Tariff threat roils market

Trump roils markets with tariff threat, Macy's delays earnings saying employee hid millions, Super Micro’s stock extends historic surge, Meta faces FTC case seeking to unwind Instagram merger, and Kohl’s picks CEO of Michaels to help turn it around...

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Market Briefing
November 26, 2024

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Good morning.

The Fast Five → Trump roils markets with tariff threat, Macy's delays earnings saying employee hid millions, Super Micro’s stock extends historic surge, Meta faces FTC case seeking to unwind Instagram merger, and Kohl’s picks CEO of Michaels to help turn it around…

📈 Has the tech stock selloff finally arrived?
From Chaikin Analytics

Calendar: (all times ET) - Full calendar

  • Today:
    Consumer confidence, 10:00 am
    New home sales, 10:00 am
    Minutes of Fed’s May FOMC meeting, 2:00 pm

  • Tomorrow:
    Initial jobless claims, 8:30 am
    Durable-goods orders, 8:30 am
    PCE index, 8:30 am

Your 5-minute briefing for Tuesday, November 26:

BEFORE THE OPEN

As of market close 11/25/2024.

Pre-Market:

US Investor % Bullish Sentiment:
↓ 41.29% for Week of November 21 2024

Last week: 49.84%. Updates every Friday.

Market Wrap:

  • Futures dip: Dow -0.3%, S&P -0.4%, Nasdaq -0.5% overnight.

  • Trump calls for 25% tariffs on Mexico/Canada, 10% on China, raising trade concerns.

  • Monday rally: Dow +440 pts to record; S&P, Nasdaq, Russell 2000 hit highs.

  • Yields fall as Scott Bessent, a market favorite, is named Treasury pick.

  • Light trading expected; October PCE inflation data due pre-Thanksgiving.

EARNINGS

Here’s what we’re watching today. Full calendar »

  • Today: Best Buy (BBY), CrowdStrike (CRWD), Kohl's (KSS), Macy's (M), Nordstrom (JWN), Zoom (ZM)

    • Abercrombie & Fitch (ANF) - earnings of $2.35 per share (+28.4% YoY) on $1.2 bln revenue (+11.4% YoY)

    • Dell (DELL) - earnings of $2.05 per share (+9% YoY) on revenue of $24.7 bln revenue (+11.1% YoY)

  • Wednesday: Kroger (KR)

  • Thursday: Happy Thanksgiving

HEADLINES

The president-elect says he would impose additional 10% tariffs on goods from China and 25% tariffs on all products from Mexico and Canada.

Macy's (M) on Monday delayed its third quarter earnings release as it conducts an internal investigation into an employee hiding up to $154 million of expenses.

  • Stocks climb while dollar falls as markets cheer US Treasury pick (more)

  • Gold steadies after falling earlier on Trump tariff threats (more)

  • Oil falls on potential deal to end Israel-Hezbollah conflict (more)

  • Tesla excluded from EV buyer credits in California proposal (more)

  • Intel and Commerce Dept finalizing roughly $8 billion CHIPS Act grant (more)

  • Meta faces April trial in FTC case seeking to unwind Instagram merger (more)

  • Super Micro’s stock extends historic surge, has more than doubled in 7 days (more)

  • Qualcomm's interest in acquiring Intel has cooled (more)

  • Kohl’s picks CEO of Michaels to help it turn around (more)

  • Andreessen, Lonsdale, and other VCs in the running for new Trump committees (more)

  • Mega debt deals return with Quikrete’s $9.2 Billion financing (more)

  • UniCredit irks Rome with $11B Banco BPM swoop after German backlash (more)

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DEALFLOW

M+A | Investments

  • Unilever's India unit to spin off, list ice-cream division (more)

  • Mubadala to take Canada's CI Financial private in about $8.7B deal (more)

  • TPG in advanced talks to buy Siemens Gamesa India assets (more)

  • Kodak sells PE assets to Mastercard Foundation, mulls shuttering pension (more)

  • Verisma, a provider of intelligent health data management solutions, acquired Olah Healthcare Technology, enterprise archiving solutions integrating with electronic health records (more)

  • TigerConnect, a clinical collaboration platform in healthcare, acquired Twiage, a health tech company that streamlines pre-hospital communication between EMS, hospitals, and other healthcare providers (more)

  • N-able, a software company helping IT services providers deliver security and data protection solutions, acquired Adlumin, an enterprise-grade security operations platform (more)

  • Moody’s Corporation (MCO), a company providing data, intelligence and analytical tools, acquired Numerated Growth Technologies, a loan origination platform for financial institutions (more)

  • Accenture acquired Award Solutions, a provider of training and consulting services in advanced wireless and network technologies (more)

  • AXCS Capital, a company which specializing in real estate capital markets and owner of George Smith Partners, received an up to $102M strategic investment from Conversant Capital (more)

  • Tidal Vision, a biomolecular technologies company, received an investment from Milliken & Company (more)

  • Federated IT, a provider of cybersecurity services, received an investment from Bridge Defense (more)

VC

  • Adcendo, a biotech company focused on the development of ADCs for the treatment of cancers, raised $135M in Series B funding (more)

  • Halcyon, a platform designed to defeat ransomware, raised $100M in Series C funding, at 1 billion valuation (more)

  • PlayAI, a voice AI platform, raised $21M in Seed funding (more)

  • Secretome Therapeutics, a biotech company advancing therapies derived from neonatal cardiac progenitor cells, raised $20.4M in funding (more)

  • emma, a cloud management platform for businesses to optimize and scale their cloud infrastructure, raised $17M in Series A funding (more)

  • Teleo, a company building autonomous technology for heavy equipment, raised $16.2M in Series A funding (more)

  • Boosted.ai, a generative AI company, raised $15M in funding (more)

  • Cofactor AI, an AI platform for hospitals, raised $4M in Seed funding (more)

  • Trinity Guardion, a company specializing in hospital bed hygiene solutions, raised $6M in funding, including new funding of $3.5M in a Series B funding round (more)

  • Tempest, a developer platform helping engineering teams ship better code faster, raised $3.2M in funding (more)

CRYPTO

  • Bitcoin retreats from $100,000 in worst spell since Trump’s win (more)

  • Michael Saylor's MicroStrategy makes mammoth BTC purchase, adding 55,500 tokens for $5.4B (more)

  • Trump's sluggish DeFi project gets a big boost from Justin Sun's $30M token purchase (more)

BULLISH BITES

😎 Inside Look: The year that Gap came back.

💰 Next Level: Warren Buffett just shared his most detailed plan yet for his fortune when he dies.

🔍 ‘Treasure Hunting’: These brick-and-mortar stores thrive in an online world.

✈️ Rewarding: Don’t get out of the points game, says the Points Guy.

DAILY SHARES

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