| Good morning. | The Fast Five → E*Trade considers kicking meme-stock leader off platform, Wall St tests market fallout of a Trump-Biden rematch, Microsoft confirms layoffs in cloud, mixed reality groups, Paramount and Skydance agree to terms of merger deal, and Berkshire stock drops 99.9% due to NYSE technical glitch… | | | Calendar: (all times ET) | Today: | Job openings, 10:00a | WED, 6/5: | US trade deficit, 8:30a | THU, 6/6: | Initial jobless claims, 8:30a | FRI, 6/7: | Unemployment rate, 8:30a |
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| | Your 5-minute briefing for Tuesday, June 4: | | BEFORE THE OPEN |  | As of market close 6/3/2024. |
| Pre-Market: | | |
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| US Investor % Bullish Sentiment:
↓ 39.04% for Wk of May 30 2024 (Last week: 47.04%). |
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| | | Market Recap: | Dow fell 115 points (-0.30%) on weak manufacturing data. S&P up 0.11% to 5,283; Nasdaq up 0.56% to 16,829. Cyclicals slid; ISM manufacturing index at 48.7 (contraction). Nvidia rose 5% on new AI chips announcement. Nasdaq up 6.9% in May, best since Nov 2023. May rally lost steam; major averages 1%+ below record highs. Key updates: ADP payrolls Wednesday, May jobs report Friday. NYSE price quote issue resolved by midday.
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| | | What we're watching this week: | Today: Bath & Body Works (BBWI), CrowdStrike (CRWD), Hewlett Packard Enterprise (HPE), Stitch Fix (SFIX) Wednesday: Campbell Soup (CPB), ChargePoint (CHPT), Dollar Tree (DLTR), Five Below (FIVE), Victoria's Secret (VSCO) Thursday: Big Lots (BIG), DocuSugn (DOCU), Nio (NIO)
| Full earnings calendar here. | |
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| | | |  | Gauging impact of tariffs, tax cuts on inflation and growth. With five months to go, little is yet priced in to markets. |
| |  | Equities record best session this year as Asian stocks jump. Mexico's peso pulled lower after landslide Morena victory. |
| Morgan Stanley warns US elections threaten popular macro trades (more) US factory activity, construction spending both fall (more) Treasury yields sink as weak data fuel Fed bets (more) Dollar wallows at multi-month lows as Fed cut bets grow (more) Oil prices shed over 3% as market digests OPEC move (more) Lower-income Americans booked fewer hotels in April, dampening industry outlook (more) E*Trade considers kicking meme-stock leader Keith Gill off platform (more) Berkshire stock appears to drop 99.9% after NYSE technical glitch (more) Microsoft confirms layoffs in cloud, mixed reality groups (more) Spotify raises prices of premium subscription plans (more) Paramount and Skydance agree to terms of a merger deal (more) TD bribery woes spread to Florida as new allegations surface (more) AI fintech LoanSnap, after raising $100M, is being sued, fined, evicted (more) Shein poised to give London the big-ticket IPO it's craving (more)
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| A MESSAGE FROM WEISS RATINGS |
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| | M+A | Investments | Waste Management to acquire Stericycle in $7.2 billion deal (more) Bill Ackman's Pershing Square sells 10% stake for $1.05B (more) American Airlines would consider new JetBlue venture if it wins appeal (more) Blackstone raises Hipgnosis offer by a cent (more) Consortium Brand Partners close to a deal to buy Outdoor Voices (more) Blackstone considers sale of Alinamin Pharmaceutical (more) Greenbriar Equity Group acquires Renuity (more) Igneo-backed U.S. Signal acquires OneNeck (more) BD Buys Edwards Life's Critical Care Unit for $4.2B (more) Gryphon-backed TTDS buys Southwest Heater and Controls (more) Case Works, a tech-enabled legal services company, received an investment from Renovus Capital Partners (more) Del Monte Capital invests in Integrity Elevator Solutions (more)
| VC | Summit Therapeutics (SMMT), a biopharmaceutical oncology company, raised $200M in funding (more) Frore Systems, a thermal tech company for electronic and consumer devices, raised $80M in Series C funding (more) Reibus International, an independent metals marketplace, raised $30M in funding (more) Ashby, a recruiting platform, raised $30M in Series C funding (more) Workbox, a national workspace operator, raised $17.5M in Series A funding (more) Odyssey, an edtech startup, raised $10M in Series A funding (more) Psylo, a biotech company focused on the development of next-generation neuroplastogens, raised $8M in Seed funding (more) Caju AI, a provider of gen AI-powered solutions for customer engagement, raised $3M in Seed funding (more) 11thEstate, a platform for investors to receive entitlements from securities class action settlements and shareholder compensations, raised $2M in Seed funding (more)
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| | | Bitcoin knocks on $70K level (more) Novogratz's Galaxy tokenizes a 316-year-old violin to back loan (more) Cathie Wood's Ark Investment abandons spot-Ether ETF ambition (more)
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| | | | | | | | | DAILY SHARE |  | sophie @netcapgirl |  |
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starting working on monday remembering there are 10 year olds on tiktok worth millions and roaring kitty is about to be a billionaire |  | | | Jun 3, 2024 | | | | | | 1.06K Likes 71 Retweets 20 Replies |
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|  | wallstreetbets @wallstreetbets | |
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the system is rigged |  | | | Jun 3, 2024 | | | | | | 18.9K Likes 3.84K Retweets 348 Replies |
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|  | Autism Capital 🧩 @AutismCapital | |
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$517,000,000,000 in unrealized losses? 63 Lenders on Brink of Insolvency? You don't say? |  | | | Jun 4, 2024 | | | | | | 1.04K Likes 106 Retweets 38 Replies |
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| What did you think about today's briefing? | |
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