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The Fast Five → Smart money buys the dip, don’t expect the Fed to panic, Sell-off in Japan's stocks is overdone, Airbnb drops 14% due to slowing demand, and sleepy utilities sector becomes haven from turbulence…
From Weiss Research: He called Nvidia at $8. Here’s his next pick »
Yesterday’s Poll: What is happening in the US market?
🟨🟨🟨🟨🟨⬜️ Recession
🟩🟩🟩🟩🟩🟩 Correction
Calendar: (all times ET) - Full calendar
Today: Consumer credit, 3:00 PM
Tomorrow: Initial jobless claims, 8:30 AM
Your 5-minute briefing for Wednesday, August 7:
BEFORE THE OPEN
As of market close 8/6/2024.
Pre-Market:
US Investor % Bullish Sentiment:
↑44.88% for Wk of August 01 2024
Last week: 43.17%. Updates every Friday.
Market Wrap:
Stock futures lower after Wall St's three-day decline ends
Super Micro Computer fell 13% after earnings miss
Airbnb slipped 16% on disappointing Q2 results
Tue: S&P 500 and Nasdaq +1%, Dow up nearly 300 points
Mon: Worst session since ‘22 due to recession worries, yen carry trade unwinding
EARNINGS
Here’s what we’re watching this week:
Robinhood (HOOD) - earnings up $.15 per share on $634.2M revenue (+30.5% YoY)
Walt Disney (DIS) - earnings of $1.19 per share (+15.5% YoY) on $23.0B revenue (+3.1% YoY)
Full earnings calendar here.
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HEADLINES
Behind the scenes of Monday’s trillion-dollar meltdown, big-money investors were doing something usually reserved for the retail crowd: buying the dip.
A delay in cutting rates will spark more criticism from progressives, who say the Fed needs to ease borrowing costs soon if it wants to save the labor market.
Indexes end with strong gains, rebounding from global sell-off (more)
Solomon says Fed will forgo emergency cut despite weak jobs data (more)
Selling from volatility-linked funds may be drying up after $150B dump (more)
Market volatility puts 'buffer' ETFs in the spotlight (more)
Sell-off in Japan's stocks is overdone, Bridgewater says (more)
The dollar steady, yen wobbles as traders consider rate cut bets, carry (more)
Sleepy utilities sector shines as haven from stock turbulence (more)
US household debt levels edge up in Q2 (more)
Rivian tops second-quarter expectations amid cost cuts (more)
Airbnb shares drop 14% on earnings miss, slowing US demand (more)
Super Micro announces 10-for-1 split, shares plunge 13% on earnings miss (more)
Microsoft blames Delta for its struggle to recover from cyber outage (more)
Google antitrust ruling may pose $20 billion risk for Apple (more)
DEALFLOW
M+A | Investments
Thoma Bravo explores $2 bln sale of ESG software maker Cority (more)
Media mogul Byron Allen weighs topping bid for Paramount (more)
Dysrupt, an L.A. media agency, acquired Half Past Nine, a specialized growth marketing and strategy services firm (more)
Körber Supply Chain Software, a company specializing in supply chain software solutions, acquired MercuryGate Int'l Inc., a provider of transportation mgmt systems (more)
VC
Groq, a company specializing in fast AI inference, has secured a $640M Series D, at $2.8B valuation (more)
Muon Space, an end-to-end space systems provider, raised $56M in Series B funding (more)
Savvy Wealth, a digital-first platform for financial advisors, raised an additional $15.5M funding (more)
Amlogenyx, Inc., a subsidiary of Ultragenyx Pharmaceutical, Inc. researching therapies for Alzheimer’s other amyloid diseases, completed a seed funding round of $14M (more)
Hedra, a provider of AI-powered tools for generating video content with human characters, raised $10M in seed funding (more)
Hyperbolic, a provider of GPU resources and AI services through a cloud platform, raised $7M in seed funding (more)
NanoHive Medical, a company specializing in 3D-printed titanium spinal interbody fusion devices, raised $7M in Series C funding (more)
Skillfully, a company specializing in simulation-driven hiring solutions, raised $2.5M in seed funding (more)
LoanBYE, a company providing student loan relief solutions as an employer benefits package, received a 300K investment (more)
CRYPTO
BULLISH BITES
🚨 Free Download: How to Profit in a Collapsing Market *
📉 Spooked: What’s behind stock selloff? “Very little panic” but plenty of fear.
🔎 Inside Look: The generative-AI revolution may be a bubble.
💻 Slideshow: GenZ's latest obsession? PowerPoint parties.
🏅 Pursuits: 27-yo Harvard grad and gold medalist says healthcare job helped her win in the Olympics.
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