Traders bet on wild swings

CPI report set to test the market, carry-trade blowup haunts markets, bonds are back as a hedge, investors snap up money market funds, and CrowdStrike accepts award for ‘most epic fail’…

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Market Briefing
August 12, 2024

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Good morning.

The Fast Five → CPI report set to test the market, carry-trade blowup haunts markets, bonds are back as a hedge, investors snap up money market funds, and CrowdStrike accepts award for ‘most epic fail’…

Calendar: (all times ET) - Full calendar here

  • Today: Monthly Federal budget, 2:00 PM

  • Tomorrow: Producer price index (PPI), 8:30 AM

Your 5-minute briefing for Monday, August 12:

BEFORE THE OPEN

As of market close 8/9/2024. Bitcoin as of 8/11/2024.

Pre-Market:

US Investor % Bullish Sentiment:
↓40.54% for Wk of August 08 2024

Last week: 44.88%. Updates every Friday.

Market Wrap:

  • Futures dipped Sunday night ahead of key inflation data.

  • Major averages rose Friday but didn’t fully recover: Dow -0.6% for the week, S&P -0.04%, Nasdaq -0.18%.

  • Investors eye PPI (Tue), CPI (Wed), retail sales (Thu).

EARNINGS

Here’s what we’re watching this week:

  • Tuesday:

    • Home Depot (HD) - earnings of $4.52 per share (-2.8% YoY) on $43.1B revenue (+0.05% YoY)

  • Wednesday: Dole (DOLE), UBS (UBS)

    • Cisco (CSCO) - analysts predict a 21.3% drop in earnings to $.85 per share on $13.5B revenue (-6.3% YoY)

  • Thursday: Alibaba (BABA), Tapestry (TPR)

    • Walmart (WMT) - earnings of $.64 per share (+14.3% YoY) on $168.5B revenue (+4.3% YoY)

Full earnings calendar here.

Banks Will Default, New Warning

During and after the Great Financial Crisis of 2008, 485 U.S. banks went under.

We warned about 484 — an accuracy rate of 99.8%

Now, I have a new warning.

But this time, it’s not just about a few hundred banks.

It’s about nearly every single bank in America, whether large or small.

A veritable banking nightmare!

Martin D. Weiss, PhD
Weiss Ratings Founder

- sponsored message -

HEADLINES

As Wall Street nears the end of a tumultuous summer, the focus has shifted to this week’s consumer prices report.

CrowStrike's president, Michael Sentonas, took the stage at the Pwnie Awards to accept the award for Most Epic Fail.

  • Carry-trade blowup haunts markets rattled by rapid-fire unwind (more)

  • Harris says she would never interfere in Fed independence (more)

  • Investors snap up money market funds on fears of a slowdown (more)

  • Oil refiners in US slow down, stoking global crude glut worries (more)

  • India set to close in on China as emerging-market stock anchor (more)

  • Consumers could become discouraged without rate cuts, BofA says (more)

  • Bonds are back as a hedge after failing investors for years (more)

  • Disney details vast theme park expansion projects (more)

  • Boeing gets $2.56B contract from US Air Force (more)

  • US retailers rush holiday imports, fearing strikes and disruptions (more)

  • LVMH puts mark on Olympics as luxury brands embrace sports (more)

DEALFLOW

M+A | Investments

  • Algonquin to sell majority of renewables unit for up to $2.5B to ease debt (more)

  • Mahindra seeks nod for $3 billion Shaanxi joint venture (more)

  • Abu Dhabi will acquire a minority stake in Sotheby’s auction house (more)

  • Bridgepoint said to explore takeover bid for software firm Esker (more)

  • HCLSoftware, announced its intent to acquire Zeenea, an innovator in data catalog and governance solutions (more)

  • Iteris, a tech ecosystem for smart mobility infrastructure management, was acquired by digital innovation group, Almaviva, at a valuation of $335M (more)

  • Nobl Q, an AI and cloud-based solutions provider, acquired Propel, a software developer specializing in advanced tech solutions (more)

  • ScanSource, a hybrid distributor connecting devices to the cloud, acquires Resourcive, IT sourcing solutions to the mid-market and enterprise (more)

  • Sendsprint, an int’l payment and remittance startup, acquired Nobel Financial Inc., a global remittance service provider (more)

  • Submittable, a social impact platform, acquired WizeHive, a company that provides cloud-based solutions (more)

  • Simplicity, a financial products distribution firm, received an investment from SkyKnight Capital and Dragoneer (more)

VC

  • DevRev, an AI customer support and product development platform, raised $100M in Series A funding, at $1.1B valuation (more)

  • Myavana, a company specializing in AI-driven personalized hair care, raised $5.9M in Seed funding (more)

CRYPTO

  • Michael Saylor compares potential US strategic Bitcoin reserve to the “Louisiana Purchase” (more)

  • Crypto liquid funds bet big on Solana (more)

  • Democrats launch 'Crypto for Harris' campaign to counter Trump’s appeal (more)

BULLISH BITES

🤪 Guide: How to stay sane when markets get wild.

⚖️ Pursuits: DOJ antitrust chief is ‘overjoyed’ after Google monopoly verdict.

🎙 Futuristic: Hollywood stars of the past are reborn as celebrity estates cash in on AI voice cloning deals.

🚍 Toys: Inside the world’s most luxurious motorhome.

DAILY SHARE

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