Nvidia passes Apple

Nvidia passes Apple becoming second-most valuable public US company, S&P 500 hits 25th record this year, unwinding of popular currency trade rocks markets, SEC hedge fund fee disclosure rule struck down, and Boeing CEO to testify in Senate hearing…

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Market Briefing
June 06, 2024

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Good morning.

The Fast Five → Nvidia passes Apple becoming second-most valuable public US company, S&P 500 hits 25th record this year, unwinding of popular currency trade rocks markets, SEC hedge fund fee disclosure rule struck down, and Boeing CEO to testify in Senate hearing…

Calendar: (all times ET)

Today:

Initial jobless claims, 8:30a

FRI, 6/7:

Unemployment rate, 8:30a

Your 5-minute briefing for Thursday, June 6:

BEFORE THE OPEN

As of market close 6/5/2024.

Pre-Market:

US Investor % Bullish Sentiment:
↓ 39.04% for Wk of May 30 2024 (Last week: 47.04%).

Market Recap:

  • Stock futures flat after S&P hits record high on Nvidia rally.

  • S&P and Nasdaq futures up 0.1%, Dow up 10 points.

  • Lululemon +10% on strong Q1 results; Five Below -15%.

  • S&P +1.18%, Nasdaq +1.96%, Dow +0.25%.

  • Nvidia +5%, hits $3T market value, tops Apple.

  • Focus on Friday’s payroll report; ADP shows hiring slowdown.

  • Today: Jobless claims data due

EARNINGS

What we’re watching this week:

  • Today: Big Lots (BIG), DocuSugn (DOCU), Nio (NIO)

    • Ciena (CIEN) - earnings of $0.15 per share (-79.7% YoY) on $894.9M revenue (-20.8% YoY)

Full earnings calendar here.

HEADLINES

A sharp drop in Mexico's currency after a landslide election result has shaken foreign exchange markets this week, leaving investors asking whether the unwinding of hugely popular "carry trades" will continue.

  • S&P 500 hits 25th record this year as tech soars (more)

  • US hiring has slowed to the weakest pace since start of year (more)

  • Rate-cut bets supercharge longest bond winning streak this year (more)

  • Boeing CEO to testify in Senate hearing June 18 (more)

  • SEC hedge fund fee disclosure rule struck down by court (more)

  • FTC prepares to sue largest US alcohol distributor, alleging ‘secret kickbacks’ (more)

  • Asia stocks rally as rate cut bets gather momentum (more)

  • Goldilocks market is ignoring slowdown signs (more)

  • Electric air taxi maker Archer Aviation gets key FAA sign-off (more)

  • Alphabet taps Eli Lilly’s Anat Ashkenazi as new CFO (more)

  • Walmart rolls out new training programs for skilled trades as it tries to fill high-demand roles (more)

  • EBay to drop AMEX over fees, says customers have other options (more)

  • SeatGeek adds Citigroup, Wells Fargo to IPO (more)

  • Chanel’s record dividend brings owners’ windfall to $12B(more)

  • ‘Everything is not going to be OK’ in private equity, Apollo’s Co-President says (more)

A MESSAGE FROM BEHIND THE MARKETS

NEW VIDEO: $13 Billion Unlocked for New "UFO Weapon"

Air Force Magazine calls it "transformational."

The Wall Street Journal calls it one of the Pentagon's "highest priorities."

National Defense Magazine reports "Eye-popping budget" for it.

This small company won the first contract to build them!

All the best,
Simmy Adelman, Publisher
Behind the Markets

DEALFLOW

M+A | Investments

  • Hanesbrands to sell Champion brand to Authentic Brands in $1.2B deal (more)

  • Dollar Tree exploring a sale of its Family Dollar brand (more)

  • Data provider Preqin explores £1 billion sale (more)

  • DELFI Diagnostics, developer of blood-based tests, received an equity investment from the Merck Global Health Innovation Fund (more)

  • Solarity, automated clinical data processing solutions for healthcare providers, received a strategic growth investment from TA Associates (more)

  • Fispoke, a WealthTech company, received an investment from First Rate Ventures (more)

  • Dubin Research & Consulting, a trial consulting and litigation advisory firm assisting global law firms, received a strategic growth investment from Trivest Partners (more)

  • SOFIE Biosciences, a radiopharmacy and contract dev and manufacturing org, received a strategic growth investment from Trilantic North America (more)

  • PostPilot, a direct-mail marketing company, received a strategic investment from Summit Partners, with participation from Klaviyo founders Andrew Bialecki and Ed Hallen (more)

VC

  • Vilya, a biotech company creating medicines that precisely target disease biology, expanded its Series A funding to $71M (more)

  • restor3d, a company specializing in 3D printed, personalized orthopedic implants, raised $70M in funding (more)

  • Twelve Labs, a video understanding company, raised $50M in Series A funding (more)

  • Nium, a global leader in real-time cross-border payments, raised $50M in Series E funding round (more)

  • Eko Health, a company applying AI for early detection of heart and lung diseases, raised $41M in Series D funding (more)

  • Advanced Medicine Partners, developer of innovative advanced medicines, received an additional $32M in financing (more)

  • LiveKit, a platform for building and scaling voice applications, raised $22M in Series A funding (more)

  • Tobiko Data, a data infrastructure startup, raised $21.8M in funding (more)

  • Vantage Discovery, a search and content discovery platform for ecommerce, raised $16M in Series A funding (more)

  • Understory, an insurance platform protecting climate-vulnerable industries from severe weather risk, raised $15M in Series A funding (more)

  • SiTration, a materials recovery company, raised $11.8M in Seed funding (more)

  • HyperSpectral, a spectral intelligence company, raised $8.5M in Series A funding (more)

  • Testsigma, an AI-powered, low-code test automation platform, raised $8.2M in funding (more)

  • Inventive, a startup building embedded AI for SaaS products, raised $6.5M in Seed funding (more)

  • Liminal, a company specializing in horizontal gen AI data security, raised additional $5M in funding (more)

  • Hoop, an AI-powered task management platform, raised $5M in Seed funding (more)

  • Wevr, a creative development and production studio, $3.5M in funding (more)

  • Field Materials, a provider of AI software to control and verify construction material and equipment spending, raised additional $3.5M (more)

  • Envisagenics, a biotech company focused on discovery and development of novel RNA splicing therapeutics, raised a Series B fundraising round (more)

CRYPTO

  • Bitcoin miners with attractive power contracts are potential M&A targets, JPMorgan says (more)

  • SEC's Gensler shrugs about new crypto ETFs strolling through his agency's gates (more)

  • Paxos debuts yield-bearing stablecoin issued by UAE affiliate (more)

BULLISH BITES

🩴 Dynasty: How Birkenstock became an improbable luxury empire.

📚 Recommend: The private lives beneath Wall Street glitz are revealed in a new book.

🤝 Game Changer: The importance of the OpenAI-Apple partnership will be announced at Apple's developer conference next week.

🌁 Pursuits: Ultra-wealthy are putting money behind bets on San Francisco’s comeback.

🛏 Retail Therapy: An inflatable bed for your Tesla.

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