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BEFORE THE OPEN

Pre-Market:

US Investor % Bullish Sentiment:
↓ 44.37% for Wk of June 20 2024 (Last week: 44.59%)

Market Recap:

• Stock futures flat as H1 2024 nears record highs.

• Dow, S&P 500 futures steady; Nasdaq 100 up 0.2%.

• S&P 500 hit record, gained 0.6% last week.

• Nvidia fell 4% last week.

• AI enthusiasm boosts market; S&P 500 up 15% YTD.

• Earnings: FedEx, Micron, Walgreens, Nike.

EARNINGS

Here’s what we’re watching this week:

• Tuesday: 

  • FedEx (FDX) - earnings of $5.36 per share on $22.1B revenue (+0.7% YoY)

• Wednesday: General Mills (GIS), Levi Strauss (LEVI)

  • Micron Technology (MU) - earnings of $0.51 per share on $6.7B (+77.6% YoY)

• Thursday: Lindsay (LNN), McCormick & Company (MKC), Walgreens Boots Alliance (WBA)

  • Nike (NKE) - earnings of $0.84 per share (+27.3% YoY) on $12.9B revenue (+0.2% YoY)

Full earnings calendar here.

HEADLINES

Nvidia Sales Grow So Fast That Wall Street Can’t Keep Up

Cathie Wood Plans to Vote for Trump for US Economy

• The market is in its longest stretch without a 2% sell-off since the financial crisis (more)

• Credit spreads widen on political jitters, Treasuries rally (more)

• Treasury receives $556.7M from auction of airline warrants (more)

• US official says no decision yet on whether to prosecute Boeing (more)

• Four banks singled out for flawed 'living wills' by US regulators (more)

• Dollar steady; yen wobbles as intervention worries linger (more)

• Asia shares slip as inflation, politics call for caution (more)

• Yen under pressure even as Japan steps up its verbal warnings (more)

• China wants EU tariffs on EVs gone by July 4 as talks resume (more)

• ByteDance working with Broadcom to develop advanced chip (more)

• Nvidia to launch in Middle East amid US curbs on AI exports to region (more)

• Apple and Meta have discussed AI partnership (more)

• Trump previews debate attacks against Biden’s economy (more)

• Hedge funds’ bullish copper bets run into China’s slowdown (more)

• Big Food tries to offset obesity drug blow with vitamins, meals (more)

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All the best,
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Behind the Markets

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DEALFLOW

M+A | Investments

• UPS announces sale of Coyote Logistics unit to RXO for $1 bln (more)

• Brazil gym chain Smart Fit confirms talks for stake in Velocity (more)

• Japanese trading house Mitsui buys Shale Gas asset in Texas (more)

• SoundHound (SOUN), a voice AI company, acquired Allset, an online ordering platform connecting restaurants and local customers (more)

• knownwell, a primary care and metabolic health company, acquired Alfie Health, an obesity management clinic (more)

• Nextracker (NXT), intelligent solar tracker and software solutions, acquired Ojjo, an energy and solar power generation company, for approximately $119M (more)

• Honeywell (HON), an integrated operating company, acquired CAES Systems Holdings, a radio frequency technologies company, from Advent International, for $1.9B (more)

• Altaris purchases Sharecare (more)

• KKR buys Superstruct Entertainment from Providence (more)

• Hanwha acquires Philly Shipyard (more)

VC

• BillionToOne, a precision diagnostics company, raised $130M in Series D funding at an over $1B+ valuation (more)

• HeyGen, an AI video generation platform for businesses, raised $60M in Series A funding at a $500M post-money valuation (more)

• The Picklr, an indoor pickleball franchise, raised a Series B funding, at $59M valuation (more)

• Daydream, a search and discovery shopping platform, raised $50M in Seed funding (more)

• Amplify Life Insurance, a digital platform for wealth-building through permanent life insurance, raised $20M in Series B funding (more)

• Maxterial, a material science company, raised nearly $8M in Series A funding (more)

• MEandMine, a startup for classroom well-being using AI to identify psychological risks in children, raised $4.5M in funding (more)

• Coeptis Therapeutics (COEP), a biopharmaceutical company developing cell therapy platforms closed on $4.3M in financing (more)

• Backstroke, a generative AI messaging platform, raised $2M in Seed funding (more)

CRYPTO

• Bitcoin extends drop after one of crypto’s worst weeks of 2024 (more)

• Bitcoin options market isn't buying BTC price weakness, shows bias for $100K calls (more)

• Crypto ‘secondaries’ prices jump as expectations of IPOs climb (more)

• Crypto policies will mean a lot to 'disillusioned' voters (more)

BULLISH BITES

💔 Liquidation: The fight over Fisker’s assets is already heating up.

🚀  AI Superproject: It’s too late to get in on Nvidia … but not it’s “silent partners” *

🇷🇺 Cutting Ties? Coca-Cola (and dozens of others) pledged to quit Russia, but they’re still there.

💻 Pushback: Ending hot desking is the latest return to office tactic.

🤝 Dealmaking: The New York power lunch is back.

DAILY SHARE

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