Inflation rises

Inflation ticks up, Fed officials fret over how far they can lower rates, Amazon takes on Temu and Shein with new store, global luxury market shrinks to lowest level since 2008, and Tesla initiates sixth Cybertruck recall in a year...

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Market Briefing
November 14, 2024

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Good morning.

The Fast Five → Inflation ticks up, Fed officials fret over how far they can lower rates, Amazon takes on Temu and Shein with new store, global luxury market shrinks to lowest level since 2008, and Tesla initiates sixth Cybertruck recall in a year…

Calendar: (all times ET) - Full calendar here

  • Today:
    Initial jobless claims, 8:30 am
    Producer price index (PPI), 8:30 am

  • Tomorrow:
    US retail sales, 8:30 am

Your 5-minute briefing for Thursday, November 14:

BEFORE THE OPEN

As of market close 11/13/2024.

Pre-Market:

US Investor % Bullish Sentiment:
↑ 41.54% for Week of November 07 2024

Last week: 39.48%. Updates every Friday.

Market Wrap:

  • S&P and Dow end near flat; Nasdaq down 0.26%.

  • October CPI rises 2.6% annually, matching forecasts.

  • Core inflation at 3.3%; rate cut likely in December.

  • FedWatch shows strong odds for December rate cut.

  • Bitcoin briefly tops $93K as postelection rally lifts stocks.

  • Key data: PPI (Today), retail sales (Friday).

EARNINGS

Here’s what we’re watching this week. Full calendar here.

  • Today:

  • Friday: Alibaba (BABA)

HEADLINES

Consumer prices rose 0.2 percent in October and 2.6 percent over the previous 12 months as inflation flirts with prepandemic norms, according to new federal data.

Amazon just rolled out its answer to the discounted, low-cost storefronts of Temu and Shein.

  • Fed officials fret over how far they can lower interest rates (more)

  • October budget deficit jumps to $257B, handing hole to Trump (more)

  • Oil settles up on short-covering but strong dollar caps price gains (more)

  • Dollar at one-year high as Trump trade momentum eclipses Fed easing view (more)

  • Red sweep may speed debt ceiling deal, stoke long-term bond worries (more)

  • Bank CEOs express confidence in deals, consumer finances (more)

  • Mizuho analysts raise Nvidia price target ahead of Q3 earnings (more)

  • Tesla initiates Cybertruck recall, the sixth one in a year (more)

  • Cisco reports fourth straight quarter of declining revenue (more)

  • OpenAI, Google and Anthropic struggling to build more advanced AI (more)

  • Global luxury market expected to shrink in 2024 (more)

  • Element Capital held $2 billion in S&P 500 ETFs before election (more)

  • Liberty Media’s Maffei steps down, capping two-decades of deals (more)

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DEALFLOW

M+A | Investments

  • Frontier shareholders approve $9.6 billion deal with Verizon (more)

  • Charter to buy Liberty Broadband in all-stock deal (more)

  • DirecTV to drop Dish acquisition plan if EchoStar debt-exchange offer fails (more)

  • Bitwise Asset Management, a crypto specialist asset manager, acquired Attestant Limited, an Ethereum staking provider (more)

  • NovoPayment, a financial and payment infrastructure service provider, received a $20M investment from Morgan Stanley Expansion Capital (more)

  • Bristol Environmental, a provider of environmental remediation and abatement services, received an investment from Garnett Station Partners (more)

  • oneZero Financial Systems, a multi-asset enterprise trading tech solutions company, received an investment from Golden Gate Capital (more)

  • General Prognostics Inc., a predictive hearth monitoring startup, received an investment from NEC X (more)

  • JobNimbus, a SaaS provider for the roofing industry, received a $330M investment from Summer Equity Partners (more)

  • Divi Scalp & Hair Health, a hair brand, has secured a minority investment from Norwest (more)

  • Snap! Mobile, a fundraising platform for schools and organizations, received $23M in growth equity investment from Runway Growth Capital (more)

VC

  • Writer, a gen AI platform for enterprise, raised $200M in Series C funding, at a $1.9B valuation (more)

  • Chaos Industries, a tech company building new defense and critical industry technologies, raised $145M in Series B funding (more)

  • Robin AI, a provider of legal AI for business, raised $25M in funding (more)

  • Notabene, a provider of cryptocurrency compliance solutions, raised $14.5M in Series B funding round (more)

  • Vecna Robotics, a company specializing in flexible material handling automation solutions, raised $14.5M in additional funding (more)

  • Neon, a direct-to-consumer platform built for games, raised $14M in funding (more)

  • Outbuild, a construction scheduling and planning software company, raised $11M in Series A funding (more)

  • Lunar Outpost, a lunar surface mobility company, raised an undisclosed amount in Series A funding (more)

  • Voxela, an AI care management system company, raised an undisclosed amount in Pre-Series A funding (more)

  • Copernic Catalysts, a developer of novel catalysts for sustainable chemicals and e-fuels, raised $8M in Seed funding (more)

  • Camouflet, an AI-powered dynamic pricing solutions provider, raised $3M in Seed funding (more)

  • Zeplyn, an AI assistant for financial advisors, raised a $3M seed funding (more)

CRYPTO

  • Bitcoin rises above $93,000 as rally resumes on Trump optimism (more)

  • Crypto industry lobbies Trump and his allies after election win (more)

  • MicroStrategy drives US convertible returns after Bitcoin rally (more)

  • Coinbase launches COIN50 Index to track digital assets (more)

  • Robinhood adds tokens to offering for US crypto clients (more)

  • FBI raids home of Polymarket CEO Shayne Coplan (more)

BULLISH BITES

💼 Influence: ‘100 Most Powerful People in Business’ according to Fortune.

📷 Next Level: This generative AI startup is strapping cameras to people’s backs.

🤖 Futuristic: Ever wanted to rent a food delivery robot? Now you can.

🎤 He Sings! Mark Zuckerberg sings with T-Pain on ‘Get Low’ remix.

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