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US jobs growth far weaker than thought, Fed minutes show a September cut ‘likely’, analyst resets Nvidia stock price target before earnings, dollar doldrums deepen, and Chinese banks suddenly become market darlings...

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The Fast Five → US jobs growth far weaker than thought, Fed minutes show a September cut ‘likely’, analyst resets Nvidia stock price target before earnings, dollar doldrums deepen, and Chinese banks suddenly become market darlings

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A message from Behind The Markets

Calendar: (all times ET) - Full calendar here

  • Today: Initial jobless claims, 8:30A

  • Tomorrow:
    Fed Chair Powell to speak at Jackson Hole, 10:00A

    New home sales, 10:00A

Your 5-minute briefing for Thursday, August 22:

BEFORE THE OPEN

As of market close 8/21/2024.

Pre-Market:

US Investor % Bullish Sentiment:
↑42.54% for Wk of August 15 2024

Last week: 40.54%. Updates every Friday.

Market Wrap:

  • Stock futures flat as traders await Powell’s comments.

  • Snowflake down 8%; Urban Outfitters off 8.5% on weak sales.

  • S&P, Nasdaq on 9th win in 10 sessions.

  • Powell’s Friday speech at Jackson Hole could hint at rate cuts.

  • Today: jobless claims, earnings from Intuit and Ross Stores

EARNINGS

Here’s what we’re watching this week:

  • Today: Peloton (PTON)

    • Intuit (INTU) - earnings of $1.84 per share (+11.5% YoY) on $3.1B revenue (+13.7% YoY)

Full earnings calendar here.

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But after President Biden took office...

China "stole" $520 billion in global trade from the US...

And another $1.62 trillion could soon follow.

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HEADLINES

Some 818,000 fewer new jobs were created in the US in the year leading up to March than originally reported.

Even before a disappointing July jobs report, Federal Reserve officials thought they would probably cut rates at their Sept. 17-18 meeting.

  • Fed minutes flag Treasury-market leverage as a risk to financial stability (more)

  • More workers expect to lose their jobs in the coming months (more)

  • Dollar doldrums deepen on dovish Fed tone before Jackson Hole (more)

  • Oil prices steady after 3-day losing streak (more)

  • Chinese banks have suddenly become market darlings (more)

  • TD takes $2.6B hit on US probe, sells Schwab shares (more)

  • Franklin Templeton shares sink after top bond investor takes leave amid probes (more)

  • Analyst resets Nvidia price target before earnings (more)

  • Target CEO addresses ‘price gouging’ accusations in retail (more)

  • Disney selects head of search for CEO Bob Iger’s successor (more)

  • Microsoft revamps reporting structure to give better visibility into cloud consumption revenue (more)

DEALFLOW

M+A | Investments

  • Paramount extends deal talks with Bronfman after new $6B bid (more)

  • Whitehaven Coal sells stake in Blackwater for $1.1B (more)

  • Ovintiv explores sale of oil operations in Uinta Basin (more)

  • Oaktree near deal to buy majority stake in two B. Riley units (more)

  • Supreme Group, a platform for business, marketing, and comms services, acquired BioStrata, a company delivering marketing solutions (more)

  • The DONUT, a newsletter-based news organization, acquired Press Sports, a social media platform dedicated to connecting young athletes and fans (more)

  • C3 Complete, a provider of tech, telecom, and info security services, acquired TRACI.net, an ISP (more)

  • Ark, a cloud and cybersecurity solutions provider, acquired Vantyr, a company focused on securing non-human identities across cloud and SaaS environments (more)

  • BioIVT, a research partner and biospecimen solutions provider for drug development, acquired ZenBio, a company specializing in advanced cell products (more)

  • Transit Technologies, a company specializing in mobility solutions, acquired Bytecurve, a software platform for student transportation operations

  • Automated Industrial Robotics, an industrial automation company, acquired Sewtec Automation (more)

  • Symmera, an early-stage company for device authentication and data protection, received an investment from Emerson Ventures (more)

VC

  • XII Medical, a clinical-stage medical technology company, raised $45M in Seris B funding (more)

  • AstroForge, an asteroid mining startup, raised $40M in Series A funding (more)

  • PreciseDx®, an innovator in oncology diagnostics leveraging AI, raised $20.7M in Series B funding (more)

  • Admiral, a visitor relationship management company, raised $19M in funding (more)

  • Ambrosia Biosciences, a drug discovery company, raised $16M in Series A funding (more)

  • Lettuce Financial, an automated accounting and tax solution for solopreneurs, raised $15M in Series A funding (more)

  • Skyfire Systems, a provider of a payment network for AI, raised $8.5M in funding (more)

  • Grid Status, a modern data and analytics platform for the electric grid, raised $8M in funding (more)

  • Cairn Surgical, a medical tech firm, raised $4.5M in funding (more)

  • Your Money Line, a leader in employee financial wellness benefits, raised $4.5M in Series A funding (more)

  • Phrase Health, a healthcare industry's EHR workflow management company, raised $2M in NIH SBIR funding (more)

  • Onebrief, a software platform for military staff workflows and collaboration, raised an undisclosed amount in Series B funding (more)

  • ALLCITY Network, an operator of multi-platform local sports networks, raised an undisclosed amount in Series B funding (more)

CRYPTO

  • Ex-FTX insider Salame says US broke deal on girlfriend probe (more)

  • Binance hiring 1,000 as compliance spending tops $200M (more)

  • Nearly half of all corporate election spending in 2024 cycle comes from crypto companies (more)

BULLISH BITES

🛡 Novel: How a law that shields Big Tech is now being used against it.

🤖 Partnership: This tiny startup is helping Musk’s Grok with image generation.

👋 Bye bye: Most Americans have signed away their right to take a company to court.

🖼 Taste-Defying: Bad art of the rich and famous.

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