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| | Good morning. | The Fast Five → Powell tells Congress economy no longer overheated, key takeaways from testimony, Tesla's US market share drops below 50% for first time, Goldman sees stocks and economy slowing, and Adidas set to benefit as Nike's turnaround efforts falter… | Calendar: (all times ET) | Today: | 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 Wednesday, July 10: | | BEFORE THE OPEN |  | As of market close 7/9/2024. |
| 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: | Stock futures flat after S&P 500 hits record. Nasdaq, S&P hit new records; Fed Chair Powell warns on high rates. S&P +0.07%, Nasdaq +0.14%, Dow -0.13%. Today: Powell testifies to House Committee. Key data: May wholesale inventories, June CPI Thu, June PPI Fri. CPI seen as key test for rate cuts.
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| | | It's a light week. Here's what we're watching: | | Full earnings calendar here. |
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| | | |  | Fed Chair Jerome Powell said in remarks to Congress that suggested the case for interest rate cuts is becoming stronger. |
| |  | A new report estimates that Tesla accounted for just under half of all battery-powered vehicles sold in the second quarter of the year. |
| Key takeaways from Fed Chair Powell's testimony on Capitol Hill (more) Yellen: inflation will continue to ease over time (more) Biden announces new NATO aid for Ukraine, as his reelection campaign teeters (more) Fed may tweak rule saving biggest US banks billions (more) Oil edges lower as focus turns from hurricane to Fed (more) China bond traders draw red lines as PBOC gears up to calm rally (more) China's ETF market sees 'explosive' growth, inflows jump 5-fold in three years (more) U.N. Aviation Council launches audit of US air safety oversight (more) Goldman Sachs asset managers see economy, stocks slowing (more) Growth stalls at Elon Musk's X (more) Nike's new chief runs into trouble as turnaround efforts falter (more) Dyson to cut a quarter of UK workforce (more) Etsy loses its 'handmade' and 'vintage' labels as it takes on Temu and Amazon (more)
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| Intercom for Startups | | Join Intercom's Early Stage Program to receive a 90% discount. | Get a direct line to your customers. Try the only complete AI-first customer service solution. | Apply now | | | M+A | Investments | Athletic Brewing raises $50M as nonalcoholic wave sweeps beer making (more) Tyson to sell chicken plant as streamlining push continues (more) Vista Outdoor rejects MNC's buyout offer, agrees to CSG's sweetened bid for unit (more) StanChart crypto unit in talks to buy Alan Howard-backed firm (more) Uberdoc, a healthcare platform, received an investment from CharmHealth and Bioverge (more)
| VC | Captions, a generative video creation and editing platform, raised $60M in Series C funding, at $500M valuation (more) DigniFi, a fintech company specializing in automobile repair financing, raised $175M in funding (more) ZwitterCo, a company empowering water treatment through membrane technologies, raised $58.4M in Series B funding (more) Volley, a creator of voice-controlled games played on TVs and smart speakers, raised $55M in Series C funding (more) Gymdesk, a member management software for fitness and wellness businesses, raised $32M in funding (more) NOWDiagnostics, a developer of over-the-counter and point-of-care diagnostic tests, raised $22.5M in Series B funding (more) Command Zero, an autonomous and user-led cyber investigation platform, raised $21M in Seed funding (more) Courier Health, a tech company specializing in chronic conditions or rare diseases, raised $16.5M in Series A funding (more) Scaler, a platform for decarbonizing real estate with machine learning and ESG data collection, raised $10M in Series A funding (more) The Lasso, an online car bidding platform, raised $9.8M in funding (more) Biostate AI, a biodata foundry startup, raised $4M in funding (more) NodaFi, a company specializing in facility operations platforms, raised $3.5M in Seed funding (more) Niva, a global business identity platform, raised more than $3.3M in funding (more) Accend, a company helping fintechs and banks accelerate business customers' onboarding process, raised $3.2M in Seed funding (more) Maximum Fidelity Surgical Simulations (MaxFi), a company providing lifelike cadavers to create highly realistic surgical simulations for medical education, raised $2.25M in Seed funding (more)
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| | | German gov't transfers another $900M in Bitcoin, adding to BTC's selling pressure (more) Trump's official Republican platform pledges to halt crypto 'crackdown' (more) Ethereum to launch first $2M protocol-wide 'Attackathon' (more)
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| | | | | | | | | DAILY SHARE |  | Enguerrand VII de Coucy @ingelramdecoucy |  |
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Oh my god New York City paid McKinsey $4,000,000 to do a study on if trash cans work |  | | | 3:44 PM • Jul 9, 2024 | | | | | | 4.24K Likes 643 Retweets | 249 Replies |
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|  | Douglas A. Boneparth @dougboneparth | |
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If you're bad at spending money, just remember that NYC paid McKinsey $4 million for a study on whether trash bags should go in trash cans. | | | 1:20 PM • Jul 9, 2024 | | | | | | 40.4K Likes 3.97K Retweets | 339 Replies |
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|  | sophie @netcapgirl | |
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ngl it must have been pretty sick to be the person at mckinsey who told new york city "hmm, maybe start using trash cans?" | | | 7:22 PM • Jul 9, 2024 | | | | | | 486 Likes 20 Retweets | 22 Replies |
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| What did you think about today's briefing? | |
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