Higher for longer

Powell signals rates will be higher for longer, the biggest Wall Street banks book gain, gold shining ‘bright like a diamond’, DOJ sues Ticketmaster, Live Nation over ticketing monopoly, and Bitcoin halving is likely this week…

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Market Briefing
April 17, 2024

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The Fast Five → Powell signals rates will be higher for longer, the biggest Wall Street banks book gain, gold shining ‘bright like a diamond’, DOJ sues Ticketmaster, Live Nation over ticketing monopoly, and Bitcoin halving is likely this week…

Calendar: (all times ET)

THU, 4/18:

Jobless claims, 8:30a

Your 5-minute briefing for Wednesday, April 17:

BEFORE THE OPEN

As of market close 4/16/2024.

Pre-Market:

US Investor % Bullish Sentiment:
43.44% for Wk of Apr 11 2024 (Last week: 47.29%)

Market Recap:

  • S&P 500 slips 0.21%, Nasdaq down 0.12%.

  • Dow rises 0.17%, breaking 6-day loss streak.

  • Fed Chair Powell hints at maintaining elevated rates amid inflation.

  • UnitedHealth boosts Dow with over 5% rally on strong Q1 revenue.

  • Morgan Stanley beats, up 2.5%; BofA falls 3.5%.

  • Early earnings: 80% of S&P 500 firms beat forecasts.

  • 2-year US Treasury yield briefly tops 5% post-Powell comments.

  • Dow's losing streak erases YTD gains, reversing from near 40,000 levels.

EARNINGS

What we’re watching this week:

  • Today: US Bancorp (USB), Discover Financial Services (DFS)

  • Thursday: Blackstone (BX)

    • Netflix (NFLX) - expect NFLX to report Q1 earnings of $4.20 per share (+45.8% YoY) on revenue of $8.6 billion (+5.8% YoY)

  • Friday: American Express (AXP)

Full earnings calendar here

HEADLINES

If inflation persists, the Fed can keep rates steady for “as long as needed," he says.

Plain old trading picked up the slack at Wall Street banks.

  • Market fear signals are flashing red as stocks pull back from record highs (more)

  • Dollar steady, yen fragile after Fed comments dash rate cut bets (more)

  • Oil prices dip as demand concerns outweigh Middle East supply fears (more)

  • US to grow at double the rate of G7 peers this year, says IMF (more)

  • Biden admin partners with states to protect airline customers (more)

  • Gold is shining ‘bright like a diamond’ and could hit $3,000, says Citi (more)

  • US funding rates rise modestly on tax outflows, Treasury supply (more)

  • Bitcoin halving is likely this week (more)

  • DOJ to sue Ticketmaster, Live Nation for alleged monopoly over ticketing industry (more)

  • Boeing’s problems just cost United $200 million (more)

  • Trump Media shares plunge more than 14% on news Truth Social to launch TV streaming (more)

  • American Airlines pilots union sees 'significant spike' in safety-related issues (more)

  • Andreessen Horowitz raises $7.2 billion, a sign that tech startup market may be bouncing back (more)

  • Bid to bring private assets to masses fires up meme crowd (more)

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DEALFLOW

M+A | Investments

  • Microsoft to invest $1.5B in Emirati AI firm G42 for minority stake (more)

  • International Paper agrees to buy DS Smith for $7.2B (more)

  • Permira considers sale of German chemicals firm CABB (more)

  • Amundi to merge unit with Victory Capital in US growth push (more)

  • Exyte, a company specializing in the design, engineering, and delivery of high-tech facilities, acquired Kinetics Group, a provider of installation services, equipment, and tech facility management (more)

  • Accenture Federal Services, is to acquire Cognosante, a provider of digital transformation and cloud modernization solutions for federal health, defense, intelligence, and civilian agencies (more)

  • BeyondTrust, a company specializing in intelligent identity, access security, acquired Entitle, a privilege management solution company (more)

  • BMC, a company specializing in software solutions for the autonomous digital enterprise, acquired Netreo, a provider of smart and secure IT network and application observability solutions (more)

  • Bernhard Capital’s department of energy services platform acquires SMSI (more)

  • Bluestar-backed Nova buys HyFuels (more)

  • Wynnchurch invests in Handgards (more)

  • Sunstone Partners invests in Accuhealth (more)

  • Apax acquires Zellis Group from Bain Capital (more)

VC

  • Rivos, an RISC-V accelerated platform targeting data analytics and Gen AI, raised more than $250M in Series A-3 funding (more)

  • Upstage, an AI company specializing in large language models (LLMs) and Document AI, raised $72M in Series B funding (more)

  • Two Chairs, a behavioral health company, closed a $72M Series C equity and debt financing (more)

  • Bcomp, a provider of natural fiber composites for the mobility, recreational and mass transportation sectors, raised $40M in Series C funding (more)

  • CarNow, a provider of a live-data automotive technology platform, received a $40M loan from Runway Growth Capital (more)

  • Quilt, a smart home climate solution company, raised $33M in Series A funding (more)

  • Evergreen Theragnostics, a clinical-stage radiopharmaceutical company, raised $26M in funding (more)

  • Snappy, a provider of a gifting platform, raised $25M in Series D funding (more)

  • Loft Labs, a creator of vCluster and DevPod and provider of platform engineering building blocks, raised $24M in Series A funding (more)

  • LQDX, a developer of materials for advanced semiconductor manufacturing, raised $10M in Equity and Government funding (more)

  • RFX Solutions, a SaaS compliance software for healthcare facilities, raised $9M in Series A funding (more)

  • BreachRx, a provider of an intelligent incident response platform for the entire enterprise, closed a $6.5M seed funding round (more)

  • Take2 AI, a provider of an AI-powered job simulation platform for sales recruiting, raised $3M in Seed funding (more)

CRYPTO

  • Bitcoin miners fall even as CEOs say they’re ready for halving (more)

  • Spot Bitcoin ETF hype dies down, normalcy sets in (more)

  • Barclays, Citi are among banks testing tokenized deposits in UK (more)

  • 'DePIN' is venture capitalists' latest crypto obsession (more)

BULLISH BITES

📈 Curious: What if Fed rate hikes are actually sparking US economic boom?

🚀 Financial warfare? The REAL reason gold prices are up.*

🐝 The buzz: Airchat is Silicon Valley’s latest obsession.

🤖 In training: Is there enough text to feed the AI beast? This Stanford study made headlines this week...

🎓 Survey says: College costs the biggest barrier for most Americans.

DAILY SHARES

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