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BEFORE THE OPEN

Pre-Market:

US Investor % Bullish Sentiment:
↑ 49.18% for Wk of July 11 2024 (Last week: 41.74%)

Market Recap:

• Stock futures slightly higher after Nasdaq’s worst session since 2022.

• Discover Financial +4% on strong Q2 results. Beyond Meat -16% on restructuring talks.

• Nasdaq -2.8%, S&P -1.4%, Dow +0.6%, closing above 41,000.

• Tech stocks sold off, small caps and cyclicals gained. Russell 2000 -1%, up 9% in five days.

• Market broadening hoped for, concerns of economic slowdown persist.

• Jobless claims expected at 229,000.

EARNINGS

Here’s what we’re watching this week:

• Today:

  • Netflix (NFLX) - earnings of $4.39 per share (+33.4% YoY) on $8.8B revenue (+7.6% YoY)

• Friday: American Express (AXP)

Full earnings calendar here.

HEADLINES

Chip Stocks Shed Over $500 Billion in Value on China Trade Fears

Biden Says He Might Quit Race if ‘Medical Condition’ Emerged

• Nasdaq, S&P end sharply lower, hit by chips, megacaps; Dow extends rally (more)

• US firms point to slowing activity and softer labor market (more)

• Top Fed officials say they are 'closer' to cutting interest rates (more)

• Jamie Dimon being considered by Trump for Treasury Secretary (more)

• US floats tougher trade rules to rein in China chip industry (more)

• Oil extends advance after US crude stockpiles post another drop (more)

• Asia volatility returns as tech tanks, yen spikes (more)

• India block trades led by global firms reach record $15B (more)

• US banks see high deposit costs, investment banking boost (more)

• More than 40% of Japanese companies have no plan to make use of AI (more)

• SEC sues Digital World's former CEO alleging securities fraud (more)

DEALFLOW

M+A | Investments

• Samsung to acquire British startup Oxford Semantic for AI (more)

• Apax, Bain and CVC exploring potential bids for SoftwareOne (more)

• Hyatt in advanced talks to buy Standard Hotels brand (more)

• Darden Restaurants to buy Chuy's in $605M deal (more)

• Bitcoin miner Cipher mulls sale amid takeover interest (more)

• Ace Hotel brand explores sale after failed deal with Sortis (more)

• BlackRock sells $2.5B bond to fund Preqin purchase (more)

• Census, a data activation and reverse ETL platform, acquired Fulcrum, an AI-led growth platform for business teams (more)

• EXA Capital, a company focused on buy and hold strategy for enterprise software companies, acquired Nomos One, a business-critical lease management SaaS platform (more)

• Kinective, a provider of bank branch automation software acquired Nexus Software, a company specializing in branch device management for financial institutions (more)

• Squirro, a gen AI, search, and business insights SaaS platform, acquired Synaptica, a SaaS provider taxonomy management (more)

• SecureVision, a fiber connectivity provider for resort communities, received an investment from Snowhawk (more)

VC

• Lumos Technologies, a data analytics company, raised an undisclosed multimillion-dollar investment in Seed funding (more)

• Cloverleaf Infrastructure, a platform developing clean-ready-to-build sites for the largest electric loads, raised $300M in capital (more)

• Cart.com, a provider of unified commerce and logistics solutions for merchants, raised $105M in debt facility (more)

• Kandji, an Apple endpoint management and security platform, raised $100M in funding, at $850M valuation (more)

• Pindrop, a company specializing in voice authentication and security, raised $100M in debt financing (more)

• Truvian Health, a blood testing platform, raised $74M funding (more)

• Slope, a B2B payments platform, raised $65M in funding (more)

• Peak Energy, a company developing energy storage technology for the grid, raised $55M in Series A funding (more)

• Stax Engineering, a maritime emissions capture and control company, raised $40M in funding (more)

• Freshpaint, a provider of a healthcare privacy platform, raised $30M in Series B funding (more)

• Novocuff, a medical device company, raised $26M in Series A funding (more)

• Escala, a provider of CRM for SMBs in Latin America and US Hispanic market, raised $12M in funding (more)

• Shaped.ai, an AI recommendation and search platform for marketplaces, raised $8M in Series A funding (more)

• aiXplain, a provider of essential infrastructure for accelerated AI development, raised $6.5M in Series A funding (more)

• Earthshot Labs, a carbon development platform, raised $5.5M in Series A funding (more)

• GovPort, a provider of a SaaS subcontractor management portal, raised $2.8M in funding (more)

• Arvo Tech, a creator of a tax strategy solution for small businesses, raised $2.5M in Series A funding (more)

CRYPTO

• Vitalik Buterin, as other crypto leaders line up behind Trump, argue against picking candidate because they like crypto (more)

• Ether spot ETF inflows will push ETH to beyond $5K (more)

• In likely precursor to Ether ETF approval, most applicants have submitted final forms (more)

BULLISH BITES

💥 Boom: The ‘Godmother of AI’ has a new startup already worth $1 billion.

🚀 AI's Massive Surge: Don't miss the second wave *

🙄 Hot Air: Mark Cuban says Silicon Valley support for Trump is ‘Bitcoin play’.

🎤 Really? Taylor Swift may have killed an August rate cut.

🇫🇷 Hidden Gems:Four magical places in France that few tourists know about.

DAILY SHARE

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