Fed cuts rates (again)

Fed cuts rates again, key takeaways from Fed decision, stocks keep climbing as postelection rally rolls on, Amazon mulls multi-billion dollar investment in Anthropic, and Nvidia surpasses $3.6 trillion market value...

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Market Briefing
November 08, 2024

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Good morning.

Note: No briefing on Veterans Day (Monday, 11/11.) Market Briefing will resume on Tuesday, 11/12.

The Fast Five → Fed cuts rates again, key takeaways from Fed decision, stocks keep climbing as postelection rally rolls on, Amazon mulls multi-billion dollar investment in Anthropic, and Nvidia surpasses $3.6 trillion market value…

📈 What Trump’s victory means for GOLD »
From Stansberry Research

Calendar: (all times ET) - Full calendar here

  • Today:
    Consumer sentiment, 10:00 am

  • Monday:
    Veteran's Day holiday, bond market closed.

Your 5-minute briefing for Friday, November 8:

BEFORE THE OPEN

As of market close 11/7/2024.

Pre-Market:

US Investor % Bullish Sentiment:
↑ 41.54% for Week of November 07 2024

Last week: 39.48%. Updates every Friday.

Market Wrap:

  • Futures edge up as S&P, Nasdaq hit record highs in postelection rally

  • Yesterday: S&P up 0.7%, Nasdaq tops 19,000; Dow slightly down

  • Fed cuts rates 0.25%, Powell “feeling good” on economy

  • Market upbeat on Trump’s growth, deregulation stance; inflation fears linger

  • Weekly gains: S&P +4.3%, Dow +4%, Nasdaq +5.6%

EARNINGS

Here’s what we’re watching this week.

See full calendar here.

HEADLINES

The Federal Open Market Committee lowered its benchmark overnight borrowing rate by a quarter percentage point, or 25 basis points, to a target range of 4.50%-4.75%.

Big tech stocks push higher, while the financial and industrial sectors pull back after Wednesday’s big gains.

  • Key takeaways from Fed decision to cut rate by quarter point (more)

  • US weekly jobless claims up slightly; unit labor costs stir inflation fears (more)

  • US wholesale inventories revised lower in September (more)

  • 30-yr fixed-rate mortgage rise to four-month high of 6.79% (more)

  • Asian stocks climb on Wall Street's lead; dollar sags after Fed cut (more)

  • Central banks around the world grapple with the return of Trump (more)

  • Trump’s top priorities will include tax cuts and tariffs, says Mnuchin (more)

  • Top trader Vitol eyes metals market as oil demand set to peak in 10 years (more)

  • Nvidia surpasses $3.6 trillion market value after Trump win (more)

  • Amazon mulls new multi-billion dollar investment in Anthropic (more)

  • Wall Street expects Trump presidency will unlock deal-making (more)

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DEALFLOW

M+A | Investments

  • AT&T buys US Cellular sells Spectrum assets for $1 Billion (more)

  • BlackRock in talks about a strategic tie-up with Millennium (more)

  • Hollywood superagent Emanuel looks to buy tennis tournaments, art fair (more)

  • SocGen's car leasing unit Ayvens attracting buyout interest (more)

  • IonQ, a quantum computing company, acquired Qubitekk, Inc., a quantum networking company (more)

  • XRHealth, a provider of therapeutic VR and extended reality XR solutions, acquired NeuroReality, a VR games company (more)

  • UtilityInnovation Group, a company specializing in utility systems and decentralized energy solutions, received an investment from Volvo Penta (more)

VC

  • Boston Materials, a manufacturer of advanced materials for semiconductors and aircraft platforms, raised $13.5M in funding (more)

  • Parallel Fluidics, a microfluidic device manufacturer, raised $7M in Seed funding (more)

  • Embed Security, an agentic security platform, raised $6M in funding (more)

  • Acai Travel, a software platform using AI for travel operations, raised $4M in Seed funding (more)

  • Thesys, a user interface startup focused on AI apps, raised $4M in seed funding (more)

  • Symbiotic Security, a company providing real-time security for software development, raised $3M in Seed funding (more)

  • Cloverleaf AI, a provider of solutions for government contractors, raised $2.8M in Seed funding (more)

  • Corgea, a cybersecurity startup providing an AI-powered security platform, raised $2.6M in Seed funding (more)

  • Pibox, an audio collaboration platform, raised $1.2M in funding (more)

CRYPTO

  • Polymarket plans U.S. return after signaling Trump election win (more)

  • Cryptocurrencies tainted by SEC suits surge after Trump victory (more)

BULLISH BITES

🤖 Too Late? How Samsung fell behind in the AI boom leading to a $126 billion wipeout.

👑 ‘The King Is Back’: Binance billionaire CZ plots life after prison.

🛰 First Ever: Japanese scientists have just launched a wooden satellite into space.

🎙 Trust Issues: Shorting the "All In" podcast.

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