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Volkswagen invests $5 billion in Rivian to form joint venture, the Biden-Trump rematch effect on the stock market, Americans felt shakier about the economy this month, Cruise names former Amazon, Xbox exec as new CEO, and Tesla issues a recall for every cybertruck…
Good morning.
The Fast Five → Volkswagen invests $5 billion in Rivian to form joint venture, the Biden-Trump rematch effect on the stock market, Americans felt shakier about the economy this month, Cruise names former Amazon, Xbox exec as new CEO, and Tesla issues a recall for every cybertruck…
Calendar: (all times ET)
Today: | New home sales, 10:00a |
THU 6/27: | Initial jobless claims, 8:30a |
FRI 6/28: | PCE index, 8:30a |
Your 5-minute briefing for Wednesday, June 26:
US Investor % Bullish Sentiment:
↓ 44.37% for Wk of June 20 2024 (Last week: 44.59%)
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/711d0ef0-0ef1-4f1b-b294-7b4a16f73e4a/Screen_Shot_2024-06-20_at_10.56.38_PM.png?t=1718945827)
Market Recap:
Stock futures flat Tuesday night; S&P 500, Nasdaq rebound.
FedEx +14% after earnings beat; Rivian +46% on VW’s $5B investment.
Nvidia jumps 7%, snapping three-day loss streak.
Concerns over Nvidia's 154% 2024 surge.
Wall Street awaits Friday’s PCE inflation data.
Earnings ahead: General Mills, Paychex; Micron Technology.
EARNINGS
Here’s what we’re watching this week:
Today: General Mills (GIS), Levi Strauss (LEVI), Paychex (PAYX)
Micron Technology (MU) - earnings of $0.51 per share on $6.7B (+77.6% YoY)
Thursday: Lindsay (LNN), McCormick & Company (MKC), Walgreens Boots Alliance (WBA)
Nike (NKE) - earnings of $0.84 per share (+27.3% YoY) on $12.9B revenue (+0.2% YoY)
Full earnings calendar here.
Charting the Path: Discover the Top 3 AI Stocks for 2024 by Clicking Here.
HEADLINES
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/fa8d55f3-a7a9-4358-9afd-975c53609903/image.png?t=1719347924)
Volkswagen would be able to use Rivian’s technology in its EVs. EV maker’s stock surges in late trading after announcement.
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/4b959d43-85a2-4e14-9ff2-0414813bfd43/image.png?t=1719355231)
US investors contending with inflation, interest rates and geopolitics are already bracing for volatility that could accompany the presidential campaign and November election.
Americans felt shakier about the economy in June (more)
US business equipment borrowings up 11% in May (more)
Bond traders boldly bet on 300 basis points of Fed cuts by March (more)
SEC still weighing next steps in court over new hedge fund rules (more)
US auto sales expected to slow during the second half of 2024 (more)
Big-bank dealmakers will keep moving to boutiques, Taubman says (more)
AI stocks to leave big impact on Russell reconstitution (more)
Tesla issues a recall for every Cybertruck (more)
Visa-Mastercard credit card fees settlement rejected (more)
GM's Cruise names former Amazon, Xbox exec as new CEO (more)
Cliff Asness says the machines are making more decisions at AQR (more)
Shein's IPO to be a 'badge of shame' for LSE, Amnesty International says (more)
Reddit to update web standard to block automated website scraping (more)
Waymo opens robotaxi service to all San Francisco users (more)
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DEALFLOW
M+A | Investments
Boeing offers to buy Spirit Aero for $35/shr (more)
Doordash held talks with UK's Deliveroo on takeover (more)
Vista Outdoor receives US government committee approval for sporting unit sale to CSG (more)
KKR acquires $2.1B portfolio of multifamily real estate assets from Quarterra (more)
Quantum Capital said to strike $1.8B deal for Caerus Oil (more)
opus1.io, a management platform for performing arts businesses, received an investment from Five Elms Capital (more)
VC
Create Music Group, a music and entertainment company, received a $165M investment (more)
Bright Machines, a company specializing in intelligent, software-defined manufacturing, raised $126M in Series C funding (more)
Etched, the creator of Sohu, a transformer-specialized AI chip, raised $120M in funding (more)
Endogenex, a clinical-stage medical device company, raised $88M in Series C funding (more)
Exsilio Therapeutics, a biotech company developing genomic medicines for diseases, raised $82M in Series A funding (more)
Route, a post-purchase package tracking solution, raised $40M in Series C funding round at a $1.4B valuation (more)
Coder, a development platform that keeps developers in flow, raised $35M in Series B2 funding (more)
Formic, a robots-as-a-service automation provider to US manufacturers, raised $27.4M in Series A funding (more)
Norm Ai, an AI-powered regulatory compliance platform, raised $27M in Series A funding (more)
Deskpro, a company developing flexible help desk software, raised $25M in Series A funding (more)
Rocketlane, a PSA and client onboarding platform, raised $24M in Series B funding (more)
Cloudian, a company specializing in secure S3-compatible AI data lake platforms, raised $23M in Growth funding (more)
Sift, an observability platform for hardware sensor data, raised $17.5M in Series A funding (more)
Heyday Health, a virtual care provider focused on Medicare and dual-eligible patients, raised $12.5M in funding (more)
Slushy, an adult content platform, raised $10.2M Seed funding (more)
CereTax, a sales tax solution provider, raised $9M in funding (more)
Zuub, a dental revenue cycle automation company, raised $9M in Series A funding (more)
AnchorZero, a platform to leverage Roth IRAs for tax savings and financial growth, raised $8M in Seed funding (more)
Freyja Healthcare, an early-stage medical device company specializing in women’s health, raised $8M in funding (more)
TwoStep Therapeutics, a biotech company developing therapeutics for solid tumors, raised $6.5M in seed funding (more)
Metroblocks, a data center infrastructure development startup, raised $5.2M in Seed funding (more)
Daytona, an open-source development environment manager, raised $5M in Seed funding (more)
Foray Bioscience, a startup deploying plant-based biomanufacturing to protect natural ecosystems, raised $3M in Seed funding (more)
Invi MindHealth, a mental health technology company, raised $1.5M in Series Seed funding (more)
CRYPTO
BULLISH BITES
🤖 Pursuits: Harvard dropouts raise $120 million to take on Nvidia’s AI chips.
🚨 Superproject: Nvidia is pivoting to solve big tech’s $1 Trillion problem *
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/e02197d5-c2d2-4a00-8f80-ee8d6b3e78ce/image.png?t=1719350437)
🇫🇷 Next Level: Bernard Arnault explains how he built LVMH into an empire of opulence.
💸 Assets: Americans chasing high interest rates are falling into a ‘cash trap’.
🍕 Perfect Pie: From SoCal to Mississippi - 22 of the best pizza places in the US.
DAILY SHARE
Why does this Series A announcement look like a Coachella lineup
— litquidity (@litcapital)
1:14 AM • Jun 26, 2024
Staring at a computer screen full of stock charts all day isn’t good for your health. That’s why I stare at 3 screens full of stock charts. It’s much healthier.
— Douglas A. Boneparth (@dougboneparth)
1:55 PM • Jun 25, 2024
Just got back from the dentist, he said I grind in my sleep. Glad someone finally recognized all the hard work I’ve been putting in. 😤
— Ramp Capital (@RampCapitalLLC)
5:14 PM • Jun 25, 2024
Never deleting this app
— Not Jerome Powell (@alifarhat79)
11:09 PM • Jun 25, 2024
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