📈 Awaiting Santa's rally

☕️ Good morning.

The Fast Five → Wall Street awaits 'Santa Rally’ with stocks near records, OpenAi in talks to raise new funding at $100 billion valuation, Fed’s inflation gauge shows November prices rose less than expected, home prices to heat up after Fed rate cuts, and if inflation is cooling- consumers aren’t noticing…

Your 5-minute briefing for Tuesday:

BEFORE THE OPEN

MARKETS

• US stocks mostly rose on Friday thanks to cooling inflation data, with most major indices registering an eighth straight winning week

• The Nadaq rose 0.19%, while the Dow fell 0.05%

• November core PCE price index comes in below expectations.

• Small-cap Russell 2000 gains 0.8% for its sixth straight positive week.

EARNINGS

The earnings calendar is bare between Christmas and New Year's, picking back up the first week of January with Walgreens Boots Alliance (WBA) among the handful of names reporting.

In the following week (January 8-12), major banks will take the spotlight as the fourth-quarter earnings season begins. Stay tuned for our earnings outlook in next week's briefing.

• Full calendar here

NEWS BRIEFING

Wall Street Awaits 'Santa Rally' with US Stocks Near Records

OpenAI In Talks to Raise New Funding at Valuation of $100 Billion or More

• Fed’s favorite inflation gauge shows prices rose at 3.2% annual rate in November, less than expected (link)

• Inflation is cooling, but consumers aren't noticing (link)

• Inflation has created a dark cloud over how everyday Americans view the economy (link)

• Wall Street learns that this year, nothing beat owning the S&P 500 (link)

• Oil little changed as investors eye Middle East tensions, US rate cut (link)

• Home prices to heat up after Fed rate cuts with 88% of market overvalued (link)

• Shipping giant Maersk prepares to resume operations in Red Sea (link)

• China identifies second set of projects in $140 bln spending plan (link)

• China’s potential new gaming rules will hit smaller developers more, analyst says (link)

• Congo reaffirms commitment to OPEC, oil minister says (link)

• Goldman’s painful 2023 lesson on China forces rethink of emerging markets (link)

• Tech giants like Google and Meta slashed DEI programs in 2023 (link)

• Twitter violated contract by failing to pay millions in bonuses, U.S. judge rules (link)

• LA’s third-tallest tower sells for 45% below 2014 price (link)

• Cummins to pay record-setting $1.675 billion US environmental fine (link)

• ‘Revenge spending’ drives ballooning US credit dard balances (link)

CRYPTO

• Nigeria will allow lenders to deal with crypto companies, reversing a ban from 2021 (link)

• Bitcoin options show that traders are hedging bets ahead of a January 10th deadline for the SEC to decide whether to allow Bitcoin ETFs (link)

BULLISH BITES

🔮 2024 predictions: More bank failures, suburban offices, and a lot less hype.

🔥 Mom trend: How a 40-ounce cup turned Stanley into a $750 million a year business.

🤫 Secret life: Here's what happens to the billions of gift cards that go unspent each year.

📺 Replay: The 15 best 2023 late-night TV moments you may have missed.

FEATURED TRADES

$SE set to drop then pop

Sea Limited is a leading Southeast Asian conglomerate with key focus areas in e-commerce, digital entertainment, and digital financial services. Major operations include the Shopee e-commerce platform, Garena gaming division, and SeaMoney digital financial services.

Ticker: SE | Price: $38.91 | Price Target: $58.36 (+50%) | Timeframe: early 2024

💻 Tech Conglomerate | 🇸🇬 Singapore | 📈 Bullish Idea

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DAILY SHARES

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