Boeing pleads guilty

Boeing agrees to plead guilty, more House Democrats want Biden to quit race, this week’s inflation report could have serious implications on market, earnings season to test investors' faith in Big Tech, and Nvidia gets rare downgrade…

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Market Briefing
July 08, 2024

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Good morning.

The Fast Five → Boeing agrees to plead guilty, more House Democrats want Biden to quit race, this week’s inflation report could have serious implications on market, earnings season to test investors' faith in Big Tech, and Nvidia gets rare downgrade…

Calendar: (all times ET)

TUE, 7/9:

Jerome Powell testimony to Senate, 10 AM

WED, 7/10:

Jerome Powell testimony to House, 10 AM

THU, 7/11:

Initial jobless claims, 8:30 AM
Consumer price index (CPI), 8:30 AM

FRI, 7/12:

Producer price index (PPI), 8:30 AM
Consumer sentiment, 10:00 AM

Your 5-minute briefing for Monday, July 8:

BEFORE THE OPEN

As of market close 7/5/2024. Bitcoin as of 7/7/2024.

Pre-Market:

US Investor % Bullish Sentiment:
↓ 41.74% for Wk of July 04 2024 (Last week: 44.49%)

Market Recap:

  • Stock futures slightly down Sunday night; key inflation data awaited.

  • S&P +0.5%, Nasdaq +0.9% hit record highs Fri; Dow +0.17%.

  • S&P +16.7% YTD, fourth positive week in five.

  • June CPI Thursday, PPI Friday; possible rate cuts.

  • Labor data: unemployment at 4.1%.

  • Traders expect two rate cuts in 2024, first in September.

  • Earnings: Citigroup, JPMorgan, PepsiCo, Delta.

EARNINGS

Light week of notable earnings. Here’s what we’re watching:

  • Thursday: PepsiCo (PEP)

  • Friday: Citigroup (C), Wells Fargo (WFC)

Full earnings calendar here.

Are You Prepared for the Death of the Dollar?

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HEADLINES

Boeing has agreed to plead guilty to a criminal fraud conspiracy charge to resolve a DOJ investigation linked to two 737 MAX fatal crashes, a gov't official said on Sunday.

A softer-than-expected number could pressure the Fed to signal an interest rate cut is likely in September — or even open the door to one later this month.

  • Top House Democrats say Biden should drop out in call with Jeffries (more)

    • Democratic power players are circulating a proposal for Biden to exit, launch ‘blitz primary’ (more)

  • Labor market losing steam as unemployment rate climbs to 4.1% (more)

  • Fed rate cut debate to heat up as US job market cools (more)

  • US consumer goods companies are losing upper hand on pricing (more)

  • Bond market re-focus on US elections throws wrench into 2024 rally hopes (more)

  • Oil dips as Gaza talks ease supply disruption woes (more)

  • Euro falls as markets brace for French post-election gridlock (more)

  • Earnings season to test investors' faith in Big Tech stocks (more)

  • Nvidia gets rare Wall Street downgrade on valuation concerns (more)

  • Hedge funds that piled into big Tesla short stung by huge rally (more)

  • Special committee of Paramount Global endorses plan to merge with Skydance Media (more)

  • Meme stock speculation propels Koss shares 25% higher on Friday (more)

Read This Before the
Next Fed Meeting

Investors are looking to the Fed with high hopes for interest rate relief.

Unfortunately, many have no idea there's another major story unfolding right now, one that could be worth $40 trillion.

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DEALFLOW

M+A | Investments

  • Revolut CEO to sell part of stake in $500M share sale (more)

  • SIXGEN, a solutions provider of cybersecurity products and expertise to US national intelligence, acquired Secure Enterprise Engineering, Inc., provider of cybersecurity products and services (more)

VC

  • Tembo, a Postgres managed service to handle open-source database for AI workloads, raised $14M in Series A funding (more)

  • Granza Bio, a therapeutic delivery platform developer, raised $7M+ in Seed funding (more)

  • Vida, a provider of carrier-grade AI voice agents for SMB's, raised $3M in Seed funding (more)

CRYPTO

  • Bitcoin ETF investors bought the dip on Friday, with inflows topping $140M (more)

  • Rise of Telegram-friendly chain spurs talk of crypto Super App (more)

  • Crypto crash pushes fear & greed index to lowest since Bitcoin traded at $17K in early 2023 (more)

BULLISH BITES

🤑 Scale: You could learn a lot from a CIO with a $17B IT budget.

📱 July 10: What to expect at Samsung’s Galaxy Unpacked event.

🛸 Sabotage: What happens if you shoot down a delivery drone?

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