BEFORE THE OPEN BEFORE

MARKETS:

• Futures stabilize after Fed's rate hike discussion, Dow adds 20 points.

• S&P 500 remains steady, Nasdaq slips 0.07% in futures trading.

• Cisco Systems gains 2% in after-hours trading on earnings beat.

• Wolfspeed tumbles 14% due to disappointing Q4 earnings report.

• Previous session saw S&P 500 drop 0.76%, Dow shed 0.52%, Nasdaq slipped 1.15%.

• Investor concern grows as July Fed meeting minutes suggest potential for more tightening.

• August remains challenging, major averages deep in negative territory.

• Eyes on upcoming corporate earnings: Walmart, Tapestry, Ross Stores, Applied Materials, Keysight.

• Traders also awaiting latest weekly jobless claims report for economic insight.

EARNINGS

What we’re watching this week:

• Today: Walmart (WMT), Tapestry (TPR)

• Friday: Palo Alto Networks (PANW)

• Full earnings calendar here

NEWS BRIEFING

From Ruble to Rubble - Russia Rescues Vladimir Putin from Humiliating Currency Collapse with Emergency Hike

Goldman CEO’s Most Loyal Deputy Is Tested by Mutinous Partners

• Fed, economists make course correction on US recession predictions (more)

• China shadow bank crisis sparks protest by angry investors (more)

• Russia hits Ukrainian grain depots again as a foreign ship tries out Kyiv’s new Black Sea corridor (more)

• High-potency pot market worth billions draws regulator scrutiny (more)

• Goldman Sachs blames zero-day options for fueling S&P 500 selloff (more)

• Intel scraps $5.4 billion acquisition of Tower Semiconductor after regulators fail to approve deal (more)

• Target sales are punished by Pride Month backlash (more)

• Tesla makes further price cuts in China, reducing models S and X by $7,400 to $8,500 (more)

• 1.5 million dehumidifiers recalled over fire risk (more)

• Google reportedly building A.I. that offers life advice (more)

• Amazon will reportedly charge sellers an extra fee for shipping their own products (more)

• Wegovy could prevent up to 1.5 million heart attacks, strokes over 10 years, study says (more)

• Visa faces DOJ scrutiny for how it prices ‘Token’ technology (more)

• Brookfield chases rivals for private equity’s new money-spinner (more)

• Vietnamese EV maker VinFast is now worth more than Ford and GM after Nasdaq debut (more)

• Billionaire Charlie Ergen conjures M&A magic to save empire (more)

• Maker of $400 golf putters becomes 2023’s best IPO with a 624% gain (more)

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DEALFLOW

• Warburg, Kelso make bid for Femsa’s $5B Envoy unit (more)

• GQG Partners buys 8.1% stake in Adani Power for $1.1B (more)

• Occidental buys carbon air capture tech firm for $1.1B (more)

• Gen Z underwear startup Parade snapped up by Fruit of the Loom dealer (more)

• Assembly Ventures, an early-stage transatlantic venture capital platform investing in technologies across the mobility sector, closed its inaugural $76M Assembly Ventures Fund I (more)

• PENN Entertainment, Inc. (Nasdaq: PENN), entered into an agreement with ESPN, Inc. and ESPN Enterprises, Inc., for U.S. online sports betting (more)

• Apica, a synthetic monitoring and observability company, raised $10M in funding, and acquired Logiq.AI, an observability data fabric startup (more)

• Sapphire Technologies, a developer and manufacturer of energy recovery systems for hydrogen and natural gas applications, raised $10M in Series B funding (more)

• Toothio, a provider of an on-demand dental staffing platform, raised $4M in Seed funding (more)

• Trivest Partners, a private investment firm, acquired ABC-Amega, a provider of commercial debt collection solutions for business-to-business clients around the world (more)

• InMobi, a provider of content monetization and marketing technologies for businesses, acquired Quantcast Choice, a consent management platform (CMP) designed to help publishers align with global privacy regulations (more)

• Matera, a provider of instant payments, QR code and digital ledger technology, acquired Cinnecta, an AI provider of customer retention solutions, loyalty and enhancing digital experiences (more)

• Storable, a provider of technology solutions for the self-storage industry, acquired CallPotential, a provider of tenant engagement and performance management solutions for self-storage operators (more)

• Gallant Capital Partners, an investment firm, completed a strategic growth investment in DynTek, Inc., a professional IT services, cybersecurity, and risk management organization, and rSolutions Corporation, a cybersecurity firm (more)

• MikMak acquires ChannelAdvisor’s Shoppable Media and Brand Analytics Product Lines from CommerceHub (more)

• Instylla, Inc., a company developing next-generation liquid embolics for peripheral vascular embolotherapy, closed a $30M financing round (more)

CRYPTO

• Coinbase wins approval to sell Crypto futures in US (more)

• Dubai fines Three Arrows founders over OPNX Crypto project (more)

• Ex-FTX executive Salame to invoke right not to testify, US says (more)

• Crypto startup Nova Labs is betting on $5 mobile phone plans (more)

• Asia promotes crypto clarity amid regulatory uncertainty in the U.S. (more)

BULLISH BITES

💼 Miami, Austin, Denver: Where Your Money Would Go Further?
Billionaires know they are. Low-wage workers are very well aware that they aren’t. But vast swaths of America’s “regular rich” don’t feel that way, and it’s keeping everybody down... (continue reading)

⛪️ "The Most Stunning Demo I’ve Ever Seen in My Life…”
Bill Gates watched ChatGPT ace an AP Bio exam and went into ‘a state of shock’: ‘Let’s see where we can put it to good use’... (continue reading)

DAILY SHARES

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