Markets shift to T+1 trading

Wall Street returns to T+1 stock trading after a century, Elon’s xAI raises $6 billion in race against ChatGPT, China creates $47.5 billion chip investment fund - its largest-ever, gold and silver poised to resume uptrend, and Alibaba's AliExpress signs David Beckham as new brand ambassador…

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Market Briefing
May 28, 2024

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The Fast Five → Wall Street returns to T+1 stock trading after a century, Elon’s xAI raises $6B in race against ChatGPT, China creates largest-ever $47.5B chip investment fund, gold and silver poised to resume uptrend, and Alibaba's AliExpress signs David Beckham as new brand ambassador…

Calendar: (all times ET)

Today:

Consumer confidence, 10:00a

THU, 5/30:

Initial jobless claims, 8:30a

FRI, 5/31:

PCE Index, 8:30a

Your 5-minute briefing for Tuesday, May 28:

BEFORE THE OPEN

As of market close 5/24/2024. Bitcoin as of 5/27/2024.

Pre-Market:

US Investor % Bullish Sentiment:
 47.04% for Wk of May 23 2024 (Last week: 40.86%).

Market Recap:

  • Stock futures up Monday night ahead of key inflation data.

  • Dow, S&P, Nasdaq 100 futures all slightly higher.

  • May ending strong: S&P up 5.3%, Nasdaq up 8%, Dow up 3.3%.

  • Concerns over consumer spending and strong economic data impact rate cut outlook.

  • Key earnings: Costco, Ulta Beauty.

EARNINGS

Here’s what we’re watching this week:

  • Wednesday: Abercrombie & Fitch (ANF), American Eagle Outfitters (AEO), Chewy (CHWY), HP (HPQ)

    • Salesforce (CRM) - earnings to rise 40.2% (YoY) to $2.37 per share on $9.1 billion (+10.9% YoY)

  • Thursday: Asana (ASAN), Best Buy (BBY), Birkenstock Holding (BIRK), Costco Wholesale (COST), Cracker Barrel (CBRL), Gap (GPS), Kohl's (KSS), Nordstrom (JWN), Ulta Beauty (ULTA)

Full earnings calendar here

HEADLINES

xAI has raised $6 billion in a new funding round, it said today, as Musk shores up capital to aggressively compete with rivals including OpenAI, Microsoft, and Alphabet.

Starting today, trades will settle in one day for the first time in 100 years. SEC sees potential for ‘short-term uptick’ in failed deals.

  • Dow Jones futures rise after holiday weekend (more)

  • Dollar bulls retreat as US economic print cools (more)

  • Gold and silver poised to resume uptrend after last week's correction (more)

  • Oil steadies as geopolitical tensions rise before OPEC+ meeting (more)

  • ECB ready to start cutting interest rates, chief economist says (more)

  • Macron renews calls to “buy European" in the face of US and China competition during visit to Germany (more)

  • Bank of Japan sees scope for gradually raising interest rates (more)

  • China creates its largest-ever chip investment fund to boost the domestic industry (more)

  • Amazon in talks with Italy to invest billions of euros in cloud plan (more)

  • Nvidia CEO Jensen Huang and US lawmakers are paying a visit to Taiwan (more)

  • China slams G-7 for 'hyping' overcapacity as trade tensions soar (more)

  • Alibaba's AliExpress recruits Beckham to 'score more' global sales (more)

  • AI is driving 'the next industrial revolution' - Wall St is cashing in (more)

  • Private credit lures $100B fund seeing sticky inflation (more)

IN PARTNERSHIP WITH BETTERMENT

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DEALFLOW

M+A | Investments

  • Jio Financial plans $4.33B deal with Reliance Retail (more)

  • AuditBoard, an audit, risk, compliance and ESG management platform, is acquired by Hg, an investor in compliance, risk and accounting software, valued at over $3 Billion (more)

  • Vedanta said to weigh $1 Billion share sale as soon as June (more)

  • ABN Amro buys German bank Hauck & Aufhäuser from China’s Fosun (more)

  • BP Southern Africa, Shell downstream to sell refinery assets (more)

  • Persimmon considers £1 Billion takeover bid for Cala (more)

  • KKR set for unconditional EU antitrust okay for Telecom Italia deal (more)

  • Coventry Building Society to buy Co-op Bank for $990M (more)

  • FileCloud, a content governance data company, acquired Signority, an e-Signature and document workflow platform (more)

  • LeadsOnline, a data, technology, and intelligence tools for law enforcement agencies, acquired Nighthawk.Cloud, an investigative data visualization and analysis (more)

  • SugarCRM, provider of an intelligence-driven sales automation platform, acquired sales-i, a revenue intelligence solution (more)

  • Aduro Advisors, a fund administrator to venture capital and private equity firms, has secured a strategic growth investment from Vitruvian Partners (more)

VC

  • CBiGroup, a global financial services company for businesses, raised $15M in Series A funding (more)

  • Plume Network, a modular EVM Layer-2 built to bring any real-world asset on-chain, raised $10M in Seed funding (more)

  • ThinkLabs AI, a startup focused on developing technology to enhance grid planning, raised $5M in Seed funding (more)

  • OncoveryCare, a company providing whole-person care to cancer survivors, raised $4.5M in Seed funding (more)

  • TadHealth, a mental health platform, raised $1.6M in funding (more)

CRYPTO

  • Crypto traders eye Ether record, rising volatility from US ETF hype (more)

  • SEC embrace of ether ETFs highlights cryptocurrency's shifting political fortunes (more)

  • Donald Trump promises to protect the future of Bitcoin and crypto in the US (more)

  • Ripio CEO sees crypto gaining corporate fans in Latin America (more)

BULLISH BITES

💊 Revolution: How digital health companies are capitalizing on the GLP-1 boom.

📈 Breakthrough: Invest in the “Holy Grail” of weight loss. *

🖼 For the joy: Meet the art collectors with home galleries: ‘The stock market doesn’t give me any fulfillment.’

💸 $100M Club: World's most remote city does booming business catering to ultra-rich.

🧺 Al Fresco: Paris' famous Champs-Élysées transformed into a massive picnic blanket with treats from famous chefs.

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