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| | Good morning. | The Fast Five → Hess investors sign off on $53 billion Chevron takeover, Samsung Electronics' union threatens first ever walkout, Nvidia's market value surges closer to Apple, GameStop shares jump 30+%, and Ex-OpenAI, and ex-OpenAI safety leader joins rival Anthropic… | | | Calendar: (all times ET) | THU, 5/30: | Initial jobless claims, 8:30a | FRI, 5/31: | PCE Index, 8:30a |
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| | Your 5-minute briefing for Wednesday, May 29: | | BEFORE THE OPEN |  | As of market close 5/28/2024. |
| Pre-Market: | | |
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| US Investor % Bullish Sentiment:
47.04% for Wk of May 23 2024 (Last week: 40.86%). |
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| | | Market Recap: | Stock futures near flat after Nasdaq hit record high. AA fell 6% on lowered Q2 sales; JetBlue, Southwest down 2%. Robinhood up 3% on $1B buyback. Nasdaq up 0.6%, led by Nvidia's 7% jump. S&P up 0.02%, Dow down 0.6% on Merck drop. May gains: S&P +5.4%, Dow +2.7%, Nasdaq +8.7%. Investors eye April PCE inflation report Friday.
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| | | Here's what we're watching this week: | Today: Abercrombie & Fitch (ANF), American Eagle Outfitters (AEO), Chewy (CHWY), HP (HPQ) Thursday: Asana (ASAN), Best Buy (BBY), Birkenstock Holding (BIRK), Costco Wholesale (COST), Cracker Barrel (CBRL), Gap (GPS), Kohl's (KSS), Nordstrom (JWN), Ulta Beauty (ULTA)
| Full earnings calendar here | |
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| | | |  | Investors' green light clears one hurdle for the tie-up to happen but a challenge by Exxon makes final outcome uncertain. |
| |  | Samsung Electronics' union in South Korea will begin escalating strike action next week over demands for higher wages, union officials said on Wednesday. |
| US consumer confidence rises for first time in four months (more) Treasury yields spike after pair of weak US sales (more) Fed's Kashkari wants to see 'many more months' of positive inflation data before a rate cut (more) Price gains for gold, silver amid bullish outside markets (more) Oil advances as major producers expected to keep output cuts in place (more) IMF upgrades China's growth forecast to 5% on 'strong' first quarter and policy measures (more) Investors pile into Saudi IPOs with $176 billion in orders (more) AI darling Nvidia's market value surges closer to Apple (more) GameStop shares jump more than 30% after $933M stock sale (more) Robinhood unveils maiden stock buyback plan of $1 billion (more) Porsche reveals first-ever 911 hybrid sports car, starting at $164,900 (more) OpenAI creates oversight team with Sam Altman on board, begins training new model (more) Activist Elliott bets $2.5B on shaking up Texas Instruments (more) Starbucks is set to resume union negotiations as it confronts issues at its stores (more) Musk's Neuralink seeks to enroll three patients in brain implant study (more)
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| VC | Transcend, a data privacy platform provider, raised $40M in Series B funding (more) Supervizor, a provider of a plug and play quality assurance platform for finance teams, raised $22M in funding (more) Claros Technologies, Inc., a leader in PFAS analytical and destruction technologies (more) Rain AI, an AI chip startup, raised $8.1M in Series A Extension round (more) Switchboard, a customizable Oracle network letting users plug into the on-chain economy, raised $7.5M in Series A funding (more) Sagetap, an AI-driven marketplace matching SaaS buyers and sellers, raised $6.8M in funding (more) NodeOps, provider of a Blockchain node orchestration platform, raised $5M in Seed funding (more) Braavo Capital, provider of non-dilutive financing for consumer subscription apps, raised $5M in Series B funding (more) Coinflow Labs, an instant settlement payment provider, closed its $2.25M seed funding round (more)
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| | | Mt.Gox transfers $9B Bitcoin to single address as part of repayment plans (more) Former FTX executive Salame sentenced to 7.5 years in prison (more) Riot Platforms pursues takeover of rival Bitcoin miner Bitfarms (more)
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| | | 💸 Record high: How the world got into $315 trillion of debt | 🚀 Revealed: Historic NVIDIA partnership could send this tiny AI stock soaring.... * | 🍎 Neverending: Why Epic's lawsuit against Apple just won't quit. | ⚡️ High energy: Germany is generating so much solar power that electricity prices are going negative. | 🚬 Pass the dutchie: Marijuana surpasses alcohol in daily use for Americans, says a new study. |
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| | | | | | DAILY SHARE |  | Trung Phan @TrungTPhan |  |
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Masayoshi Son after selling a 5% stake in Nvidia for $4B in 2019 and seeing NVDA hit a $2.8T market cap (that stake would have been worth $140B) |  | | | May 28, 2024 | | | | | | 2.96K Likes 210 Retweets 53 Replies |
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|  | Not Jerome Powell @alifarhat79 | |
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|  | | | May 28, 2024 | | | | | | 4.32K Likes 363 Retweets 63 Replies |
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|  | High Yield Harry @HighyieldHarry | |
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Kicking off intern season by making our interns pledge. They have to stand there for 48 hours without leaving. Only the strongest will survive. |  | | | May 28, 2024 | | | | | | 624 Likes 12 Retweets 21 Replies |
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| What did you think about today's briefing? | |
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