Awaiting Santa's rally

Wall Street awaits 'Santa Rally’ with stocks near records, OpenAi in talks to raise new funding at $100B valuation, Fed’s inflation gauge shows November prices rose less than expected, home prices to heat up after Fed rate cuts, and if inflation is cooling consumers aren’t noticing…

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Market Briefing
December 26, 2023

☕️ Good morning.

The Fast Five → Wall Street awaits 'Santa Rally’ with stocks near records, OpenAi in talks to raise new funding at $100 billion valuation, Fed’s inflation gauge shows November prices rose less than expected, home prices to heat up after Fed rate cuts, and if inflation is cooling- consumers aren’t noticing…

Your 5-minute briefing for Tuesday:

BEFORE THE OPEN

As of market close 12/22/2023. Bitcoin as of 12/25/2023.

MARKETS:

  • S&P 500 rises on cooler inflation data, extends year-end rally.

  • Nasdaq also gains, Dow falls slightly.

  • Major averages register eighth consecutive positive week.

  • Dow component Nike drops nearly 12% after lowering sales outlook.

  • November core PCE price index comes in below expectations.

  • Small-cap Russell 2000 gains 0.8% for its sixth straight positive week.

EARNINGS

The earnings calendar is bare between Christmas and New Year's, picking back up the first week of January with Walgreens Boots Alliance (WBA) among the handful of names reporting.

In the following week (January 8-12), major banks will take the spotlight as the fourth-quarter earnings season begins. Stay tuned for our earnings outlook in next week's briefing.

Full earnings calendar here

TODAY’S HEADLINES

The S&P 500 is up over 4% in December alone and has risen 24% this year, bringing it within 1% of a new all-time high and on track for its eighth straight positive week.

OpenAI would be second-most valuable US startup behind SpaceX. Company also in talks for billions from G42 for chip venture.

  • Fed’s favorite inflation gauge shows prices rose at 3.2% annual rate in November, less than expected (more)

    • Inflation is cooling, but consumers aren't noticing (more)

    • Inflation has created a dark cloud over how everyday Americans view the economy (more)

  • Wall Street learns that this year, nothing beat owning the S&P 500 (more)

  • Oil little changed as investors eye Middle East tensions, US rate cut (more)

  • Home prices to heat up after Fed rate cuts with 88% of market overvalued (more)

  • Shipping giant Maersk prepares to resume operations in Red Sea (more)

  • China identifies second set of projects in $140 bln spending plan (more)

  • China’s potential new gaming rules will hit smaller developers more, analyst says (more)

  • Congo reaffirms commitment to OPEC, oil minister says (more)

  • Goldman’s painful 2023 lesson on China forces rethink of emerging markets (more)

  • Tech giants like Google and Meta slashed DEI programs in 2023 (more)

  • Twitter violated contract by failing to pay millions in bonuses, U.S. judge rules (more)

  • LA’s third-tallest tower sells for 45% below 2014 price (more)

  • Cummins to pay record-setting $1.675 billion US environmental fine (more)

  • ‘Revenge spending’ drives ballooning US credit dard balances (more)

TOGETHER WITH TRADINGVIEW

DEALFLOW

M & A | INVESTMENTS:

  • Jim Ratcliffe strikes deal to acquire minority stake in Manchester United (more)

  • Brazil's Suzano buys forestry assets for $376 million (more)

  • RBC’s $10B deal for HSBC Canada to win approval (more)

  • Cisco buys Isovalent (more)

  • Tesla acquires land for Shanghai megapack battery factory (more)

  • Oakley Capital-backed 7NXT acquires 7Mind (more)

  • Luna (NASDAQ: LUNA), a company specializing in advanced fiber optic-based technology, received a $50M investment from White Hat Capital Partners (more)

  • Canadian trucker TFI buys Daseke for $1.1B (more)

  • Engineering software firm Ansys said to weigh sale (more)

  • MyHome purchases Volly (more)

  • Antarctica Capital acquires Midwest (more)

  • Hub Group purchases Forward Air’s Final Mile business (more)

  • GMS buys Kamco (more)

  • Real estate firm Trinity Investments in talks to buy the Park Hyatt Zuricho (more)

VC

  • GreyOrange, a company specializing in AI-driven fulfillment automation, raised $135M in Growth funding (more)

  • Vestwell, an employer and individual savings platform, raised its Series D round, totaling $125M (more)

  • Atavistik Bio, a biotechnology company discovering precision allosteric therapeutics, raised additional $40M in funding (more)

  • IntelliBoard, a learning analytics provider, raised an undisclosed amount in funding (more)

FUNDRAISING

  • AlpInvest and Leonard Green close $2B continuation fund (more)

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CRYPTO

  • SEC tells spot bitcoin ETF hopefuls to make final changes by year-end (more)

  • Solana nears $100 as the crypto token extends rally (more)

  • Nigerian central bank lifts ban on crypto trading (more)

  • Dog-themed memecoins are pawing their way back into investors’ hearts (more)

BULLISH BITES

🔮 2024 predictions: More bank failures, suburban offices, and a lot less hype.

🔥 Mom trend: How a 40-ounce cup turned Stanley into a $750 million a year business.

🤫 Secret life: Here's what happens to the billions of gift cards that go unspent each year.

📺 Replay: The 15 best 2023 late-night TV moments you may have missed.

📈 TradingView: Join 50 million traders and investors taking the future into their own hands — come see where the world does markets…

DAILY SHARES

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