Cash infusion

Powell testifies Fed on track to cut rates this year, Powell also floats redoing bank capital plan, Apple looks most oversold in years, OpenAI says Musk wanted ‘absolute control’ of company, and NYCB gets $1+Billion cash infusion…

Author

Market Briefing
March 07, 2024

Good morning.

The Fast Five → Powell testifies Fed on track to cut rates this year, Powell also floats redoing bank capital plan, Apple looks most oversold in years, OpenAI says Musk wanted ‘absolute control’ of company, and NYCB gets $1+ Billion cash infusion…

Calendar:

  • Fri, 3/8: US nonfarm payrolls, unemployment rate, 8:30a ET

Your 5-minute briefing for Thursday, March 7:

BEFORE THE OPEN

As of market close 3/6/2024.

Pre-Market:

US Investor % Bullish Sentiment:
46.50% for Wk of Feb 29 2024 (Last week: 44.28%)

Market Recap:

  • Dow down 0.1%, S&P 500 slips 0.1%, Nasdaq falls 0.2%

  • S&P 500 rises 0.51%, Nasdaq gains 0.6%, Dow up 0.2%

  • Utilities lead gains in 9 of 11 S&P sectors

  • NYCB rebounds after 40% tumble, ends up 7.5%

  • Apple falls for 6th day, weekly losses near 6%

  • Fed Chair Powell: Policy rate at peak, no rate cuts yet

  • Senate testimony from Powell awaited

  • Jobless claims, trade balance, consumer credit data due

  • Earnings from Broadcom, Costco, Kroger expected

EARNINGS

What we’re watching this week:

  • Today: DocuSign (DOCU), Gap (GPS), Kroger (KR)

    • Broadcom (AVGO) - earnings of $10.29 per share (-0.4% YoY) on $11.7B revenue (+31.5% YoY)

    • Costco (COST) - earnings of $3.62 per share (+9.7% YoY) on $59.2B revenue (+9.2% YoY)

Full earnings calendar here

HEADLINES

Powell told lawmakers the Fed's policy-setting committee still isn’t convinced that progress toward their 2% inflation objective is “assured,” and that it won’t make sense to cut interest rates until it is confident.

A cash infusion would be the latest development in a turbulent start to the year for NYCB, which replaced its CEO last week.

  • House approves spending bill to avert government shutdown (more)

  • Wall Street gets win as Powell floats redoing bank capital plan (more)

  • Private payrolls rose by 140K in February, less than expected (more)

  • US wholesale inventories revised down in January (more)

  • World markets brace for potential return of Trump (more)

  • SEC approves weakened climate disclosure rule after pushback (more)

  • Asian stocks rise on support from Powell rate hint (more)

  • Apple looks most oversold in years after $200B selloff (more)

  • OpenAI says Musk wanted ‘absolute control’ of the company (more)

  • Meta building giant AI model to power its ‘entire video ecosystem’ (more)

  • Former Google AI engineer charged with stealing trade secrets for China firm (more)

  • Microsoft engineer warns company’s AI tool creates violent, sexual images, ignores copyrights (more)

  • CrowdStrike CEO says cybercriminal are gaining access to sophisticated AI tech (more)

  • Klarna investors push for more control in post-IPO structure (more)

A MESSAGE FROM BEHIND THE MARKETS
The Biggest Drug Ever

Morgan Stanley predicts it will become the biggest selling drug of all time.

The Wall Street Journal calls it "King Kong"...

Barron's says it will be a "blockbuster"...

And The New York Post calls it "game-changing"...

- please support our sponsors -

Tip: If email is clipped by Gmail click “read online” in the top right corner

DEALFLOW

M+A | Investments

  • NYCB raises $1+B in equity led by Steven Mnuchin’s firm (more)

  • Carrier to sell industrial fire business in $1.43B deal (more)

  • KKR in talks to buy energy firm Encavis for over €2B (more)

  • Ardian agrees to acquire CampusParc for more than $850M (more)

  • Deutsche Bahn eyes deal to sell Schenker by year-end (more)

  • Artemis-backed McDanel acquires Rayotek Scientific (more)

  • Rock Hill, Cynosure Group invest in service truck depot (more)

  • RTC Partners invests in COMM (more)

  • Leste invests in Prestige Cosmetics (more)

VC

  • Claroty, a cyber-physical systems protection company, raised $100M in strategic growth financing (more)

  • Nalu Medical, a company focused on non-pharmacologic solutions for chronic neuropathic pain, announced the closing of an incremental $20M in equity in Series E funding from B Capital (more)

  • Nocion Therapeutics, a clinical-stage biopharmaceutical company, raised $62M in Series B funding (more)

  • Ema, a developer of next-generation AI solutions for enterprises, raised $25M in seed plus funding (more)

  • Remofirst, an HR solution company for employing talent worldwide, raised $25M in Series A funding (more)

  • Yuno, a provider of a payments orchestration platform, raised $25M in funding (more)

  • Tava Health, a mental health company, raised $20M in Series B funding (more)

  • Betr, a sports gaming and sports media company, closed $15M in strategic equity financing, at a $375M valuation (more)

  • Limbic, a clinical mental health AI technology company, raised $14M in funding (more)

  • Chamber Cardio, a provider of a technology-enabled cardiology solution, raised $8M in funding (more)

  • Glacier, a recycling robotics company, raised $7.7M in funding (more)

  • Theia Insights, a deep tech startup, raised $6.5M in funding (more)

  • Lettuce Financial, a provider of a comprehensive solution to manage accounting and tax services for solopreneurs, raised $6M in seed funding (more)

  • appCD, a company that generates Infrastructure from Code (IfC) based on application code, raised $6M in Seed funding (more)

  • Jabali, a company advancing a generative AI game engine, raised $5M in Seed funding (more)

  • Razor Group, a technology-driven e-commerce company, raised an undisclosed amount in Series D funding (more)

CRYPTO

  • FTX reaches settlement with BlockFi, may pay up to $874 (more)

  • BlackRock’s Bitcoin ETF added a record 12.6K BTC in Tuesday's carnage (more)

  • Bitcoin 'V-shape' recovery opens aay for $76K price target (more)

BULLISH BITES

✅ Reality-sheck: Can Nvidia's too-good-to-be-true rally go on?

🏴‍☠️ AI treasure mapping: Bill Gates-backed startup confident it can unearth more buried treasure after a historic copper find.

😎 Daylight savings: What sleep experts say about "losing" an hour.

🔥 Social hit: What’s all the hype about Trader Joe’s mini tote bag?

📈  Biggest drug ever? Morgan Stanley predicts it will become the biggest selling drug of all time. Get the name here »*

*from our sponsor

DAILY SHARES

Know someone who would enjoy this?

Keep the curation going! Buy the team a coffee ☕️

Have a comment or suggestion? We’d love to hear it!
💌 Send us a message

Disclaimer: Market Briefing© is a news publisher. All statements and expressions herein are the sole opinions of the authors or paid advertisers. The information, tools, and material presented are provided for informational purposes only, are not financial advice, and are not to be used or considered as an offer to buy or sell securities; and the publisher does not guarantee their accuracy or reliability. Please conduct your own research and consult an independent financial adviser before making any investments. Neither the publisher nor any of its affiliates accepts any liability whatsoever for any direct or consequential loss howsoever arising, directly or indirectly, from any use of the information contained herein. Assets mentioned may be owned by members of the Market Briefing team.

Reply

or to participate.