Big earnings

Magnificent Seven earnings arrive with stocks at critical moment, House passes Ukraine, Israel, Taiwan aid, TikTok ban, Tesla cuts its car prices around the world, traders cashing out of markets en masse, and UAW wins big in historic union vote at Volkswagen plant…

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Market Briefing
April 22, 2024

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The Fast Five → Magnificent Seven earnings arrive with stocks at critical moment, House passes Ukraine, Israel, Taiwan aid, TikTok ban, Tesla cuts its car prices around the world, traders cashing out of markets en masse, and UAW wins big in historic union vote at Volkswagen plant…

Calendar - next week: (all times ET)

WED, 4/24:

Durable-goods orders, 8:30a

THU, 4/25:

GDP - Q1, 8:30a
Jobless claims, 8:30a

FRI, 4/26:

PCE index, 8:30a
Consumer Sentiment, 10:00a

Your 5-minute briefing for Monday, April 22:

BEFORE THE OPEN

As of market close 4/19/2024. Bitcoin as of 4/21/2024.

Pre-Market:

US Investor % Bullish Sentiment:
38.27% for Wk of Apr 18 2024 (Last week: 43.44%)

Market Recap:

  • Nasdaq extends losing streak to sixth day, down 2.05%.

  • S&P 500 slips 0.88%, marking sixth consecutive days in red.

  • Dow rises 0.56%, lifted by American Express rally.

  • Netflix falls over 9% despite earnings beat.

  • Tech pressure mounts, Nvidia plunges 10%.

  • Market shrugs off Middle East tensions, oil prices volatile.

  • S&P 500 posts worst week since March 2023.

  • Nasdaq's 5.5% weekly drop longest since Dec 2022.

  • Dow narrowly avoids third straight down week, gains 0.01%.

EARNINGS

What we’re watching this week:

  • Today: Today: Verizon Communications (VZ)

  • Tuesday: General Motors (GM), JetBlue Airways (JBLU), Kimberly-Clark (KMB), Lockheed Martin (LMT), Mattel (MAT), PepsiCo (PEP), Spotify (SPOT), United Parcel Service (UPS), Visa (V

  • Wednesday: AT&T (T), Ford Motor (F), Lennox International (LII)

  • Thursday: American Airlines (AAL), Caterpillar (CAT), Hertz Global (HTZ), Roku (ROKU), Teladoc (TDOC)

  • Friday: AbbVie (ABBV), Chevron (CVX), Exxon Mobil (XOM)

Full earnings calendar here

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HEADLINES

Big tech shares shed over $930 billion since Nasdaq 100 peak. Hopes high for Nvidia results despite worst fall in four years.

The price cuts come after Tesla, led by its billionaire CEO Elon Musk, reported this month that its global vehicle deliveries in the first quarter fell for the first time in nearly four years.

  • Traders are cashing out of markets en masse (more)

  • House passes Ukraine, Israel, Taiwan aid, potential TikTok ban  (more)

  • IMF, World Bank steering committee stresses accountability as reforms advance (more)

  • Oil prices retreat as crude build, rate cut concerns come to the fore (more)

  • Multilateral development banks eye up to $400B more lending over 10 years (more)

  • UAW wins big in historic union vote at Volkswagen Tennessee factory (more)

    • After VW victory, UAW sets sights on Mercedes in Alabama (more)

  • Tesla recalls almost 3,900 Cybertrucks to fix faulty pedals (more)

  • Nike to lay off 740 employees at Oregon headquarters (more)

  • BlackRock steps up security for Larry Fink after 'anti-woke' backlash (more)

  • Trump Media CEO says he’ll do ‘whatever it takes’ to defend DJT investors from short sellers (more)

  • TikTok set to remove exec tasked with fending off US claims (more)

DEALFLOW

M+A | Investments

  • Salesforce abandons pursuit of Informatica (more)

  • Sony is in talks with Apollo on a joint Paramount bid (more)

  • Zoom still open to Five9-style M&A, says CFO Steckelberg (more)

  • Adnoc unit considers investment in UGI’s propane business (more)

  • MPE-backed Precision acquires SabCon Underground (more)

  • ABOUT Healthcare acquires Edgility (more)

  • Manhattan West Private Equity invests in Volo Sports (more)

  • KKR-backed BMC acquires Netreo (more)

VC

  • Metsera, a clinical-stage biopharmaceutical company, raised $290M in funding (more)

  • Cape, a privacy-first mobile carrier, raised $61M in funding (more)

  • Avive Solutions, a developer of a connected automated external defibrillator – the Avive Connect AEDⓇ, raised $56.5M in Growth Equity funding (more)

  • Anvilogic, a provider of a multi-data platform SIEM, raised $45M in Series C funding (more)

  • Xfactor.io, a provider of a comprehensive AI-powered revenue platform, raised $16M in Series A funding (more)

  • GA Drilling, a company specializing in deep geothermal energy, raised $15M in funding (more)

  • Condoit, a provider of a platform for digitizing the electrical industry, raised $4.5M in Seed funding (more)

  • Hatch, a provider of AI-powered donor engagement solutions for nonprofits, raised $3M in Seed funding (more)

  • Verne, a developer of high-density hydrogen storage systems, raised an undisclosed amount in funding (more)

  • Nava Health, a group of holistic health and treatment centers focused on integrative medicine, raised an undisclosed amount in revenue-based funding from Decathlon Capital (more)

  • Volo Sports, a provider of community-focused, tech-enabled adult social sports and curated events, received a strategic growth investment from Manhattan West (more)

CRYPTO

  • Bitcoin halving reinforces ‘sound money’ narrative (more)

  • Bitcoin miners reap windfall as 'Runes' debut sends transaction fees to record highs (more)

  • Grayscale's planned mini Bitcoin ETF will have a 0.15% fee, the lowest among spot Bitcoin ETFs (more)

BULLISH BITES

✈️ AI in the sky: How United Airlines uses AI to make flying the friendly skies a bit easier.

🎟 Hot ticket: The secret retreats that have CEOs, VIPs, and billionaires jockeying for invites.

📱 Peek inside: What really happens when you trade in an iPhone at the Apple store.

🤖 Wearables? Nah: The future of AI gadgets is just phones.

DAILY SHARES

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