'Top pick'

Trump’s VP pick has long ties to Silicon Valley, Powell signals Fed won’t wait for 2% inflation target, Apple at all-time high after Morgan Stanley calls 'top pick', BlackRock hits $10.6 trillion asset record, and Elon Musk plans to give $45M/mo to pro-Trump super PAC…

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Market Briefing
July 16, 2024

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The Fast Five → Trump’s VP pick has long ties to Silicon Valley, Powell signals Fed won’t wait for 2% inflation target, Apple at all-time high after Morgan Stanley calls 'top pick', BlackRock hits $10.6 trillion asset record, and Elon Musk plans to give $45M/mo to pro-Trump super PAC…

Calendar: (all times ET)

Today:

US retail sales, 8:30 AM

WED, 7/17:

Fed Beige Book, 2:00 PM

THU, 7/18:

Initial jobless claims, 8:30 AM

Your 5-minute briefing for Tuesday, July 16:

BEFORE THE OPEN

As of market close 7/15/2024.

Pre-Market:

US Investor % Bullish Sentiment:
↑ 49.18% for Wk of July 11 2024 (Last week: 41.74%)

Chart updates every Friday.

Market Recap:

  • US stock futures slightly higher after Dow's record close.

  • Dow +0.53%, S&P +0.28%, Nasdaq +0.4%.

  • Investors bet on GOP tailwind after Trump assassination attempt.

  • Small-cap rally continues; Russell 2000 +1.8%, +6% last week.

  • Key economic data: June retail sales, export/import price indexes, May business inventories.

EARNINGS

Here’s what we’re watching this week:

  • Today: Bank of America (BAC), Morgan Stanley (MS), UnitedHealth Group (UNH)

  • Wednesday: Discover Financial Services (DFS), United Airlines (UAL), US Bancorp (USB)

  • Thursday:

    • Netflix (NFLX) - earnings of $4.39 per share (+33.4% YoY) on $8.8B revenue (+7.6% YoY)

  • Friday: American Express (AXP)

Full earnings calendar here.

HEADLINES

Vance spent years as a venture capitalist before leaving the industry when elected to the US Senate in 2022.

Powell referenced the idea that central bank policy works with “long and variable lags” to explain why the Fed wouldn’t wait for its target to be hit.

  • Traders add to bets on Fed rate cuts (more)

  • Oil steadies as traders look to dollar and China for next cues (more)

  • Asian shares fall as China drags, dollar in demand (more)

  • China’s leaders face miserable economic-growth figures (more)

  • BlackRock bullish on UK stocks post-election, Japan stocks top play (more)

  • Elon Musk plans to give $45M/mo. to pro-Trump super PAC (more)

  • Apple at all-time high after called 'top pick' by Morgan Stanley (more)

  • Tesla stock rises as Musk endorses Trump (more)

  • Goldman profits surge 150% on Wall Street rebound (more)

  • Goldman Sachs challenges result of Fed stress test (more)

  • BlackRock hits $10.6 trillion asset record on ETF flows (more)

  • Nvidia investors cautious as analysts stay bullish (more)

  • Activist Starboard builds 6.5% stake in Tinder owner Match (more)

  • Burberry CEO ousted as sales continue to fall (more)

Earnings Hub - Your Earnings Calendar Go-To

  • Earnings Expectations & Actuals

  • Listen to Earnings Calls Live (or replay)

  • Earnings Alerts delivered via Text or Email

DEALFLOW

M+A | Investments

  • Verizon exploring selling thousands of towers in US (more)

  • J-Power's $258M bid for Genex Power passes on proxy votes (more)

  • Cleveland-Cliffs to buy Canadian steelmaker Stelco for $2.8B (more)

  • Edward Lifesciences, a company specializing in critical care monitoring, acquired Innovalve Bio Medical Ltd., an early-stage transcatheter mitral valve replacement company (more)

  • Panasonic, IBM partner with Constellation Network to debut its DoD-vetted “Blockchain of Blockchains” in Global Hackathon (more)

  • Endor Labs, a leader in software supply chain security, received a strategic investment from Citi Ventures (more)

  • Ionna, an EV charging network, received an investment from Toyota Motor North America (more)

VC

  • Halo Industries, a laser manufacturing tech platform for the semiconductor industry, raised $80M in Series B funding (more)

  • HammerTech, a construction safety software company, raised $70M in Growth funding (more)

  • Standard Bots, a company specializing in robotics automation, raised $63M in funding (more)

  • Athletic Brewing Company, a non-alcoholic brewery company, received a $50M Equity investment (more)

  • AusperBio Therapeutics, Inc. and Ausper Biopharma Co., Ltd., a biotech company, closed a $37M Series A financing round (more)

  • Neuspera Medical, a neuromodulation company, raised $23M in Series D funding (more)

  • Alvys, a logistics operating platform for logistics and supply chain management, raised $20.5M in Series A funding (more)

  • Adaptive, a financial automation platform for the construction industry, raised $19M in Series A funding (more)

  • Digestiva, a food biotech company, closed its Series A equity financing round, raising $18.4M (more)

  • Velentium, a medical devices manufacturing company, received $15M in Growth financing from Trinity Capital (more)

  • Jacobi Robotics, developer of AI-powered motion planning technology, raised $5M in Seed funding (more)

  • Modicus Prime, a computer vision software provider that automates biologics image analysis, raised $3.5M in Seed funding (more)

  • Bima Labs, a developer of Bitcoin-backed stablecoins, raised $2.25M in Seed funding (more)

CRYPTO

BULLISH BITES

💸 Economic Split: Poor consumers feel slowdown, rich ones don't.

🛒 New Labor: How AI and automation will reshape grocery stores and fast-food chains.

👜 ‘Luxury Shame’: China’s rich shy away from flaunting their wealth amid economic jitters.

❤️ Modern Love: Tiny Japanese startup is turning ‘Her’ AI dating into reality

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