BEFORE THE OPEN

MARKETS:

• Nasdaq records fifth consecutive session of losses, longest since October 2022.

• S&P 500 slides for the fourth day.

• Dow bucks the trend with a slight gain.

• Mega-cap tech stocks, including Apple, struggling due to stretched valuations and Fed rate-cut uncertainty.

• Apple stock down over 5% in the week.

• Recent market performance contrasts with strong 2023, where S&P 500 gained over 24%.

• Analysts suggest potential for S&P 500 to reach 5,000 by year-end, indicating over 6% upside.

EARNINGS

What we’re watching this week:

• Today:

  • Constellation Brands (STZ) - expected: $3.00 per share (+6.0% YoY) on $2.5 billion revenue (+4.2% YoY)

Full earnings calendar here

HEADLINES

Biden Admin Awards Chip Supplier $162 Million to Bolster Critical Industries

Search Startup Perplexity AI Valued at $520M In Funding from Bezos, Nvidia

• Today’s jobs report will be a big signal for a market looking for good news (more)

• US companies ramped up hiring in December, ADP data show (more)

• Short sellers lost $195B in 2023 despite wins on regional banks (more)

• Maersk reroutes Red Sea container ships back to Suez Canal (more)

• Peloton shares jump as it partners with TikTok to offer short-form fitness classes, other content (more)

• Apple hit with second downgrade this week on iPhone worries (more)

• Google just disabled cookies for 30 million Chrome users (more)

• Supermarket giant drops Pepsi and Lay's over price increases (more)

• Ford reports 7.1% increase in U.S. new vehicle sales as industry marks best year since 2019 (more)

• Eli Lilly launches website to help patients get weight loss drugs (more)

• Qualcomm announces new chip to power Samsung and Google’s competitors to Apple Vision Pro headset (more)

• SpaceX sues US Labor Board over fired employees case (more)

• OpenAI’s app store for GPTs will launch next week (more)

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DEALFLOW

M & A | INVESTMENTS

• Italy's Enel finalizes sale of several US green assets to Ormat (more)

• Relex Solutions, a provider of unified supply chain and retail planning solutions, acquired Optimity, a global supply chain planning and optimization provider (more)

• Billups, an out-of-home managed services agency helping advertisers and agencies strengthen media performance through a patented analytics and measurement platform, acquired Outsight, an independent OOH agency (more)

• Cosette Pharmaceutical, a specialty pharmaceutical company with a focus on women’s health and cardiovascular medicines, acquired Vyleesi® from Palatin Technologies, Inc., which includes 5 Orange Book listed patents with protection up to 2041 (more)

• Bruker, a provider of analytical and diagnostic solutions, acquired Nion, a company that develops and manufactures innovat (more)

• Novanta purchases Motion Solutions from Frontenac (more)

• MAI Capital Management buys Karras (more)

• HCI adds DVT and Brookside to its lawn care treatment platform (more)

• Pharos Capital makes majority investment in RhythMedix (more)

VC

• Human Immunology Biosciences (HI-Bio), a clinical-stage biotechnology company developing targeted therapies for patients with severe immune-mediated diseases, raised $95M in Series B funding (more)

• Perplexity, an AI-native conversational search startup, raised $73.6M in Series B funding (more)

• Nalu Medical, a company focused on minimally invasive, and non-opioid solutions for chronic neuropathic pain, raised $65M in equity financing (more)

• Arbital Health, a technology startup for the healthcare industry, completed its $10M Series A financing (more)

• UrbanStems, a floral gifting company, raised $5M in Series C funding (more)

• Vigilant Ops, an SBOM’s automation platform, received $2M in Seed funding from DataTribe (more)

• Varlo Sports, a company at the intersection of design and performance in the sports apparel industry, raised an undisclosed amount in Seed funding (more)

IPO

• Wilson tennis racket maker Amer Sports files for US IPO (more)

FUNDRAISING

• Seven Hills Capital, an operator-centric private equity firm, closed its inaugural fund, Seven Hills Capital Fund I, L.P., at $125M (more)

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CRYPTO

• Bitcoin rebounds above $44K as Spot BTC ETF approval looks increasingly likely (more)

• Crypto stocks rally on report Bitcoin ETF regulatory approvals could arrive this week (more)

BULLISH BITES

🏀 Score: NCAA and ESPN ink 8-year, $920 million media rights deal.

🏝 Stealth wealth: Just a billion doesn’t cut it on this exclusive Florida island.

📊 Wait on taxes: Parents and businesses could benefit from last-minute tax changes in Congress.

💄 ‘Little luxuries’: The affordable treats driving consumer spending.

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