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BEFORE THE OPEN

Pre-Market:

US Investor % Bullish Sentiment:
￪ 44.59% for Wk of June 13 2024 (Last week: 38.97%)

Market Recap:

• Stock futures flat ahead of holiday-shortened week.

• Dow futures near flat, S&P 500 up 0.03%, Nasdaq 100 up 0.1%.

• Last week: Dow down 57 points, S&P down 0.04%, Nasdaq up 0.12%.

• Mixed averages: Dow down 3 of 4 weeks; S&P, Nasdaq up 7 of 8.

• Markets closed Wednesday for Juneteenth.

• Investors watch May retail sales Tuesday, home sales, housing starts.

• Earnings: Lennar, Kroger, Darden Restaurants, CarMax.

EARNINGS

Here’s what we’re watching this week:

• Monday: Lennar (LEN)

• Thursday: Accenture (ACN), Kroger (KR), Smith & Wesson Brands (SWBI)

  • Darden Restaurants (DRI) - earnings of $2.62 per share (+1.6% YoY) on $2.98B (+7.4% YoY)

• Friday: Carmax (KMX)

Full earnings calendar here.

HEADLINES

S&P 500 Gain Raging On, Upping Target to 6,000, Says Evercore ISI

Humans Are Warming to the Idea of AI Money Management

• Retail stocks search for direction as rates stay high (more)

• Goldman boosts S&P 500 target on profit outlook (more)

• Oil prices inch down on weaker US consumer demand (more)

• Asia shares muted on mixed China data, euro pressure (more)

• China cbank leaves key policy rate unchanged as expected (more)

• Emerging-market bond rally threatened as hawkish flags multiply (more)

• TSMC arbitrage trade of buying Taiwan stock, shorting US shares backfires (more)

• US executive pay rises at fastest rate in 14 years (more)

• Bill Gates says he’s ready to put billions into nuclear power (more)

• Boeing tells suppliers it is slowing 737 output goal by 3 months (more)

• OpenAI CEO says company could become for-profit corporation (more)

• Apple’s slow rollout of intelligence features will stretch into 2025 (more)

• McDonald's says it will no longer use its drive-thru AI (more)

• Adidas is investigating bribery allegations in China (more)

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DEALFLOW

M+A | Investments

• Fisher wells stake of up to $3 bln to Advent, Abu Dhabi Fund (more)

• Carlyle explores sale of electric power producer Cogentrix (more)

• Paytm in talks with Zomato to sell movie ticketing business (more)

• Phillips 66 to sell 25% stake in Rockies Pipeline for $1.28B (more)

• GenNx360-backed GenServe buys Electro-Motion (more)

• E78 Partners purchases The Avail Group (more)

• Stake, a loyalty company for the rental economy, acquired Circa, a rent payments company, for $9.5M (more)

• NetSPI, a security solutions provider, acquired Hubble Technology Inc., a cybersecurity management solution (more)

• Clearhaven Partners, a software private equity firm, acquired Zixi, a cloud based and on-premises software-defined video platform (more)

VC

• InduPro, a biotech company developing treatment of cancer and autoimmune diseases, raised $85M in Series A funding (more)

• Enveda Biosciences, a biotech company using AI to translate nature into new medicines, raised a new financing round of $55M to add to its $119M combined Series B and B1 (more)

• Aepnus Technology, an electrochemical platform to reduce emissions in battery supply chain chemicals, raised $8M in Seed funding (more)

• Roamless, a travel connectivity startup, raised $5M in seed funding (more)

• InScope, an AI powered fintech startup, raised $4.3M in seed funding (more)

• Nada, an investment tech platform bridging homeowners and investors, secured a seed extension funding of undisclosed amount (more)

CRYPTO

• Bitcoin plunges to $65K, altcoins bleed 10%-20% as week turns ugly (more)

• Crypto titans’ $160M war chest threatens Senate democrats (more)

• Advisors ‘wary’ of bitcoin ETFs are on a slow adoption journey, says BlackRock exec (more)

• First Bitcoin ETF to list on Australia’s Bourse in global wave (more)

BULLISH BITES

✈️ Changes: RIP Southwest Airlines of yore.

📈  Investment: The second wave of AI gains is coming… *

⏳ Perspective: Feels like time is moving faster as you age? How to slow it down.

😘 Schmoozer: A killer golf swing is a hot job skill now.

💸 Next level: Top 10 “impossibly unaffordable” cities.

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