Coup d'etour

BEFORE THE OPEN

Markets:

Stocks fell Friday, ending Wall Street's winning streak as recent rally loses momentum

• The Dow dropped 219.28 points (0.65%) to 33,727.43, S&P 500 slid 0.77% to 4,348.33, Nasdaq down 1.01% to 13,492.52.

• All three major averages broke multiweek winning streaks:

  • S&P 500 lost 1.4%, ending five-week gain.

  • Nasdaq down 1.4%, snapping eight-week win streak and posting worst week since March.

  • Dow fell nearly 1.7%, halting three-week positive run.

• Over 400 S&P 500 stocks traded negatively. IT sector among biggest laggards, down over 1%, with Nvidia shares down 1.9%.

• Goldman Sachs shares fell following report of potential large writedown for 2021 GreenSky acquisition, down 1.5% and weighing on Dow.

• CarMax shares soared 10% after exceeding Q1 revenue expectations.

EARNINGS

What we’re watching this week:

• Today: Carnival (CCL)

• Tue: Walgreens Boots Alliance (WBA), Jefferies (JEF)

• Wed: General Mills (GIS), Micron (MU)

• Thu: Acuity Brands (AYI), McCormick (MKC), Nike (NKE), Rite Aid (RAD)

• Fri: Constellation Brands (STZ)

• Next week’s calendar here

NEWS BRIEFING

• Rebellion in Russia reveals ‘cracks’ in Putin’s regime (more)

• Wall St week ahead lofty valuations on US stocks a growing worry for investors (more)

• Goldman Sachs faces writedown on David Solomon GreenSky deal (more)

• Meta to pull news from Facebook and Instagram in Canada (more)

• Gloom returns to China markets as stimulus trade fizzles out (more)

• Corporate defaults and bankruptcies surging (more)

• Latecomers to 40% tech stock rally arrive in time to see it fade (more)

• Toyota trumps Tesla (more)

• Larry Ellison sells Oracle stock for the first time in 2 Years (more)

• Legacy media companies face dark times as failures mount, Netflix rises again (more)

• Disney's turn to AI for new Marvel tv series sparks anger in Hollywood (more)

• Moderna files for FDA approval of updated Covid vaccine for fall (more)

• Tech startup targets missile motors as Silicon Valley moves into weapons (more)

• More China EV makers eye Thailand as production base (more)

• Starbucks union says workers at more than 150 stores will strike over Pride decor (more)

• The Elonization of Mark Zuckerberg (more)

• How one software engineer is turning Silicon Valley Bank’s collapse story into a musical (more)

• Buffett Says Make Money In Your Sleep, +7% Yields For A Dream Retirement (more)

CRYPTO

• Coinbase wins Supreme Court ruling in arbitration lawsuit (more)

• Leveraged Bitcoin futures ETF to start trading Tuesday (more)

• Crypto.com approved to operate in Spain (more)

• JPMorgan expands its blockchain-based token to Euro payments (more)

• BlackRock sees institutional adoption of DeFi ‘many years away’ (more)

• BCB Group's CEO departs after failed German Bank merger (more)

• Influencer formerly associated with Azuki postpones NFT drop after plagiarism accusations (more)

• SBF can't subpoena law firm Fenwick & West for documents, U.S. judge rules (more)

SHARES

Quite a start to the week! Enjoy your day, see you tomorrow… -mb