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BEFORE THE OPEN

Pre-Market:

US Investor % Bullish Sentiment:
40.86% for Wk of May 16 2024 (Last week: 40.82%)

Market Recap:

• Stock futures little changed early Wednesday.

• Dow futures up 3 points, S&P and Nasdaq near flat.

• Urban Outfitters up 5% post-earnings, Toll Brothers up 1%.

• S&P 500 and Nasdaq closed at new records Tuesday.

• Nvidia earnings report in focus, stock up nearly 93% YTD.

• Market rally may broaden if earnings season ends strong.

• Target, Analog Devices, TJX, and Raymond James report Wednesday.

• Traders also await FOMC minutes.

EARNINGS

What we’re watching this week:

• Today: Snowflake (SNOW)

  • Target (TGT) - earnings expected to be flat at $2.05 EPS (YoY) on $24.5B revenue (-1.6% YoY)

  • Nvidia (NVDA) - earnings of $5.57 (vs last year of $.98 EPS). Revenue is expected to jump to $24.6B from the $6.5B reported one year ago

• Thursday: Intuit (INTU), Workday (WDAY)

Full earnings calendar here

HEADLINES

Trump Campaign Starts Taking Crypto Donations, Vows to Build a ‘Crypto Army’

Traders Brace for Big Swings in Nvidia Shares

• Biden to sell 1 million barrels of gasoline to reduce prices at the pump ahead of July 4 (more)

• FDIC needs 'fresh start' with new chair, White House official says (more)

• Bond traders trim Fed rate cut bets with Treasury shorts revived (more)

• Dollar steady as Fed urges patience (more)

• Goldman sees more dollar strength amid fight against Inflation (more)

• Fed Poll: Over 70% of Americans feel "at least OK" financially (more)

• Asia stocks edge up on Nvidia hopes (more)

• UK inflation drops to 2.3% in April, nearing Bank of England's target (more)

• ASML, TSMC can disable chip machines if China invades Taiwan (more)

• Nvidia is talk of the town at AI events leading into today’s earnings (more)

• Apple says US antitrust lawsuit should be dismissed (more)

• ‘Big Short’ investor Steve Eisman: Apple is the ‘hidden AI play’ (more)

• Pixar laying off 14% of its workforce as Disney scales back content (more)

• RFK Jr. invested $24,000 in GameStop after brief meme stock revival (more)

• Clock runs down on BHP’s $43 Bid for Anglo American (more)

DEALFLOW

M+A | Investments

• Carlyle raises $2.8B for largest Japan buyout fund (more)

• Yankees holder Ray Chambers weighs selling stake in NY team (more)

• Subway’s bond sale for buyout eyed for next week (more)

• Accenture Federal Services, acquired Cognosante, a provider of digital transformation and cloud solutions for federal health, defense, intelligence, and civilian agencies (more)

• Centivo, a company for employers and their employees, acquires Eden Health, an employer-centered virtual-first medical provider (more)

• Accenture (ACN) acquired Udacity, a digital education company with expertise in technology courses that combine online learning with the benefits of human instruction (more)

• Randstad Digital, a digital enablement partner providing digital talent solutions, acquired Torc, an AI-powered talent marketplace platform (more)

• Wayspring, a care company focused on substance use disorder populations, announced a capital raise led by CVS Health Ventures (more)

• South 8, a lithium-ion battery provider, received an investment from Porsche Ventures (more)

VC

• Scale AI, a data foundry for AI, raised $1 Billion in Series F funding (more)

• AltruBio, a clinical stage biotech company, raised up to $225M in Series B funding (more)

• French AI startup H raises $220M seed round (more)

• 280 Earth, a company that removes CO2 from the air, raised $50M in Series B funding (more)

• Easy Metrics, a provider of a labor analytics platform for warehouses and manufacturers, received a $31M investment from Nexa Equity (more)

• WitnessAI, a creator of an enablement platform for safe AI use, raised $27.5M in Series A funding (more)

• Expressable, a research-based, family-centered speech therapy care company, raised $26M in Series B funding (more)

• Expedera, a licensor of edge inference AI semiconductor IP, raised $20M in Series B funding (more)

• Simr, a company advancing SimOps for manufacturers, raised $20M in Series A funding (more)

• XGS Energy, a geothermal energy technology company, raised $20M in Series A funding (more)

• SamaCare, a provider of a cloud-based patient access platform for specialty medications, raised $17M in Series B funding (more)

• Harbinger, an electric truck manufacturer, raised additional $13M in funding (more)

• Footprint, a tech company built to help banks, marketplaces and fintechs onboard their users, raised $13M in Series A funding (more)

• Bill Gates-backed wind startup AirLoom is raising $12M, filings reveal (more)

• Ketos, a water intelligence company, raised $10M in additional equity funding (more)

• Tenon, provider of marketing solutions built on ServiceNow, raised $8M in Series A funding (more)

• Videra Health, provider of an AI-driven mental health assessment platform, raised $5.6M in Seed II funding (more)

• Vantis, a medical technology company, raised $5M in Safe financing (more)

CRYPTO

• Trump becomes first major party candidate to accept crypto donations (more)

• Several US House democrats petition colleagues to join 'yes' side on crypto bill (more)

• Ethereum futures market breaks record as ETF Euphoria ensnares traders (more)

BULLISH BITES

💻 Microsoft Build 2024: Everything announced.

📈 It’s in the chips: How Wall Street lenders are betting big on the AI boom.

🚨 Investor alert: The real reason gold is soaring.

💰 Fortune: The richest person in every state (can you guess yours?)

🥗 Sweet spot: How the $17 desk salad won.

DAILY SHARE

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