Economic warning

Jamie Dimon Issues an economic warning, Yellen: US won’t accept Chinese imports decimating new industries, Wells Fargo boosts year-end S&P 500 target to 5,535, Gold prices due for a correction, and Tesla shares jump on Musk’s robotaxi hype…

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Market Briefing
April 09, 2024

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The Fast Five → Jamie Dimon Issues an economic warning, Yellen says US won’t accept Chinese imports decimating new industries, Wells Fargo boosts year-end S&P 500 target to 5,535, Gold prices due for a correction, and Tesla shares jump on Musk’s robotaxi hype…

Calendar: (all times ET)

WED 4/10:

Consumer Price Index (CPI), 8:30am

THU 4/11:

Producer Price Index (PPI), 8:30am
Jobless Claims, 8:30am

FRI 4/12:

Consumer Sentiment, 10:00am

Your 5-minute briefing for Tuesday, April 9:

BEFORE THE OPEN

As of market close 4/8/2024.

Pre-Market:

US Investor % Bullish Sentiment:
47.29% for Wk of Apr 04 2024 (Last week: 50.00%)

Market Recap:

  • Stocks end Monday flat amid rising rates.

  • Dow down 0.03%, S&P 500 0.04% lower, Nasdaq up 0.03%.

  • Tesla jumps 4.9% on robotaxi news.

  • Treasury yields rise to 4.42%.

  • Tomorrow: Iinvestors await March CPI data.

  • Dow, S&P 500 saw worst weekly losses since March 2023.

  • Friday’s positive jobs report boosts optimism.

EARNINGS

What we’re watching this week:

  • Today: Tilray (TLRY)

  • Wednesday:

    • Delta (DAL) - earnings of $.35 per share (+40% YoY) on $12.6B revenue (+6.0% YoY)

  • Thursday: Carmax (KMX), Constellation Brands (STZ)

  • Friday: BlackRock (BLK), Wells Fargo (WFC)

Full earnings calendar here

HEADLINES

Yellen told a press conference that President Biden would not allow a repeat of the "China shock" of the early 2000s, when a flood of Chinese imports destroyed about 2M American manufacturing jobs.

The JPMorgan Chase chief executive used his annual letter to shareholders to flag higher-for-longer inflation, uncertain growth prospects and widening political divisions.

  • US inflation expectations stabilize, but debt concerns pick up (more)

  • US ready to sanction Chinese banks if they aid Russia’s war machine, Yellen says (more)

  • Wells Fargo boosts end-2024 target on S&P 500 to Street-high of 5,535 (more)

  • Stock moves suggest belief in 'no landing' economy, Morgan Stanley says (more)

  • Gold prices due for a correction, silver gets support from both investors and industry (more)

  • China says innovations, not subsidies, are powering EV edge (more)

  • China's Shimao, another big Chinese property developer, faces a liquidation suit (more)

  • US awards TSMC $6.6B in grants, $5B in loans to step up chip manufacturing in Arizona (more)

  • Major food companies offering deals, new sizes as low-income Americans spend less (more)

  • Burger King, In-N-Out and other chains in California raise prices after min. wage increase (more)

  • Tesla shares jump as investors buy into Musk’s robotaxi hype (more)

  • Google's mega deal would prompt new fight with regulators (more)

  • Spirit Airlines will defer Airbus orders, furlough 260 pilots (more)

  • 99 Cents Only liquidates in bankruptcy (more)

  • TikTok's popularity among European politicians rises despite security fears (more)

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DEALFLOW

M+A | Investments

  • Blackstone to take Apartment Income REIT private in $10B deal (more)

  • Honeywell CFO Greg Lewis talks asset sales, avoiding tiny M&A (more)

  • Tradeweb to buy investment tech firm ICD for $785M (more)

  • Vivendi's Canal+ makes mandatory buyout offer for South Africa's MultiChoice (more)

  • Novo Nordisk parent refiles US application on Catalent deal (more)

  • Investcorp-backed Shearer Supply acquires Climatic Comfort Products (more)

  • Motive reportedly weighs joining Fray for Allfunds buyout (more)

  • KPS Capital buys Sport Group TopCo (more)

VC

  • Flip, a provider of a shopping social network, raised $144M in Series C funding, bringing the company’s valuation to $1.05B (more)

  • Alterome Therapeutics, a biopharmaceutical company developing small molecule targeted therapies for cancer treatment, raised $132M in Series B funding (more)

  • Grow Therapy, a mental health technology company, raised $88M in Series C funding (more)

  • Windfall Bio, a company specializing in methane-to-value solutions, raised $28M Series A funding (more)

  • Prem Labs, a research lab focused on enhancing and advancing open-source AI technologies, raised $14M in Seed funding (more)

  • Kryptos Biotechnologies, a company that uses light to generate heat and control temperature, raised $10M in Series A funding (more)

  • Zinclusive, a financially inclusive company, raised $10M in funding (more)

  • Leash Biosciences, an AI and machine learning -native biotech company, raised $9.3M in Seed funding (more)

  • Summer, a provider of an end-to-end workplace student loan solution, raised $9M in funding (more)

  • Lockchain.ai, a provider of an AI-powered blockchain risk management platform, raised $4.6M in Seed funding (more)

  • Pierrepont Therapeutics, a company focused on treatments for mitochondrial and rare diseases, raised $500K in funding (more)

  • Astek Diagnostics, a developer of a urine-based diagnostic tool, received a Pre-Series A investment from She’s Independent (more)

CRYPTO

  • Marc Andreessen, Jeff Vinik back crypto startup neoclassic capital (more)

  • Crypto survey shows less consumer skepticism, but a third expect bitcoin price fall (more)

  • Bitcoin may rally to $80K on triangle break (more)

  • Crypto market cap to double to $5 Trillion by year-end (more)

BULLISH BITES

👀 Watching: Iger won the battle — but Disney’s ‘woke’ war isn’t over.

🤖 Stumbling: How Google lost ground in the AI race

🎓 Pursuits: Ivy league college costs soar to more than $90,000 a year.

🇫🇷 Next-level: Michelin picks 24 top hotels in France in first-ever ranking.

🚨 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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