Bloomberg - Evening Briefing - Picking up the pieces

Bloomberg Evening Briefing

Better news for tech stocks on Tuesday. A rally in the sector took shape with Nvidia bouncing back from a $430 billion drubbing to climb roughly 7%. Equities extended their June advance as the giant chipmaker led gains in the so-called Magnificent Seven pack of megacaps. In late trading, FedEx—considered a barometer of economic growth—jumped about 15% on a bullish forecast. “Expect volatility between now and the end of the year,” said Chris Zaccarelli at Independent Advisor Alliance, “but don’t expect the bull market to end without a change in the economy or Fed posture.” Here’s your markets wrap

Here are today’s top stories

Volkswagen to the rescue. The German automaker will invest $5 billion to form a joint venture with struggling electric vehicle maker Rivian Automotive, throwing a lifeline to the startup and giving VW access to the American EV company’s technology. VW said it will invest $1 billion immediately in Rivian and an additional $4 billion over time. The companies said the new venture will be “equally controlled and owned,” and plan to develop “next generation” battery-powered vehicles with leading-edge software. Rivian’s shares jumped in aftermarket trading, gaining as much as 37%. Through Tuesday’s close, Rivian’s stock had fallen 49% on the year. 

Rivian’s R1S dual-motor electric sports utility vehicle Photographer: Bloomberg

The US Supreme Court has come in for harsh criticism for delaying its ruling on Donald Trump’s potential immunity from prosecution. The most grave of his four felony indictments—for allegedly trying to block the transition of power for the first time in American history—has been frozen while the court—already under fire over accusations of political bias and ethical transgressions—considers the case. Now, the court has signaled it will take the rare step of extending its term into July, further delaying any potential trial.

Canada’s Conservative Party won a special election in a district in central Toronto, dealing a substantial blow to Prime Minister Justin Trudeau’s Liberal Party ahead of a national vote expected next year. Voters in Toronto-St. Paul’s elected Conservative candidate Don Stewart to the House of Commons, flipping a seat that has voted Liberal in every election since 1993.

Saudi Arabia is set to become the world’s largest construction market as the kingdom pours vast amounts of money into projects aimed at diversifying the economy away from fossil fuels. The country’s total construction output value is forecast to reach $181.5 billion by the end of 2028, up almost 30% from 2023 levels. Much of that is likely to come from residential property and so-called giga projects, alongside other developments that form part of Crown Prince Mohammed bin Salman’s mission to transform the oil-dependent economy. 

The Qiddiya performing arts center project in Saudi Arabia Source: Bloomberg

Chinese security officials warned passengers against opening window shades during take-off and landing at airports used by both civil and military aviation, a move that runs counter to prevailing practices regarding aviation safety. The warning was reportedly aimed at limiting the leak of sensitive military information through photos and videos taken by passengers. Passengers around the world are often asked to have their window shades up during take-off and landing.

The US Air Force has removed the manager of its now-$131 billion program to build a new intercontinental ballistic missile. US defense industry giant Northrop Grumman is in charge of development and production of the nuclear missiles, dubbed Sentinel, intended to replace aging Minuteman III ICBMs scattered across Wyoming, Montana and North Dakota. Citing a “loss of confidence” in management of the project (with a price tag that’s soared at least 37%), the Air Force said the ouster of Colonel Charles Clegg “is not directly related” to an ongoing congressionally mandated review of the program’s fast-rising cost. 

On the 74th anniversary of the start of the Korean War, Bloomberg Originals explores how North Korea managed to build a formidable nuclear arsenal despite being one of the poorest nations in the world. Though Pyongyang regularly threatens the West, the country’s authoritarian leader, Kim Jong Un, recently has raised the stakes. Watch How North Korea Is Building a Nuclear Arsenal to find out how.

Watch How North Korea Is Building a Nuclear Arsenal

What you’ll need to know tomorrow

Nike’s China Comeback With $1,000 Jordan’s

Cashmere ponchos, lambskin bras and $1,000 Air Jordans. A 1,000-square meter retail homage to Michael Jordan in Beijing’s trendiest neighborhood. Affiliations with China’s domestic basketball elite and limited-edition Jordan collaborations with local street artists. These are the highlights of a new push for the Jordan brand in China, one that Nike hopes will lay the foundation of a permanent comeback there. The company has a lot riding on it.

The limited-edition Air Jordan 1 High ‘85 Wings and Air Jordan 1 Low ‘85 Wings, released exclusively in China Source: Nike 

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