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BEFORE THE OPEN

Pre-Market:

US Investor % Bullish Sentiment:
32.13% for Wk of Apr 25 2024 (Last week: 38.27%)

Market Recap:

• S&P 500 futures slipped ahead of the Fed's rate decision.

• Nasdaq 100 futures dropped 0.4%, Dow futures ticked 0.02% lower.

• Amazon up 1% after strong earnings; AMD fell 6%, Super Micro 9%.

• Dow, S&P both down over 1%; Nasdaq fell 2%

• Bond yields rose post Q1 employment cost index exceeding expectations.

• April ended with S&P, Nasdaq each posting over 4% losses.

• Fed expected to hold rates steady; eyes on Powell's clues.

• Upcoming earnings: Pfizer, Kraft Heinz, CVS, Qualcomm, DoorDash.

EARNINGS

What we’re watching this week:

• Today: DoorDash (DASH), DuPont (DD), eBay (EBAY), Etsy (ETSY), Estee Lauder (EL), KKR (KKR)

  • Mastercard (MA) - earnings of $3.23 EPS (+15.4% YoY), on $6.3B revenue (+10.3% YoY)

• Thursday: DraftKings (DKNG), GoDaddy (GDDY), Live Nation (LYV), PENN Entertainment (PENN)

  • Apple (AAPL) - earnings of $1.50 EPS (-1.3% YoY) in $90B revenue (-5.0% YoY)

• Friday: Hershey Foods (HSY)

Full earnings calendar here

HEADLINES

Traders Expect Biggest Fed-Day Move in S&P Since 2023

Musk’s ‘Absolutely Hardcore’ Tesla Layoffs Could Hurt EVs Everywhere

• Stocks sink to end worst month of 2024 as Fed decision looms (more)

• US consumer confidence slumps to lowest level in nearly two years (more)

• Americans’ pay gains rose faster than expected so far this year (more)

• Treasury announces new Series I bond rate of 4.28% for the next six months (more)

• Home-price gains accelerate in the US, climbing 6.4% in February (more)

• FTC targets 'junk' patent listings on Ozempic and other drugs (more)

• Big brands warn that low-income consumers are starting to crack (more)

• Consumers are more cautious, Citi CEO says emphasizing bank overhaul (more)

• Pot stocks surge on report DEA is moving to reclassify marijuana (more)

• Trump Media shares rise again, jump 50% in the past week (more)

• Walmart launches store-brand food line in bid for Gen Z dollars (more)

  • Walmart closes health centers, telehealth unit as costs rise (more)

• US newspapers sue Microsoft and OpenAI over copyright infringement (more)

• JPMorgan broadens roles for sales executives, memo says (more)

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DEALFLOW

M+A | Investments

• UAE's e& seeks to buy $8.6B European carrier United Group (more)

• Union announces talks with Carlyle on majority stake in Thyssenkrupp Marine Systems (more)

• S&P Global weighs options for mobility unit (more)

• ZF Friedrichshafen taps banks for sale or IPO of airbag unit (more)

• Walmart’s Vizio acquisition to undergo full FTC antitrust probe (more)

• Playa Bowls' owners explore sale of restaurant chain (more)

• SES to buy Intelsat in $3.1B bid to rival Musk’s Starlink (more)

• Carlyle picks JPMorgan, Morgan Stanley for IPO or sale of StandardAero (more)

• SES, Intelsat revive deal talks to form satellite giant (more)

• Godspeed-backed SAS acquires Willbrook Solutions (more)

• WindRose purchases SubjectWell, a patient access marketplace that connects people with health conditions to care options (more)

• Simply Good Foods buys capital-backed OWYN (more)

• Norwest Equity Partners buys MDC Interior Solutions (more)

• Your Behavioral Health acquires Insight Treatment Programs (more)

• Ryan Reynolds reportedly invests in Mexican Soccer Team (more)

• Kain Capital invests in Essen Health Care (more)

• Borgman Capital invests in Buck Bone Organics (more)

• TA Associates invests in Edmunds GovTech, a provider of ERP software services to local government (more)

• Riverspan Partners makes inaugural investment in Barretts Minerals (more)

• PsiQuantum, a provider of fault-tolerant quantum computing systems, is to receive $620M (USD) through a financial package from the Australian Commonwealth and Queensland Governments (more)

• Blackrock Neurotech, a brain-computer-interface tech company, received a $200M investment from Tether (more)

VC

• Corelight, an open network detection and response company, raised $150M in Series E funding (more)

• Enlaza Therapeutics, a covalent biologic platform company, raised $100M in Series A funding (more)

• Elisity, a company specializing in identity-based microsegmentation, raised $37M in Series B funding (more)

• Inhabitr, an AI-powered commercial real estate furnishing platform, raised $27M in Series B funding (more)

• Ory Corp, a provider of an access control, authorization and identity platform, raised $5M in Series A funding (more)

• Plover Parametrics, a tech-enabled commercial insurance brokerage, raised over $5M in funding (more)

First time reading? Get tomorrow’s briefing here »

CRYPTO

• Binance founder Changpeng Zhao sentenced to 4 months in prison after plea deal (more)

• Bitcoin slips under $62K as Hong Kong ETFs disappoint (more)

• Bitcoin faces worst month since FTX crash with ETF demand cooling (more)

BULLISH BITES

🤖 Results: A.I. start-ups face a rough financial reality check.

📈 Pursuits: Where to invest in real estate right now.

💰 Crash profits: How to protect your portfolio in down markets. *

🧠 Peek inside the brains of ‘Super-Agers’ - why some octogenarians have exceptional memories.

🏝 Hot tip: You’re looking in the wrong place for travel advice, says top restaurateur.

DAILY SHARES

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