Comin' in hot

US inflation refuses to bend, Gold slips from record levels, Alibaba shares jump after founder Jack Ma reemerges, Fitch downgrades China’s outlook, and Nvidia enters correction territory…

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Market Briefing
April 11, 2024

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Good morning.

The Fast Five → US inflation refuses to bend, Gold slips from record levels, Alibaba shares jump after founder Jack Ma reemerges, Fitch downgrades China’s outlook, and Nvidia enters correction territory…

Calendar: (all times ET)

Today:

Producer Price Index (PPI), 8:30am
Jobless Claims, 8:30am

FRI 4/12:

Consumer Sentiment, 10:00am

Your 5-minute briefing for Thursday, April 11:

BEFORE THE OPEN

As of market close 4/10/2024.

Pre-Market:

US Investor % Bullish Sentiment:
47.29% for Wk of Apr 04 2024 (Last week: 50.00%)

Market Recap:

  • Stock futures dip, eyes on second key inflation report.

  • Dow down 0.2%, S&P 500 and Nasdaq-100 futures down too.

  • Stocks sell off on hot March inflation reading.

  • Consumer prices up 0.4% in March, 3.5% annually.

  • Goldman Sachs revises 2024 rate cut forecast from three to two.

  • Dow leads losses, down -1.09%; S&P 500 -0.95%, Nasdaq -0.84%.

  • Next test: March PPI and weekly jobless claims.

  • Earnings today: CarMax, Fastenal, Constellation Brands; big banks' earnings Friday.

EARNINGS

What we’re watching this week:

  • Today: Carmax (KMX), Constellation Brands (STZ)

  • Friday: BlackRock (BLK), Wells Fargo (WFC)

Full earnings calendar here

HEADLINES

Consumer prices rose in March amid stronger services inflation. Report reorders bets on Fed easing, dashing hopes for June cut.

In the past year, Alibaba underwent a historic overhaul and sweeping management changes in a bid to return the Chinese technology giant to growth.

  • Here’s the inflation breakdown for March 2024 (more)

  • Wall St battered as hot inflation data stymies rate-cut hopes (more)

  • Asian shares fall on global rate scare, yen plumbs 34-yr low (more)

  • Global bond selloff extends in Asia after US CPI (more)

  • 10-year Treasury yield jumps back above 4.5% after March inflation tops estimates (more)

  • Goldman: It’s time to take tech profits and invest elsewhere (more)

  • Copper prices climb to 2024 high as Citi calls the start of the metal’s second bull market this century (more)

  • Gold slips from record levels after hot US inflation data (more)

  • DOJ opens formal investigation of U.S. Steel takeover (more)

  • Dimon, Cook, Bezos attend Biden’s State Dinner for Japan’s Kishida (more)

  • Fitch downgrades China’s outlook over economic worries (more)

  • Nvidia enters correction territory as stock falls 10% from all-time highs (more)

  • Microsoft to unveil new Windows and cloud AI features in May (more)

  • Amazon owes $525M in cloud-storage patent fight, jury says (more)

A MESSAGE FROM WEISS RATINGS

Dear Reader,

Don’t panic — you haven’t missed the boat on AI.

In fact, it has barely launched.

Sure, the early stages of this boom were big …

But I believe the real wealth in AI has yet to be made …

And we’ve identified the next wave of AI stocks that our data says is on the verge of taking off.

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We’ve put together a special presentation …

About the stocks in the forefront of the next wave of this potentially $15.7 trillion market bonanza.

And most important, we share details about our #1 AI stock for 2024 and beyond.

Good luck and God bless!

Martin D. Weiss
Martin D. Weiss, PhD
Weiss Ratings Founder

P.S. Successful investing is MORE than just buying the right stocks — it’s also about avoiding the ones that are likely to fall behind and even lose you money. That’s why in this special presentation, we’ll also name the 13 AI stocks you shouldn’t touch with a 10-foot pole.

DEALFLOW

M+A | Investments

  • LI-COR Environmental, a global leader in greenhouse gas measurements, acquired Onset, a company specializing in large-scale, environmental monitoring and water resource management (more)

  • Arcosa acquires Ameron from NOV (more)

  • Washington Harbour invests $60M in Raft (more)

  • LI-COR Environmental acquires Onset (more)

  • Behrman Capital buys Vista Apex (more)

  • Basis Vectors Capital acquires Cadient (more)

  • Trinity Investments, Partners Group buy The Scottsdale Plaza Resort & Villas (more)

  • Railroad Software, a provider of rail operations software & managed services, announced a majority recapitalization with Arcadea Group, a global, growth-oriented permanent-hold software investor (more)

  • Gondola Skate Moving Systems, a fixture mobilization solutions company, received an investment from HCAP Partners (more)

VC

  • TORL BioTherapeutics, a clinical-stage biotechnology company, raised $158M in Series B-2 funding (more)

  • Guesty, provider of a property management software platform for short-term rentals, raised $130M in Series F funding (more)

  • Platform Science, provider of an edge application platform for transportation, raised $125M in growth funding (more)

  • Seaport Therapeutics, a clinical-stage biopharmaceutical company, raised $100M in Series A funding (more)

  • Collaborative Robotics, a company specializing in the development of practical collaborative robots, raised $100M in Series B funding (more)

  • FloQast, a finance and accounting operations platform provider, raised $100M in Series E funding, at $1.6B valuation (more)

  • Torus, an energy solutions company, raised $67M in funding (more)

  • Elucent Medical, a medical tech company working in the field of surgical navigation, raised $42.5M in Series C funding (more)

  • Oden Technologies, a data and AI software company servicing the manufacturing industry, raised $28.5M in Series B funding (more)

  • Yoshi Mobility, a tech-enabled mobile car care company, closed a $26m Series C funding round (more)

  • Alethea, a tech company specializing in disinformation detection and mitigation, raised $20M in Series B funding (more)

  • Andesite AI, a company dedicated to delivering tech to cybersecurity teams, emerged from stealth with $15.25M in initial funding (more)

  • Leasecake, a company specializing in lease and location management solutions, raised $10M in Series A extension (more)

  • Rally, a user research CRM company, raised $8.8M in Seed funding (more)

  • Mode, a company specializing in providing solutions that advance digital transformation at factories and construction sites, raised $8.75M in Series B funding (more)

  • Mezo, a permissionless Bitcoin Economic Layer launched by Thesis, a venture studio funding brands on Bitcoin, with $21M in funding (more)

  • Spresso, provider of AI-powered solutions for e-commerce businesses, raised an initial Series A funding (more)

  • Spines, an AI publishing platform, raised $6.5M in Seed funding (more)

  • Sapien, a data labeling company, raised $5M in Seed funding (more)

  • Sortium, a company combining generative AI with gaming, raised $4M+ in funding (more)

  • Libretto, a provider of new tools for LLM developers, raised $3.7M in seed funding (more)

  • Tomo raises $3.5M in Seed funding led by Polychain Capital (more)

CRYPTO

  • ‘Tokenized hedge fund’ rakes in crypto billions with 37% yield (more)

  • Cantor Fitzgerald’s Howard Lutnick says stablecoins help to support the dollar (more)

  • Hong Kong's incoming spot Bitcoin ETFs could be 'big deal' (more)

BULLISH BITES

🎰 Event betting: America the slot machine.

🥔 Hitting back: How relentless food inflation is becoming Biden's major hot potato.

🔥 On the rise: The hottest luxury second-home markets.

😎 Outta sight: The best photos of the 2024 Solar Eclipse.

🚨 #1 AI stock for 2024 and beyond: Artificial intelligence stocks are carrying the market. But which one should you buy and when? » *

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