Gold shines

Gold rises above $2,100 to highest level ever, Supreme Court rules Trump can appear on presidential ballots, EU hits Apple with $1.9B antitrust fine, China sets GDP target of 'around 5%’, and Bitcoin tops $68,000 as it nears eclipsing all-time high…

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Market Briefing
March 05, 2024

Good morning.

The Fast Five → Gold rises above $2,100 to highest level ever, Supreme Court rules Trump can appear on presidential ballots, EU hits Apple with $1.9B antitrust fine, China sets GDP target of 'around 5%’, and Bitcoin tops $68,000 as it nears eclipsing all-time high…

Calendar:

  • Wed, 3/6: Fed Chair Jerome Powell testifies to Congress, 10:00a ET

    • Job openings, 10a ET

  • Fri, 3/8: US nonfarm payrolls, unemployment rate, 8:30a ET

Your 5-minute briefing for Tuesday, March 5:

BEFORE THE OPEN

As of market close 3/4/2024.

Pre-Market:

US Investor % Bullish Sentiment:
46.50% for Wk of Feb 29 2024 (Last week: 44.28%)

Market Recap:

  • US stock futures dip after Nasdaq retreats from record.

  • Dow down 0.1%, S&P 500 slides 0.1%, Nasdaq-100 falls 0.2%.

  • GitLab shares plunge 20% on weak forecast.

  • S&P 500, Nasdaq slip after Friday's highs.

  • Nvidia, Super Micro up; Apple fined, Tesla leads losses.

  • Analyst sees upside amid market exuberance concerns.

  • Target reports earnings Tue; Nordstrom, Box after bell.

  • Economic data: S&P Global US Services PMI, durable goods orders, ISM Services Index.

EARNINGS

What we’re watching this week:

  • Today: Target (TGT), ChargePoint Holdings (CHPT), Nordstrom (JWN)

    • Ross Stores (ROST) - earnings of $1.65 per share (+26%. YoY), on $5.8B revenue (+11.4% YoY)

  • Wednesday: Abercrombie & Fitch (ANF), Campbell Soup (CPB)

  • Thursday: DocuSign (DOCU), Gap (GPS), Kroger (KR)

    • Broadcom (AVGO) - earnings of $10.29 per share (-0.4% YoY) on $11.7B revenue (+31.5% YoY)

    • Costco (COST) - earnings of $3.62 per share (+9.7% YoY) on $59.2B revenue (+9.2% YoY)

Full earnings calendar here

HEADLINES

Gold futures for April settled at $2,126.30 per ounce, the highest level dating back to the contract’s creation in 1974.

It is the first time the U.S. tech giant has been charged for breaking competition laws in Europe.

  • Supreme Court rules Trump can appear on presidential ballots (more)

  • Treasury yields rise as investors look ahead to Powell testimony and jobs data (more)

  • China sets GDP target of 'around 5%' for 2024 (more)

  • France mulls penalties to rein in ultra-fast fashion brands (more)

  • Bitcoin tops $68,000 as it nears 2021 all-time high (more)

  • Some NYCB deposits may be a flight risk after Moody’s downgrades ratings again (more)

  • Passengers sue Boeing, Alaska Airlines for $1B over blowout (more)

  • JetBlue officially terminates $3.8B pursuit of Spirit (more)

  • Satellite to ‘name and shame’ worst oil and gas methane polluters (more)

  • Apple announces new MacBook Air laptops with its latest M3 chip (more)

  • Anthropic releases more powerful Claude 3 AI as tech race continues (more)

    • Claims its new AI chatbot models beat OpenAI’s GPT-4 (more)

  • Amazon's Whole Foods launching new urban convenience-store format (more)

  • Former Twitter execs sue Musk and X for more than $128 million in severance (more)

  • Bain offers buyouts to UK staff in fresh sign of consulting woes (more)

A MESSAGE FROM GOLDENCREST METALS

Don't be fooled by the mainstream media

We're raising the alarm – Jamie Dimon of JPMorgan has just forecast a colossal economic disaster for 2024-2025. We're facing a potential collapse, with chaos from Ukraine to the Middle East, and the Federal Reserve gambling with our financial future.

