BEFORE THE OPEN

MARKETS:

• Stock futures hover near the flat line on Monday evening.

• Dow futures add 6 points (+0.02%), S&P 500 futures gain 0.02%, Nasdaq 100 futures tick up 0.07%.

• Dow gains over 200 points in regular trading; S&P 500 up 0.7%, Nasdaq rises 1.1%.

• Microsoft climbs 2% on news of former OpenAI CEO leading its AI research team; Nvidia adds 2.3%, reaching an all-time high.

• S&P 500's tech sector gains 1.5%.

• Investors await Fed meeting minutes for rate decision; near certainty of rate hold in December.

• Quarterly results expected from Lowe’s, Best Buy, and HP today.

• Shortened trading week due to Thanksgiving holiday with an early Friday close.

EARNINGS

What we’re watching this week:

• Tuesday: Baidu (BIDU)

  • Abercrombie & Fitch (ANF) - earnings expected: $1.18 per share (vs. 1 cent YoY), revenue: $980.9 million (+11.5% YoY)

  • Nvidia (NVDA) - earnings expected: $3.10 per share (vs. 58 cents YoY), revenue: $14.9 billion (+152.5% YoY)

• Thursday / Friday: Happy Thanksgiving

• Full earnings calendar here

NEWS BRIEFING

Wall Street Cheers Microsoft's 'Coup' Hiring Altman After OpenAI Ouster, Stock Hits All-Time High

Nearly All of OpenAI Staff Threaten to Go to Microsoft If Board Doesn’t Quit [Letter]

• OpenAI Latest:

  • Sam Altman is still may return as OpenAI CEO (more)

  • Satya Nadella speaks [video]

  • Benioff woos disaffected OpenAI staff to Salesforce with offer to match pay (more)

  • Microsoft emerges as big winner from OpenAI turmoil (more)

• Yellen says high food and rent prices are key factors in voters’ negative economic outlook (more)

• Senate committee subpoenas Live Nation, Ticketmaster after months-long probe (more)

• As US Dollar weakens, emerging-market currencies are back up after wild year (more)

• Treasuries climb to erase 2023 losses as Fed cut bets blossom (more)

• Argentina’s Milei to face ‘painful recession’ next year, IIF says (more)

• Fox CEO Lachlan Murdoch meets Zelenskiy in Kyiv in 'very important signal’ (more)

• UAW workers ratify contracts with Big 3 automakers (more)

• American Airlines flight attendants ask for permission to strike. Southwest pilots could be next (more)

• Citigroup employees brace for layoffs, management overhaul (more)

• Uber is said to boost convertible bond issue to $1.5 billion (more)

• Barry Silbert’s crypto empire continues to spiral as ex-NYSE president buys news site CoinDesk (more)

• Musk defends himself on X after antisemitic furor deepens (more)

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DEALFLOW

• BlackRock backs Capital Power in $1.1 billion US gas plant deal (more)

• McDonald's increases its minority stake in China business with Carlyle deal (more)

• Riverwood Capital raises $1.8 billion for Global Technology Fund (more)

• Billionaire Birla’s Carbon Black Unit to raise $1.5 billion loan (more)

• Seva, a newly-launched growth equity firm investing in customer-centric founders and companies based in New York, closed an $85M debut fund (more)

• Dwellsy, a rental marketplace with comprehensive data and listings, raised $11.5M in funding (more)

• Medmo, a medical imaging technology company, raised $9M in funding (more)

• Saga announces Seed extension raise of $5M for Accelerated (more)

• Grubbly Farms, a pet food company, raised an undisclosed amount in Series A funding (more)

• Kind Designs, a climate-tech startup, raised further funding in its seed round (more)

• Cantai Therapeutics, a company that develops drugs to treat autoimmune and inflammatory disorders, raised a seed funding round of undisclosed amount (more)

• The National Kidney Foundation (NKF)’s NKF Innovation Fund invested in ZeitLife Transplant Innovations, Inc., a global medical device company specializing in advancing technologies to modernize kidney preservation and logistics (more)

• Happy Money, a platform for unsecured lending in partnership with credit unions, received an investment of undisclosed amount (more)

M & A:

• Bullish purchases CoinDesk for Digital Currency Group (more)

• 3E, a provider of compliance solutions for chemical and workplace safety, and sustainable supply chains, acquired Chemycal, a provider of news, intelligence and regulatory insights for product safety professionals managing chemicals (more)

• Aya Healthcare, a healthcare talent software and staffing company, acquired Winnow AI, a provider of a data science-driven solution that gives access to predictive physician insights to bolster an organization’s provider recruitment/retention strategies (more)

• SK Capital Partners completes deal for J&K Ingredients (more)

• Vista Equity Partners-backed Acquia acquires Monsido from CivicPlus (more)

• Labcorp buys Legacy Health (more)

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CRYPTO

• US is seeking more than $4 billion from Binance to end case (more)

• US SEC sues Kraken crypto exchange over failure to register (more)

• Tether freezes $225M linked to human trafficking syndicate amid DOJ investigation (more)

• Bitcoin ETF hype has Wall Street eyeing $100 billion Crypto potential (more)

BULLISH BITES

🩸 It’s messy: Venture Capital’s 2023 bloodbath, by the numbers

🎮 Not just kid play: Toy companies aim more products at older adults

%. Head’s up: What you need to know about IRS tax changes for 2024

💸 Fool me once: Why did America’s elite keep falling for Crypto frauds?

👊 Cheat sheet: Create amazing content quickly with Canva – no design skills needed

DAILY SHARES

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