Muscle era

Biden vs. Trump all over again, tech giants drag down market after torrid rally, Biden to form price-gouging ‘strike force’, Bezos dethrones Musk as world’s richest, and Dodge kicks off the electric muscle era…

Good morning.

The Fast Five → Biden vs. Trump all over again, tech giants drag down market after torrid rally, Biden to form price-gouging ‘strike force’, Bezos dethrones Musk as world’s richest, and Dodge kicks off the electric muscle era…

Calendar:

  • Today: Fed Chair Jerome Powell testifies to Congress, 10:00a ET

    • Job openings, 10a ET

  • Fri, 3/8: US nonfarm payrolls, unemployment rate, 8:30a ET

Your 5-minute briefing for Wednesday, March 6:

BEFORE THE OPEN

As of market close 3/5/2024.

Pre-Market:

US Investor % Bullish Sentiment:
46.50% for Wk of Feb 29 2024 (Last week: 44.28%)

Market Recap:

  • Nasdaq 100 up 0.2%; S&P 500 adds 0.05%, Dow inches 0.05% higher

  • CrowdStrike soars 25%; Nordstrom tumbles 10% on sales warning

  • Major averages see second day of losses: Dow down 1.04%, S&P 500 dips 1.02%, Nasdaq slips 1.65%

  • Tech suffers worst day since Jan. 2; Apple falls 3% on China iPhone sales report

  • Fed Chair Powell testifies today, Senate Thursday

  • Investors seek clarity on interest rate cuts

EARNINGS

What we’re watching this week:

  • Today: Abercrombie & Fitch (ANF), Campbell Soup (CPB)

  • Thursday: DocuSign (DOCU), Gap (GPS), Kroger (KR)

    • Broadcom (AVGO) - earnings of $10.29 per share (-0.4% YoY) on $11.7B revenue (+31.5% YoY)

    • Costco (COST) - earnings of $3.62 per share (+9.7% YoY) on $59.2B revenue (+9.2% YoY)

Full earnings calendar here

HEADLINES

President Biden and former President Donald Trump won commanding victories across nearly all of the states on Super Tuesday.

The electric Charger will come in two variants, but Dodge isn’t ready to abandon the gas-gargling V8 quite yet.

  • Biden to form ‘strike force’ to go after price-gouging (more)

  • New CFPB rule caps banks’ credit card late fees at $8 (more)

  • Lawmakers seek to force ByteDance to divest TikTok or face US ban (more)

  • Russia considering putting a nuclear power plant on the moon with China (more)

  • Tech giants drag down US stocks after torrid rally (more)

  • Bitcoin faces ‘sell-the-news’ moment after new record high (more)

  • Banks with heavy commercial property exposure see bonds get hit (more)

  • Emerging markets slip amid Fed caution, China growth concerns (more)

  • Leading U.S. banks leave ESG project finance group (more)

  • Apple iPhone sales plunge 24% in China as Huawei smartphone business resurges (more)

    • Apple stock gloom deepens as pressure to show AI progress mounts (more)

  • Elon Musk loses world’s richest person title to Jeff Bezos (more)

  • Target launches new paid membership program (more)

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DEALFLOW

M+A | Investments

  • Fintech raises $30M from investors including Rockefeller Capital, Bain (more)

  • Investors raise bid for Macy’s by 14% after earlier rebuff (more)

  • Cycode, a company specializing in application security posture management, acquires Bearer, provider of an AI-powered SAST, API discovery/data leak protection solution (more)

  • Charlesbank acquires EverDriven from Palladium (more)

  • Godspeed-backed SHA buys Smith Consulting Architects (more)

  • PE-backed Mercer acquires $2.5B RIA MDK Private Wealth Management (more)

  • Lee Equity Partners invests in PCS (more)

  • Daraja Capital invests in Serac Ventures (more)

  • TA invests in AGA Benefit Solutions (more)

VC

  • Silas Capital, an equity and venture capital firm, closed its Fund II, at $150M (more)

  • RapidSOS, an intelligent safety company, raised $75M in additional funding (more)

  • Overjet, a dental-AI company, raised $53.2M in Series C funding (more)

  • DTEX Systems, an insider risk management company, raised $50M in Series E funding (more)

  • Argyle, a provider of direct-source income and employment data, raised $30M in funding (more)

  • Openprise, a RevOps data automation company, raised $25M in Series B funding (more)

  • Metaplane, a provider of a data observability platform for data teams, raised $13.8M in Series A funding (more)

  • Rios Intelligent Machines, an AI-powered robotics company focused on the manufacturing industry, raised $13M in Series B funding (more)

  • HData, a company using AI and automation to help the US energy industry file regulatory data, raised $10M in Series A funding (more)

  • Phase Genomics, a genomics technology development company, raised $1.5M in funding (more)

  • mPATH Health, a digital health company dedicated to improving cancer screening, raised $1.1M in funding (more)

  • Stevenson Search Partners, a global life sciences executive search firm, received a long-term investment from SixSibs Capital (more)

CRYPTO

  • Bitcoin tumbles 10% after hitting record high; triggers $1B crypto liquidations (more)

  • Grayscale introduces a crypto staking fund (more)

  • Bitcoin miners are better bets than actual token, Bernstein says (more)

BULLISH BITES

🚀 Meteoric: Bitcoin's stunning climb to new records, explained in charts.

🍪Me hate less”: Cookie Monster complaint about "shrinkflation" sparks response from White House.

 Magic manifesto: Disney’s activist investor publishes plan to ‘Restore the Magic’.

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