| Good morning. | The Fast Five → Powell to face critics in Congress, team Biden tries to beat back the Democratic doubters, S&P notches longest winning streak since Jan., Paramount agrees to Skydance deal, and Nvidia dethrones Tesla as single-stock ETF king… | From Chaiken Analytics: New Goldman report could spell trouble for NVDA | Calendar: (all times ET) | Today: | Jerome Powell testimony to Senate, 10 AM | WED, 7/10: | Jerome Powell testimony to House, 10 AM | THU, 7/11: | Initial jobless claims, 8:30 AM
Consumer price index (CPI), 8:30 AM | FRI, 7/12: | Producer price index (PPI), 8:30 AM
Consumer sentiment, 10:00 AM |
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| | Your 5-minute briefing for Tuesday, July 9: | | BEFORE THE OPEN |  | As of market close 7/8/2024. |
| Pre-Market: | | |
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| US Investor % Bullish Sentiment:
↓ 41.74% for Wk of July 04 2024 (Last week: 44.49%) |
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| | | Market Recap: | S&P and Nasdaq hit record highs Monday. S&P +0.1%, Nasdaq +0.28%, Dow -0.08%. Key inflation data and earnings reports ahead. June CPI (Thu) and PPI (Fri) critical for rate cut hopes. Cooling job market; unemployment up to 4.1%. Traders expect two rate cuts in 2024, first in September.
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| | | Light week of notable earnings. Here's what we're watching: | | Full earnings calendar here. | |
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| | | |  | "I don't care what the millionaires think," Biden said Monday. "I want their support but that's not the reason I'm running." |
| |  | Fed chair will testify on Capitol Hill Tuesday and Wednesday. Powell is likely to be pressured on Fed policy, independence. |
| S&P 500 notches longest winning streak since January (more) Job growth continues to exceed expectations (more) Inflation outrage: Walmart, Chipotle and others feel heat from customers (more) Oil falls as Hurricane Beryl's risk to Texas operations lessens (more) Europe markets close mixed, French stocks volatile after left-wing's surprise election win (more) Morgan Stanley's Wilson says a 10% stock market correction Is 'highly likely' (more) Paramount agrees to Skydance deal, ending Redstone era (more) Microsoft orders China staff to use iPhones for work (more) Nvidia dethrones Tesla as single-stock ETF king with 400% rally (more) Tesla's model Y 'Juniper' redesign might come soon (more) Valuations of startups have quietly rebounded to all-time highs (more) Sequoia Capital's former China unit raises new $2.5B start-up fund (more)
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| | | M+A | Investments | Devon to buy Williston Basin oil assets in $5 billion deal (more) Carlsberg to buy Britvic for $4.2B (more) Lilly agrees to buy US biotech Morphic in $3.2B deal (more) China's BYD inks deal for $1 bln Turkey plant, eyeing Europe (more) Bain Capital nears deal to buy Envestnet (more) Robinhood Markets, Inc. (HOOD) acquired Pluto Capital Inc., an AI-powered investment research platform (more) Accenture (ACN) has completed the acquisition of Openstream Holdings and its subsidiaries, Open Stream and Neutral (more) GrubMarket, a company specializing in B2B food eCommerce and enterprise AI solutions for the food supply chain industry, acquired Brothers Produce, a foodservice distributor (more) Ligand Pharmaceuticals Incorporated, a biopharmaceutical company supporting the development of medicines, acquired Apeiron Biologics AG, a private biopharmaceutical company, for $100M (more) MedPharm, a Contract Development and Manufacturing Organization and Ampersand Capital Partners portfolio company, merges with Tergus Pharma, a contract service provider (more)
| VC | HarmonyCares, a provider of value-based in-home longitudinal care, raised $200M in funding (more) Phaidra, an AI-based system for data centers to improve efficiency and increase compute infrastructure, raised $12M in funding (more) Apriori Bio, a biotech company providing innovations against viral threats, raised $1.1M in funding (more)
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| | CBOE files for SEC approval to list Solana ETFs, starts clock for required decision (more) Crypto funds see inflows for first time in a month (more) Bitcoin drops as German government unloads over $900M worth of BTC (more) Bitcoin mining profitability rose in June as market adjusted for the halving (more)
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| | | | | | | | | DAILY SHARE |  | Trung Phan @TrungTPhan |  |
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The streaming landscape after Paramount's $8B merger deal with Skydance, explained |  | | | 2:59 PM • Jul 8, 2024 | | | | | | 316 Likes 32 Retweets | 10 Replies |
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|  | Douglas A. Boneparth @dougboneparth | |
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The US government will spend $892 billion in the current fiscal year on interest payments alone. Just think about how much money could be saved if they refinanced the national debt at 0% for 18 months on a promotional credit card. | | | 1:55 PM • Jul 8, 2024 | | | | | | 868 Likes 51 Retweets | 100 Replies |
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|  | Autism Capital 🧩 @AutismCapital | |
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From now on, any time you see a new Biden/Kamala tweet, just imagine this photo. It puts everything in context -- immediate perspective. |  | | | 7:44 PM • Jul 8, 2024 | | | | | | 1.14K Likes 127 Retweets | 107 Replies |
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| What did you think about today's briefing? | |
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