Key Takeaways

1. Saudi Aramco Sets Q2 Results Release Date;
2. Elm Signs Major Data Agreement with Ministry and SDAIA;
3. Lucid Motors Q2 Deliveries Surge 21.7%;

I. Market Recap

Saudi Arabia's Tadawul All Shares Index(TASI.SA) was up by 0.53% and the Parallel Market Capped Index (NomuC)(NOMUC.SA) was down by 1.69% on Tuesday. 

Al Kathiri Holding Co.(3008.SA) emerged as the top performer, while Saudi Steel Pipe Co.(1320.SA) witnessed the most significant drop.

Wall Street is coming off a mixed session that pushed the Nasdaq Composite and S&P 500 to new records as Federal Reserve Chair Jerome Powell cautioned that keeping rates elevated for too long could stunt economic growth. 

The S&P 500 index(SPX.US) edged up 0.07%, while the NASDAQ(IXIC.US) added 0.14%. The 30-stock Dow Jones Industrial Average(DJI.US) ticked down 0.13%.

II. Flash Headlines

Riyadh Air, Delta Sign Agreement to Expand Routes

Riyadh Air and Delta Air Lines, Inc.(DAL.US) signed a memorandum of understanding to expand route options between North America, Saudi Arabia, and beyond. 

The agreement, subject to regulatory approval, includes codeshare and interline connectivity, loyalty programs, and broader aviation services.

Powell's Testimony Hints at Imminent Rate Cuts: Timiraos

During his first day of congressional testimony, Fed Chair Jerome Powell emphasized careful consideration of the timing for rate cuts, warning against acting too early or too late. Despite inflation easing, it remains above the 2% target. 

Wall Street Journal’s Nick Timiraos noted Powell's remarks about a cooling labor market might signal an imminent rate cut.

III. Stocks To Watch

SA snapshot

Saudi Aramco Sets Q2 Results Release Date

Saudi Arabian Oil Co.(2222.SA) will announce Q2 2024 financial results on August 6 before trading begins, with a webcast at 1:00 pm Riyadh Time. 

Additionally, the company aims to raise at least $3 billion through USD-denominated bonds under its Global Medium Term Note Program, according to Bloomberg, with potential for higher issuance based on demand. The bonds will have maturities of 10, 30, and 40 years to finance debts and investments.

Elm Signs Major Data Agreement with Ministry and SDAIA

Elm Co(7203.SA) has signed a data resources development agreement with the Ministry of Interior and the Saudi Data & AI Authority (SDAIA). The ten-year agreement, replacing previous ones, could significantly boost Elm’s revenue, which saw 42% from related products and services in 2023.

USA snapshot

Lucid Motors Q2 Deliveries Surge 21.7%

Lucid Group Inc Ordinary Shares(LCID.US), majority-owned by Saudi Arabia’s sovereign wealth fund, delivered 2,394 electric vehicles in Q2 2024, a 21.70% increase from Q1, the company announced on Monday. The company produced 2,110 vehicles in the same period, surpassing the 1,940 units forecasted by analysts polled by Visible Alpha.

In a recent development, Lucid Group and Fisker have issued recalls for thousands of their electric vehicles due to potential power loss issues. Lucid is recalling over 5,200 Lucid Air models from 2022 and 2023, while Fisker is recalling more than 7,500 vehicles. Lucid has already sent an over-the-air update to address the issue.

Apple Leads Global PC Market Recovery with 21% Surge in Q2 Shipments

IDC reports a 3% year-over-year increase in global PC shipments for Q2, with Apple Inc.(AAPL.US) leading major manufacturers with a 21% surge. 

The rise in consumer AI PCs remains incomplete, with upcoming products from Apple, QUALCOMM Incorporated(QCOM.US), Intel Corporation(INTC.US), and Advanced Micro Devices, Inc.(AMD.US) expected to make a significant impact.

Tesla's Ten-Day Rally Continues Amid Wall Street Divergence

Tesla Motors, Inc.(TSLA.US) shares surged 3.71% to $262.33 on Tuesday, marking a ten-day winning streak with a cumulative gain of nearly 44%. Despite this record rally, Wall Street analysts remain divided on Tesla's future, with price targets differing by about $200.

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