TLDR

MARKET RECAP → Stocks fell for a second day in a row on Tuesday, as major tech stocks like Apple (AAPL) led the broader market indexes lower. Bitcoin (BTC) briefly reached an all time high during the day, before retreating ~8% around the time of the closing bell (4 pm ET).

GEMINI'S ROCKY LAUNCH→ 🤖 Sergey Brin admits Google (GOOG) "messed up" Gemini's debut, vows rigorous retesting for unbiased AI, and eyes future AI-driven business model shifts, signaling Google's deep dive into the AI evolution race.

GOLD'S GLITTERING RALLY → 💰 Gold hit a record high above $2,100 per ounce, with Wall Street bulls eyeing $2,300 to $3,000 targets amid recession hedges, election uncertainties, and geopolitical tensions, signaling a shiny outlook for the precious metal and related stocks.

MARKETS

Today’s S&P 500 Heatmap

Notable Earnings This Week

TODAY’S TOP NEWS

Gemini’s Rocky Launch

🚀 Brin's AI Return: Sergey Brin, Google (GOOG) co-founder, emerged from retirement, drawn by the "exciting trajectory of AI," to address the flawed launch of Google's Gemini image generator, which faced backlash for historical inaccuracies and biased responses, admitting, "We definitely messed up."

🔧 Commitment to Correction: Acknowledging the need for more rigorous testing, Brin revealed plans to relaunch the Gemini feature, emphasizing ongoing improvements to reduce AI "hallucinations" and ensure the technology leans neither left nor right politically, aiming for an 80% accuracy boost in internal tests.

🤖 Future of AI and Google: Amidst a broader discussion on AI's impact, Brin expressed his aspiration to build artificial general intelligence (AGI) for reasoning and pondered the evolution of online advertising, Google's core revenue source, in an AI-driven future, showcasing confidence in adapting business models to continue providing value.

TODAY’S TOP NEWS

Gold’s Glittering Rally

📈 Record-Breaking Climb: Gold prices soared, with futures hitting record highs over two consecutive sessions, closing above $2,100 per ounce for the first time. Analysts predict this upward trend will continue well into the second half of the year, buoyed by both economic uncertainty and geopolitical tensions.

💰 Bullish Forecasts: Citi analysts have pegged a 25% chance for gold to average a record $2,300 per ounce in the latter half of the year, with a "wildcard" prediction of reaching $3,000 within 12 to 16 months. This optimism is rooted in gold's role as a recession hedge in developed markets and potential tailwinds from the upcoming U.S. election.

🔮 Market Dynamics and Fed Influence: Despite the recent disconnection between gold-linked stocks and the underlying commodity, expectations of Federal Reserve rate cuts have driven the recent rally. The market's anticipation of a softer monetary policy stance could keep gold prices volatile, reacting to shifts in Fed policy, macroeconomic drivers, and global events.

KEEP READING

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