BEFORE THE OPEN

MARKETS:

• U.S. stock futures rise ahead of the Federal Reserve's policy decision.

• Recent sessions saw the S&P 500 and Dow reaching their highest levels since January 2022.

• Investors look to Fed Chair Jerome Powell's comments for insights into potential rate cuts.

• Despite anticipation, markets remain uncertain about the timing of rate cuts, with odds of cuts beginning next spring.

• The 10-year Treasury yield sits around 4.2%, down from its October peak.

• Today: The November producer price index data will be closely watched before the Fed’s announcement.

EARNINGS

What we’re watching this week:

• Wednesday:

  • Adobe (ADBE) - expected: $4.14 per share (+15% YoY) on $5.0 billion revenue (+11.2% YoY)

• Thursday: Lennar (LEN)

  • Costco Wholesale (COST) - expected: $3.41 per share (+11.1% YoY) on $57.7 billion revenue (+8.1% YoY)

• Friday:

  • Darden Restaurants (DRI) - expected: $1.73 per share (+13.8% YoY) on $2.7 billion revenue (+8.0% YoY)

Full earnings calendar here

NEWS BRIEFING

Here’s Everything the Fed is Expected to Do Today

New COP28 Draft Demands Swifter Fossil Fuel Transition

• Zelenskyy in Washington to discuss Ukraine aid impasse with Biden (more)

• ‘Too many things unaffordable:’ Biden fires up price wars as inflation cools (more)

• Inflation data in line with expectations at 3.1% year-over-year (more)

  • Here’s the inflation breakdown for November 2023 — in one chart (more)

  • Yellen says inflation coming down 'meaningfully' (more)

• Oil holds soft tone on oversupply concerns, markets await Fed (more)

• Argentina’s Milei devalues Peso by 54% (more)

• Japan's business mood hits near 2-year high, keeps BOJ exit in focus (more)

• Developing Asia to end 2023 on brighter note as China's economy recovers (more)

• JPMorgan to outsource $500 billion custody business in Hong Kong, Taiwan (more)

• Hedge fund groups sue US SEC in bid to vacate short-selling rules (more)

• Adani to invest $100 billion over 10 years in green transition (more)

• Goldman trader who was paid $100 million since 2020 to step down (more)

• Netflix posts viewer data on every show, film for first time (more)

• Temu was the most-downloaded iPhone app in the US in 2023 (more)

• Google loses monopoly case to Fortnite maker Epic Games (more)

• Bezos’ Blue Origin aiming to make long-awaited return to launch next week (more)

• Harvard board backs university president after congressional remarks (more)

• Valued at $86B, OpenAI’s latest revenue filing shows how its financials are a mystery (more)

• SBF’s lawyer says his client was the ‘worst’ ever under cross examination (more)

PARTNER WITH US

DEALFLOW

M & A | INVESTMENTS:

• Choice Hotels launches hostile $8 billion takeover bid for Wyndham (more)

• AstraZeneca purchases Icosavax (more)

• Pfizer gets OK for $43-billion Seagen deal after donating cancer drug rights (more)

• Codorus Valley to merge with Orrstown Financial in all-stock deal (more)

• Disney, Reliance discuss India Entertainment merger (more)

• RØDE Microphones buys Mackie (more)

• RedBird IMI in talks to buy UK's All3Media in $1.3 billion deal (more)

• Vontas, an intelligent transit technology company, acquired Orion Labs, a company delivering instant and secure voice, location, and data messaging across connected devices and applications (more)

• Formstack, a SaaS company that provides a no-code suite to create and orchestrate workflow with custom forms, documents, and eSignatures, acquired Formsite, an online forms and surveys platform provider (more)

• Ncontracts, a provider of integrated compliance, risk, and vendor management solutions to the financial services industry, acquired Quantivate, a provider of governance, risk, and compliance (“GRC”) solutions for banks and credit unions (more)

• Nova buys A&R Bulk-Pak (more)

• Blue Point-backed TAS acquires ECS (more)

• Harvest Partners purchases Road Safety Services (more)

• Genstar capital-backed Prometheus Group acquires MobilOps (more)

VC

• True Anomaly, a technology company developing advanced hardware and software systems, raised $100M in Series B funding (more)

• Essential AI, a company specializing in building partnerships between humans and computers, raised $56.5M in Series A funding (more)

• Shinobi Therapeutics, a biotechnology company developing a new class of immune evasive iPS-T cell therapies, closed a $51M Series A financing (more)

• Calyxo, a medical device company developing next-generation treatment solutions for patients with kidney stones, raised $50M in Series D funding (more)

• Freya Biosciences, a biotech company specializing in women’s health, raised $38M Series A financing (more)

• Laza Medical, a portfolio company advancing AI-powered robotically-assisted imaging solution for cardiovascular interventions, raised $36M in Series A funding (more)

• Fourth Power, a provider of utility-scale thermal battery solutions, raised $19M in Series A funding (more)

• Origin AI, a WiFi Sensing technology company, closed its latest $15.9M Series B extension (more)

• Noetica AI, a provider of an AI software platform that benchmarks corporate debt transactions, raised $6M in funding (more)

• Magma, a provider of a collaborative browser-based art creation and project management platform, raised $5M in Seed funding (more)

• Xeol, a cybersecurity startup, raised $3.2M in Seed funding (more)

• VirtualZ Computing, a provider of a solution to connect mainframes to hybrid cloud for bi-directional data access, raised $2.2M in funding (more)

• Signum.AI, an AI startup specializing in automating B2B customer insights research, raised an undisclosed amount in Seed funding (more)

• Simplifield E-Solutions, a zero waste to landfill material processing and management company, received an investment from HCAP (more)

• Geo-Solutions, a provider of geotechnical and environmental remediation services, received an investment from Blue Sage Capital (more)

FUNDRAISING

• Falfurrias Management Partners, a lower middle-market private equity firm, closed Falfurrias Growth Partners I, at $400M (more)

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CRYPTO

• Crypto exchange KuCoin to shut in New York, pay $22 million to settle lawsuit (more)

• Warren’s crypto bill Is likely unconstitutional. It’s also unlikely to pass (more)

• BlackRock's Bitcoin ETF now invites participation from Wall Street banks (more)

BULLISH BITES

🧀 WTF: Doritos thinks we want nacho cheese-flavored booze.

🗝 Members only: A secret WhatsApp group with over 100 CEOs as members comes to light after Sam Altman crisis.

🧳 Get packing: The world’s top city destinations for 2023 revealed.

📊 Spreadsheeting: Some people go to Vegas to gamble. Others go to watch the World Excel Championships.

💎 True classics: There are 125 songs in history that have been certified diamond — here they all are…

DAILY SHARES

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