Cuts incoming

Fed pencils in three rate cuts in 2024, Reddit prices IPO at $34, Intel prepares for $100B spending spree across US, Chipotle announces 50-for-1 stock split, and Neuralink helps paralyzed man play chess with his mind [video]…

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Market Briefing
March 21, 2024

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Good morning.

The Fast Five → Fed pencils in three rate cuts in 2024, Reddit prices IPO at $34, Intel prepares for $100B spending spree across US, Chipotle announces 50-for-1 stock split, and Neuralink helps paralyzed man play chess with his mind [video]…

Calendar:

  • Today: Jobless claims, 8:30am ET

Your 5-minute briefing for Thursday, March 21:

BEFORE THE OPEN

As of market close 3/20/2024.

Pre-Market:

US Investor % Bullish Sentiment:
45.90% for Wk of Mar 14 2024 (Last week: 51.73%)

Market Recap:

  • Stock futures rise after record day on Wall Street

  • Dow up 0.1%, S&P 500 climb 0.2%, Nasdaq 100 up 0.3%

  • Micron Tech soars 15% on strong earnings, Five Below slips 12% on weak guidance

  • Fed maintains rates, eyes three cuts this year

  • Russell 2000 gains nearly 2%, financials and tech lead

  • Today: Jobless claims, home sales data awaited

  • Earnings from Darden, FedEx, and Nike on tap

EARNINGS

What we’re watching this week:

  • Today: Darden Restaurants (DRI), Lululemon Athletica (LULU)

    • FedEX (FDX) - earnings of $3.53 per share (+3.5% YoY) on revenue of $22.1B (-0.5% YoY)

    • Nike (NKE) - earnings of $.74 per share for Nike's fiscal Q3 (-6.3% YoY), on $12.3B revenue (-0.8% YoY)

Full earnings calendar here

HEADLINES

Powell says Fed likely to slow asset runoff ‘fairly soon’. Officials lift forecasts for growth, core inflation in 2024.

  • Recap: Everything Powell said during market-moving news conference (more)

  • Short-end bonds rally as Fed reassures market of cuts in 2024 (more)

  • Social Security commissioner vows to end ‘clawback cruelty’ with new plan for benefit overpayments (more)

  • EPA sets strongest-ever climate change rules for cars (more)

  • Astera soars up to 76% on AI demand after $713M IPO (more)

  • Luxury stocks slump as Gucci sales slide (more)

  • Musk's Neuralink helps paralyzed man play chess with mind (watch)

  • Intel prepares for $100B spending spree across four US states (more)

    • Intel to receive $8.5B in grants to build chip plants (more)

  • Reddit investor Tom Sosnoff says IPO could benefit from being the only ‘pure social media’ stock (more)

  • Chipotle's 50-for-1 stock split mirrors Walmart (more)

  • Apollo offers $11B for Paramount's Hollywood studio (more)

  • Barclays readies hundreds of job cuts in investment bank (more)

  • Wall Street bonuses slump to 2019 low after dealmaking drought (more)

  • OpenAI sprinting to keep up with startups on AI-generated video (more)

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DEALFLOW

M+A | Investments

  • Hospital chain Aster DM plans $108M India expansion as Gulf deal nears completion (more)

  • TIM investor Merlyn wants sale of Brazilian unit, retail (more)

  • onX, an outdoor digital navigation company, acquired TroutRoutes, a mapping resource company for fly fishing enthusiasts (more)

  • Synopsys buys Intrinsic ID (more)

  • Bluestone-backed Precise Systems acquires JHT (more)

  • Littlejohn-backed Magnate Worldwide purchases Quality Air Forwarding (more)

  • PE-backed ACU-Serve acquires Beyond HME (more)

  • Trivest invests in Bright Event Rentals (more)

VC

  • Clasp Therapeutics, a biotech company that develops immuno-oncology therapies using T cell engagers (TCEs), raised $150M in funding (more)

  • Pocket FM, a provider of an audio entertainment platform, raised $103M in Series D funding (more)

  • Fetch, a provider of a rewards app, raised $50M in Debt funding from Morgan Stanley Private Credit (more)

  • Blue Laser Fusion Inc., an nertial fusion company, closed its $37.5M Seed funding round (more)

  • CyberSaint, a cyber risk management company, raised $21M in Series A funding (more)

  • Morph, a provider of a permissionless Ethereum virtual machine Layer 2 for value-driven dApps, raised $19M in Seed funding (more)

  • Tempo Therapeutics, an innovator in tissue engineering and regenerative medicine, raised $12M in Series A funding (more)

  • Mermaid Chart, a company offering text-based diagramming and workflow management tools, raised $7.5M in Seed funding (more)

  • Dymium, a data access management company, raised $7M in funding (more)

  • AirMyne, a greentech startup, raised $6.9M in Seed funding (more)

  • Buzz Solutions, an AI company that inspects and protects critical energy infrastructure, raised $5M in funding (more)

  • WavMaker, a provider of a music licensing platform for video creators, raised $5M in Seed funding (more)

  • Mallard Bay, a SaaS-enabled marketplace for hunting and fishing, raised $4.6M in Series A funding (more)

  • Monaire, a startup that uses AI to curb waste and emissions from small commercial buildings, raised $3.5M in Seed funding (more)

  • Sprih, a provider of an advanced AI tech platform that helps companies towards sustainability, raised $3M in Seed funding (more)

  • Quilt, a developer of AI assistants for solutions teams, raised $2.5M in seed funding (more)

CRYPTO

  • Bitcoin reverses higher after Fed meeting, reclaiming $65,000 (more)

  • Ether recovers losses after report that Ethereum Foundation faces SEC probe (more)

  • US crypto firms paying $300,000 wages leave foreign peers behind (more)

BULLISH BITES

💼 Great read: Paul Graham's advice on how to start a company, to 14- and 15-year-olds.

💍 Meet 'Evie': The first wearable... 'smart' ring?.

🤖 Futuristic: Mercedes-Benz will start using humanoid robots to build cars.

👜 Watching: Hermès hit with class action lawsuit over exclusivity of Birkin bags.

🚨 They warned us: It’s the biggest financial risk facing America in 2024. See why America's richest investors are sounding the alarm » *

DAILY SHARES

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