ETH <> ETF

Ether ETFs get approval from FTC, House votes to block Fed from creating digital currency, a sudden container crunch sends ocean freight rates soaring. Musk says he favors ‘no tariffs’ on Chinese EVs, and DOJ sues to break up Live Nation, Ticketmaster ‘monopoly’...

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Market Briefing
May 24, 2024

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The Fast Five → Ether ETFs get approval from FTC, House votes to block Fed from creating digital currency, a sudden container crunch sends ocean freight rates soaring. Musk says he favors ‘no tariffs’ on Chinese EVs, and DOJ sues to break up Live Nation, Ticketmaster ‘monopoly’. Full briefing ahead, but first —

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Calendar: (all times ET)

Today:

Durable-goods orders, 8:30a
Consumer sentiment, 10:00a

Your 5-minute briefing for Friday, May 24 🇺🇸 Wishing you a wonderful Memorial Day weekend.

BEFORE THE OPEN

As of market close 5/23/2024.

Pre-Market:

US Investor % Bullish Sentiment:
47.04% for Wk of May 23 2024 (Last week: 40.86%)

Market Recap:

  • Stock futures flat after Dow's worst session in a year.

  • Dow futures flat; S&P, Nasdaq slightly up.

  • Nvidia rose 9% on strong earnings, 10-for-1 stock split.

  • Intuit fell 6% on soft guidance.

  • S&P down 0.74%, Nasdaq down 0.39%, Dow down 1.53%.

  • Strong economic data dims Fed rate cut hopes.

  • Friday: April durable goods, May consumer sentiment.

EARNINGS

Full earnings calendar here

MEMORIAL DAY MESSAGE FROM BEHIND THE MARKETS

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HEADLINES

The decision comes less than six months after the SEC approved bitcoin ETFs. Those funds have proven to be a big success, with net inflows already surpassing $12 billion.

The CBDC Anti-Surveillance State Act was led by House Majority Whip Tom Emmer, and backed by Republican members of the House Financial Services Committee.

  • DOJ sues to break up Live Nation, Ticketmaster ‘monopoly’ (more)

  • Dow falls 600 points in worst day of 2024 (more)

  • US economic output hits 2-year high (more)

  • US jobless claims post biggest back-to-back drop since Sept. (more)

  • Dollar set for weekly gain as rate cut bets ebb (more)

  • Oil steady as investors weigh US rate fears (more)

  • Kristin Johnson emerges as a leading candidate for FDIC chair (more)

  • Sudden container crunch sends ocean freight rates soaring, setting off global trade alarm bells (more)

  • Nvidia cuts China prices in Huawei chip fight (more)

  • UAE economy minister pitches Western investors on stability in an unstable region (more)

  • Microsoft’s UAE deal could transfer key US chips and AI technology abroad (more)

  • Elon Musk says he favors ‘no tariffs’ on Chinese EVs (more)

  • Boeing expects a 2024 cash burn, slow recovery of deliveries amid crisis (more)

  • Google acquiring HubSpot would bolster bid to challenge Microsoft (more)

  • Canva goes after Adobe users with work tools to speed up growth (more)

  • Private credit has too much cash and not enough places to put it (more)

DEALFLOW

M+A | Investments

  • Charter brings Paramount+ to Spectrum TV customers in new carriage deal (more)

  • French tycoon Xavier Niel explores buyout bid for Millicom (more)

  • Hg nears $3 Billion deal for risk firm AuditBoard (more)

  • Advent nears deal for Prometheus Software firm stake (more)

  • EQT is said to explore options for $8+ billion waste firm (more)

  • VersiFi, a digital asset trading and lending firm, acquires Ather Digital, a systematic quantitative investment firm (more)

  • UL Solutions (ULS), an applied safety science company, acquired BatterieIngenieure, a battery testing company (more)

  • Dream Exchange, a minority-controlled stock exchange in the US, received an investment from Harvey Catchings (more)

  • Adams Clinical, a provider of a clinical trial site network, received an investment from InTandem Capital Partner (more)

  • Crio, a provider of eSource and other eClinical technologies, received an investment from The Riverside Company (more)

VC

  • Lumos, a software company centralizing the management of apps and identities for IT and security teams, raised $35M in Series B financing (more)

  • Atropos Health, a pioneer in translating clinical data into personalized evidence for care, raised $33M in Series B funding (more)

  • Radar Therapeutics, a biotech company developing smart programmable medicines, raised $13.4M in Seed funding (more)

  • Traction Ag, a farm accounting tech and software company raised $10M in Series A funding (more)

  • Averlon, a cloud security company, raised $8M in Seed funding (more)

  • Userfront, an auth and identity platform for SaaS companies, raised $5.3M in Seed funding (more)

  • StrokeDx, a stroke detection tech company, raised $5M in Seed funding (more)

  • ZeroPoint Technologies, a memory compression tech company, raised €5M in Series A funding (more)

  • Zest Protocol, a lending protocol built for Bitcoin, raised $3.5M in Seed funding (more)

  • Alphaledger, a blockchain infrastructure for fixed-income assets, raised an undisclosed amount in Series A funding (more)

CRYPTO

  • Ether ETFs clear major hurdle, though SEC hasn't cleared them for trading yet (more)

  • Sam Bankman-Fried moved to Oklahoma jail despite judge’s request (more)

  • FTX bankruptcy lawyers were not complicit in fraud, report finds (more)

BULLISH BITES

🤑 Next-level: Nvidia's Jensen Huang is now richer than every member of Walmart's founding family.

📚 Recommended: 'The Algebra of Wealth': Professor Galloway's fiscal formula

🐘 Influence: Prominent Silicon Valley VCs are becoming more conservative.

🇮🇳 Inside look: How billionaire Mark Walter’s bet on India ended in disaster.

✈️ Quiz: So you think you’re a jet-setter? Test your travel I.Q.

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