Under pressure

Eastern ports prepare to close - White House under pressure, Fed brings the economy in for a so-called ‘soft landing’, Chinese stocks heading for a bull market, Newsome vetoes contentious AI safety bill, and Apple drops out of talks to join OpenAI investment round...

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Market Briefing
September 30, 2024

Good morning.

The Fast Five → Eastern ports prepare to close - White House under pressure, Fed brings the economy in for a so-called ‘soft landing’, Chinese stocks heading for a bull market, Newsome vetoes contentious AI safety bill, and Apple drops out of talks to join OpenAI investment round…

⚠️ Buffett Calling AI Bubble Top? Warning Ahead »
A message from Behind The Markets

Calendar: (all times ET) - Full calendar here

  • Today: Fed Chair Powell speaks, 1:55 pm

  • Tomorrow: Job openings, 10:00 am

Your 5-minute briefing for Monday, September 30:

BEFORE THE OPEN

As of market close 9/27/2024. Bitcoin as of 9/29/2024.

Pre-Market:

US Investor % Bullish Sentiment:
↓ 49.62% for Week of September 26 2024

Last week: 50.83%. Updates every Friday.

Market Wrap:

  • Stock futures flat; Dow +0.3% Friday, +0.6% for the week.

  • S&P +1.6% in Sept, Nasdaq +2.3%, buoyed by Fed rate cut.

  • S&P +5.1% this quarter, 20% YTD.

  • PCE index at 2.2%, boosting hopes for more rate cuts.

  • Jobs report out Friday.

EARNINGS

Here’s what we’re watching this week:

  • Tuesday: McCormick (MKC)

    • Lamb Weston (LW) - earnings of $.71 per share (-56.4% YoY) on $1.6 billion revenue

    • Nike (NKE) - earnings of $.52 per share (-44.7% YoY) on $11.7 billion revenue (-9.3% YoY)

  • Wednesday: Levi Strauss (LEVI)

  • Thursday: Constellation Brands (STZ), Tilray (TLRY)

See full earnings calendar here.

HEADLINES

A walkout would be a blow to the economy and leave the White House under pressure to order dockworkers back to their jobs.

Inflation cooled more than expected in August, inspiring confidence that the Fed is bringing the economy in for a so-called soft landing — slowing inflation without stifling hiring.

  • US consumer spending resilient; inflation continues to abate (more)

  • Biden still opposes Nippon Steel deal's bid for U.S. Steel (more)

  • Newsom vetoes contentious AI safety bill (more)

  • US wants to triple nuclear power by 2050 (more)

  • Chinese stocks soar most since 2015, heading for bull market (more)

  • Quant hedge funds trapped in short squeeze after China glitch (more)

  • OpenAI sees roughly $5B loss this year on $3.7B in revenue (more)

  • Apple drops out of talks to join OpenAI investment round (more)

  • UBS chair warns against big increase in capital requirements (more)

  • Riskiest real estate bonds are beating Nvidia’s returns (more)

  • Nio surges on $1.9B injection from parent, investors (more)

  • Exxon director joins Elliott group seeking to acquire Citgo Petroleum (more)

A MESSAGE FROM PORTER STANSBERRY

Buffett’s Warning for AI Stocks

While millions of investors blindly pour money into AI and tech stocks... the world’s greatest investor is selling – Warren Buffett just dumped $86 billion of Apple stock

Why?

One legendary financial analyst who has studied every move Buffett’s ever made says it’s because:

“Buffett knows the big die up is coming for tech stocks. He’s navigated every boom and bust of the last 70 years, and he knows the warning signs.”

The warning signs?

And discover the #1 way to profit from this imminent Die Up.

- sponsored message -

DEALFLOW

M+A | Investments

  • TPG in lead to buy stake in Creative Planning at $15B valuation (more)

  • Authum-led group buys 47% in Prataap Snacks for $102M (more)

  • Morgan Stanley's PE arm explores sale of HVAC firm Sila (more)

  • Octopus Energy invests in US solar developer (more)

  • UBS in talks on Indian minority-owned wealth joint venture (more)

  • UK's Rightmove to consider sweetened $8.3B takeover bid from Murdoch-owned REA Group (more)

  • rEvolution, a company specializing in sports marketing, acquired WePlay, a marketing agency specializing in sports and entertainment (more)

  • Omnicom's marketing division, Omnicom Precision Marketing Group, acquired LeapPoint, a digital advisory firm (more)

  • Agile Space Industries, a developer of in-space chemical propulsion technologies, received an investment from Veteran Ventures Capital (more)

  • Republic Capital Group, investment banking services to the wealth and asset management industry, received a minority, non-control investment from Merchant Investment Management (more)

VC

  • 858 Therapeutics, a biotech and drug discovery company, raised $50M in Series B funding (more)

  • Mirai Bio, a bioplatform innovation company, raised $50M in initial funding (more)

  • AminoChain, a blockchain platform connecting medical institutions, raised $5M in seed funding (more)

  • GolfLync, an app for golfers, raised $3.5M in initial funding (more)

  • Monolith Materials, a company specializing in clean hydrogen and carbon black, received additional funding of an undisclosed amount (more)

CRYPTO

  • Binance founder CZ is released from US custody (more)

  • Bitcoin FOMO is back: $70K and then new record highs in sight (more)

  • Moo Deng now has her own crypto, because of course she does (more)

BULLISH BITES

🤖 Lab No More: OpenAI was a research lab — now it’s just another tech company.

📈. #Winning: The giant hedge fund that hates risk and still wins.

💼 Biz Advice: New York tech investor and serial entrepreneur explains when to sell your company.

⚠️ On Notice: Meta's AR glasses show Apple has lost its way with Vision Pro.

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