Will Fed spoil bull run?

The bear market has nearly been erased, Twitter getting new logo as Musk bids adieu to 'all the birds', Netanyahu rushed to hospital as massive judiciary protests continue, PE’s ‘big beasts’ are on the prowl, and flashback: AMC shares surge…

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Market Briefing
July 24, 2023

☕️ Good Morning. The S&P nears a record high - will the Fed spoil the run?

Also… the bear market has nearly been erased, Twitter getting new logo as Musk bids adieu to 'all the birds', Netanyahu rushed to hospital as massive judiciary protests continue, PE’s ‘big beasts’ are on the prowl, and flashback: AMC shares surge…

Here’s your market briefing for today:

BEFORE THE OPEN

As of market close 7/21/2023.

Markets:

  • The Dow extends its winning streak to 10 sessions, a milestone not seen since August 2017.

  • S&P 500 closes marginally higher, while Nasdaq experiences a slight decline during the session.

  • Volatility ensues as traders adjust portfolios ahead of the Nasdaq-100 rebalance and the expiration of a significant volume of index and stock options.

  • Mixed corporate earnings reports with CSX and American Express disappointing investors.

  • 75% of S&P 500 companies beat expectations, although the beat rate is slightly below the three-year average.

  • S&P 500 and Dow register weekly gains, marking a positive streak, while Nasdaq ends the week with a modest decline.

EARNINGS

What we’re watching this week:

  • Tuesday: Google (GOOGL), Microsoft (MSFT), Verizon (VZ)

  • Wednesday: AT&T (T), Boeing (BA), Coca-Cola (KD), Meta Platforms (META)

  • Thursday: Amazon (AMZN), Enphase Energy (ENPH), Ford (F), Intel (INTC)

  • Full earnings calendar here

NEWS BRIEFING

Elon Musk said on Sunday he was looking to change Twitter's logo, tweeting: "And soon we shall bid adieu to the twitter brand and, gradually, all the birds".

Israeli Prime Minister Benjamin Netanyahu said early Sunday he was going to the hospital for an emergency procedure, but vowed to press ahead with his controversial judicial overhaul plan.

  • Relentless U.S. stock rally faces Fed test (more)

  • The bear market has nearly been erased, fewer than 20 months after it began (more)

  • Chinese money flees the Western World (more)

  • Amazon, Google, Meta, Microsoft and other tech firms agree to AI safeguards set by the White House (more)

  • Morgan Stanley credits Bidenomics for 'much stronger' than expected GDP growth (more)

  • Russia pushes plan to supply grain to Africa and cut out Ukraine (more)

  • American Airlines boosts pilot contract offer by $1 billion after United deal (more)

  • Cathie Wood says her flagship innovation fund has completely exited China (more)

  • AMC Shares surge as judge denies APE deal in surprise ruling (more)

  • Private equity's big beasts are on the prowl (more)

  • OpenAI launches official ChatGPT app for Android (more)

  • BMW uses A.I. to make vehicle assembly more efficient (more)

  • Tesla starts offering 84-month loans as interest rates rise (more)

  • New York-bound 7,000-pound weed hauls show growing black market (more)

DEALFLOW

  • Bain to buy 90% stake in Adani Capital and Adani Housing (more)

  • Liontrust says it has made 'final offer' for GAM (more)

  • Brazilian arm of China Three Gorges withdraws from IPO (more)

  • Safran to buy Raytheon Aerospace Assets for $1.8B (more)

  • Ramsay, Sime Darby kick off $1.5B hospital unit sale (more)

  • Cymbal raises $18.5M in funding (more)

  • Karat Financial raises $70M in funding (more)

  • Collectly raises $29M in Series A funding (more)

  • Cosmic Wire raises $30M in Seed funding (more)

  • Tietoevry acquires MentorMate (more)

  • Mynd raises $30M in financing (more)

  • Higharc raises funding from Standard Investments, Home Depot Ventures, and Carl Bass (more)

  • Bracket Capital raises third flagship fund (more)

  • GlobalComix raises $6.5M in Series A funding (more)

  • Portrait Analytics raises $7M in funding (more)

  • UpLift raises $10.7M in Series A funding (more)

  • Hubly Surgical raises $3M in funding (more)

  • Wooptix closes €10M Series B financing (more)

CRYPTO

  • ‘Crypto Couple’ appear set to plead guilty in bitcoin hack money laundering case (more)

  • Caroline Ellison paid herself $22.5M bonus around the time she estimated a $10 billion cash shortfall at FTX—lawsuit (more)

  • Terra interim CEO says any 'little progress' made gets derailed by accusations (more)

  • Elon Musk endorses pro-crypto Ark Invest in Tesla earnings call (more)

  • Ripple (XRP) and Elrond (EGLD) in the red zone as bulls favor Tradecurve (more)

BULLISH BITES

🥪 This 31-year-old opened a New York City deli with his family: It made $304k in the past two months: At Datz Deli in Queens, customers line up for hours to get a taste of owner Joshua Dat’s elevation of new classic deli offerings... (continue)

🤯 Formula for Success? Take Ray Dalio's Advice: Be Dumb -- Not Smart: "I'm a dumb [expletive] who doesn't know much relative to what I need to know" -Ray Dalio
A self-made billionaire, the owner of the largest hedge fund in the world, calling himself dumb?.… (continue)

SHARES

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Big earnings start tomorrow 💥 -mb

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