BEFORE THE OPEN

MARKETS:

• Stock futures flat as 2024 begins after a strong 2023.

• S&P 500 saw nine weeks of gains, best run since 2004.

• Tech giants like Apple, Microsoft, and Nvidia led the rally.

• Nasdaq up 43.4% for its best year since 2020.

• Dow gained 13.7% and set new records in 2023.

• Wall Street strategists predict lower stock returns in 2024.

• Concerns about weaker economy and consumer spending may impact earnings growth.

• Wall Street cautious as Fed hints at rate cuts, potential for early-year volatility.

• Balancing act for Fed: risk of waiting too long or moving too quickly.

EARNINGS

What we’re watching this week:

• Thursday: Conagra (CAG), Lindsay Corp (LNN)

  • Walgreens Boots Alliance (WBA) - expected: $.63 per share (-45.7% YoY) on $34.9 billion revenue (+4.5% YoY)

• Friday:

  • Constellation Brands (STZ) - expected: $3.00 per share (+6.0% YoY) on $2.5 billion revenue (+4.2% YoY)

Full earnings calendar here

HEADLINES

Tech Stocks Wrapped Up One of Their Best Years in Past Two Decades After 2022 Slump

Chief Justice Roberts Says AI Will Transform How the Courts Work

• Treasuries post first gain since 2020 as Fed pivot gets traction (more)

• Nearly half of all states will raise the minimum wage in 2024 (more)

• New FAFSA launches after a long delay, but with ‘issues,’ leaving millions of students in limbo (more)

• US overtakes China as South Korea's top export market (more)

• United States acts as top cop — setting the crypto standards for the world (more)

• Maersk halts Red Sea shipping as US Navy sinks Houthi boats (more)

• Xi pledges to strengthen economic recovery after ‘tough’ year (more)

• China’s Xi says ‘reunification’ with Taiwan is inevitable (more)

• Nvidia to launch slower gaming chip in China to comply with U.S. export controls (more)

• Tesla zeroes in on everyday buyers after winning over EV lovers (more)

• SpaceX sets new rocket record with 96 successful launches in 2023 (more)

• From FedEx to airlines, companies are starting to lose their pricing power (more)

• Masimo CEO on why he's spending over $100 million to fight Apple: 'It might change Apple for the better' (more)

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DEALFLOW

M & A | INVESTMENTS

• PGA Tour and LIV Golf are working to extend merger deadline into 2024 (more)

• MDWerks buys RF Specialties (more)

• Mach acquires certain interests in O&G Assets (more)

• Globant purchases Iteris (more)

• Cyclo Therapeutics merges with Applied Molecular Transport (more)

• SPC acquires majority stake in St-Méthode Bakery (more)

VC

• Shield AI, a defense technology company, raised additional $100M in Series F funding, and $200M in debt from Hercules Capital (more)

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CRYPTO

• Bitcoin starts the New Year rising past $45K, highest level since April 2022 (more)

• These are the boldest Bitcoin predictions for 2024 — one calls for a 1,000% rally to $500,000 (more)

• Bankman-Fried won’t face second trial on remaining charges (more)

• How the two biggest crypto CEOs proved the critics right (more)

BULLISH BITES

🎢 Wild ride: What a long, strange year it’s been in enterprise tech news…

✈️ Jet set: 2024 is the ‘year of globetrotting,’ travel expert says. Here are some of the hot spots.

✅ Fresh start: The ultimate personal finance checklist to get ready for 2024.

❤️ Ala Verge: The apps, movies, games, and everything else we loved in 2023.

🔥 BTC: Buy Bitcoin the easy way with the world's most accessible crypto exchange. Coinsmart is designed for beginners, and built for experts - come see for yourself

DAILY SHARES

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