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US to criminally charge Boeing, Biden loyalists dismiss calls to quit, top banks hike dividends after passing stress test, CLOs are running out of things to buy, and 24-hour stock trading is booming…
Market Briefing
July 01, 2024
Good morning.
The Fast Five →, Biden loyalists dismiss calls to quit, top banks hike dividends after passing stress test, CLOs are running out of things to buy, and 24-hour stock trading is booming…
Calendar: (all times ET)
TUE 7/2: | Jerome Powell speech in Portugal, 9:30a |
WED 7/3: | Initial jobless claims, 8:30a |
THU 7/4: | Market closed for July 4 |
FRI 7/5: | Unemployment report, 8:30a |
Your 5-minute briefing for Monday, July 1:
BEFORE THE OPEN
As of market close 6/28/2024. Bitcoin as of 6/30/2024.
Pre-Market:
 |  |
US Investor % Bullish Sentiment:
↑ 44.49% for Wk of June 27 2024 (Last week: 44.37%)
*Updates every Friday.
Market Recap:
Stock futures up: Dow +55, S&P +0.2%, Nasdaq-100 +0.2%.
Wall St ended Q2 strong: S&P +14.5%, Nasdaq +18.1%, Dow +3.8%.
Nasdaq: third positive quarter in a row.
Tech momentum expected to continue despite high valuations.
Holiday-shortened week; market closed Thursday for July 4th.
June jobs report due Friday.
EARNINGS
A light week of notable earnings:
Wednesday:
Constellation Brands (STZ) - earnings of $3.46 per share (+18.9% YoY) on $2.7 billion revenue (+6.4% YoY).
Thursday: Stock market holiday
Full earnings calendar here.
Ethereum to $10K? Find Out Our Top Crypto Forecast for 2024.
HEADLINES
Boeing will have until the end of the week to decide whether to plead guilty to the charges.
A post-debate poll by CBS News found that just 28% of registered voters said Biden should be running for president.
US inflation cools in May, boosting hopes of Fed rate cut (more)
10-yr Treasury yield rises after fresh inflation and consumer data (more)
Wall St ends lower as investors digest inflation data, Presidential debate (more)
S&P returns 15% in the first half in an unusually smooth ride (more)
Oil inches higher on summer demand outlook (more)
Top US banks hike dividends after passing Fed's stress test (more)
BIS sends government debt warning before important elections (more)
High-speed traders, short sellers face Asia crackdown (more)
China factory activity shrinks again in warning to economy (more)
Ford CEO: US policy is helping fight off Chinese electric cars (more)
CLOs have too much money and running out of things to buy (more)
Qatar plans $5.5B Disney-size theme park (more)
Gen Z’s shopping decisions heavily driven by TikTok and influencers (more)
You'll Never Guess Who They Could Make President Next
Most Americans are overlooking the seemingly impossible candidate that should worry you.
It's not Biden… Trump… Newsom… or even Michelle.
It's a sleeper candidate for President nobody is talking about.
New evidence of a secret plan indicates he could soon return, and finish what he started. Get the full story right here.
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DEALFLOW
M+A | Investments
Boeing agrees deal to buy Spirit Aero for $37.25 per share (more)
BlackRock buys Preqin for $3.2B in private data expansion (more)
AbbVie (ABBV), a company developing medicines that solve serious health issues, acquired Celsius Therapeutics, Inc., a privately held biotech company providing therapies for inflammatory disease (more)
Fintech company Chime acquired Salt Labs, an enterprise tech company helping hourly workers own the value of their work (more)
GrowthCurve, a PE firm focused on building businesses by utilizing data, acquired Duetto, revenue management software for the hospitality industry (more)
PepTalkHer, an executive coaching platform for fostering professional growth, acquired like-minded coaching platform Mettacool (more)
Promptly Technology Inc., a company specializing in streamlining patient engagement, secured strategic minority investments led by Telegraph Hill Partners (more)
Divergent Technologies, a company that builds vehicle structures, received a $47M term loan from Bridge Bank (more)
Stafl Systems, a lithium-ion battery tech company, received an investment from WindSail (more)
VC
EvolutionaryScale, an AI-powered biology startup, raised $142M in seed funding (more)
MagicSchool AI, a tech platform for K-12 educators and students, raised $15M in Series A funding (more)
Waypoint Bio, a biotech company providing novel cell therapies for solid tumors, raised $14.5M in Seed funding (more)
Feon Energy, a battery electrolyte startup spun out of Stanford University, raised $6.1M in Seed funding (more)
Synthpop, an AI-driven platform for healthcare workflows, raised $5.6M in Seed funding (more)
Prescribe FIT, a provider of patient monitoring technology and health coaching solutions, raised $4.8M in Series A funding (more)
CRYPTO
BULLISH BITES
🚨 Rumor: Will Biden be replaced? *
⏰ Trending: 24-hour stock trading is booming – and Wall Street is rattled.
💰 Fortune: Warren Buffett has finally revealed what will happen to his money after he dies.
🍛 Hot Spots: Indian restaurants are Wall Street’s new celebration spots.
🚙 Die-Hards: According to The Wall Street Journal, the "ultimate status symbol" these days is a $300,000 souped-up Land Rover Defender.
DAILY SHARE
🚨BREAKING🚨 The September debate has been moved to Topgolf. The candidates will be required to hit a golf ball after each answer they give.
Who will win?— Brick Suit (@Brick_Suit)
2:38 PM • Jun 30, 2024
Jill on Sunday
— Autism Capital 🧩 (@AutismCapital)
2:24 AM • Jun 30, 2024
What happens when the US Justice Dept staffers have to take a Boeing to the trial? 😂
— Autism Capital 🧩 (@AutismCapital)
9:59 PM • Jun 30, 2024
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