a global license for the development, production, and commercialization of its Alzheimer’s drug. The stock has a market cap of $1.6 billion and a 4.9% short float.