Make no mistake – this is a battle for your survival. The U.S. debt is skyrocketing, posing an unprecedented threat. Even Wall Street giants are scared. The "booming" stock market? It's a bubble on the brink of bursting, and the media is painting a rosy picture – don't buy it!

Take control now. Our No-Cost Wealth Management Guide isn't just advice – it's your survival kit in this economic battlefield.

Inside, you'll find:

  • Strategies to safeguard your wealth against the rising national debt crisis.

  • Insights on why gold is essential in your investment portfolio.

  • Crucial actions to secure your retirement.

  • Powerful anti-inflation investments.

  • Why central banks are stockpiling gold.

  • And much more!

Don't be a spectator in this economic showdown. When the economy plummets, only the prepared will thrive. Get your no-cost guide NOW for survival and prosperity!

To your unshakeable prosperity,
GoldenCrest Metals

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DEALFLOW

M+A | Investments

  • BlackRock to buy TC Energy Natural Gas pipeline system in $1.14B deal (more)

  • Groq, a generative AI solutions company, acquired Definitive Intelligence, an AI company that utilizes data and empowers organizations with actionable insights (more)

  • United Rentals buys Yak Access from Platinum for $1.1B (more)

  • Engie seeks to sell $1B of US renewable assets (more)

  • Vista Outdoor Board rejects MNC’s $2B takeover offer (more)

  • Aviva re-enters Lloyd's market with $300M acquisition (more)

  • Accenture (ACN) acquired The Lumery, a marketing technology consultancy (more)

  • Exyte, a company providing design, engineering, and delivery tech facilities, acquired CollabraTech Solutions, a company providing delivery systems and contract manufacturing services (more)

  • AEI acquires Calca Solutions (more)

  • WindRose Health Investors acquires CardioOne (more)

  • Senske Services acquires Turf Doctor (more)

  • General Atlantic invests in Plusgrade (more)

  • Mission Wealth merges with Charles Carroll Financial Partners (more)

  • Entrada, a Databricks consulting and implementation services firm, received a strategic investment from Databricks Ventures (more)

VC

  • MoeGo, a provider of a payments and scheduling platform for pet groomers, raised $24M in Series A funding (more)

  • Argá Medtech, a company providing a cardiac ablation system for treating cardiac arrhythmias, raised €54M in Series B funding (more)

  • Baseten, an AI infrastructure company, raised $40M in Series B funding (more)

  • Shape Memory Medical Inc., a developer of memory polymers for endovascular markets, completed a $38M Series C financing (more)

  • Healthee, a healthcare tech company, closed a $32M Series A funding round (more)

  • Topsort, an AI and machine learning-based clean advertising technology company, raised $20M in Series A funding (more)

  • Synctera, a leader in embedded banking and finance, raised an $18.6M Series A-1 extension to its 2021 Series A funding (more)

  • Toolify Robotics, a robotics startup, raised €1.6M in seed funding (more)

  • EQ Tickets, a ticketing platform, emerged from stealth with funding from Sage Venture Partners (more)

CRYPTO

  • MicroStrategy to offer $600M in convertible notes to buy more Bitcoin (more)

  • Options show Bitcoin traders are betting on $70K and beyond (more)

  • US SEC further delays decision on BlackRock's spot Ethereum ETF (more)

BULLISH BITES

🏛 Tax prep: The IRS launches free Direct File pilot program - officially open in select states.

💍 Is it Davos? No, It's an Indian Billionaire's family wedding.

🤯 Freaky: Anthropic's Claude 3 knew when researchers were testing it.

🍷 Sneak Peek: The best Napa Valley wines coming this year.

⬇️ Download your free guide: This No-Cost Wealth Management Guide isn't just advice – it's your survival kit in this economic battlefield.

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