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China buying gold like there’s no tomorrow, Buffett talks succession plan at annual meeting - full recap here, says AI scamming will be the next big ‘growth industry’, UAW workers ratify labor deal with Daimler Truck, and Sony and Apollo in Talks to Acquire Paramount officially in talks to acquire Paramount…
Market Briefing
May 06, 2024
Good morning.
The Fast Five → China is buying gold like there’s no tomorrow, Buffett talks succession plan at annual meeting - says AI scamming will be the next big ‘growth industry’ (full recap here), UAW workers ratify labor deal with Daimler Truck, and Sony and Apollo officially in talks to acquire Paramount…
Calendar: (all times ET)
TUE, 5/7: | Consumer credit, 3:00p |
WED, 5/8: | Wholesale inventories, 10:00a |
THU, 5/9: | Initial jobless claims, 8:30a |
FRI, 510: | Consumer sentiment, 10:00a |
Your 5-minute briefing for Monday, May 6:
BEFORE THE OPEN
As of market close 5/3/2024. Bitcoin as of 5/5/24.
Pre-Market:
 |  |
US Investor % Bullish Sentiment:
38.49% for Wk of Apr 25 2024 (Last week: 32.13%)
Market Recap:
Stocks surged Friday on soft April jobs report, boosting rate cut hopes.
Dow up 1.18%, S&P 1.26%, Nasdaq 1.99%.
Weekly gains: Dow 1.14%, Nasdaq 1.43%, S&P 0.55%.
April nonfarm payrolls missed at 175K jobs, unemployment at 3.9%.
Weaker job growth prompts expectations of second rate cut.
10-year Treasury yield briefly below 4.5%, lifting tech stocks.
Apple up nearly 6% on share buyback, earnings beat.
Amgen soars nearly 12% on strong earnings, positive drug update.
EARNINGS
What we’re watching this week:
Tuesday: Robot (IRBT), Lyft (LYFT), Twilio (TWLO), ZoomInfo (ZI)
Walt Disney (DIS) - expect $1.10 EPS (+18.3% YoY), on $22.1B revenue (+1.4% YoY)
Reddit (RDDT) - expect $8.71 EPS loss on $212.8M revenue
Wednesday: Airbnb (ABNB), AMC Entertainment (AMC), Anheuser-Busch (BUD), Duolingo (DUOL), Instacart (CART), Klaviyo (KVYO), News Corp (NWSA), Robinhood (HOOD), Uber Technologies (UBER)
Arm Holdings (ARM) - expect revenue improvement of +6.6% to $878.2M and +$.30 EPS
Thursday: Roblox (RBLX), Tapestry (TPR), Warner Bros. Discovery (WBD)
Full earnings calendar here
HEADLINES
The global price of gold has reached its highest levels as Chinese investors and consumers, wary of real estate and stocks, buy the metal at a record pace.
Buffett said he would support Berkshire Hathaway trusting Greg Abel, his designated successor as CEO, handling investment allocations.
April US jobs report shows looser labor market, good news for Fed (more)
Treasury rally risks running into a $125B brick wall (more)
Dollar steady after soft US jobs report; yen starts week on back foot (more)
Oil advances after weekly slump as Saudi Arabia jacks up prices (more)
China stocks to play catchup as Asia opens higher (more)
EU targets Chinese EVs ahead of Xi Jinping’s visit (more)
Zero-day options boom will only grow even as some investors fear disaster (more)
Full recap of Buffett’s comments at Berkshire annual meeting (more)
Sony and Apollo officially in talks to acquire Paramount (more)
UAW workers ratify US labor deal with Daimler Truck (more)
DEALFLOW
M+A | Investments
Paramount will let exclusive talks with Skydance lapse (more)
FTC seeks more info on Novo Nordisk parent-Catalent deal (more)
Jaguar Growth Partners acquires Multi Property Residential Platform in NYC (more)
Trinity Hunt-backed Dataprise buys Hooks Systems (more)
Kelly purchases MRP from Littlejohn (more)
Danone acquires Functional Formularies from Swander Pace (more)
Emerald purchases Optimum Design Associates (more)
EnviroSpark, an EV charging company, received a $50M investment from Basalt Infrastructure Partners (more)
Rosemont invests in Northside Capital Management (more)
Wynnchurch Capital invests in Reagent Chemical & Research (more)
VC
Latus Bio, a biotech company developing novel gene therapy candidates for disorders of the central nervous system (CNS), raised $54M in Series A funding (more)
Lamini, a startup that is building a platform to help enterprises deploy generative AI applications, raised $25M in seed and Series A funding (more)
Volta, a digital asset company providing Volta Circuit, a multi-signature, non-custodial platform, raised $4.1M in Seed funding (more)
SoBet, provider of a sports betting creator platform, raised $3.7M in initial funding (more)
Any news or data you wish was included in your briefing?
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CRYPTO
Bitcoin hits $62K as cryptos bounce; expect a 'slow grind higher,' Arthur Hayes says (more)
Grayscale's Bitcoin ETF sees first inflow after billions lost since January (more)
Friend.tech social-media platform’s token tumbles 98% after debut (more)
Lamborghini bros no more: Crypto is creating a new wealth effect (more)
BULLISH BITES
💊 Future: Generative AI will be designing new drugs all on its own in the near future.
👔. Updated fashion tips for "finance bros."
🎓 Class of ‘24: The bummer generation - the most disruptive and unconventional college experiences in modern history.
🤖 New normal? The teens making friends with AI chatbots.
💤 Sleep deprived? Try Sleep Baseball - no yelling, no loud commercials - it’s "baseball radio ASMR".
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