Treasury market under pressure...

Yellen calls Fitch downgrade 'entirely unwarranted', $25 trillion Treasury market under pressure, Salesforce cuts more jobs, Woldcoin to allow companies and governments use of ID system, and Amazon unveils grocery delivery to non-prime members…

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Market Briefing
August 03, 2023

☕️ Good Morning.

Yellen calls Fitch downgrade 'entirely unwarranted', $25 trillion Treasury market under pressure, Salesforce cuts more jobs, Woldcoin to allow companies and governments use of ID system, and Amazon unveils grocery delivery to non-prime members…

Here’s your market briefing for Thursday:

BEFORE THE OPEN BEFORE

As of market close 8/2/2023.

MARKETS:

  • Stock futures little changed after Fitch's U.S. rating downgrade

  • Tech stocks hit hard in steep Nasdaq sell-off, worst day since February

  • Qualcomm slips 7% after missing Q3 revenue expectations and guidance

  • DoorDash gains 4.2% on strong revenue beat in after-hours trading

  • Apple and Amazon earnings in focus today after-market

  • 67% of S&P 500 companies have reported Q2 results, 81% beat expectations

  • Weekly jobless claims, durable goods orders ahead of Friday's payrolls report

EARNINGS

What we’re watching this week:

  • Today: Amazon (AMZN), Apple (AAPL), Coinbase Global (COIN), DraftKings (DKNG), Dropbox (DBX), Wayfair (W)

  • Friday: Cboe Global Markets (CBOE)

  • Full earnings calendar here

NEWS BRIEFING

Yellen said the rating agency's announcement on Tuesday failed to take into account a resilient U.S. economy, with low unemployment, falling inflation, continued growth and strong innovation.

Amazon has begun offering its Fresh grocery delivery service to customers who aren’t Prime members. The initial rollout will only be available in a dozen cities the company told customers Wednesday, Aug. 2, 2023, in an emailed announcement. (AP Photo/Matt Rourke, File)

  • Wall Street falls after Fitch downgrades top-tier US rating (more)

    • Fitch’s US credit downgrade sparks criticism and unease (more)

    • Fitch highlighted Jan. 6 insurrection with Treasury ahead of US downgrade (more)

    • $25 trillion Treasury market under pressure... (more)

  • Bank of England set to raise rates for 14th time in a row (more)

  • Private sector added 324,000 jobs in July, well above expectations (more)

  • Salesforce cuts more jobs after 10% reduction earlier this year (more)

  • Wells Fargo pledges $60M for worker re-entry program (more)

  • Meta releases AudioCraft AI tool to create music from text (more)

  • US Fast-food chains add automation to boost speed (more)

  • Worldcoin says will allow companies, governments to use its ID system (more)

  • Subway's $10 billion price tag proves tough to swallow (more)

  • In India, it's advantage Tesla as Chinese automakers face heat (more)

  • In Marc Rowan era, Apollo works to shed its ruthless image (more)

  • Justin time? Trudeau announces separation from wife as Meta turns off news content for all of Canada (more)

  • Missing Goldman Sachs analyst confirmed dead by New York police (more)

DEALFLOW

  • Yosemite has launched as a new standalone entity, spinning off from Emerson Collective to form an independent investment firm based in San Francisco, focused on opportunities across the oncology ecosystem (more)

  • Coca-Cola bottler CCEP intends to acquire Coke's Philippines business for $1.8B (more)

  • Jet service Volato to public via SPAC with new funding (more)

  • KKR, JIC shortlisted for Fujitsu’s $2.7B stake in Shinko Electric (more)

  • JX Nippon yet to make decision on North Sea asset sale (more)

  • Itochu to buy software unit for as much as $2.7B (more)

  • Prosus agrees to sell part of PayU to Rapyd for $610M (more)

  • e4health acquires eCatalyst Healthcare Solutions (more)

  • Avionté acquires SimpleVMS (more)

  • Arlington Capital Partners acquires Integrated Data Services (more)

  • Numerix acquires PolyPaths (more)

  • WiserAdvisor acquires Indyfin (more)

  • BlueAlly buys Strata Consulting (more)

  • Eagle Point Software acquires CADLearning (more)

  • Healthmap Solutions, Inc., a national health mgmt company focused on kidney disease, raised $100M in funding (more)

  • Inworld AI, a Character Engine for games and interactive experiences, raised a new funding round of undisclosed amount at a valuation of over $500M (more)

  • Jerry, a provider of an app providing car services, raised additional $110M in Series C2 equity and debt financing in Q2 2022 (more)

  • Axuall, a workforce intelligence company powered by a national real-time practitioner data network, received a Series B-1 funding of undisclosed amount (more)

  • Lightup, a developer of a modern no-code data quality monitoring platform, closed a $9M Series A funding (more)

  • LightForce Orthodontics, a maker of a personalized 3D printed braces system, raised an $80M Series D funding round (more)

  • Sk3w Technologies, a financial exchange access company, raised $7M in Series A funding (more)

  • FeelBetter, a provider of medication management technology, raised $5.9M in funding (more)

  • Tradeshift, a business commerce platform provider, is to raise a minimum $70M in funding (more)

  • RFG Advisory, a platform for independent advisors, secured a growth investment from Long Ridge Equity Partners (more)

CRYPTO

  • GameStop to drop crypto wallets, cites ‘regulatory uncertainty’ (more)

  • Sam Altman’s Worldcoin still safe despite controversy, investor says (more)

  • Bitcoin spot ETF approval odds rise to 65% (more)

  • Figure, Mike Cagney’s blockchain startup, withdraws bank-charter application (more)

  • Crypto market unnerved by DeFi exchange Curve’s sinking CRV token (more)

  • Bankman-Fried claims jailing him would violate free-speech right (more)

BULLISH BITES

📈 Has Bitcoin’s Recent Rebound Piqued Your Interest? Here’s a Primer for Latecomers Just Now Tuning In… “How to Buy Bitcoin: A Guide to Investing in the Cryptocurrency”

⛳️ Trying to Get Your Kids Into Golf? Here’s Where to Start...
A surge in young golfers is turning the sport into a family affair. Youth programs abound, but cost, access and the complexity of buying the right equipment are still barriers for many families… (get your start here)

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