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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:

• S&P 500 +0.16%, Dow +0.04%, Nasdaq +0.49%.

• Nvidia up 0.3% after 7% climb Tuesday; concerns about market reliance on Nvidia's surge.

• Amazon jumped 3.9%, hitting $2 trillion market value.

• Big tech dominates; rest of market sluggish.

• Investors await May's PCE inflation data Friday.

• FedEx +15.5% on Q4 results; Rivian up 23.2% on VW investment.

EARNINGS

Here’s what we’re watching this week:

• Today: 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

Amazon Reaches $2 Trillion Market Cap for the First Time

Big Banks Sail Through Fed's Annual 'Stress Test', Signaling Higher Payouts

• Biden awards up to $75M in CHIPS Act grant to Entegris (more)

• New home sales slump; supply at more than 16-year high (more)

• Consumers are revolting against high prices (more)

• High-end earners are worried about making ends meet (more)

• Oil falls after jump in US inventories raises demand concerns (more)

• Japan issues fresh warning against sharp yen falls (more)

• Boeing resuming widebody airplane deliveries to China (more)

• Amazon to launch discount section with direct shipping from China (more)

• Southwest Airlines cuts revenue forecast as booking patterns change (more)

• Jefferies profit climbs as investment-banking momentum builds (more)

• Wealth advisors are about to get an OpenAI-powered assistant to do their grunt work (more)

• Wealthy nation creditor club sees tide shifting as debt defaults peter out (more)

• Surging returns lure private equity giants to India (more)

A message from Dylan Jovine, Behind The Markets

"Your Second Chance to Profit from A.I."

If you missed out on Nvidia, don't worry.

A 244-year-old pattern is about to trigger a $25.6 trillion AI surge...

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DEALFLOW

M+A | Investments

• FedEx explores divestment of freight business (more)

• Bosch weighs offer for appliance maker Whirlpool (more)

• Strategic Sports sees $3 Billion deal easing PGA Tour turmoil (more)

• Blackstone snaps up UK hotel operator Village Hotels (more)

• Nubank acquires AI-for-banks startup Hyperplane (more)

• China Merchants buys 40% of PCCW fiber unit for $870M (more)

• Crossbeam, an ecosystem-led growth platform, to merge with Reveal, a nearbound revenue platform, in an all-stock transaction (more)

• ShakeStir LLC, a company specializing in creating and delivering cocktail kits at scale, acquired Thirstie, Inc., a provider of branded e-commerce solutions for liquor brands (more)

• Wisk Aero, an advanced air mobility company, acquired Verocel, a software verification and validation company (more)

• Cobalt Service Partners, a commercial solutions platform, acquired Digi Security Systems, a commercial security integrator (more)

• Qure.ai, an AI-augmented detection for TB, lung cancer and stroke, gets investment from Merck Global Health Innovation Fund (more)

• CipherHealth, Inc., a company specializing in patient-centered communication solutions, received an investment from Atalaya Capital Management (more)

• LanzaJet, a sustainable fuels technology company and sustainable fuels producer, received an investment from MUFG (more)

VC

• Gates’ climate VC firm turns sights to the developing world (more)

• Function, a provider of a platform that manages lifelong health, closed a Series A funding (more)

• Formation Bio, a tech-driven and AI-native pharma company, raised $372M in Series D funding (more)

• CData Software, a provider of data connectivity solutions, received approx. $350M in Growth funding (more)

• Foodsmart, a telenutrition company and provider of a food benefits management platform, raised $200M in funding (more)

• Arrow, a healthcare technology company, announced its official launch bolstered by $110M in Series A funding secured in 2022 (more)

• BlueFlame AI, a gen AI platform for alternative investment managers, closed a $5M Series A funding round at a valuation of $50M (more)

• UroMems, a company developing implantable mechatronics technology, raised $47M in Series C funding (more)

• Form Health, a provider of science-based obesity care, raised $38M in Series B funding (more)

• OneHouse, a universal data lakehouse company, raised $35M in Series B funding (more)

• Adonis, a healthcare financial technology platform, raised $31M in Series B funding (more)

• Sensi.AI, a company specializing in care intelligence, raised $31M in Series B funding (more)

• Rainforest, a payment provider for software platforms, raised $20M in funding (more)

• Ario, an AI assistant for parents, raised $16M in Seed funding (more)

• iVerify, a company specializing in advanced mobile EDR solutions, raised $12M in Series A funding (more)

• Travertine, a company enabling critical element extraction for mining and fertilizer operations, raised $8.5M in funding (more)

• HydroX AI, a AI startup providing comprehensive LLM safety and security platform, raised $4M in Angel funding (more)

• LunchTable, a brand amplification platform, raised $2.4M in funding (more)

• RISR, a comprehensive business owner engagement platform for financial advisors, raised $1.5M in funding (more)

CRYPTO

• US regulators could approve spot Ether ETFs for launch by July 4 (more)

• Crypto giants notch wins in expensive quest to sway US politics – without mentioning crypto (more)

• Bybit is now the world’s second-largest crypto exchange (more)

• ZynCoin meme token patches things up with tobacco giant Philip Morris (more)

BULLISH BITES

🏠 Explainer: The weird housing market, in 5 charts.

🚀  Second Wave: 244-year-old pattern to trigger AI surge. *

🤷🏻‍♂️ Inside Look: Has Facebook stopped trying?

🎡 ‘Funflation’ Effect: Why Americans are spending so much on travel and entertainment this summer.

👜 Good Investment? The crazy economics of the world’s most coveted handbag.

DAILY SHARE

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