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BEFORE THE OPEN

Pre-Market:

US Investor % Bullish Sentiment:
↓ 38.97% for Wk of June 06 2024 (Last week: 39.04%).

Market Recap:

• S&P (+0.27%) and Nasdaq (+0.88%) hit records, led by Apple (+7.3%).

• Dow fell 0.31% to 38,747.42.

• Investors rotated from Nvidia (-0.7%) to Apple.

• Fed's 2-day policy meeting finishes today; no 2024 rate cut expected

• Markets brace for a hawkish Fed message.

• CME FedWatch Tool: 66% chance of a rate cut in November.

• Key focus on dot plot, projections, and May CPI reading.

EARNINGS

What we’re watching this week:

• Today: Dave & Busters Entertainment (PLAY), Oxford Industries (OXM)

  • Broadcom (AVGO) - earnings of $10.80 per share for (+4.7% YoY) on $12.0B revenue (+37.9% YoY)

• Thursday: 

  • Adobe (ADBE) - earnings of $4.39 per share (+12.5% YoY) on $5.3B revenue (+10.4% YoY)

Full earnings calendar here.

HEADLINES

Apple Shares Close at Record High After Company Unveils AI Software

Trump Vows to End Taxes on Tips in Bid to Woo Restaurant Workers

• Fed meeting and inflation report hit today - impact could be huge (more)

• Stocks fall amid rout in Big Banks as Nvidia sinks (more)

• US small business sentiment up in May (more)

• House panel finds Wall St 'colluded' to curb emissions (more)

• Hedge funds pile into copycat quant trades they once derided (more)

• GameStop raises over $2 billion after Roaring Kitty rally (more)

• GM board approves new $6B share buyback authorization (more)

• Musk withdraws suit against OpenAI, Sam Altman (more)

• Four more states join US monopoly lawsuit against Apple (more)

• Boeing plane deliveries drop by half in May year-on-year (more)

• Tiana’s Bayou Adventure is the next step in Disney’s $60B theme park investment (more)

• WeWork CEO Tolley to step down as company exits bankruptcy (more)

• Private equity investors fear cash is stuck in zombie funds (more)

• Weight loss boom spurs sales of protein, meal replacements (more)

MESSAGE FROM CHAIKEN ANALYTICS

What’s Got Musk, Bezos, and Gates So Excited?

Billionaires are plowing millions of dollars into a new technology that early estimates say could generate more wealth than A.I. – and determine the future of companies like Microsoft.

The problem?

Most investors have no idea it's happening, or how to profit on it.

This expert just went public with all the details, including which stocks to jump on immediately.

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DEALFLOW

M+A | Investments

• Paramount special committee meets to vote on Skydance deal (more)

• BeReal acquired by mobile apps company Voodoo for €500M (more)

• Tether to invest more than $1 billion in deals over next year (more)

• Madhive, a tech company for local CTV advertising, acquired Frequence, Inc., an ad sales software for local media companies (more)

• InformData Holdings, a people-data platform for the background screening industry, acquired Sentinel Information Systems, a transportation and motor vehicle record data platform (more)

• ClinicalMind, a healthcare marketing agency, acquired Sensified, an insight-driven healthcare communications company (more)

• ClearCompany, a talent management platform, acquired Brainier Solutions, cloud-based learning management systems (more)

• Formstack, a form, document, and eSignature software provider, acquired Open Raven, a data management company (more)

• ZS, a management consulting and technology firm, acquired Digital Additive, a Salesforce digital marketing agency (more)

• IT Solutions Consulting, an MSP serving commercial firms, acquired Steady Networks, an IT management company for SMBs (more)

• Tripleseat, a sales and event management platform for restaurants, hotels, and venues, acquired Merri, a 3D floorplan and event design application for event planners (more)

• Yext (YEXT), a digital presence platform for multi-location brands, acquired Hearsay Systems, digital client engagement for financial services, for $125M and up to an additional $95M (more)

• Tethr, an AI-powered conversation intelligence software, merges with Awaken Intelligence Ltd., a contact center solutions and agent experience innovator (more)

• Pipe, provider of a capital platform for dilution-free funding, received $100M in credit facility from Victory Park Capital (more)

VC

• Mistral, a French AI start-up valued at $6.2B, raises $640M (more)

• Cyberhaven, a data detection and response company, raised $88M in Series C funding (more)

• Mad Mobile, a company specializing in restaurant and retail SaaS and payment solutions, raised $50M in financing (more)

• Xona, developer of a zero-trust user access platform for industrial operations, raised $18M in strategic funding (more)

• Astrocade AI, provider of an AI-powered social gaming platform, raised $12M in Seed funding (more)

• Brightwave, a research assistant that generates financial analysis on any subject, raised $6M in Seed funding (more)

• Ship Angel, an AI-native platform for international shippers, raised $5M in funding (more)

• Wild Common, an agave spirits company, raised $5M in Series A funding (more)

• Apricot Technologies, a startup leveraging gen AI to reduce healthcare documentation, raised undisclosed funding (more)

CRYPTO

• Bitcoin pullback to $66K triggers $250M in crypto liquidations as traders brace for 'wild Wednesday' of FOMC, CPI report (more)

• NFTs fail to regain appeal as investors turn to new Ether ETFs (more)

BULLISH BITES

🦷 Raise race: Blackstone’s high-class problem: too many rich dentists.

🚀 Next big bet: "This could be worth even more than A.I." *

📚 On the rise: AI is getting very popular among students and teachers, very quickly.

💬 Babble on: First came ‘spam.’ Now, with A.I., we’ve got ‘slop’.

🍷 Uninvited: A restaurant wanting a ‘grown and sexy’ vibe bans diners under 30.

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