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BEFORE THE OPEN

Pre-Market:

US Investor % Bullish Sentiment:
↓ 44.37% for Wk of June 20 2024 (Last week: 44.59%)

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.

HEADLINES

Volkswagen Invests $5 Billion in EV Startup Rivian to Form Joint Venture

What the Biden-Trump Rematch Means for the US Stock Market

• 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)

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

• Bitcoin bounces above $62,000, Solana leads cryptocurrencies higher (more)

• PoliFi tokens return to business after proof of DJT-Trump link fails to materialize (more)

• Jump Crypto President Kanav Kariya announces he is stepping down (more)

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 *

🇫🇷 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

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