BEFORE THE OPEN

MARKETS:

• U.S. stock futures edge higher as earnings season progresses.

• Dow, S&P 500, and Nasdaq rose despite higher Treasury yields.

• Small caps, Russell 2000, gained 1.6%.

• 53 S&P 500 companies and five Dow firms set to report earnings.

• Notable reports today: Johnson & Johnson, Bank of America, Goldman Sachs, and Lockheed Martin.

• Strong earnings from Charles Schwab and JPMorgan Chase boost market sentiment amid Israel-Hamas conflict concerns.

• Fresh economic data includes retail sales, industrial production, housing market index, and business leaders survey.

EARNINGS

Here’s what we’re watching this week:

• Today: Bank of America (BAC), Goldman Sachs (GS), Johnson & Johnson (JNJ)

• Wednesday: Netflix (NFLX), TESLA (TSLA)

• Full earnings calendar here

NEWS BRIEFING

Blinken Emphasises 'Deep Commitment' to Israel After Talks as Israel Prepares Offensive Into Gaza

Big-Money Funds Are Betting Against Credit While ETF Shorts Build

• Israel War Latest:

  • Tomorrow: Biden to visit Israel, Jordan to keep war from escalating (more)

  • 🚨 U.S. can ‘certainly’ afford military support to both Israel and Ukraine, Janet Yellen says (more)

  • 2,000 U.S. troops prep for possible deployment to Middle East (more)

• Time is running out for the ‘Year of the Bond’ as losses mount (more)

• Americans ♥️ Treasuries: reading Goldman’s flow report (more)

• S&P 500 rally in Q4 "more likely than not" despite headwinds - Morgan Stanley (more)

• 53% of Gen Z see high cost of living as a barrier to financial success. They’re ‘buckling down,’ BofA exec says (more)

• American work-from-home rates drop to lowest since the pandemic (more)

• Real estate brokers pocketing up to 6% in fees draw antitrust scrutiny (more)

• Country Garden in final hours to avoid first dollar bond default (more)

• US to tighten rules aimed at keeping advanced chips out of China (more)

• Lululemon surges to 52-week high on plans to join S&P 500t (more)

• In rare move, Ford chairman calls on UAW to make a deal and end ‘acrimonious’ talks (more)

• Hollywood’s AI issues are far from settled after writers’ labor deal with studios (more)

• Walmart staffed up for holidays; US retailers cautious about economy (more)

• Microsoft-owned LinkedIn lays off nearly 700 employees — read the memo here (more)

• LinkedIn cuts 668 jobs in second layoff round this year (more)

• Rolls-Royce set to cut 2,500 jobs in efficiency drive (more)

• Spotify is launching a personalized in-app Merch Hub (more)

• YouTube gets new AI-powered ads that let brands target special cultural moments (more)

• UC Berkeley unveils plan for $2B space research center just 7 miles from Stanford (more)

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DEALFLOW

• Shield Capital, a venture capital firm, closed its inaugural fund, Shield Capital Fund I, L.P. , at $186M (more)

• Mirantis, a company building and managing open cloud software infrastructure for developers, received $35M in Venture Loan from Horizon Technology (more)

• Pantomath, a provider of a data pipeline observability and traceability platform, raised $14M in Series A funding (more)

• Urban Sky, a stratospheric technology and remote sensing company, raised $9.75M in Series A funding (more)

• Leucine, a digitalized pharmaceutical manufacturing company, raised $7M in Series A funding (more)

• CuraSen Therapeutics, a clinical-stage company developing small molecule therapies to treat neurodegenerative disease, received up to $5.8M in investment from Alzheimer’s Drug Discovery Foundation (ADDF) (more)

• AnySignal, a radiofrequency technology company, raised $5.0M in seed funding (more)

• Blue Wolf Capital invests in Logistec (more)

• FEP invests in Reliable Residential (more)

• Godspeed Capital invests in Stengel Hill Architecture (more)

• Aquarian partners with Obra Capital (more)

• Aronora, a clinical-stage biotech company, received an investment from NYBC Ventures (more)

• InfoBionic, a virtual telemetry company for cardiac remote patient monitoring, raised an undisclosed amount in the initial closing of its Series D funding (more)

M & A:

• Searchlight, BCI acquires Consolidated Communications (more)

• Novo buys experimental heart drug for up to $1.3B (more)

• Access Healthcare, a company specializing in revenue cycle management (RCM) and healthcare services, acquired Envera Health, a patient engagement services provider (more)

• Precision Optical Technologies, a company specializing in optical networking technologies, acquired Opticonx, a manufacturer of fiber optic cabling components and systems (more)

• Globe Life (NYSE: GL), a life insurance company acquired Evry Health, a business-to-business health insurance company (more)

• Wind Point Partners buys Assisi Pet Care (more)

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CRYPTO

• Cryptocurrencies rise, sending bitcoin over $30,000 at one point, on optimism for a new ETF (more)

  • Bitcoin whipsawed by false report claiming SEC approval of ETF (more)

• FTX’s Gary Wang tells court Alameda got ‘special privileges’ to exchange’s funds (more)

• Tether freezes 32 Crypto wallets holding $873,118 linked to terrorism and warfare in Israel, Ukraine (more)

• Asia emerges as a promising haven amid the Crypto winter (more)

BULLISH BITES

❓ Who Funds Hamas? A Global Network of Crypto, Cash and Charities → Reuters

🚲 ‘People are Happier In a Walkable Neighborhood’: The US Community that Banned Cars → TheGuardian
A new housing development outside Phoenix is looking towards European cities for inspiration and shutting out the cars. So far residents love it.

📉 How Birkenstock’s Weak Debut Mistimed the Shaky IPO Market → Bloomberg
Bad timing on LVMH earnings undercut conservative pricing. Rubrik, Turo said among firms to put IPOs on slower track.

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