The S&P 500 lost hundreds of billions in market cap yesterday as the US-China trade war continued over… cooking oil? (Check the Reddit Alert section for a tip on a stock that could benefit)

Did you buy the dip?

In other news, bank stocks are still crushing it this earnings season, and the roles of different companies in the AI industry continue to be crystallized. The question is whether their gains will be crystallized (or melted) if the market turns!

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Markets diverged on Tuesday as trade tensions with China flared and Fed Chair Powell hinted at more rate cuts ahead.

Trump’s China soybean oil comments brought the stock market and crypto down significantly yesterday. Bitcoin fell by 2.4% and Ethereum by 3.3%; see above for the stock market’s reaction. The President said he thinks that China’s refusal to buy US soybeans is an “economically hostile act,” and that the US could easily make cooking oil on its own.

Banking stocks continued a stellar earnings season as Morgan Stanley (MS) and Bank of America (BA) blew expectations out of the water. Morgan Stanley posted its best earnings beat in five years with a 45% increase in profits year over year. Meanwhile, Bank of America reported a 43% increase in investment banking revenue. See what AltIndex’s #1 banking stock pick is at the moment →

AI infrastructure deals surged as companies doubled down on chip investments. Google unveiled a $15 billion investment in India for its largest data center hub outside the US, while OpenAI partnered with Broadcom on 10 gigawatts of custom AI accelerator hardware through 2029. Check this diagram of the key picks and shovels in the AI industry (including robotics).

Powell signaled more Fed cuts are possible, telling the NABE conference that "downside risks to employment appear to have risen." His comments reinforced market expectations for continued monetary easing.

Wall Street's bubble warnings grew louder. JPMorgan CEO Jamie Dimon called elevated asset prices "a category of concern," warning that "you have a lot of assets out there which look like they're entering bubble territory." Bank of America's fund manager survey cited an "AI equity bubble" as the top global tail risk for the first time, with cash levels falling to 3.8% near their "sell" threshold.

AltIndex’s AI model has a new batch of stock ratings, and these are the best of the best. For context, any score above 80 is extremely high for our model. (I have never seen a stock get a score of 90, for example.)

Are you invested in any of these, or thinking about buying? Reply and let us know!

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That’s all for today. Did we miss anything? Smash the reply button to let me know.

Cheers,
Brandon & Blake of Invested Inc