Student debt derailed

The Supreme Court strikes down Biden’s student loan forgiveness, Twitter imposes new daily limits, Walgreens closing 150 US stores, ESPN lays off 20. on-air personalities, and court orders Kraken to turn over transaction history and account info to IRS…

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Market Briefing
July 03, 2023

☕️ Good Morning.

Fire up the BBQ! Wall Street's hitting pause at 1pm EST today for Independence Day🇺🇸.

The Supreme Court strikes down Biden’s student loan forgiveness, Twitter imposes new daily limits, Walgreens closing 150 US stores, ESPN lays off 20 on-air personalities, and court orders Kraken to turn over transaction history and account info to IRS…

Here is today’s market briefing before we go into the holiday:

BEFORE THE OPEN

As of market close 6/30/2023.

Markets:

Stocks and tech names surged on Friday, concluding a strong start to the year.

  • Best first half for Nasdaq since 1983.

  • Dow gained 285.18 points (0.84%), closing at 34,407.60; S&P 500 climbed 1.23% to end at 4,450.38; Nasdaq advanced 1.45% to settle at 13,787.92.

  • Key tech stocks rose: Nvidia up 3.6% (yearly gain over 189%); Netflix up 2.9%; Meta, Microsoft, and Amazon rose 1.9%, 1.6%, and 1.9% respectively; Apple up 2.3%, surpassing $3 trillion market cap.

  • Nike shares fell 2.7% after disappointing quarterly profit.

  • Friday ended the month, Q2, and first half; marked a comeback for growth names due to AI promise and hope for an end to Fed's rate campaign.

EARNINGS

What we’re watching this week:

  • (Market closes early, 1:00pm EST)

  • Happy 4th of July!🇺🇸 (Market Closed)

  • Thursday: Levi Strauss (LEVI)

  • Friday: AZZ (AXX)

  • Next week’s calendar here

NEWS BRIEFING

  • Supreme Court strikes down Biden’s student loan forgiveness plan (more)

  • A $100 billion wealth migration tilts US economy’s center of gravity south (more)
    Apple’s market cap closes above $3 trillion for the first time ever (more)

  • Giant banks boost dividends after clearing Fed stress test (more)

  • Elon Musk imposes daily limits for Twitter users (more)

  • Goldman Sachs in talks to exit Apple partnership (more)

  • Chevy rolls out electric version of a classic model (more)

  • Walgreens closing 150 US pharmacies (more)

  • China's Shein denies U.S. IPO rumors (more)

  • SoFi once billed as the anti-bank - now going mainstream (more)

  • Little-known NJ baby retailer tentatively wins rights to Buy Buy Baby’s IP for $15.5 million (more)

  • FTC finally proposes ban on fake reviews (more)

  • Spotify is in talks to test full-length music videos in app (more)

  • Ex-Tesla engineer builds Aigen robots to eliminate weeds without pesticides (more)

  • ESPN lays off about 20 on-air personalities including NBA analysts Jeff Van Gundy and Jalen Rose (more)

DEALFLOW

  • Bausch + Lomb buys Novartis drugs for $1.75 billion to boost eye-care portfolio (more)

  • UK regulator may refer Adobe's $20 billion Figma deal to deeper probe (more)

  • AlloyX raises $2M in pre-seed funding (more)

  • Unit21 raises $45M in Series C funding (more)

  • Inflection AI raises $1.3 Billion of funding (more)

  • RevRoad raises over $15M in funding (more)

  • Aquaback Technologies receives USD 110M investment from GEM (more)

  • MedScout raises $5M in seed funding (more)

  • Histolix receives additional $3.2M grant (more)

  • Cathay Capital closes $270M growth private equity fund (more)

CRYPTO

  • Court orders Kraken to turn over history transaction and account Information to IRS (more)

  • SEC pushes back against Fidelity, BlackRock spot Bitcoin ETF filings (more)

  • Fidelity leads flurry of Bitcoin ETF refilings to answer SEC (more)

  • Celsius Network approved to convert altcoins into BTC or ETH (more)

  • Hong Kong establishes task force to advance Web3 development (more)

SHARES

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Have a wonderful holiday - see you back here on Wednesday! -mb

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