First time here? Sign up »

BEFORE THE OPEN

Pre-Market:

US Investor % Bullish Sentiment:
↑ 49.18% for Wk of July 04 2024 (Last week: 41.74%)

Market Recap:

• Stock futures flat after S&P's worst session since April.

• S&P -0.88%, Nasdaq -1.95%, both end 7-day winning streaks.

• Nvidia fell 5.6%, Meta dropped 4.1%.

• June CPI report showed 0.1% decline, spurring tech sell-off.

• Russell 2000 jumped 3.6% on Fed rate cut hopes.

• Earnings: JPMorgan, Wells Fargo, Citigroup report Friday.

EARNINGS

It’s a light week. Here’s what we’re watching:

• Today: 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

Biden Confuses Kamala Harris for Trump, Zelenskiy for Putin

Inflation Broadly Cools, Likely Sealing Deal for Fed Cut

• Here’s the inflation breakdown for June 2024 - in one chart (more)

• Nasdaq sharply lower as investors rotate out of Big Tech (more)

• Stock rotation hits megacaps on bets Fed will cut (more)

• Emerging-market currencies highest since May on CPI data (more)

• US June budget deficit shrinks to $66B after calendar shifts (more)

• Oil rises for third day on improving demand and weaker dollar (more)

• Asian tech stocks drop as Yen whipsaws after rally (more)

• China in Microsoft deal with Emirati AI firm has lawmakers concerned (more)

• Xi’s campaign to feed China is turning wasteland into farms (more)

• Olympics will cost Delta $100 million as travelers skip Paris (more)

• Tesla shares down 8% after report of robotaxi unveiling delay (more)

• Pfizer moving ahead with plans for once-daily weight loss pill (more)

DEALFLOW

M+A | Investments

• Axel Springer, KKR in talks to break up media empire (more)

• Hedge funds make rival takeover bid for energy firm Martin Midstream (more)

• Software provider SNP weighs sale amid takeover interest (more)

• Bain, Reverence near $3.5B deal for Envestnet (more)

• BlueConic, a customer data platform, announced the acquisition of Jebbit, a first-party data-capture software for marketers (more)

• Infor, an industry cloud company, acquired Albanero, a data migration partner, and Acumen, a revenue growth consulting company (more)

• Pay Ready, a provider of post-resident recovery solutions for property management, acquired EvictionAssistant, an eviction management software company (more)

• Sharon AI, a provider of a high-performance computing business focused on AI cloud GPU compute infrastructure, acquired Distributed Storage Solutions, an Australian Filecoin storage provider, for $25M (more)

• Sparq, a provider of outsourced digital engineering for technology driven and Fortune 1000 companies, acquired Amplify Consulting Partners, a data-first consulting firm (more)

• Thrive, a technology outsourcing provider for cybersecurity, Cloud, and IT managed services, acquired The Longleaf Network, an IT managed services provider (more)

• Benchmark Analytics, an enterprise SaaS analytics platform, received a Strategic Growth investment from PSG Equity (more)

• Heartbeat Health, a cardiovascular care company, received a growth investment by Cressey & Company (more)

• Buildots, an AI construction software company, raised $15M in funding (more)

• Seismos, a company leveraging AI-powered acoustic sensing to provide insights for any enclosed structure from drill-holes to pipelines, received a $15M investment from Edison Partners (more)

VC

• Active Membranes, developer of electrically-conducting membranes used in desalination, closed initial round of Seed funding (more)

• ProofPilot, a provider of clinical experience platform, raised an undisclosed amount in Series C funding (more)

• Element Biosciences, a developer of technologies to empower science, raised over $277M in Series D funding (more)

• Regard, an AI-powered clinical insights platform for clinicians, raised $61M in Series B funding (more)

• Fireworks AI, a genAI inference platform provider, raised $52M in Series B Funding, valued at $552M (more)

• Armada, an edge computing company, raised $40M in funding (more)

• Soda, an AI data quality company, raised $14M in funding (more)

• Medal, an AI company providing the MedalTV clipping app, raised $13M in funding, at $333M valuation (more)

• 3Daughters, a clinical development company fueling revolutionary healthcare for women, raised $4.7M in Seed funding (more)

CRYPTO

• Biden officials open crypto line (more)

• Firms launch options on swap-based Bitcoin ETF (more)

• JPMorgan expects crypto market recovery beginning in August (more)

• Goldman Sachs to launch three tokenization projects by end of year (more)

BULLISH BITES

🏆 Rankings: America’s top states for business 2024.

🚨  AI Pivot: What’s Nvidia doing next? *

🤝 Risky Business: Inside Goldman Sachs' expanding but risky financing engine.

😎 Mogul Style: Sun Valley's 'summer camp for billionaires'

🤡  King of Chum: The man behind the AI gaffes at Sports Illustrated and USA Today has a history of filling the internet with garbage.

DAILY SHARE

Have a comment or suggestion?
💌 Send us a message

ADVERTISE | SUBSCRIBE