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BEFORE THE OPEN

Pre-Market:

US Investor % Bullish Sentiment:
↓ 39.04% for Wk of May 30 2024 (Last week: 47.04%).

Market Recap:

• Dow fell 115 points (-0.30%) on weak manufacturing data.

• S&P up 0.11% to 5,283; Nasdaq up 0.56% to 16,829.

• Cyclicals slid; ISM manufacturing index at 48.7 (contraction).

• Nvidia rose 5% on new AI chips announcement.

• Nasdaq up 6.9% in May, best since Nov 2023.

• May rally lost steam; major averages 1%+ below record highs.

• Key updates: ADP payrolls Wednesday, May jobs report Friday.

• NYSE price quote issue resolved by midday.

EARNINGS

What we’re watching this week:

• Today: Bath & Body Works (BBWI), CrowdStrike (CRWD), Hewlett Packard Enterprise (HPE), Stitch Fix (SFIX)

• Wednesday: Campbell Soup (CPB), ChargePoint (CHPT), Dollar Tree (DLTR), Five Below (FIVE), Victoria's Secret (VSCO)

  • Lululemon Athletica (LULU) - earnings of $2.38 per share, (+4.4% YoY) on $2.2B revenue (+10% YoY)

• Thursday: Big Lots (BIG), DocuSugn (DOCU), Nio (NIO)

  • Ciena (CIEN) - earnings of $0.15 per share (-79.7% YoY) on $894.9M revenue (-20.8% YoY)

Full earnings calendar here.

HEADLINES

Wall Street Tests Market Fallout of a Trump-Biden Rematch

Emerging-Market Assets Gain as Traders Digest Key Elections

• Morgan Stanley warns US elections threaten popular macro trades (more)

• US factory activity, construction spending both fall (more)

• Treasury yields sink as weak data fuel Fed bets (more)

• Dollar wallows at multi-month lows as Fed cut bets grow (more)

• Oil prices shed over 3% as market digests OPEC move (more)

• Lower-income Americans booked fewer hotels in April, dampening industry outlook (more)

• E*Trade considers kicking meme-stock leader Keith Gill off platform (more)

• Berkshire stock appears to drop 99.9% after NYSE technical glitch (more)

• Microsoft confirms layoffs in cloud, mixed reality groups (more)

• Spotify raises prices of premium subscription plans (more)

• Paramount and Skydance agree to terms of a merger deal (more)

• TD bribery woes spread to Florida as new allegations surface (more)

• AI fintech LoanSnap, after raising $100M, is being sued, fined, evicted (more)

• Shein poised to give London the big-ticket IPO it’s craving (more)

A MESSAGE FROM WEISS RATINGS

Nvidia’s Quiet $1 Trillion Pivot

Nvidia and its powerful chips are the face of artifical intelligence.

But while everyone’s patting Nvidia on the back for record earnings…

It’s quietly moved on to the next phase of AI it plans to conquer…

Nvidia recently unveiled essential blueprints for this crucial $1 trillion pivot.

Click here now and find out about the three companies Nvidia absolutely needs to succeed in this vital new AI frontier.

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DEALFLOW

M+A | Investments

• Waste Management to acquire Stericycle in $7.2 billion deal (more)

• Bill Ackman’s Pershing Square sells 10% stake for $1.05B (more)

• American Airlines would consider new JetBlue venture if it wins appeal (more)

• Blackstone raises Hipgnosis offer by a cent (more)

• Consortium Brand Partners close to a deal to buy Outdoor Voices (more)

• Blackstone considers sale of Alinamin Pharmaceutical (more)

• Greenbriar Equity Group acquires Renuity (more)

• Igneo-backed U.S. Signal acquires OneNeck (more)

• BD Buys Edwards Life’s Critical Care Unit for $4.2B (more)

• Gryphon-backed TTDS buys Southwest Heater and Controls (more)

• Case Works, a tech-enabled legal services company, received an investment from Renovus Capital Partners (more)

• Del Monte Capital invests in Integrity Elevator Solutions (more)

VC

• Summit Therapeutics (SMMT), a biopharmaceutical oncology company, raised $200M in funding (more)

• Frore Systems, a thermal tech company for electronic and consumer devices, raised $80M in Series C funding (more)

• Reibus International, an independent metals marketplace, raised $30M in funding (more)

• Ashby, a recruiting platform, raised $30M in Series C funding (more)

• Workbox, a national workspace operator, raised $17.5M in Series A funding (more)

• Odyssey, an edtech startup, raised $10M in Series A funding (more)

• Psylo, a biotech company focused on the development of next-generation neuroplastogens, raised $8M in Seed funding (more)

• Caju AI, a provider of gen AI-powered solutions for customer engagement, raised $3M in Seed funding (more)

• 11thEstate, a platform for investors to receive entitlements from securities class action settlements and shareholder compensations, raised $2M in Seed funding (more)

CRYPTO

• Bitcoin knocks on $70K level (more)

• Novogratz’s Galaxy tokenizes a 316-year-old violin to back loan (more)

• Cathie Wood’s Ark Investment abandons spot-Ether ETF ambition (more)

BULLISH BITES

🗞 Relevance: Why politicians want to buy the news.

🚀 Big Tech: What is Nvidia’s new $1 Trillion SuperProject? *

🏢 New Life: How billionaires bought 70% of Detroit’s offices and transformed the city.

🍎 Upcoming: What to expect from Apple’s AI-powered iOS 18 at WWDC.

🏸 Rich In Style: First we had 'quiet luxury,' then 'mob wife' glamour - now tenniscore is taking over.

DAILY SHARE

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