Oops they did it again...

Fed raises rates to 22-year high, big jump in consumer confidence with easing inflation, Billionaire Joe Lewis pleads not guilty to insider trading, U.S. sends $400M in military aid to Ukraine, and Gap names Mattel’s Richard Dickson as CEO…Wall Street climbs on Big Tech enthusiasm, UPS reaches labor deal and avoids strike, Wordcoin users queue up for iris scans, Yellen visits Vietnam to build US ties, and AMC likely to file Chapter 11…

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Market Briefing
July 27, 2023

☕️ Good Morning. The Fed raises rates to a 22-year high, easing inflation evokes two-year high in consumer confidence, Bud Light lays off hundreds of U.S. workers, Billionaire Joe Lewis pleads not guilty to insider trading, U.S. sending $400M in military aid to Ukraine, and Gap names Mattel’s Richard Dickson as CEO…

Here’s your market briefing for Thursday:

BEFORE THE OPEN

As of market close 7/26/2023.

Markets:

  • S&P 500 futures flat after Fed's 22-year high rate hike

  • Meta Platforms surges 7% on impressive results, Chipotle drops 9% on sales miss

  • Dow rises for 13th day, longest win streak since 1987

  • Fed's rate hike brings interest rates to highest level since 2001

  • Packed earnings day ahead: Honeywell, McDonald's, Intel, and more reporting

EARNINGS

What we’re watching this week:

  • Today: Amazon (AMZN), Enphase Energy (ENPH), Ford (F), Intel (INTC)

  • Friday: ExxonMobile (XOM), Chevron (CVX), P&G (PG)

  • Full earnings calendar here

NEWS BRIEFING

The Fed lifted its benchmark overnight interest rate by a widely expected 25 basis points, marking the 11th hike in the U.S. central bank's past 12 policy meetings.

Saudi Arabia aims to become the “ultimate global hub” of the $180 billion-a-year video game industry.

  • Key Takeaways From the Fed Rate Decision and Powell’s News Conference (more)

  • Powell has stopped handing gifts to Wall Street on Fed Day (more)

  • U.S. consumer confidence jumps to a two-year high as inflation eases (more)

  • US to send up to $400M in military aid to Ukraine (more)

  • ‘They blinked’: UPS phone call cleared way to $30B Teamsters win (more)

  • Gap names Mattel’s Richard Dickson as new CEO (more)

  • Bud Light brewer lays off hundreds of U.S. workers (more)

  • Billionaire Joe Lewis pleads not guilty to US insider trading charges (more)

  • Saudi Arabia expected to prolong oil cut again (more)

  • As Twitter fades to X, TikTok steps up with new text-based posts into what he has called an “everything app” (more)

  • Amazon has drawn thousands to try its AI service competing with Microsoft, Google (more)

  • Shopify expands into credit cards as it pushes further into the fintech space (more)

  • Challenging Tesla, automakers launch EV charging network (more)

  • Rolex, Patek prices to keep falling as supplies remain high (more)

  • Samsung rolls out thinner foldable phones, tablet and watch upgrades (more)

  • Porsche's iconic 911 to be sole survivor of automaker's combustion models (more)

  • Thirsty data centers are guzzling water to serve up kitten memes (more)

DEALFLOW

  • JPMorgan to buy almost $2B of mortgages in the PacWest deal (more)

  • Carlyle offers iRobot a $200M bridge loan to ride out antitrust review (more)

  • L’Occitane owner said to mull buyout of $4.2B firm (more)

  • Volkswagen takes $700M Xpeng stake for EV pact to win back China (more)

  • TCW to buy Engine No. 1’s ETF Unit in first deal for CEO Katie Koch (more)

  • Dioxycle raises $17M in Series A funding (more)

  • Octave Bioscience closes $30M extension to Series B funding (more)

  • Ampcontrol raises $10M in Series A funding (more)

  • Very Good Ventures expands Series A with $3.4M from Celesta Capital (more)

  • Collaborative Robotics raises USD30M in Series A funding (more)

  • Iotamotion closes USD12M Series A funding (more)

  • Effectiv raises additional $4.5M in Seed funding (more)

  • ScorePlay raises $5M in Seed funding (more)

  • Prime Movers Lab raises $245M early-stage fund to back breakthrough science startups (more)

  • Exponential Exchange closes $7.4M Seed funding round (more)

  • iSOCRATES acquires Sigma Data Insights (more)

  • Aembit receives strategic investment from Okta Ventures (more)

  • AsclepiX Therapeutics raises $10M in Series A-3 funding (more)

  • Ennabl raises $8M In Series A funding (more)

  • Protect AI raises $35M in Series A financing (more)

  • Coro acquires Privatise (more)

  • Electra Aero receives investment from Statkraft Ventures (more)

  • Sanguina raises $2.8M in Series A funding (more)

  • Teradata acquires Stemma (more)

  • AppHub raises $95M strategic growth investment (more)

CRYPTO

  • US judge tightens Sam Bankman-Fried's bail, will consider jailing him (more)

  • SEC settles with Quantstamp over token offering (more)

  • Winklevoss twins gamify overseas derivatives trading platform to boost demand (more)

  • Binance, billionaire Zhao to seek dismissal of CFTC lawsuit (more)

BULLISH BITES

👕 The Rise and Fall of the Gap: The iconic but beleaguered brand is counting on a new CEO poached from Mattel
Here's the story of the company's rise to mall brand darling and eventual fall from grace… (continue)

⛳️ ‘Crazy Golf’ Is Coming to Las Vegas and Dubai
A 40,000-square-foot street food, drinks and miniature golf venue from Swingers will open in MGM’s Mandalay Bay next year… (continue)

DAILY SHARES

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Enjoy your day! Until tomorrow… -mb

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