CPI @ 8:30am ET

Strategists see far deeper Fed rate cuts than the markets, Yellen disagrees with Moody’s negative outlook, Supreme Court adopts first code of conduct following controversies, House Speakers plan to avert gov shutdown faces critical last few hours, and Dubai faces down airline rivals with $50 billion jet orders…

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Market Briefing
November 14, 2023

☕️ Good Morning.  Fed CPI announcement today at 8:30am ET.

The Fast Five → Strategists see far deeper Fed rate cuts than the markets, Yellen disagrees with Moody’s negative outlook, Supreme Court adopts first code of conduct following controversies, House Speakers plan to avert gov shutdown faces critical last few hours, and Dubai faces down airline rivals with $50 billion jet orders…

Your 5-minute briefing for Tuesday:

BEFORE THE OPEN

As of market close 11/13/2023.

MARKETS:

  • Stock futures flat ahead of today’s crucial inflation report.

  • Dow adds 6 points, S&P 500 and Nasdaq futures remain flat.

  • Focus on Tuesday's October consumer price index (CPI) for Fed rate insights.

  • Economists expect 0.1% monthly, 3.3% annual CPI increase; core index forecasted to rise 0.3% monthly, 4.1% annually.

  • Mixed Monday start, S&P 500 and Nasdaq down 0.1% and 0.2%, Dow gains 0.2%.

  • Watch for small business data and Fed officials' remarks.

  • Home Depot's earnings report awaited before the bell.

EARNINGS

Here’s what we’re watching this week:

  • Today: Home Depot (HD) - earnings expected: $3.58 per share (-15.6% YoY) on $35.7 billion revenue (-8.2% YoY)

  • Wednesday: Target (TGT)

    • Cisco Systems (CSCO) - earnings expected: 97 cents per share (+12.8% YoY) on $13.8 billion revenue (+3.6% YoY)

  • Thursday: Alibaba (BABA)

    • Walmart (WMT) - earnings expected: $1.41 per share (-6.0% YoY) on $149.8 billion revenue (-2.0% YoY)

  • Full earnings calendar here

NEWS BRIEFING

Strategists predict 275 basis points of easing, starting March. Anticipate US sliding into recession by second quarter.

New code doesn’t include enforcement or complaint mechanisms. Justices were under scrutiny following ethics revelations.

  • House Speaker’s plan to avert US shutdown faces critical last few hours (more)

  • Yellen says she disagrees with Moody’s negative outlook on US (more)

  • Markets on Monday shrugged at news of Moody's US rating downgrade (more)

  • Global stocks flatline as inflation, rate worries creep back into markets (more)

  • US plans to buy 1.2 million barrels of oil for Strategic Petroleum Reserve (more)

  • Stellantis offers buyouts to roughly half of U.S. salaried workers (more)

  • Gang says ICBC paid ransom over hack that disrupted US Treasury market (more)

  • Healthcare giant McLaren reveals data on 2.2 million patients stolen during ransomware attack (more)

  • China weighs ending freeze on Boeing with 737 Max deal (more)

  • Apple gets 36% of Google revenue in search deal (more)

  • Nvidia unveils H200, its newest high-end chip for training AI models (more)

  • Pfizer wants in on the weight loss drug market – and upcoming data will be crucial for its success (more)

  • Exxon aims to become a top lithium producer for electric vehicles with Arkansas drill operation (more)

  • Workers United calls for walkouts at hundreds of Starbucks stores on Red Cup day (more)

  • Dubai faces down airline rivals with $50 billion jet orders (more)

  • Amazon cuts more than jobs in gaming division (more)

  • Elon Musk says X is changing its algorithm to highlight smaller accounts (more)

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DEALFLOW

  • Siemens Energy $16B guarantee deal to be unveiled on Wednesday (more)

  • Greece starts process to sell 20% stake in National Bank (more)

  • UK petrol station group EG to buy Tesla ultra-fast chargers (more)

  • Divergent Technologies, a company providing end-to-end digital industrial manufacturing systems, raised $230M in Series D funding (more)

  • Imprint, a provider of co-branded credit cards for brands, raised $75M in Series B funding (more)

  • Trax, a provider of image recognition solutions for brick-and-mortar retail, raised $50M in financing (more)

  • Polimorphic, a provider of AI-enabled “GovGPT” software for local government operations, raised $5.6M in Seed funding (more)

  • Otto, a financial technology company, raised $4.5M in funding (more)

  • Nema Health, a provider of a virtual treatment program delivering evidence-based care for post-traumatic stress disorder (PTSD), raised $4.1M in Seed funding (more)

  • Ray Therapeutics, an optogenetics company, received a $4M grant (more)

  • BrightGo, a janitorial software company, raised $3M in Seed funding (more)

  • Aesthetic Partners, a clinical aesthetics-focused practice management company, received an investment from Norwest (more)

  • Firefly Aerospace, a TX-based end-to-end space transportation company, closed a third tranche of its Series C funding (more)

  • RTC Partners, a growth-focused private equity firm, closed strategic growth investments in four marketing and sales services firms – fama PR, Intelisent, MarketBridge, and Quarry (more)

  • Utility, a company providing digital systems to frontline professionals such as law enforcement officers and first responders, received a majority investment from Greater Sum Ventures (more)

  • Davinci Micro Fulfillment, a Micro Fulfillment as a Service company, received an undisclosed amount in Seed funding (more)

  • Norwest invests in Aesthetic Partners (more)

  • Kaltroco invests in Dave Cantin Group (more)

M & A:

  • Thoma Bravo, a San Francisco-based software investment firm, acquired NextGen Healthcare, a provider of cloud-based healthcare technology solutions, for $1.8 Billion (more)

  • Basic Resources buys Warners, Olga and True from PVH (more)

  • Branford-backed Lafayette acquires Actimetrics (more)

  • Ascend Partners-backed MSPB buys Tequesta Family Medical Center (more)

  • O2-backed 4M partners with LCS Facility Group (more)

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CRYPTO

  • Today’s CPI report could provide next Bitcoin catalyst (more)

  • Bogus BlackRock XRP filing spoofs ETF watchers, Crypto traders (more)

  • IRS 'raided' by Crypto investors as industry puts up fight against U.S. tax proposal (more)

  • FTX sues crypto exchange Bybit over 2022 withdrawals (more)

BULLISH BITES

🏚 Opportunity: Will Airbnb’s co-founder build your next home?

🌎 Think bigger: Gary Vaynerchuk talks about the importance of thinking 'macro'

🎁 Unwrapped: The best tech gifts under $50 to consider in 2023

🧠 Interesting: Can’t think, can’t remember: More Americans say they’re in a cognitive fog

🐝 Ventures: The easiest platform to start your own newsletter

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