On notice

Biden on notice as inflation jumps- growth slows, Musk makes surprise China visit, Fed rate-cut debate shifts from ‘when’ to ‘if’, Apple renews talks with OpenAI for iPhone genAI, and Google is officially a $2 trillion company…

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Market Briefing
April 29, 2024

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Good morning.

The Fast Five → Biden on notice as inflation jumps- growth slows, Musk makes surprise China visit, Fed rate-cut debate shifts from ‘when’ to ‘if’, Apple renews talks with OpenAI for iPhone genAI, and Google is officially a $2 trillion company…

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Calendar: (all times ET)

TUE 4/30:

Consumer confidence, 10a

WED 5/1:

Job openings, 10a
Fed interest rate decision, 2p
Fed Chair Powell conference, 2:30p

THU 5/2:

Jobless claims, 8:30a
Trade deficit, 8:30a

FRI 5/3:

Unemployment report, 8:30a

Your 5-minute briefing for Monday, April 29:

BEFORE THE OPEN

As of market close 4/26/2024. Bitcoin as of 4/28/2024.

Pre-Market:

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

Market Recap:

  • S&P 500 futures rise ahead of earnings and Fed meeting.

  • Dow futures up 0.2%, Nasdaq 100 futures climb 0.1%.

  • Last week saw S&P's best performance since November.

  • Nasdaq soared 4.2%, Dow up 0.7%.

  • Key earnings this week: McDonald’s, Coca-Cola, Apple, Amazon.

  • Over 45% of S&P 500 firms beat Q1 expectations.

  • Fed rate announcement Wed; focus on Powell's press conference.

EARNINGS

What we’re watching this week:

  • Today: MicroStrategy (MSTR), Paramount Global (PARA), SoFi Technologies (SOFI)

  • Tuesday: 3M (MMM), Coca-Cola (KO), Eli Lilly (LLY), Gartner (IT), McDonald's (MCD), PayPal (PYPL), Sirius XM (SIRI), Starbucks (SBUX)

    • Amazon.com (AMZN) - earnings of $.83 EPS (vs $.31 EPS one year ago) on $142.5B revenue (+25.1% YoY)

  • Wednesday: 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

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HEADLINES

The Tesla chief met Premier Li Qiang and is expected to discuss the rollout of Full Self-Driving software in the country.

The US economy is cooling down, negatively impacting voters’ perception of Biden in critical swing states.

  • Wall Street humbled as fast-reversing markets confound the pros (more)

  • Rate-cut debate shifts from when toward if on inflation data (more)

  • Homeland Security names AI safety, security advisory board (more)

  • Investors brace for 5% Treasury yields as US inflation worries mount (more)

  • Big Oil earnings backpedal as Natgas prices tumble (more)

  • 'End of oil not in sight', OPEC Sec. General says in MEES article (more)

  • Hong Kong economy to grow 2.5%-3.5% in Q1, financial chief says (more)

  • Yen trips past 160-per-dollar to April 1990 lows (more)

  • Elliott said to have “several tens of billions of yen” in Buffett-favored Sumitomo (more)

    • Elliott builds $1 Billion Anglo American stake (more)

  • Google is officially a $2 trillion company (more)

  • Apple renews talks with OpenAI for iPhone gen AI features (more)

  • Digital ad market is finally on the mend, bouncing back from the ‘dark days’ of 2022 (more)

  • Daimler Truck reaches deal with UAW, averts US strike (more)

DEALFLOW

M+A | Investments

  • Anglo American rejects mega-deal with rival BHP (more)

    • How the offer came together. What happens next? (more)

  • L'Occitane's billionaire owner close to possible $7B buyout bid (more)

  • General Mills explores sale of $2+ billion yogurt business in North America (more)

  • Perpetual in exclusive talks with KKR on possible deal (more)

  • Blackstone to make improved bid for Hipgnosis (more)

  • Apollo, KKR, Stonepeak weigh investing billions in Intel chip JV (more)

  • LVMH-backed L Catterton buys majority stake in Kikok (more)

  • RedBird IMI to drop Telegraph bid, leaving UK paper for sale (more)

  • Stroll mulls selling up to 25% stake in Aston Martin F1 team (more)

VC

  • On.Energy, an electric power asset owner and end-to-end integrator of battery energy storage systems, received a $25M working capital facility from Lombard Odier Investment Managers (more)

  • Edia Learning, a provider of an AI platform that helps students succeed at math, closed $9.4M funding round (more)

  • Ophthalmic goods manufacturing startups Bon Vivant Safety Eyewear Company, Inc. and Tioga Optical Lab QOZB, LLC, secured $830k in seed funding for the JV LENSRXLAB (more)

  • Pure Lithium, a lithium metal battery technology company, extended its Series A funding round (more)

  • Wheelhouse, a provider of an independent content and talent platform, received an investment from Alignment Growth (more)

  • Allegiance Mobile Health, a provider of medical transportation and 911 emergency services, received a financing from Brightwood Capital (more)

CRYPTO

  • SNB’s Jordan sees ‘good reasons’ to avoid crypto investments (more)

  • The key to reviving Bitcoin bull run is the US Treasury’s refunding announcement (more)

  • Pantera Capital buys another trove of Solana tokens from FTX auction (more)

BULLISH BITES

🍎 End of era? The walls of Apple’s garden are tumbling down.

💰 ’To the future’: Saudi Arabia spends big to become an A.I. superpower.

📊 Inside look: The meteoric rise and stunning fall of Prime, Logan Paul's energy drink.

🎟 Tickets, please: With new tourist fee ‘Disney-fication’ of Venice, the world hits its overtourism tipping point.

🏁 Experience: Speed across five African countries in a safari-ready Porsche, with a team of mechanics and attendants in tow.

DAILY SHARES

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