Bonds peak rates near

BEFORE THE OPEN

Markets:

• Dow Jones up 0.33%, marking fifth straight day of gains.

• S&P 500 drops 0.10%, Nasdaq Composite down 0.18%.

• Both S&P 500 and Nasdaq reach highest intraday levels since April 2022.

• Dow's best weekly performance since March: up 2.3%.

• S&P 500 adds 2.4%, Nasdaq gains 3.3% weekly.

• UnitedHealth jumps over 7%, leads S&P 500 health-care sector.

• JPMorgan Chase exceeds Q2 earnings expectations.

• Wells Fargo posts better-than-expected results.

• Analysts predict 7% YoY drop in S&P 500 earnings for this season.

• Soft inflation reports boost investor sentiment.

EARNINGS

What we’re watching this week:

• Tomorrow: Bank of America (BAC), Charles Schwab (SCHW), Hasbro (HAS), Lockheed Martin (LMT), Morgan Stanley (MS)

• Wednesday: Netfilx (NFLX), Tesla (TSLA) - Discover Financial Services (DFS), Goldman Sachs (GS)

• Thursday: American Airlines (AAL), Blackstone (BX) Capital One Financial (COF), Johnson & Johnson (JNJ), Phillip Morris Int’l (PM)

• Friday: American Express (AXP)

• Full earnings calendar here

NEWS BRIEFING

Court ruling means JPMorgan may soon start ‘discovery’ in Frank founder’s case, and more juicy texts are released: ‘You’ll have 4.5 million users today…2.3 cents per user’

H&M Now Wants to Sell You Makeup, Sofas and Crocs

• Dollar licks wounds as China data looms (more)

• History says it’s time to buy long-term bonds as peak rates near (more)

• Middle Eastern wealth flows to China amid anxiety about US ties (more)

• Australia expects unemployment to rise as inflation eases (more)

• An agricultural deal that guarantees food security for tens of millions is set to expire on Monday as Russia debates renewal (more)

• Tesla announces first Cybertruck build ahead of Q2 earnings (more)

• Microsoft signs agreement to keep Call of Duty on Playstation (more)

• Elon Musk plans Tesla and Twitter collaborations with xAI, his new startup (more)

• Twitter's cash flow still negative as ad revenue drops 50%, Musk says (more)

• Reddit is killing its Gold awards system (more)

• A.I. and streaming mean ‘the jig is up’ for actors and writers and this double strike is their last chance to ‘stand tall’ (more)

• Rapper will.i.am launches FYI: New AI Platform for Creative Collaboration - hailed as the first productivity tool designed to prioritize the needs of creativesj (more)

• Designers sue Shein over AI ripoffs of their work (more)

• China's wave of 'live commerce' relying less on influencers (more)

• Pfizer’s $43 billion Seagen takeover faces EU investigation (more)

• United, pilots agree to new labor deal, with up to 40% raises (more)

DEALFLOW

• FTC loses appeals court bid to temporarily block Microsoft-Activision deal (more)

• FTC seeks additional info on Pfizer's takeover of Seagen (more)

• SEC formally accepts BlackRock Bitcoin ETF application for review (more)

• JSW Steel considering bid for stake in Teck coal unit (more)

• Brazil's Light proposal to restructure $2.3B of debt-filing (more)

• Eli Lilly to buy Versanis for up to $1.93B in obesity drugs push (more)

• Kering boss Pinault in talks to buy majority of Hollywood agency CAA (more)

• Nissan to invest some $725M in Renault's EV unit (more)

• Dale Ventures acquires Arcadier (more)

• Evergreen Buys Western Computer (more)

• Aspirion acquires Continuum Health Solutions (more)

• Efficient Capital Labs, a fintech company that provides non-dilutive capital to B2B SaaS companies operating in the South Asia-U.S., raised $7M Pre-Series A (more)

• Opolis, a platform using blockchain to provide employment infrastructure for independent workers, raised $6.6M in Bridge funding @ $50M valuation (more)

• Tangibly, a SaaS trade secret management platform, raised $6.5M in Seed funding (more)

• Foundry, a brand platform specializing in growing online brands, acquires Blu Atlas, a D2C men’s skincare, haircare, and fragrance brand, for an undisclosed 8-figure sum (more)

• Spectrio, provider of digital signage systems, acquired InReality, provider of AI driven audience sensing and measurement technology (more)

• Applied DNA Sciences, a company specializing in PCR-based DNA technologies, acquired Spindle Biotech, a biotech company developing RNA manufacturing technologies (more)

• OncoLens, a company that provides an integration/collaboration platform to cancer centers, received an investment from Cross Border Impact Venture Fund (more)

• OnePlan Solutions, provider of strategic portfolio and work management software, received a strategic investment from Aldrich Capital Partners (more)

• Nomic AI, an AI explainability and accessibility startup, raised $17M in Series A (more)

• Embrace, provider of a mobile experience engineering solution, raised $20M in Growth funding (more)

• May River Capital LLC, a private equity investment firm, raised its third fund, May River Capital Fund III, LP, at $500M (more)

• CurvaFix, a developer of medical devices, raised $39M Series C (more)

• Readout AI, provider of a platform that analyzes data with appropriate statistics, raised an undisclosed amount in Pre-Seed funding (more)

CRYPTO

• Kraken picks customer privacy over IRS as it fights tax compliance dispute (more)

• Jay-Z and Puma team up on NFT-infused sneaker collection (more)

• Crypto lender Aave introduces GHO stablecoin (more)

• Crypto winter is showing market maturity compared to previous downturns, Electric Capital GP says (more)

• Binance could lay off thousands as company buckles down for DOJ probe (more)

BULLISH BITES

🤑 $900 Million Prize: Powerball hits the third-largest jackpot in history. The odds of winning? 1-in-292.2 million. Here’s how much the winner would actually take home after taxes (read more)

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SHARES

Make today a good one! -mb