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BEFORE THE OPEN

Pre-Market:

US Investor % Bullish Sentiment:
↓ 44.37% for Wk of June 20 2024 (Last week: 44.59%)

Market Recap:

• Dow +260.88 points (0.67%) S&P -0.31%; Nasdaq -1.09%.

• Tech fell 2%+; energy up 2.7%; financials & utilities ~1%.

• Nvidia fell 6.7%; still up 140% YTD.

• AI enthusiasm lifts market despite rate cut concerns.

• S&P 500 up 14% YTD after 31 record closes.

• May PCE inflation data due Friday.

EARNINGS

Here’s what we’re watching this week:

• Today: 

  • FedEx (FDX) - earnings of $5.36 per share on $22.1B revenue (+0.7% YoY)

• Wednesday: General Mills (GIS), Levi Strauss (LEVI)

  • Micron Technology (MU) - earnings of $0.51 per share on $6.7B (+77.6% YoY)

• Thursday: Lindsay (LNN), McCormick & Company (MKC), Walgreens Boots Alliance (WBA)

  • Nike (NKE) - earnings of $0.84 per share (+27.3% YoY) on $12.9B revenue (+0.2% YoY)

Full earnings calendar here.

HEADLINES

Nvidia’s 13% Stock Rout Has Traders Scouring Charts for Support

Ocean Shipping Prices Pushing to Pandemic-Era Highs as Congestion Swells

• David Rubenstein says Fed not likely to cut rates before the election (more)

• Fed floats weaker version of planned bank-capital overhaul (more)

• US approves Freddie Mac pilot program to buy second mortgages (more)

• Julian Assange is ‘free,’ will plead guilty to leaking national security secrets (more)

• Hedge funds turn most bearish on US gasoline in five years (more)

• Nvidia enters correction territory as slump erases $400B (more)

• Trump Media stock (DJT) soars 30%, breaking weekslong decline (more)

• Apple is first company charged with violating EU's DMA rules (more)

• Novo Nordisk to build $4B factory in US amid weight-loss drug shortages (more)

• Target taps Shopify to juice its Amazon-like platform (more)

• Shein files for London IPO as US listing stalls (more)

• Pfizer testing new non-GLP-1 mechanism for weight-loss drug, CEO reveals (more)

• Oracle warns that a TikTok ban would hurt business (more)

From Stansberry Research

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DEALFLOW

M+A | Investments

• KKR seeks $20 billion for new North America buyout fund (more)

• Rite Aid wins $200M dispute over Elixir sale to MedImpact (more)

• Russia's MTS to buy back foreigners' blocked shares for $29M (more)

• Covestro opens door to ADNOC deal after it raises bid to $12.5B (more)

• Resource Innovations, a tech-enabled services company focused on energy efficiency and sustainability, acquired Cadeo, a clean energy consulting firm (more)

• Naomi Watts, actress and advocate for women’s health, and L Catterton, a consumer-focused investment firm, announced their partnership in the acquisition of Stripes Beauty (more)

• JF Fitness, a Crunch Fitness franchisee serving the Mid-Atlantic and Southeastern U.S., received an investment from Trive Capital and 808 Capital Partners (more)

VC

• BillionToOne, a precision diagnostics company, raised $130M in Series D funding at an over $1B+ valuation (more)

• HeyGen, an AI video generation platform for businesses, raised $60M in Series A funding at a $500M post-money valuation (more)

• The Picklr, an indoor pickleball franchise, raised a Series B funding, at $59M valuation (more)

• Daydream, a search and discovery shopping platform, raised $50M in Seed funding (more)

• Amplify Life Insurance, a digital platform for wealth-building through permanent life insurance, raised $20M in Series B funding (more)

• Maxterial, a material science company, raised nearly $8M in Series A funding (more)

• MEandMine, a startup for classroom well-being using AI to identify psychological risks in children, raised $4.5M in funding (more)

• Coeptis Therapeutics (COEP), a biopharmaceutical company developing cell therapy platforms closed on $4.3M in financing (more)

• Backstroke, a generative AI messaging platform, raised $2M in Seed funding (more)

CRYPTO

• Bitcoin tumbles back to $60,000 to start the week (more)

• Meme coins are having a moment (more)

• Trump in talks to speak at Bitcoin convention in July (more)

• Former Mt. Gox crypto users set to get repayments (more)

BULLISH BITES

🇺🇸 Influence: How Jeff Yass became one of the most influential billionaires in the 2024 election.

📈  Google CEO: This is likely bigger than electricity *

🚖 Inside Look: How a cyberattack took 15,000 car dealers offline.

🏎 Ferrari: Ferrari races into new territory with line of $500,000 electric cars.

🍷 Haute: The best new rosé wines aren’t from France.

DAILY SHARE

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