AI bill sparks debate

Dow closes at new record high, Fed likely to cut rates by quarter point, Apple announces iPhone event, OpenAI supports California AI bill requiring 'watermarking', and SpaceX to launch billionaire on first-ever private spacewalk...

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Market Briefing
August 27, 2024

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Good morning.

The Fast Five → Dow closes at new record high, Fed likely to cut rates by quarter point, Apple announces iPhone event, OpenAI supports California AI bill requiring 'watermarking', and SpaceX to launch billionaire on first-ever private spacewalk. Today’s briefing ahead, but first…

Calendar: (all times ET) - Full calendar here

  • Today: Consumer confidence, 10:00A

  • Tomorrow: [none]

Your 5-minute briefing for Tuesday, August 27:

BEFORE THE OPEN

As of market close 8/26/2024.

Pre-Market:

US Investor % Bullish Sentiment:
↑51.61% for Wk of August 22 2024

Last week: 42.54%. Updates every Friday.

Market Wrap:

  • Dow closed at a record, up 65 points; S&P -0.32%, Nasdaq -0.85%.

  • Tech fell; Nvidia dropped 2.3% ahead of key earnings.

  • Energy sector up 1% as traders rotated out of tech.

  • August began with a sell-off, but stocks have rebounded.

  • Powell hinted at rate cuts; traders expect Sept cut.

EARNINGS

Here’s what we’re watching this week:

  • Today: Nordstrom (JWN)

  • Wednesday: Abercrombie & Fitch (ANF), CrowdStrike (CRWD), Five Below (FIVE), Kohl's (KSS)

    • Nvidia (NVDA) - earnings of $.57 per share (lower than Q1 due to the 10-for-1 stock split) on $25.6B revenue, nearly double the $13.5B it reported in the year-ago period.

    • Salesforce (CRM) - earnings of $2.36 per share (+11.5% YoY) on $9.2B revenue (-3.8% YoY)

  • Thursday: American Eagle (AEO), Dollar General (DG), Gap (GAP), Lululemon (LULU)

Full earnings calendar here.

HEADLINES

Remarks by Fed Chair Jerome Powell fueled a rally on Wall Street after he said on August 23 that the "time has come" for the US to start cutting interest rates.

The AI safety bill, SB 1047, would put more responsibility on any developer spending more than $100 million to build an AI model.

  • Fed likely to cut rates by quarter point next month, Daly says (more)

  • US business' equipment spending shows loss of momentum (more)

  • Oil jumps more than 3% on Libya production halt (more)

  • Goldman’s Rubner sees S&P new high this week, spurring FOMO (more)

  • Banks likely ‘end game’ for repo market as Treasury supply grows (more)

  • Nvidia mints millionaires too busy to bask in new wealth (more)

  • Apple announces iPhone event for Monday, Sept. 9 (more)

  • Apple’s Maestri to hand off CFO job (more)

  • JPMorgan sued over low rates on cash sweeps (more)

  • SpaceX to launch billionaire on first-ever private spacewalk (more)

  • OpenAI supports CA AI bill requiring 'watermarking' of synthetic content (more)

  • Meta platforms strikes geothermal energy deal to power data centers (more)

A MESSAGE FROM OUR PARTNER

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As Nvidia pivots to capitalize on a new $1 trillion opportunity in AI, fresh alliances are forming. Dr. Martin Weiss has pinpointed three silent partners that could play a crucial role in this phase of the AI boom.

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DEALFLOW

M+A | Investments

  • Bronfman drops Paramount bid, clearing path for Skydance deal (more)

  • McKesson to buy stake in Florida cancer chain for $2.49B (more)

  • Trintech's owners explore $2 bln sale of financial software maker (more)

  • Avionté, a provider of enterprise staffing platforms acquired AkkenCloud, a staffing software company (more)

  • Dysrupt, a marketing agency, acquired Armscye, a performance marketing and brand strategy firm (more)

  • Enigma, a cybersecurity platform focusing exclusively on Zero Trust, acquired Onclave Networks, a cybersecurity company focused on diverse environments (more)

VC

  • Butlr, a physical AI startup, raised $38M in Series B funding (more)

  • Slingshot AI, an AI mental health startup, reportedly raised approximately $30M in seed funding (more)

  • Home Run Dugout, an entertainment provider featuring indoor soft-toss baseball, raised $22.5M in Series A funding (more)

  • HomeLight, a real estate tech platform empowering innovative transactions, raised $20M in Series D extension funding (more)

  • PrivacyHawk, a company specializing in consumer data protection, raised additional $3M in funding (more)

  • Revenew, a provider of a payment operations and optimization platform, raised $4.6M in seed funding (more)

  • CancerIQ, a health platform that personalizes cancer prevention and early detection, received financing from Decathlon Capital Partners (more)

CRYPTO

  • Bitcoin consolidates at $64K before next push higher (more)

  • Telegram-linked crypto token plunges after CEO is arrested in France (more)

  • Kraken must face SEC suit over crypto exchange registration (more)

BULLISH BITES

🏦 Pursuits: Will TXSE make Dallas America's next financial titan?

👀 Inside Look: What to know about Telegram CEO Pavel Durov.

🎸 Spun Out: Martin Shkreli is ordered to give up a one-of-a-kind Wu-Tang Clan album.

DAILY SHARE

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