'X'

Dow extends rally to 11-days - longest in six years, Twitter now ‘X’, IRS ends unannounced visits, UPS strike likely right around the corner, and LVMH to sponsor Paris Olympics - a first for the luxury group…

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Market Briefing
July 25, 2023

☕️ Good Morning.

Dow extends rally to 11-days - longest in six years, Twitter now ‘X’, IRS ends unannounced visits, UPS strike likely right around the corner, and LVMH to sponsor Paris Olympics - a first for the luxury group…

Here’s your market briefing for today:

BEFORE THE OPEN

As of market close 7/24/2023.

Markets:

  • Dow Jones rose, marking longest winning streak since Feb. 2017, ahead of busy week with key earnings and Fed's policy decision.

  • Dow gained 0.52%, S&P 500 up 0.40%, Nasdaq added 0.19%.

  • Energy stocks led S&P 500 gains, with sector up around 1.7% after oil and gasoline futures reached a three-month high.

  • Chevron rose nearly 2% after reporting preliminary Q2 adjusted earnings that beat estimates.

  • Stocks continue higher after 10-day Dow advance, blue-chip index's longest rally since August 2017. S&P 500 up 0.7% for the week, Nasdaq down 0.6%.

  • Earnings season and Fed's rate decision could test recent rally. Fed anticipated to raise rates by a quarter percentage point. Traders eyeing Chair Powell's comments on the economy's soft landing.

  • Anticipating earnings from 150 S&P 500 companies, including big tech (Alphabet, Microsoft, Meta) and industrial companies.

  • Traders watching for personal consumption expenditures index, Fed's preferred inflation gauge, due at the end of the week.

EARNINGS

What we’re watching this week:

  • Today: 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

Twitter has removed the iconic bird logo and adopted ‘X’ as its official logo. Musk called this an “interim” logo, so we may see another logo change in the future. (image: Cointelegraph)

As the deadline to reach a new contract nears, a potential UPS strike feels closer than ever. Teamsters are calling for better pay and safety improvements

  • Dow rises nearly 200 points, extends rally to 11 days for longest winning streak in six years (more)

  • U.S. business activity growth slows as services soften (more)

  • FTC chair defends track record on antitrust challenges, says big isn’t categorically bad (more)

  • US IRS ends policy of unannounced revenue officer visits to taxpayers (more)

  • 'We Were Wrong': Morgan Stanley's Wilson offers stocks mea culpa (more)

  • Bond traders bet on ‘nirvana’ in new decoding of yield curve (more)

  • Google owes $338.7M in Chromecast patent case, jury says (more)

  • Disney considers delaying some 2023 movie releases over strikes (more)

  • Tesla to discuss factory plan for new $24,000 car with India commerce minister (more)

  • Fed fines UBS $268.5 mln for Credit Suisse missteps with Archegos (more)

  • Spotify increases prices for its premium subscription plans (more)

  • Lyft considers options for bikes business after getting 'strong interest' (more)

  • Adidas swamped with $565 million in orders for unsold Yeezy shoes (more)

  • Blackrock's Rick Rieder launches his first ETF (more)

DEALFLOW

  • TC Energy to sell 40% in Columbia gas transmission systems for $4B (more)

  • Adobe's Figma deal faces full-scale EU antitrust probe (more)

  • Todd Boehly-backed insurer Accelerant mulls IPO, stake sale, CEO says (more)

  • Citi acquires Deutsche Bank’s Mexico License in step toward IPO (more)

  • Public Storage to acquire Simply Self Storage for $2.2B (more)

  • BC Partners agrees to sell minority stake in PetSmart to Apollo (more)

  • Supply Change Capital closes debut fund, at $40M (more)

  • Voltpost raises $3.6M seed round to bring EV charging to the curbside (more)

  • HealthBird receives investment from Ross Berman and Randall Winn (more)

  • Impulse Space raises $45M in Series A funding (more)

  • Supply Change Capital closes debut fund, at $40M (more)

  • Zuma Valley receives equity investment from Erewhon (more)

  • OneTrust receives $150M in funding (more)

  • Voltpost closes $3.6M Seed funding round (more)

  • DGS Retail acquires Rich (more)

  • Snowstorm raises $3M in Seed funding (more)

  • Ati Motors raises $10.85M in Series A funding (more)

  • Frigade raises $3M in Seed funding (more)

  • Wisdom Ventures closes $10M fund I (more)

CRYPTO

  • OpenAI's Sam Altman launches Worldcoin crypto project (more)

  • 'A lot of nonsense': Crypto lobby faces new Capitol Hill reality (more)

  • Some Binance.US crypto trading was a mirage, the SEC alleges (more)

  • Crypto startups raised $201.4M in venture funding last aeek, led by infrastructure (more)

  • FTX's Bankman-Fried denies witness tampering, accepts gag order (more)

  • Decentralized crypto exchanges are losing digital-asset Market share (more)

BULLISH BITES

👜 LVMH to Sponsor Paris Olympics in a First for Luxury Group: The Louis Vuitton owner agreed to become a premium sponsor of the 2024 Summer Olympics in Paris, in the first deal of its kind for the luxury conglomerate.… (continue)

☀️ The Great M&A Slump Is Shaking Up Giants of Investment Banking: 
Wall Street firms are downsizing as deal volume craters. But some lower-ranked rivals are on a hiring spree, betting a boom is nigh... (continue)

SHARES

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Big earnings continue tomorrow… see you then -mb

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