BEFORE THE OPEN

MARKETS:

• Stocks dip after four-week winning streak.

• Dow down 0.16%, S&P 500 sheds 0.20%, Nasdaq falls 0.07%.

• Recent rally despite some U.S. retailers warning of weakening consumer spending.

• Cyber Monday sees e-commerce stocks like Amazon and Shopify rise.

• Affirm surges nearly 12% as shoppers opt for "buy now, pay later" options.

• Weak spending data may signal Fed rate hikes affecting the broader economy.

• Market influenced by 10-year Treasury yield, Fed commentary, consumer confidence, and inflation readings.

• New home sales in October slower than expected but show improvement year-over-year.

EARNINGS

Here’s what we’re watching this week:

• Wednesday: Snowflake (SNOW)

  • Dollar Tree (DLTR) - expected: $1.01 per share (down -15.8% YOY) on $7.4 billion revenue (+6.7% YoY)

  • Salesforce (CRM) - expected: $2.06 per share (+47.1% YoY) on $8.7 billion revenue (+11.5% YoY)

• Thursday:

  • Ulta Beauty (ULTA) - expected: $4.96 per share (-7.7% YoY) on $2.5 billion revenue (+6.0% YoY)
    

• Full earnings calendar here

NEWS BRIEFING

Musk, Netanyahu Visit Massacre Site Amid Antisemitism Furor

Shein Files for U.S. IPO as Fast-Fashion Giant Looks to Expand its Global Reach

• Treasuries extend blockbuster rally on Fed wagers (more)

• As US job market softens, gains of minority groups hang in the balance (more)

• OPEC+ looking at deeper oil cuts ahead of Thursday meeting (more)

• Higher mortgage rates weigh on US new home sales in October (more)

• KKR sees private credit returns in Asia beating US and Europe (more)

• Blackstone CEO eyes real estate deals in Europe (more)

• Billions wiped out as stock-safety trade on Wall Street misfires (more)

• Deal-hunters fuel $12 billion Cyber Monday shopping spree (more)

• Black Friday spending was strong. how people pay for gifts is upending retailers (more)

• Ransomware ‘catastrophe’ at Fidelity National Financial causes panic with homeowners and buyers (more)

• You can buy cars on Amazon starting next year (more)

• Tesla Vs. Toyota: Electric Dreams Clash With Hybrid Revival In Automotive Showdown (more)

• Volkswagen to reduce headcount at 'no longer competitive' VW brand (more)

• Mounjaro is more effective than Ozempic for weight loss, real-world study says (more)

• Reddit leads class of 2024 IPO candidates testing the water (more)

• Amazon is eyeing more Miami office space as Bezos moves south (more)

• Flying taxi firm Lilium receives EU approval for its electric jets (more)

• Has the bubble burst for America's Realtors? Commission rates could be slashed by a THIRD after landmark lawsuit (more)

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DEALFLOW

• PCCW is said to explore $1 billion stake sale in fiber business (more)

• Castlelake, firm that manages $22 billion, is exploring a sale (more)

• Adnoc is said to weigh deal for BASF’s Wintershall Dea unit (more)

• Swisscom’s Fastweb is said to weigh deal for Vodafone Italy (more)

• ZeroAvia, a company which specializes in zero-emission aviation, raised $116M in Series C funding (more)

• RepeatMD, a SaaS company leveraging inbound revenue to increase sales for aesthetic and wellness practices, raised $50M in Series A funding (more)

• Failup Ventures, an early-stage venture capital firm, held the first closing of €30M€ of its new early-stage fund of €50M (more)

• Mozaic.io, a provider of a payments platform for co-creators, raised $20M in Series A funding (more)

• Vū Technologies, a company which specializes in virtual production and a network of virtual studios, received an investment from Accenture Ventures (more)

• Paceline invests in Kelso Industries (more)

M & A:

• KKR acquires Potter Global Technologies from Gryphon (more)

• LEV Manufacturing, an E-Bike manufacturer, and Lane VC, a mobility focused investment firm, acquired Serial 1 Cycle Company, an E-Bikes company (more)

• TJC acquires L3Harris’ CAS business (more)

• Siris purchases BearCom (more)

• Norwest Equity Partners buys United Sports Brands (more)

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CRYPTO

• Bitcoin ETF optimism spurs largest asset inflows since late 2021 (more)

• Former Binance CEO Changpeng Zhao must stay in US for time being, judge says (more)

• ARK Invest sells more Grayscale Bitcoin Trust holdings as discount narrows (more)

BULLISH BITES

🤖 Time will tell: Contrary to reports, OpenAI probably isn’t building humanity-threatening AI.

🚞 Bigger, better: The new Paris Métro is coming, and it’s a very big deal.

🙏 Merci: The work-from-home boom is thanks to millennials, not Gen Z or boomers.

🚗 Futuristic: Digital car keys are here… are we ready?

🏖 R&R: Book the perfect Wander with inspiring views, modern workstations, restful beds, hotel-grade cleaning and 24/7 concierge service.

DAILY SHARES

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