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BEFORE THE OPEN

Pre-Market:

US Investor % Bullish Sentiment:
↓ 41.74% for Wk of July 04 2024 (Last week: 44.49%)

Market Recap:

• S&P and Nasdaq hit record highs Monday.

• S&P +0.1%, Nasdaq +0.28%, Dow -0.08%.

• Key inflation data and earnings reports ahead.

• June CPI (Thu) and PPI (Fri) critical for rate cut hopes.

• Cooling job market; unemployment up to 4.1%.

• Traders expect two rate cuts in 2024, first in September.

EARNINGS

Light week of notable earnings. Here’s what we’re watching:

• Thursday: PepsiCo (PEP)

  • Delta Air Lines (DAL) - earnings of $2.37 per share (-11.6% YoY) on $15.5B revenue (+5.8% YoY)

• Friday: Citigroup (C), Wells Fargo (WFC)

  • JPMorgan Chase (JPM) - earnings of $4.55 per share (-4.2% YoY) on $44B revenue (+3.9% YoY)

Full earnings calendar here.

HEADLINES

‘Grow a Spine’: Team Biden Tries to Beat Back the Democratic Doubters

Powell to Face Fed Critics in Congress on High Rates, Bank Rules

• S&P 500 notches longest winning streak since January (more)

• Job growth continues to exceed expectations (more)

• Inflation outrage: Walmart, Chipotle and others feel heat from customers (more)

• Oil falls as Hurricane Beryl's risk to Texas operations lessens (more)

• Europe markets close mixed, French stocks volatile after left-wing's surprise election win (more)

  • In France, investors get the centrist limbo they wanted

• Morgan Stanley’s Wilson says a 10% stock market correction Is ‘highly likely’ (more)

• Paramount agrees to Skydance deal, ending Redstone era (more)

• Microsoft orders China staff to use iPhones for work (more)

• Nvidia dethrones Tesla as single-stock ETF king with 400% rally (more)

• Tesla’s model Y ‘Juniper’ redesign might come soon (more)

• Valuations of startups have quietly rebounded to all-time highs (more)

• Sequoia Capital’s former China unit raises new $2.5B start-up fund (more)

Why are AI Stocks Falling in July?

July is historically the best month of the year for US stocks.

So why are everyone's favorite tech stocks – including NVDA – stumbling?

The mainstream financial media is blaming increasing competition... stock splits... even antitrust laws...

But according to one 50-year Wall Street legend, the truth is much harder for individual investors to see...

And, as a result, the next 60 days could usher in one of the greatest financial upheavals of 2024.

That's why I sat down with this legendary investor in a tell-all interview. CNBC's Jim Cramer once said that he'd never bet against him.

After you hear his new prediction about NVDA, AI, and the fate of this tech-fueled bull market, I'm confident you'll see why.

To see this July stock warning for yourself – 100% free – click here.

- Kelly Brown
Senior Researcher, Chaikin Analytics

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DEALFLOW

M+A | Investments

• Devon to buy Williston Basin oil assets in $5 billion deal (more)

• Carlsberg to buy Britvic for $4.2B (more)

• Lilly agrees to buy US biotech Morphic in $3.2B deal (more)

• China’s BYD inks deal for $1 bln Turkey plant, eyeing Europe (more)

• Bain Capital nears deal to buy Envestnet (more)

• Robinhood Markets, Inc. (HOOD) acquired Pluto Capital Inc., an AI-powered investment research platform (more)

• Accenture (ACN) has completed the acquisition of Openstream Holdings and its subsidiaries, Open Stream and Neutral (more)

• GrubMarket, a company specializing in B2B food eCommerce and enterprise AI solutions for the food supply chain industry, acquired Brothers Produce, a foodservice distributor (more)

• Ligand Pharmaceuticals Incorporated, a biopharmaceutical company supporting the development of medicines, acquired Apeiron Biologics AG, a private biopharmaceutical company, for $100M (more)

• MedPharm, a Contract Development and Manufacturing Organization and Ampersand Capital Partners portfolio company, merges with Tergus Pharma, a contract service provider (more)

VC

• HarmonyCares, a provider of value-based in-home longitudinal care, raised $200M in funding (more)

• Phaidra, an AI-based system for data centers to improve efficiency and increase compute infrastructure, raised $12M in funding (more)

• Apriori Bio, a biotech company providing innovations against viral threats, raised $1.1M in funding (more)

CRYPTO

• CBOE files for SEC approval to list Solana ETFs, starts clock for required decision (more)

• Crypto funds see inflows for first time in a month (more)

• Bitcoin drops as German government unloads over $900M worth of BTC (more)

• Bitcoin mining profitability rose in June as market adjusted for the halving (more)

BULLISH BITES

🤝 Deal Flow: Media, tech titans head for Sun Valley with streaming alliances top of mind.

🚨  Tech Stocks: 50-year Wall Street legend issues July stock warning *

🎥 New Era: Meet David Ellison, the CEO of Skydance and Paramount's new owner

📈 Sport: How stocks became the game that record numbers of Americans are playing.

🤖 All-systems-go: Old school FX traders are being replaced by algos with names like Viper.

DAILY SHARE

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