Big Tech week

Big Tech earnings arrive with Nasdaq 100 on brink of correction, Trump promises American crypto "going to the moon", a Fed rate cut is finally within view, fast-food chains battle for diners, and Apple agrees to first US labor deal…

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Market Briefing
July 29, 2024

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Good morning.

The Fast Five → Big Tech earnings arrive with Nasdaq 100 on brink of correction, Trump promises American crypto "going to the moon", a Fed rate cut is finally within view, fast-food chains battle for diners, and Apple agrees to first US labor deal…

Calendar: (all times ET)

TUE, 7/30:

Consumer confidence, 10:00 AM

WED, 7/31:

FOMC interest-rate decision, 2:00 PM
Fed Chair Powell press conference 2:30 PM

THU, 8/1:

Initial jobless claims, 8:30 AM

FRI, 8/2:

Employment report, 8:30 AM

Your 5-minute briefing for Monday, July 29:

BEFORE THE OPEN

As of market close 7/26/2024. Bitcoin as of 7/28/2024.

Pre-Market:

US Investor % Bullish Sentiment:
↓ 43.17% for Wk of July 25 2024 (Last week: 52.75%)

Chart updates every Friday.

Market Recap:

  • Stocks jumped Friday, ending a turbulent week.

  • Dow +1.64%, S&P +1.11%, Nasdaq +1.03%.

  • Driven by strong GDP report and Fed rate cut expectations.

  • 3M +23%, best day since 1972.

  • Microsoft, Amazon +1%, Meta Platforms +3%.

  • June PCE index: +0.1% monthly, +2.5% yearly, meeting expectations.

  • Dow +0.8% for the week, fourth consecutive positive week.

EARNINGS

Here’s what we’re watching:

  • Today: McDonald's (MCD)

  • Tuesday: Advanced Micro Devices (AMD), JetBlue Airways (JBLU), Live Nation (LYV), PayPal Holdings (PYPL), Restaurant Brands (QSR), SoFi Technologies (SOFI), Starbucks (SBUX)

    • Microsoft (MSFT) - earnings to be up 8.9% YoY, while revenue is forecast to rise 14.5% to $64.4B

    • Procter & Gamble (PG) - earnings of $1.37 per share, flat on a year-over-year basis, on $20.8B revenue (+1% YoY)

  • Wednesday: Arm Holdings (ARM), Boeing (BA), Carvana (CVNA), DuPont (DD), eBay (EBAY), Etsy (ETSY), Marriott (MAR), Meta Platforms (META)

  • Thursday: Amazon (AMZN), DoorDash (DASH), DraftKings (DKNG), Hershey Foods (HSY), Intel (INTC), Moderna (MRNA), Roblox (RBLX), Roku (ROKU), Sirius XM (SIRI), Twilio (TWLO), Wayfair (W), Wendy's (WEN)

    • Apple (AAPL) - earnings of $1.34 per share (+13.6% YoY) on $84.4B revenue (+10.4% YoY)

Full earnings calendar here.

HEADLINES

Nasdaq 100 Index has fallen 8% from a peak earlier this month. Focus is on earnings this week from Microsoft, Apple, Amazon.

Donald Trump took the stage an hour late Saturday to make his speech at the Bitcoin 2024 conference at the Music City Center.

  • A Fed rate cut is finally within view (more)

  • Yellen rebuffs Trump argument on dollar hurting manufacturing (more)

  • G20 agrees to tackle taxation of the super-rich, but forum not yet decided (more)

  • Hedge fund study on US Treasury issuance fuels debate (more)

  • US home insurers suffer biggest loss of century in 2023 (more)

  • BOJ's victory lap on deflation paves way for rate-hike cycle (more)

  • Reeves promises to ‘fix the foundations’ of Britain’s economy (more)

  • Apple agrees to first US labor deal (more)

    • Apple intelligence to miss initial launch of upcoming iOS 18 overhaul (more)

  • Fast-food chains battle for low-income diners with summer value meals (more)

  • Delta meltdown is Buttigieg’s latest headache (more)

  • Debut of Bill Ackman's new fund delayed (more)

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DEALFLOW

M+A | Investments

  • Vital Energy, Northern Oil and Gas buy Point Energy shale assets for $1.1B (more)

  • Regional lender WesBanco to buy smaller rival Premier Financial in $959M deal (more)

  • Thoma Bravo to seek $2.74B in Nasdaq stake sale (more)

  • Apollo Funds to buy IGT’s gaming, Everi in $6.3B deal (more)

  • Analytic Partners, a commercial analytics company, acquires Magic Numbers, a marketing analytics firm (more)

  • Riveron, a business advisory firm, acquired Yantra, a technology and advisory services provider (more)

  • Tunespotter, a “music moment” search and fan engagement platform at the nexus of pop culture, acquired What-song.com, a search engine built on movie, TV show soundtracks, and playlists (more)

  • Summer Fridays, a skincare and hybrid makeup brand, received an investment from TSG Consumer Partners (more)

VC

  • Cowbell, a provider of cyber insurance for small and medium-sized enterprises, raised $60M in Series C funding (more)

  • DocketAI, an AI revenue enablement startup, raised $15M in Series A funding (more)

  • SlicedHealth, cloud solutions for hospitals to optimize revenue and manage compliance, raised $5M in Series A funding (more)

  • Noded AI, a maker of note-taking and task management software, raised $4m in funding (more)

That's why Fidelity – the world's 4th largest asset manager – has acquired $11 billion worth of bitcoin. They're desperate to claim their stake in this modern gold rush. And you should be, too. But before you buy bitcoin (or any other crypto), you'll want to watch this interview. In it, an 11-year crypto veteran names his #1 crypto to buy (it's not bitcoin or Ethereum).

CRYPTO

  • Trump proposes strategic national crypto stockpile: ‘Never sell your bitcoin’ (more)

  • Democrats pushing Harris campaign for 'reset' on crypto stance, House Rep says (more)

  • Ethereum whales undeterred by price drop, move 3.49M ETH (more)

BULLISH BITES

📉 That sudden market drop was scary for investors but long overdue.

☕️ Your cup of coffee is already expensive, but it’s about to get even worse.

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