Nike benches CEO

Stocks get post-Fed rally, Fed's jumbo cut signals recalibration, Nike replaces CEO with company veteran, Apple Intelligence is now live in public beta, and Buffett’s remaining $34B BofA stake is now pure profit...

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Market Briefing
September 20, 2024

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Good morning.

The Fast Five → Stocks get post-Fed rally, Fed's jumbo cut signals recalibration, Nike replaces CEO with company veteran, Apple Intelligence is now live in public beta, and Buffett’s remaining $34B BofA stake is now pure profit…

🚀 Breakthrough: Billions are flowing into weird Appalachian technology » *
A message from Porter Stansberry

Calendar: (all times ET) - Full calendar here

  • Today: [none scheduled]

  • Monday:
    S&P flash US services PMI, 9:45 am
    S&P flash US manufacturing PMI, 9:45 am

Your 5-minute briefing for Friday, September 20:

BEFORE THE OPEN

As of market close 9/19/2024.

Pre-Market:

US Investor % Bullish Sentiment:
↑ 50.83% for Week of September 19 2024

Last week: 39.80%. Updates every Friday.

Market Wrap:

  • Dow futures flat after record close, boosted by Fed cut.

  • FedEx dropped 11% on earnings cut; Nike up 7% after CEO change.

  • S&P above 5,700; Dow hit 42,000, both record highs.

  • Jobless claims beat expectations at 219K, supporting Fed cut.

  • Major averages on track: S&P up 1.6%, Dow 1.5%, Nasdaq 1.9%.

EARNINGS

No earnings watched today. See full earnings calendar here.

HEADLINES

Wall Street romped to records Thursday as a delayed jubilation swept markets worldwide following the Federal Reserve’s big cut to interest rates.

Shares surged in late trading in New York. Nike is in the midst of a $2 billion cost-cutting plan, including laying off 2% of its workforce.

  • Global stock rally also extends (more)

  • Fed's jumbo cut signals recalibration for America (more)

    • Fed’s dovish capitulation spurs new winners across ETF world (more)

  • Wall St’s $5.1 trillion triple-witching is next market test (more)

  • 10-year Treasury yield jumps as investors bet there’s no recession ahead (more)

  • Mortgage rates fall further, stoking housing optimism (more)

  • Oil set for weekly gain, focus on Middle East (more)

  • Market bull Tom Lee hesitant to jump into this post-Fed rally (more)

  • Largest east coast port starts prepping for first union strike since 1977 (more)

  • Apple Intelligence is now live in public beta (more)

  • Amazon introduces Amelia, an AI assistant for third-party sellers (more)

  • Trump faces a $2 billion decision over his social media empire (more)

  • Buffett’s remaining $34B Bank of America stake is now pure profit (more)

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DEALFLOW

M+A | Investments

  • Uniper, ConocoPhillips agree to 10-year natural gas supply deal (more)

  • KKR, Axel Springer reach deal to break up the media giant (more)

  • Platinum Equity in talks to buy packaging maker Trivium (more)

  • Datamaran gets $33M investment from Morgan Stanley Funds (more)

  • Gruve, a startup specializing in AI-driven solutions, acquired NetServ, a provider of cloud services, AI, and network automation (more)

  • Easy Metrics, a labor analytics platform, acquired TZA, a labor management system (more)

  • CSI, an end-to-end financial software and technology, acquired Velocity Solutions, a company providing financial institutions customer retention solutions (more)

  • Planview, a platform for portfolio mgmt and digital product development, acquired Plutora, value stream mgmt and software delivery solutions (more)

  • CropX, a company specializing in digital agronomic solutions, acquired EnGeniousAg, advanced nitrogen sensing applications for agriculture (more)

  • Flourish Research, a multi-site clinical trial organization focused on therapeutic areas, received a majority investment from Genstar Capital (more)

  • Amperage Infrastructure Corporation, a broadband infrastructure investment company, received an investment from S2G Ventures (more)

VC

  • Twelve, a company that converts captured carbon dioxide into essential products made from fossil fuels, raised $645M in funding (more)

  • Mercor, an HR Tech startup, closed a $30M Series A funding round, at a $250M valuation (more)

  • AtoB, a modern payment solutions company for the transportation industry, raised $130M in funding (more)

  • Virtuous, responsive fundraising software for nonprofits, raised $100M in funding (more)

  • Picus Security, a security validation company, raised $45M in funding (more)

  • Datamaran, a software analytics platform that identifies and monitors external risks, raised $33M in Series C financing (more)

  • LiquidStack, a company specializing in liquid cooling for data centers, raised $20M in Series B funding (more)

  • Rebelstork, a baby gear returns recommerce marketplace, raised $18M in Series A funding (more)

  • Fathom, an AI-powered meeting intelligence platform, raised $17M in Series A funding (more)

  • Hemi Labs, a developer of Web3 infrastructure, raised $15M in funding (more)

  • True Markets, a cryptocurrency platform, raised $9M in Seed funding (more)

  • Safire Technology Group, a Li-ion battery technologies company, raised $8M in Pre-Series A funding (more)

  • Harbor, an infant care technology company, raised $7M in Seed funding (more)

  • Cercle, an AI women’s healthcare data company, raised $6M in Seed funding (more)

  • Vana, a decentralized network for user owned data, raised $5M in strategic funding (more)

  • Opnova, a company specializing in IT, security, and compliance operations optimization, raised $3.75M in funding (more)

  • Canopie, a prevention-focused maternal health company, raised $3.7M in Seed funding (more)

CRYPTO

  • Bitcoin pops to $63,000 as investors digest long-awaited rate cut (more)

  • Lawmakers say crypto legislation could come by year-end (more)

  • BlackRock releases a new report, "Bitcoin: A Unique Diversifier" (more)

BULLISH BITES

🥵 Drying Up: China's venture capital collapse.

🎬 Futurism: Lionsgate's new deal is a test of Hollywood's relationship with AI.

🚲 Hustlers: A small band of New Yorkers are gaming Citi Bikes and making up to $6,000 a month.

🧢 The Buzz: The fashion accessory taking over the NFL.

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