Unsinkable

Nasdaq and S&P 500 soar to end month at record highs, Senate approves bill to avert government shutdown - sends to Biden, the Fed’s favored inflation gauge meets expectations, jobless claims jumped, IRS targets wealthy ‘non-filers’ with new wave of compliance letters, and Microsoft introduces Copilot AI for Excel…

Author

Market Briefing
March 01, 2024

Good morning.

The Fast Five → Nasdaq and S&P 500 soar to end month at record highs, Senate approves bill to avert government shutdown , the Fed’s favored inflation gauge meets expectations, IRS targets wealthy ‘non-filers’ with wave of compliance letters, and Microsoft introduces Copilot AI for Excel…

Calendar:

  • Today, 3/1: Consumer sentiment (final), 10:00a ET

Your 5-minute briefing for Friday, March 1:

BEFORE THE OPEN

As of market close 2/29/2024.

Pre-Market:

US Investor % Bullish Sentiment:
44.28% for Wk of Feb 22 2024

Market Recap:

  • Futures steady as Nasdaq hits new high, markets close winning month.

  • Dow down 19 pts, S&P 500 flat, Nasdaq slightly lower.

  • NYCB plunges over 20% on leadership change.

  • February sees AI-driven rally continue, Nasdaq up 6.1%, S&P up 5.2%.

  • Inflation data in line with expectations, PCE index up 0.4% in Jan.

  • Bitcoin soars nearly 45% in Feb, crossing $62,000.

  • Weekly gains: S&P 500 up 0.2%, Nasdaq up 0.6%, Dow down 0.4%.

EARNINGS

Full earnings calendar here

HEADLINES

The tech-heavy Nasdaq composite index and S&P 500 broke records Thursday afternoon.

Non-filers making between $400,000 and more than $1 million with unfiled federal returns from tax years 2017 to 2021 will receive the initial round of letters.

  • US Senate approves bill to avert government shutdown, sends it to Biden (more)

  • Fed’s favored inflation gauge eases to slowest pace in more than two years (more)

  • Jobless claims jumped more than expected last week (more)

  • Dollar steady as traders ponder Fed rate cut bets; yen shaky at 150/dlr (more)

  • SEC investigating OpenAI's communications around its boardroom crisis (more)

  • Xi’s one-man rule over China’s economy is spurring unrest (more)

  • US consumers fight back by shifting from name brands to store-brand items (more)

  • Boeing agrees to $51M settlement for US export violations (more)

  • Microsoft introduces Copilot AI chatbot for Excel and Outlook (more)

  • Bud Light boycott likely cost Anheuser-Busch over $1B in lost sales (more)

  • JPMorgan picks HSBC, StanChart to run $500B custody business in Hong Kong, Taiwan (more)

  • Oprah leaving WeightWatchers board, sending stock tumbling (more)

  • Fisker laying off 15% of staff saying more cash needed ahead of a ‘difficult year’ (more)

  • Millennials set to become the ‘richest generation in history,’ new report shows (more)

A MESSAGE FROM BEHIND THE MARKETS

Dear Fellow Investor,

I have great news to report.

We just pulled off 3 huge biotech wins in one month -

Behind the Markets subscribers saw gains of 118% before the market even opened!

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All the best,

Simmy Adelman, Publisher

Behind the Markets

Tip: If email is clipped by Gmail click “read online” in the top right corner

DEALFLOW

M+A | Investments

  • Greg Coffey in talks to buy EMSO, create $13B hedge fund firm (more)

  • NFL helmet maker pauses sale talks, seeks debt for dividend deal (more)

  • Omers, Harvest consider potential $3B sale of Epiq Systems (more)

  • JAB seeks up to $2.5B in Keurig Dr Pepper share sale (more)

  • Totango, a provider of enterprise customer success software, and Catalyst, a provider of a customer growth platform, merged (more)

  • LMP-backed London & Capital and Waverton merge (more)

  • Ginkgo Bioworks (DNA), a company building a platform for cell programming and biosecurity, acquires Proof Diagnostics, a life sciences discovery company (more)

  • First Advantage buys Sterling Check (more)

  • CenterOak’s Shamrock acquires JG Environmental (more)

  • Bridgepoint purchases RoC Skincare (more)

  • Kopper acquires Brown Wood Preserving (more)

  • Valisure, a healthcare company focused on quality assurance in pharmaceutical drugs, received an investment from AlleyCorp (more)

  • Insurcomm, Inc, commercial/residential restoration services provider, received majority growth investment from Summit Partners (more)

  • Ares invests in Bluepeak (more)

  • Summit Partners invests in Insurcomm (more)

VC

  • Figure, an AI robotics company developing general purpose humanoid robots, raised $675M in Series B funding, at $2.6B valuation (more)

  • Fervo Energy, a geothermal development company, raised $244M in funding (more)

  • Kenai Therapeutics, a biotech company leveraging pluripotent stem cell technology, raised $82M in Series A funding (more)

  • EasyKnock, the first home equity solutions platform, announced the completion of a $28M Series D funding round (more)

  • Vibe.co, the 'Google Ads of Streaming,' announced a Series A funding round of $22.5M led by venture firm Singular (more)

  • Anthro Energy, a provider of lithium-ion batteries, raised $20M in Series A funding (more)

  • Relish, a provider of solutions for businesses to optimize procurement systems, raised $10M in Series A funding (more)

  • Gradial, a provider of a content management system, raised $5.4M in seed funding (more)

  • PawCo Foods announced a $2M seed funding round (more)

  • Clasp, a provider of a modern employee benefits infrastructure, raised $1.5M in initial funding (more)

  • Shader, provider of an AI-powered real-time camera app, raised $580K in funding (more)

  • Autogon AI, a no-code AI orchestration platform, received funding from Fast Forward Venture Studio (more)

CRYPTO

  • Bitcoin is hitting all-time highs around the world (more)

  • Bank of America’s Merrill, Wells Fargo offer Bitcoin ETF products for clients (more)

  • Gemini to pay over $1B back to customers in settlement (more)

BULLISH BITES

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🎯  Mad men:: The Pentagon is using targeted ads to find its targets.

👞 Style guide: How to dress like Michael Caine.

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DAILY SHARES

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