Doubling down

Fed's Powell to double down on 'no rush to cut' message, Musk sues OpenAI and Sam Altman over contract breach, China to unveil GDP target, Super Micro joining S&P 500, and Reddit seeks a valuation of up to $6.5B in IPO…

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Market Briefing
March 04, 2024

Good morning.

The Fast Five → Fed's Powell to double down on 'no rush to cut' message, Musk sues OpenAI and Sam Altman over contract breach, China to unveil GDP target, Super Micro joining S&P 500, and Reddit seeks a valuation of up to $6.5B in IPO…

Calendar:

  • Wed, 3/6: Fed Chair Jerome Powell testifies to Congress, 10:00a ET

    • Job openings, 10a ET

  • Fri, 3/8: US nonfarm payrolls, unemployment rate, 8:30a ET

Your 5-minute briefing for Monday, March 4:

BEFORE THE OPEN

As of market close 3/1/2024. Bitcoin as of 3/3/2024.

Pre-Market:

US Investor % Bullish Sentiment:
46.50% for Wk of Feb 29 2024 (Last week: 44.28%)

Market Recap:

  • U.S. stock futures stable after Nasdaq's record high

  • S&P 500, Nasdaq-100 futures show slight declines; Dow slips 0.1%

  • Nasdaq breaks 2021 record fueled by AI excitement

  • Focus shifts to inflation after strong earnings and CPI report

  • Fed Chair Powell's updates to Congress key for rate direction

  • ADP Employment Survey and job openings data Wed.; payrolls on Fri.

EARNINGS

What we’re watching this week:

  • Tuesday: Target (TGT), ChargePoint Holdings (CHPT), Nordstrom (JWN)

    • Ross Stores (ROST) - earnings of $1.65 per share (+26%. YoY), on $5.8B revenue (+11.4% YoY)

  • Wednesday: Campbell Soup (CPB)

  • Thursday: DocuSign (DOCU), Gap (GPS), Kroger (KR)

    • Broadcom (AVGO) - earnings of $10.29 per share (-0.4% YoY) on $11.7B revenue (+31.5% YoY)

    • Costco (COST) - earnings of $3.62 per share (+9.7% YoY) on $59.2B revenue (+9.2% YoY)

Full earnings calendar here

HEADLINES

Musk said that OpenAI has abandoned its mission of helping humanity and instead is focusing on profits.

Set pieces include Fed testimony, China congress, UK budget. ECB, Bank of Canada may keep interest rates unchanged.

  • Yellen sees big jump in US imports from Chile, eyes progress on green transition (more)

  • Judge rules against Corporate Transparency Act disclosure provision (more)

  • OPEC to extend oil production cuts through June (more)

  • China to unveil GDP target, avoid ‘Bazooka’ stimulus at meeting (more)

  • Super Micro joining S&P 500 after stock price soars more than 20-fold in two years (more)

  • Reddit seeking $6.5B valuation in IPO (more)

  • NYCB cut to junk by Fitch after disclosing material weaknesses (more)

  • Lawyers seek $6B in Tesla stock after getting Musk pay package struck down (more)

  • Nvidia becomes Tesla's successor as market flips from EV to AI (more)

  • NerdWallet says it did not file for bankruptcy, citing a fraudulent filing (more)

  • Wendy's complaints surge exposes limits to consumer tolerance of unstable prices (more)

  • Viking Therapeutics emerges as a strong weight loss drug player — or takeover target (more)

  • Bayer not planning to announce split of company at Capital Markets Day (more)

  • Nvidia CEO says AI could pass human tests in five years (more)

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DEALFLOW

M+A | Investments

  • Arkhouse, Brigade raise Macy's buyout bid to $6.6 billion (more)

  • Boeing in talks to buy supplier Spirit Aero as it delays production hikes (more)

  • Saudi Aramco completes acquisition of 100% equity stake in Chile's Esmax (more)

  • Bridgepoint eyes $4.4B sale of MotoGP rights holder (more)

  • Mondi boosts takeover proposal for packaging rival DS Smith (more)

  • Enel sells 49% of battery unit to Sosteneo in €1.1B deal (more)

  • Harlan Capital-backed TCAG purchases By Aliens (more)

  • Cook & Boardman buys Lanmor Services (more)

  • Quest Products acquires Tec Laboratories (more)

  • Frontpoint Health purchases High Plains Senior Care (more)

  • PE-backed Toney Healthcare buys Rebellis (more)

  • Leeds Equity acquires TouchMath (more)

  • PPA Tour and Major League Pickleball merge (more)

VC

  • FogPharma, a clinical-stage biopharmaceutical company, raised $145M in Series E funding (more)

  • Passes, an engagement and revenue making platform for creators, raised $40M in Series A funding (more)

  • Matter Neuroscience, a company providing people with personalized insights into their brain chemistry, raised $26M in funding (more)

  • Salvo Health, a healthcare technology company, raised $5M in Seed Prime funding (more)

  • Raspberry AI, a generative AI platform for fashion designers, raised $4.5M in seed funding (more)

  • Particle, an AI news reader startup, raised $4.4M in seed funding (more)

  • Prolocor, a healthcare startup developing a precision diagnostic test, raised $1.7M in Bridge funding (more)

  • Momentous, a human performance company focusing on supplementation and nutrition, received an investment from Humble Growth (more)

  • Qualiti.ai, a company specializing in AI-driven test automation solutions, received a strategic investment from Crosslink Capital (more)

CRYPTO

  • BlackRock and Fidelity capitalize on FOMO from Bitcoin ETF mania (more)

  • Trump MAGA meme coins are the first experiment in 'PoliFi' (more)

BULLISH BITES

👀 Watching: Will Apple acquire Rivian? 1 Wall Street analyst thinks it should.

🤝 VC insanity: A tiny AI startup wants investors to pay $100 to book a meeting with its founder.

🇺🇸 Poll: Top 10 states with the most stressed out people in America.

🥃 Ice-age: Startup sparks fury for shipping 100,000-year-old Arctic ice to chill cocktails in Dubai.

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