Smart money buys dip

Smart money buys the dip, don’t expect the Fed to panic, Sell-off in Japan's stocks is overdone, Airbnb shares drop 14% due to slowing demand, and sleepy utilities sector becomes haven from turbulence…Global stocks fall as recession fears grow, Judge rules Google is an illegal monopoly, Wall Sreet 'fear gauge' logs record jump, Japanese stocks soar as wider markets bounce from brutal selloff, and JPMorgan trading desk says ‘getting close’ to buy-the-dip opportunity…

Author

Market Briefing
August 07, 2024

In partnership with

First time here? Sign up »

Good morning.

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…

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:

  • Today: CVS (CVS), Duolingo (DUOL), Klaviyo (KVYO), Lyft (LYFT), Shopify (SHOP)

    • 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)

  • Thursday: Eli Lilly (LLY), Paramount Global (PARA), PENN Entertainment (PENN)

Full earnings calendar here.

Hire Ava, the Industry-Leading AI BDR

Ava automates your entire outbound demand generation so you can get leads delivered to your inbox on autopilot. She operates within the Artisan platform, which consolidates every tool you need for outbound:

  • 300M+ High-Quality B2B Prospects

  • Automated Lead Enrichment With 10+ Data Sources Included

  • Full Email Deliverability Management

  • Personalization Waterfall using LinkedIn, Twitter, Web Scraping & More

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

  • Bitcoin whales increased holdings during crypto market mayhem (more)

  • Hedge funds pile back into crypto call options after ‘horrific’ liquidations (more)

  • Trump-themed ‘DJT’ token, issued by Martin Shkreli, suddenly dives 90% (more)

BULLISH BITES

📉 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.

DAILY SHARE

Have a comment or suggestion?
💌 Send us a message

*from our partners

Disclaimer: Market Briefing© is a news publisher. All statements and expressions herein are the sole opinions of the authors or paid advertisers. The information, tools, and material presented are provided for informational purposes only, are not financial advice, and are not to be used or considered as an offer to buy or sell securities; and the publisher does not guarantee their accuracy or reliability. Please conduct your own research and consult an independent financial adviser before making any investments. Neither the publisher nor any of its affiliates accepts any liability whatsoever for any direct or consequential loss howsoever arising, directly or indirectly, from any use of the information contained herein. Assets mentioned may be owned by members of the Market Briefing team.

Reply

or to participate.