Wall of money

Goldman sees ‘Wall of Money’ fueling summer rally, GameStop drops surprise earnings as ‘Roaring Kitty’ backs Cohen in livestream, US household wealth hit another record, Tesla will not launch new Model Y this year, and Apple hosts WWDC event today…

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Market Briefing
June 10, 2024

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Good morning.

The Fast Five → Goldman sees ‘Wall of Money’ fueling summer rally, GameStop drops surprise earnings as ‘Roaring Kitty’ backs Cohen in livestream, US household wealth hit another record, Tesla will not launch new Model Y this year, and Apple hosts WWDC event today @ 1:00p ET (watch here)…

Friday’s poll: Are you in GME today?

🟨🟨🟨🟨⬜️⬜️ YES

🟩🟩🟩🟩🟩🟩 NO

Calendar: (all times ET)

WED, 6/12:

Consumer Price Index (CPI), 8:30a
Fed Chair Powell press conference, 2:30p

THU, 6:13:

Initial jobless claims, 8:30a
Producer Price Index (PPI), 8:30a

FRI, 6:14:

Consumer sentiment, 10:00a

Your 5-minute briefing for Monday, June 10:

BEFORE THE OPEN

As of market close 6/7/2024. Bitcoin as of 6/9/2024.

Pre-Market:

US Investor % Bullish Sentiment:
↓ 38.97% for Wk of June 06 2024 (Last week: 39.04%).

Market Recap:

  • U.S. stock futures steady Sunday night.

  • Dow futures up 13 points; S&P 500, Nasdaq 100 flat.

  • Wall Street had a winning week; S&P 500 hit record high, up 1.32%.

  • Nvidia surged 10%, market cap over $3 trillion.

  • Key tests ahead: Fed’s rate decision, May CPI on Wednesday.

  • Strong jobs report suggests Fed may hold off on rate cuts.

EARNINGS

What we’re watching this week:

  • Tuesday:

    • Oracle (ORCL) - earnings of $1.65 per share (-1.2% YoY) on $14.6B revenue (+5.4% YoY)

  • Wednesday: Dave & Busters Entertainment (PLAY), Oxford Industries (OXM)

    • Broadcom (AVGO) - earnings of $10.80 per share for (+4.7% YoY) on $12.0B revenue (+37.9% YoY)

  • Thursday: 

    • Adobe (ADBE) - earnings of $4.39 per share (+12.5% YoY) on $5.3B revenue (+10.4% YoY)

Full earnings calendar here.

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HEADLINES

Passive inflows, early July strength set up continuing rally. ‘Seeing a re-emergence in retail traders,’ Rubner says.

GameStop unexpectedly released Q1 results and announced a share-sale plan Friday as meme-stock influencer “Roaring Kitty” reignites interest in the stock.

  • US job gains surge past expectations, wage growth quickens (more)

  • Market backs off rate cuts hopes following strong jobs report (more)

  • Big Tech is driving S&P rally - now the rest have to step up (more)

  • US household wealth hit another record in first quarter (more)

  • There’s still a way to snag a 3% mortgage rate (more)

  • Nvidia’s 10-for-1 stock split happens today (more)

  • CrowdStrike, KKR, GoDaddy to join benchmark S&P 500 (more)

  • Aramco’s shares rise after stock sale set to raise $11.2B (more)

  • Apple brands AI as ‘Apple Intelligence’ - watch WWDC 2024 @ 1:00P ET

  • Tesla won’t launch refreshed Model Y this year, Musk says (more)

  • Berkshire buys add’l 2.57M shares in Occidental Petroleum (more)

  • Shein may not qualify for FTSE 100 inclusion (more)

  • Debt markets are fueling buy Now, pay later resurgence (more)

  • Virgin Galactic spaceplane takes tourists on flight (more)

  • Microsoft unveils all-digital Xbox consoles (more)

  • Private equity titans’ nerves on edge at lavish industry party (more)

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DEALFLOW

M+A | Investments

  • Bain Capital agrees to buy PowerSchool in $5.6B deal (more)

  • Blackstone’s Encore in talks for $2.8B in private finance (more)

  • AS Roma owner Friedkin joins Everton takeover talks (more)

  • KKR injects $50M of fresh cash to support property trust (more)

  • Crypto marketplace Bakkt weighs potential sale, breakup (more)

  • Cineworld plots sale of some UK cinema operations (more)

  • Tenex Capital Management acquires Behavioral Innovations (more)

  • MML-backed OnPoint purchases Amerisafe Group (more)

  • Cresset buys The Connable Office (more)

  • The Access Group buys Serent’s SHR (more)

  • ACP-backed Premier Biotech purchases Desert Tox (more)

  • Nemetschek Group, software solutions for the AEC/O and media industries, acquires GoCanvas Holdings, Inc., field worker collaboration software (more)

  • PharmaCord, a pharma services company, received an investment from Permira (more)

  • Brandt Information Services, a provider of outdoor recreational technology platforms, received an investment from Providence Equity Partners (more)

VC

  • Tektonic AI, a company developing GenAI agents for enterprise processes, raised $10M in funding (more)

  • Torpago, a commercial credit card and spend management provider, based $10M in Series B funding (more)

  • Sware, a software validation solution for innovative life sciences companies, raised $6M in Series B funding (more)

  • Bem, AI data interface company, raised $3.7M in Seed funding (more)

  • BranchLab, an AI software company enabling healthcare brands to reach the right consumers, raised an undisclosed amount in Seed funding (more)

CRYPTO

  • Big Friday crypto selloff pulls Bitcoin below $70K (more)

  • Crypto marketplace Bakkt weighs potential sale, breakup (more)

  • Robinhood’s Bitstamp deal is strategic and brings added institutional exposure (more)

BULLISH BITES

🇺🇸 Pursuits: David Sacks tried the 2024 alternatives. Now he’s all-in on Trump.

🤥 Bad Actor: The strange tale of a $457 million deposit, 100 million masks from China, and one tiny bank.

💸 Mo’ Money: Sick of 'tip creep'? 5 times it's OK not to tip, according to etiquette experts.

⛺️ Next Level: Wealthy parents are now hiring experts to pack their kids for summer camp.

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