) are taking in commentary from Federal Reserve Chair Jerome Powell as he completes his second day of testimonies before the US Senate. The S&P 500 seeks to maintain its record run in 2024 and secure another all-time high close.Way to Win Co-Founder and President Tory Gavito joins Market Domination to comment on where Democrats critical of President Biden should) to feature its AI chat assistant inside several of its European vehicle brands.
You see the seven straight sessions that we have seen increase for the S and P 500 also on track for the 37th record close of the year.But guess what, the NASDAQ is also participating in that party, if you will, it's also set to close at a record today and it is leading gains up by about 1% of course, a lot of that has to do once again with the magnificent seven or magnificent eight or magnificent to whatever you want to call them.
And while the gains in the S and P 500 this year have been largely attributed to the magnificent seven.Bank of America STR is expecting the other 493 stocks in the S and P to post quarterly growth since the four quarter of 2022.And it's good to see you, you know. Tech underperformed because tech earnings lacked S and P five hundred's earnings for the entire year.And that's essentially when tech start outperforming and going forward if tech earnings are going to produce similar growth rates to the to the other 493.
But what we found is that obviously there is a very strong correlation between sales growth and inflation. Uh I, I do think that the inventory cycle is turning, we have been in this destocking cycle over the past year to year and a half and we have seen one of the sharpest uh destocking cycle in history.
And I think that's probably good for companies to or companies to actually beat those numbers in Q three and Q four. And as we talked about a little bit yesterday, uh some analysts research had sort of been pointing in this direction. There are some other questions too about, you know, how exactly this all rolls out in China, um where there are restrictions, um how that could impact uh Apple's attempts to kind of build A I into the new products.Well, and what's interesting here again is that this is Apple's plan now, you probably know this better than this, but anybody isn't, is Apple pretty good at predicting what demand is gonna be like, right when it, when it makes the shipment plans.
And as I mentioned, sound how that stock is on a tear on news that is A I voice system will be integrated into select the anti vehicles.
In part that has to do with the energy transition and how fast the oil industry believes that that that transition will be happening. What's their um outlook for the future given where they're at consider the source always when you were talking about these forecasts.Well, let's get to some other trending tickers on Yahoo Finance today, hub spot on the list that's uh shares dropping after alphabet reportedly shelved its efforts to acquire the software company that according to a report from Bloomberg, the shares are plunging some 13% right now.
So in part of your big brains coming on board or says, yeah, you know, it's good to have big brains around. Uh We are maintaining that uh for this year and we are also announcing that next year our revenue will cross uh uh $100 million.Um and um um what's next after uh sat Chat A I which brings generate A I into the the cars is monetization.
Um And the amount of integration we also don't expect them to go because the integrations we've done, it has taken um 1020 years to build all the features for cars integration maps in connect with the features of the car controlling the car uh and service providers that uh the cars makers want to bring to their users.We are the default assistant of the car.
So you your software interpreting uh when I, when I speak into the box, when I place that, that order, I'm just curious, Kevin, how, how you sort of see that drive through business kind of evolving and changing because when, when I speak KVO to financial analysts um who cover your company, you know, they're excited about that.
There's no getting rid of Trump and Trumpism without securing the White House, getting enough votes in the Senate to pass rules reforms that we can take back our freedoms like on reproductive rights and getting back the house. I mean, doesn't it matter to the down ballot races, um who that person is and whether down ballot candidates and donors believe that that candidate can win in our view.The current Democratic ticket is President Biden and Vice President Kamala Harris.
But if you don't have the guts to just do something as simple as that where 80% of the public is already there.
There's no way to compete with the billionaire class without bringing together a grassroots army along with political donors who are of higher net worth, who believe in multi racial democracy. In other words, it's more like Big Tech has been hot and the other stuff is gonna start to keep pace. So um the and as you acknowledge in this note, you say, well, maybe I'm in the minority here in terms of this downgrade.
So collectively, those two dynamics made us a little bit more cautious and we went to neutral A and Jason, you also mentioned, it looks like you're elevated regulatory activity and crowd positioning.Yeah, so regulatory and litigation, we would kind of put in one larger bucket. The general message we've heard from all payments companies in the last couple of months, including Visa and mastercard has been that they're seeing stability in underlying overall payment volume.
We also um feel pretty strongly right now on the long side about global payments GP N as whether as well as uh block.The TS A screening more than 3 million passengers on July 7th.But that sky high demand has not translated to record province for airlines.Analysts are expecting the firm's quarterly adjusted earnings will be 11% lower than the year prior.
So domestic market uh relative to last year, uh you do have some pockets where uh you ostensibly have some over capacity.Um Nowadays, of course, uh you have uh plenty of capacity there.Um And then lower end consumer is still under some pressure.
Um And that was, uh really represents a very good trajectory versus what they've done over the previous years.Names like Alaska Air also doing a pretty good job. Does it have to do with on time performance at the airports if you can just succinctly tell us how you're thinking about that?Um And this is kind of such a deep topic and of the several layers where you can see, uh let's say a long term impact from all of this.
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