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BEFORE THE OPEN

Pre-Market:

US Investor % Bullish Sentiment:
47.29% for Wk of Apr 04 2024 (Last week: 50.00%)

Market Recap:

• slightly pithier- but only a tiny bit where it makes sense.

• Dow up 0.09%, S&P 500 0.08%, Nasdaq 100 0.1%.

• Markets hold steady ahead of March CPI report.

• CPI expected to rise 0.3% month-over-month, 3.4% YoY.

• Fed funds futures show 42% chance of unchanged rates in June.

• Inflation data to influence market moves; hot print may trigger pullback.

• Investors also eye Fed minutes and Q1 earnings, starting with Delta Air Lines.

EARNINGS

What we’re watching this week:

• Today:

  • Delta (DAL) - earnings of $.35 per share (+40% YoY) on $12.6B revenue (+6.0% YoY)

• Thursday: Carmax (KMX), Constellation Brands (STZ)

• Friday: BlackRock (BLK), Wells Fargo (WFC)

  • JP Morgan Chase (JPM) - earnings of $3.88 per share (-5.4% YoY) on $38.8B revenue (-1.4% YoY)

Full earnings calendar here

HEADLINES

Google Unveils Custom Arm-Based Chips, Following Rivals Amazon and Microsoft

Small-Business Optimism Hits 11-Year Low

• CPI report today expected to show little progress against inflation (more)

• House Dems bring bill to nix IMF fees that cost countries billions (more)

• Wall St rises on easing bond yields, inflation numbers on tap (more)

• 10-year Treasury yield falls as investors await inflation data (more)

• Gold hits another record as investors await US inflation print (more)

• Shocks in G20 emerging economies hit rich-world growth (more)

• Global venture funding drops 30% as China helps drag market down (more)

• Hong Kong, long an economic crossroads, now faces one (more)

• Boeing hit with new whistleblower allegations, adding to safety concerns (more)

  • Boeing’s quarterly airplane deliveries drop to lowest since 2021 (more)

• Intel unveils latest AI chip as Nvidia competition heats up (more)

• Tesla investors brace for potential back-to-back sales decline (more)

• Google’s Gemini 1.5 Pro can now hear (more)

• Costco selling as much as $200M in gold bars a month now (more)

• Blackstone plans to borrow $1B against its own investments to free up cash (more)

• NYSE exec says ‘handful’ of AI startups are exploring IPOs (more)

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DEALFLOW

M+A | Investments

• Merger arbitrage desks still waiting for broader M&A bounce (more)

• Blackstone nears buyout of skin-care company L’Occitane (more)

• Silver Lake lines up $8.5 Billion financing for Endeavor buyout (more)

• Bain Capital exits Axis Bank, raises $429M in stake sale (more)

• ProSiebenSat.1 prepares Verivox, Flaconi sale amid Mediaset pressure (more)

• Multiverse, a tech company that delivers apprenticeship to create equitable access to economic opportunity, acquired Searchlight, a provider of a talent intelligence/skills assessment platform (more)

• Restaurant365, provider of a restaurant enterprise management platform, acquired ExpandShare, provider of a proprietary learning management system built for restaurants (more)

• Entrust, a company specializing in payments, identities, and data security, acquired Onfido, an identity verification company (more)

• Trivest buys pet care assets from PET|VET M&A Sales & Advisory (more)

• Stellex-backed Fenix Parts acquires Neal Auto Parts (more)

• Beeper messaging app that irked Apple is acquired by WordPress.com owner (more)

• PE-backed Waverly Advisors purchases McShane Partners (more)

• Alpine-backed Cobalt buys four businesses (more)

• Ascendant and CIP acquire portfolio of multifamily properties (more)

• Buyers Edge Platform, a provider of digital procurement solutions for the foodservice industry, received a $425M equity investment (more)

• Stonebranch, a provider of service orchestration and automation solutions, received a minority investment from EMH Partners (more)

VC

• Cyera, a data security company, raised $300M in Series C funding, at $1.4B valuation (more)

• Monad Labs, the NYC-based core developers behind layer 1 blockchain Monad, closed a $225M Series A funding (more)

• Nova Farms, an integrated cannabis operator, received a $20M in Loan Facility from Chicago Atlantic (more)

• Sprinto, provider of an automated risk and compliance platform, raised $20M in Series B funding (more)

• Cariloop, provider of a caregiver support platform, raised $20M in Series C funding (more)

• StrikeReady, a company working to advance the way modern security teams operate, announced $12M in funding (more)

• Procurement Sciences AI, provider of a bidding-intelligence platform for government contractors, raised $10M in Series A funding (more)

• Bite, a provider of intelligent kiosk solutions for restaurants, raised $9M in Series A funding (more)

• Quintar, an extended reality company, raised $8.2M in Series A funding (more)

• Kiki World, a community commerce company, raised $7M in funding (more)

• Juicer, a company specializing in restaurant revenue management and pricing solutions, raised $5.3M in Seed funding (more)

• Ostra Cybersecurity, a holistic and managed security as a service platform provider, raised over $4M in Series A funding (more)

• Pete, an AI EdTech startup, raised $2M in Seed funding (more)

• GoodGist, a company specializing in corporate skills development and knowledge management automation, raised $1M in funding (more)

• Algotech has emerged again with the milestone of raising $500,000 in a single day during its ongoing presale. In less than four weeks of the current presale, Algotech has raised over $3.5 million (more)

CRYPTO

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• $102M shorts liquidated as Bitcoin price surpassed $72K (more)

• Bitcoin could slump around reward halving time, Arthur Hayes says (more)

• After Bitcoin surge, crypto VC creeps toward a comeback (more)

BULLISH BITES

⚾️ Pursuits: Popular YouTube channel Dude Perfect scores more than $100M investment.

🏡 Boomtown: The US has a record number of cities where $1 million homes are ‘typical'.

🏞 Rivalry: TikTok’s competing with Instagram with TikTok Notes.

⌚️ Inside look: What's hot at Watches and Wonders 2024.

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