Goldman warning

Goldman President warns out of control spending risks economic crisis, tech CEOs give India PM Modi election boost, Walmart-backed Ibotta shares surge 34%, Meta’s new AI assistant rolling out across social platforms, and Google terminates employees after multicity protests (read memo)…

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Market Briefing
April 19, 2024

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The Fast Five → Goldman President warns out of control spending risks economic crisis, tech CEOs give India PM Modi election boost, Walmart-backed Ibotta shares surge 34%, Meta’s new AI assistant rolling out across social platforms, and Google terminates employees after multicity protests (read memo)…

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Calendar - next week: (all times ET)

WED, 4/24:

Durable-goods orders, 8:30a

THU, 4/25:

GDP - Q1, 8:30a
Jobless claims, 8:30a

FRI, 4/26:

PCE index, 8:30a
Consumer Sentiment, 10:00a

Your 5-minute briefing for Friday, April 19:

BEFORE THE OPEN

As of market close 4/18/2024.

Pre-Market:

US Investor % Bullish Sentiment:
43.44% for Wk of Apr 11 2024 (Last week: 47.29%)

Market Recap:

  • Stock futures flat as S&P 500 faces worst week in 6 months.

  • Netflix drops 4% post-earnings despite subscriber jump.

  • S&P 500 down 2.2% this week, 4.8% off 52-week high.

  • Rate cut expectations cooled; Fed may wait until 2025, says Kashkari.

  • Dow down 0.6%, Nasdaq down 3.6%, both eyeing fourth straight losing week.

  • Today: Procter & Gamble, SLB, American Express.

EARNINGS

What we’re watching this week:

  • Today: American Express (AXP)

Full earnings calendar here

HEADLINES

Goldman Sachs President John Waldron warned that Washington needs to get “its spending under control” to prevent a market crisis similar to what happened in the UK in 2022.

Indian Prime Minister Narendra Modi’s ties to U.S. tech company CEOs have helped to boost the country’s and his own profile ahead of national elections that start Friday.

  • Fed policymakers coalesce around 'no rush' on rate cuts (more)

  • US mortgage rates surge to highest since November, hitting 7.1% (more)

  • White House to ‘make sure gas prices remain affordable’ heading into summer (more)

  • States aim to combat private-equity healthcare takeovers (more)

  • Iraqi, US companies sign agreements to capture, burn gas for power (more)

  • Walmart-backed Ibotta shares surge 34% after $577M IPO (more)

  • Netflix blows past earnings estimates as subscribers jump 16% (more)

  • Microsoft's OpenAI partnership could face EU antitrust probe (more)

  • Meta’s new AI assistant is rolling out across WhatsApp, Instagram, Facebook and Messenger (more)

  • JPMorgan dealmakers Lipsky and Lee are leaving the bank (more)

  • UBS shuts some China private funds, will lay off staff (more)

  • Google terminates 28 employees after multicity protests (read memo)

  • Nordstrom says founding family is weighing taking chain private (more)

  • 23andMe CEO Anne Wojcicki plans to take company private (more)

  • NBA’s exclusive negotiating window with ESPN, Warner Bros. expected to pass without a deal (more)

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DEALFLOW

M+A | Investments

  • Hipgnosis agrees sale to Concord in $1.4B music rights deal (more)

  • Southwest gas unit gets $314.8M from IPO, Icahn deal (more)

  • Ontario Teachers’ said to weigh C$5 Billion sale of Amica Senior (more)

  • Stellantis to acquire stake in Argentina solar power firm in green energy push (more)

  • Battery Ventures, a global, technology-focused investment firm, announced the acquisition of Labguru, a laboratory-data platform, from Holtzbrinck Digital (more)

  • Thoughtworks (TWKS), a global tech consultancy that integrates strategy, design and engineering, acquired individuals and technology assets from Watchful, a company enabling organizations to accelerate the creation and deployment of AI models (more)

  • Bruker buys NanoString (more)

  • Somera acquires Ty-Gard and Shock-Gard, forms Gardian Holdings (more)

  • Fortifi acquires Nothum Food Processing Systems (more)

  • Incline Equity Partners purchases VMG Health (more)

  • Sétanta Development Capital receives $100M credit facility from Victory Park Capital (more)

VC

  • Ramp, a financial automation platform, closed a $150M Series D-2 funding round (more)

  • Kontakt.io, a provider of an inpatient journey analytics platform, raised $47.5M in funding (more)

  • GA Drilling, a company which specializes in deep geothermal energy, raised $15M in funding (more)

  • Allen Control Systems, a defense technology company, raised $12M in Seed funding (more)

  • dataplor, a provider of global location intelligence solutions, raised $10.6M in Series A funding (more)

  • Calzar, a company empowering software businesses to sell/grow revenue via cloud marketplaces, raised $10M in Series A funding (more)

  • Uniqus Consultech, a tech-enabled global platform that offers ESG and accounting consulting, raised $10M in Series B funding (more)

  • LunaJoy Health, a women’s mental health company, raised $4.2M in funding (more)

  • ClaimScore, a provider of AI-based, real-time claim validation software, raised $3.15M in Seed funding (more)

  • Zeko Labs, a blockchain company focused on developing decentralized finance and software solutions, raised $3M in funding (more)

  • AgentSmyth, an agent technology startup, raised $2.5M in Seed funding (more)

  • Verne, a developer of high-density hydrogen storage systems, raised an undisclosed amount in funding (more)

  • Kairos-backed group Pro-Fab invests in Timber Block (more)

CRYPTO

  • Worldcoin, Sam Altman's crypto project, is building a layer-2 chain (more)

  • Kraken is buying TradeStation crypto, expanding cryptocurrency exchange's US reach (more)

  • Binance gets full Dubai permit after Zhao cedes control of unit (more)

  • Crypto trader convicted in $110 Million Mango Markets fraud (more)

BULLISH BITES

🐳 Underwater cloud? The invisible seafaring industry that keeps the internet afloat.

🤑 a16z: New funds, new era.

🤖 Futurism: Boston Dynamics’ Atlas humanoid robot goes electric.

📈 Profit cycle: He cracked the code to crypto.*

♥︎ Behold: Typewriter art.

DAILY SHARES

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