BEFORE THE OPEN

MARKETS:

• U.S. stock futures rise, capping off a positive November.

• Dow up 99 points (0.28%), S&P 500 and Nasdaq 100 futures gain.

• Salesforce, Snowflake, and Nutanix surge on strong earnings.

• Major indexes near year-to-date and 2023 highs.

• November delivers strong gains, breaking a three-month losing streak.

• S&P 500 up 8.5%, Nasdaq rises nearly 11%, Dow gains 7.2%.

• Strategist Jay Woods remains bullish despite higher rates.

• Earnings reports from Big Lots, Express, Kroger, and October consumption and weekly jobless claims data to watch.

EARNINGS

Here’s what we’re watching this week:

• Today:

  • Ulta Beauty (ULTA) - expected: $4.96 per share (-7.7% YoY) on $2.5 billion revenue (+6.0% YoY)
    

• Full earnings calendar here

NEWS BRIEFING

Nobody Wants U.S. Treasury Bonds

Nvidia CEO: U.S. Chipmakers at Least a Decade Away from China Supply Chain Independence

• Henry Kissinger, the towering American diplomat, dies at age 100 (more)

• A $30 billion meltdown in clean energy puts Biden’s climate goals at risk (more)

• US third-quarter growth revised higher; corporate profits rise strongly (more)

• Treasury seeks expanded sanctions powers in digital space (more)

• US Supreme Court weighs legality of SEC in-house enforcement (more)

• The $7 trillion ETF boom bets blamed again for dumb stock moves (more)

• More Americans are ‘doom spending’ (more)

• OPEC+ talks continue with prospect for deeper oil cuts unclear (more)

• Elon Musk claims advertisers are trying to ‘blackmail’ him, says ‘Go f--- yourself’ (more)

• Microsoft secures non-voting board seat at OpenAI (more)

• Disney CEO Iger promises 2026 exit, says ABC not for sale (more)

• After Munger's death, Berkshire succession comes into focus (more)

• Walmart shifts to India from China for cheaper imports (more)

• GM sees $9.3 billion hit from labor deals, outlines $10 billion stock buyback (more)

  • GM to slash spending at Cruise by ‘hundreds of millions of dollars’ (more)

• Apple and Google avoid naming ChatGPT as their ‘app of the year,’ picking AllTrails and Imprint instead (more)

• The Cybertruck made a mark but missed its moment (more)

TOGETHER WITH TRADINGVIEW

Where the world charts, chats, and trades markets —

- Please support our sponsors -

DEALFLOW

• US health insurers Humana, Cigna in talks to merge (more)

• Broadcom to review strategic options for two VMware units (more)

• Cartier owner Richemont won't inject cash into Farfetch (more)

• Alter Domus owners pursue stake sale in fund administrator (more)

• KKR to buy remaining stake in insurer Global Atlantic for $2.7 billion (more)

• Ardian acquires 15 percent stake in Heathrow (more)

• PE-backed Lineage Logistics eyes over $30B valuation in IPO (more)

• Tola Capital, a venture capital firm investing in the next generation of enterprise software enabled by AI, closed Tola Capital III, at $230M (more)

• Candex, a vendor management and tail spend solutions provider, raised $45M in Series B funding (more)

• Arrivo BioVentures, a biopharmaceutical company, raised $45M in Series B funding (more)

• Kahuna Workforce Solutions, a provider of operational skills and competency management software, raised $21M in Series B funding (more)

• Biolexis, a clinical stage AI-driven drug discovery company, raised $10M in Series A funding (more)

• Every.io, a provider of a back office stack for startups, raised $9.5M in Seed funding (more)

• Revela, a provider of a property management solution, raised $9M in Series A funding (more)

• Aperiam Bio, a protein engineering company, raised $9M in Seed funding (more)

• Mummolin, a Bitcoin mining software company, raised $6.2M in Seed funding (more)

• Savage Medical, a clinical-stage medical technology company, raised over $3M in total funding (more)

• Quantum Simulation Technologies, a quantum simulation technology company focused on drug discovery and other industry research and development, raised $2.5M in funding (more)

• Yard Stick PBC, a soil carbon measurement technology company, closed its final Series A tranche of $1.4M (more)

• Letterhead, an AI email newsletter software platform provider, raised a seed funding round of undisclosed amount (more)

• Nanochon, a company provider of solutions for sports medicine physicians, received an investment from cultivate(MD) Capital Funds (more)

• Inszone Insurance Services, an insurance brokerage firm, received an investment from Lightyear Capital (more)

• Entrepreneur Media, publisher of Entrepreneur magazine and Entrepreneur.com, launched a new venture capital fund called Entrepreneur Ventures (more)

M & A:

• Blackstone to buy pet-care company Rover for $2.3 billion (more)

• Rainier Partners-backed SCI purchases United Carpet (more)

• Madison Dearborn Partners buys T2S Solutions (more)

• Emerald Lake-backed Inno-Pak buys Albany Packaging (more)

Was this briefing forwarded to you?  (Sign up here.)

CRYPTO

• Binance will cease support for its BUSD stablecoin on Dec. 15 (more)

• SoFi is exiting crypto with banking regulators stepping up scrutiny (more)

• Bitcoin will reach its old highs with ETF approval, Galaxy’s Novogratz predicts (more)

• FTX approved to start selling $744 million in Grayscale assets (more)

BULLISH BITES

⏳ Timeless: The Charlie Munger principles to invest and live by.

🤷🏻‍♂️ Nowhere man: It looks like Mark Cuban doesn't want to be Mark Cuban anymore.

👌 Tech's New Normal: Microcuts over growth at all costs.

🙈 Hall Of Shame: The 10 most dubious people ever to make the 30 under 30 list.

📚 Match-maker: Connect with the best financial advisor for your needs from WiserAdvisor.com - a free, independent and unbiased matching service. Just answer a few questions and get matched with 2-3 advisors in your area.

DAILY SHARES

Like what you see? Get tomorrow’s briefing here

Keep the curation going! Buy the team a coffee ☕️

Have a comment or suggestion? We’d love to hear it!
Send us your message -mb