Battle mode

Decade of big S&P 500 gains is over, billionaires go into battle for Harris and Trump, Disney to name Iger’s successor in early 2026, Nvidia climbs to fresh high, and Spirit Airlines soars 60% after last-minute lifeline...

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Market Briefing
October 22, 2024

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Good morning.

The Fast Five → Decade of big S&P 500 gains is over, billionaires go into battle for Harris and Trump, Disney to name Iger’s successor in early 2026, Nvidia climbs to fresh high, and Spirit Airlines soars 60% after last-minute lifeline…

📉 Former Hedge Fund Manager Issues Crash Prediction
A message from Stansberry Research

Calendar: (all times ET) - Full calendar here

  • Today: no notable

  • Tomorrow:
    Existing home sales, 10:00 am
    Fed Beige Book, 2:00 pm

Your 5-minute briefing for Tuesday, October 22:

BEFORE THE OPEN

As of market close 10/21/2024.

Pre-Market:

US Investor % Bullish Sentiment:
↓ 45.45% for Week of October 18 2024

Last week: 49.01%. Updates every Friday.

Market Wrap:

  • Stock futures flat after Dow snaps 3-day win streak.

  • Dow dropped 344 points (-0.8%), S&P -0.2%, Nasdaq +0.3%.

  • 10-year Treasury yield jumped 12 bps to 4.19%.

  • Q3 earnings focus: 20% of S&P 500 to report this week.

  • 14% of S&P 500 has reported, 70% beating estimates.

EARNINGS

What we’re watching this week:

  • Today: Comcast (CMCSA), General Motors (GM)

    • GE Aerospace (GE) - earnings of $1.14 per share (+34.1% YoY) on $9.0B revenue (-48% YoY)

    • Verizon (VZ) - earnings of $1.18 per share (+6.3% YoY). Revenue is forecast to arrive at $33.5 billion (+9.7% YoY)

  • Wednesday: AT&T (T), Boeing (BA), Coca-Cola (KO)

    • Tesla (TSLA) - earnings of $.58 cents per share (-2.1% from the year-ago period) on $25.3B revenue (+14.7% YoY)

  • Thursday: American Airlines (AAL), Capital One (COF), Honeywell (HON), KKR (KKR), Southwest Air (LUV)

See full earnings calendar here.

HEADLINES

Expect annualized nominal return of 3% over coming 10 years. See stocks facing more competition from assets like Treasuries.

Elon Musk held his first public event for former President Trump and Mark Cuban campaigned with Vice President Kamala Harris on Thursday.

  • Goldman forecasts just a 3% S&P annual return next 10 years, down from 13% the last decade (more)

  • Concerns over high interest rates return, pressuring stocks (more)

  • Gold pauses for breath as US yields, dollar move higher (more)

  • Oil prices rise nearly 2%, recovers some of last week's 7% decline (more)

  • Trump tax plans could exempt 93M Americans from income taxes (more)

  • Boeing shares rise after labor offer, analysts wary of pushback (more)

  • Spirit Airlines soars 60% after last-minute lifeline (more)

  • Nvidia climbs to fresh high as analysts grow more bullish (more)

  • HSBC kicks off biggest restructuring in a decade under new CEO (more)

  • Disney to name Bob Iger’s successor in early 2026 (more)

  • Nike renews uniform partnership with NBA, WNBA as NFL opens bidding to competitors (more)

  • Lilly sues online vendors, medical spa over copycat weight-loss drugs (more)

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DEALFLOW

M+A | Investments

  • Stripe confirms plans to acquire stablecoin platform Bridge (more)

  • MetLife in talks to buy PineBridge's ex-China assets for $1B-$1.5B (more)

  • Hefner Capital offers $100M, equity to buy Playboy brand (more)

  • Nigeria halts Shell asset sale, approves Exxon-Seplat deal (more)

  • UBS sells its 50% stake in Swisscard to American Express (more)

  • Atlantic Union agrees to buy Sandy Spring for $1.6B (more)

  • Elixirr, a consulting firm, acquired Hypothesis, an insights and strategy firm (more)

  • Recyclops, a waste management platform, received an investment from BDev Ventures (more)

VC

  • Seaport Therapeutics, a biopharmaceutical company developing novel neuropsychiatric medicines, raised $225M in Series B funding (more)

  • Zip, an AI-powered procurement orchestration platform, raised $190M in Series D funding at a $2.2B valuation (more)

  • SchooLinks, a software platform providing College and Career resources for US K-12 students, raised $80M in Series B funding (more)

  • Carbon Robotics, a company specializing in AI-powered farming, raised $70M in Series D funding (more)

  • Zephyr, a tech home services platform, raised $60M in new growth capital (more)

  • Obligo, a fintech company providing a suite of flexible security deposit solutions, raised $35M in funding (more)

  • Counsel Health, a virtual medical practice specializing in messaging-based care, came out of stealth alongside $11M in Seed funding (more)

  • Rollstack, a company that automatically creates and updates data-driven slide decks and documents, raised $11M in Series A Funding (more)

  • mPATH, a digital health company dedicated to improving cancer screening, raised $3M in funding (more)

  • Revyse, a vendor management software built for the multifamily industry, raised $1M in funding (more)

CRYPTO

  • Bitcoin hashrate hits all-time high as publicly-listed miners' share of the network peaks (more)

  • Crypto ETFs look unlikely to expand beyond Bitcoin, Ether under Kamala Harris (more)

BULLISH BITES

👮🏻‍♂️ Amazing: The US Treasury Dept says AI helped it stop $1 billion worth of fraud in FY 2024, a 600% increase.

🤖 New Normal? AI detectors falsely accuse students of cheating—with big consequences.

😔 End of Era: Last full-size Kmart in continental US closes.

🚌 Groovy: The VW ID. buzz was worth the seven-year wait.

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