Steep hikes

Biden hikes tariffs on an array of Chinese imports, China vows to take ‘all necessary actions’ in response, the meme stock revival continues, Boeing breached prosecution deal DOJ finds, and Alphabet unveils beefed-up AI search and chatbot…

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Market Briefing
May 15, 2024

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Good morning.

The Fast Five → Biden hikes tariffs on an array of Chinese imports, China vows to take ‘all necessary actions’ in response to tariffs, the meme stock revival continues, DOJ finds Boeing breached prosecution deal, and Alphabet unveils beefed-up AI search and chatbot…

Have a wild meme stock story? Hit reply and tell us about it.

Calendar: (all times ET)

Today:

Consumer price index (CPI), 8:30a
US retail sales, 10:00a

THU, 5/16:

Initial jobless claims, 8:30a

Your 5-minute briefing for Wednesday, May 15:

BEFORE THE OPEN

As of market close 5/14/2024.

Pre-Market:

US Investor % Bullish Sentiment:
40.82% for Wk of May 09 2024 (Last week: 38.49%)

Market Recap:

  • Stock futures flat as Wall Street awaits April CPI.

  • Nasdaq +0.75% to record close; S&P 500 +0.48%, Dow +0.32%.

  • April CPI expected: +0.4% monthly, +3.4% yearly.

  • March PPI +0.5%, delaying Fed rate cuts.

  • Easing in housing, auto insurance may help.

  • Retail sales, Empire State manufacturing, housing index due.

  • Cisco Systems earnings after the bell.

EARNINGS

What we’re watching this week:

Full earnings calendar here

HEADLINES

President Biden on Tuesday unveiled steep tariff increases on an Chinese imports risking an election-year standoff with Beijing as he woos American voters who give his economic policies low marks.

A heady market rally extended to second day after trader ‘Roaring Kitty’ who rallied small investors to buy out-of-favor stocks in the pandemic, returned to social media.

  • Powell maintains wait-and-see posture on inflation, rates (more)

  • S&P gets close to all-time high before key CPI (more)

    • Traders pare bets on Sept start to Fed rate cuts (more)

  • China vows to take ‘all necessary actions’ in response to tariffs (more)

  • Asian stocks to follow US rally with focus on CPI (more)

  • Credit card delinquencies are increasing (more)

  • Boeing breached prosecution deal, Justice Dept finds (more)

  • Alphabet unveils beefed-up AI search and chatbot as competition heats up (more)

  • GameStop’s stock surge continues, punishing short sellers (more)

    • Reddit shares close near record after two-day rally driven by meme stocks (more)

    • AMC completes $250M stock sale during meme rally, shares jump 30% (more)

  • OpenAI co-founder and Chief Scientist Ilya Sutskever is leaving the company (more)

  • TikTok creators sue US govt, say divestiture law violates First Amendment (more)

  • Sony rethinking its bid for Paramount (more)

  • Anglo American gives BHP the blueprint for a takeover (more)

  • De Beers spinoff comes at a troubled time for diamond market (more)

TOGETHER WITH THE RUNDOWN AI

Keep up with AI

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DEALFLOW

M+A | Investments

  • Verizon wants to buy back Los Angeles stake from US Cellular (more)

  • Repsol in talks to sell a slice of its renewable business (more)

  • KKR to take UK's IQGeo private in $396M deal (more)

  • Shore Capital-backed Sweetmore acquires Sweet Eddie’s (more)

  • GitKraken, a developer tooling company, acquired CodeSee, a based code health innovator (more)

  • Goldman Sachs’ Petershill invests in Pennybacker (more)

  • FalconPoint makes inaugural investment with Jennmar (more)

VC

  • Harness, a modern software delivery platform company, raised $150M in financing (more)

  • SmarterDx, a company specializing in clinical AI for revenue integrity and care quality, raised $50M in Series B funding (more)

  • Steno, a provider of legal support and court reporting services powered by AI, raised $46M in additional funding (more)

  • Brixton Biosciences, a life sciences company developing novel therapies for chronic pain, raised $33M in Series B funding (more)

  • Gorgias, a provider of a customer experience (CX) platform, raised $29M in funding (more)

  • Sona, a London, an intelligent workforce management platform for frontline enterprises, raised $27.5M in Series A funding (more)

  • Artisan AI, a startup building AI employees and software for enterprise companies, raised $7.3M in Seed funding (more)

  • Switchboard Health, creator of a high-value specialty care network and software platform, raised $6.5M in seed funding (more)

  • Monitaur, a model governance software company, raised $6M in Series A funding (more)

  • Plenty, provider of a wealth-building platform that helps couples invest and plan for their future, raised $5M in funding (more)

  • Roam, provider of a platform for assumable mortgages, raised $3M in additional funding (more)

CRYPTO

  • Bitcoin-proxy MicroStrategy added to key MSCI World Stock Index (more)

  • Vitalik's Ethereum wallet proposal, scribbled in 22 minutes, gets positive reviews (more)

  • Galaxy’s Novogratz sees Bitcoin stuck in $55K to $75K range for now (more)

  • State of Wisconsin buys nearly $100M worth of BlackRock spot Bitcoin ETF (more)

BULLISH BITES

🤖 Google I/O 2024: Here’s everything Google just announced.

😺 Roaring Kitty: Who is he and why is he causing a GameStop stock surge?

🚀 Soaring demand: This weight loss company can't make enough product. *

📉 Teen MLM: How the ‘Harvard of trading’ ruined thousands of young people’s lives.

💣 Biz killer? Web publishers brace for carnage as Google adds AI answers.

Are You Prepared for the Death of the Dollar?

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