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📈 Biden Blocks Nippon from US Steel

Intel may leave the Dow, Callaway doesn’t want to be paired with Topgolf, Something big may be behind Buffet’s selling, Kroger still wants to shop with Albertsons, Biden to keep Nippon from US Steel.

Author

Evelio Silvera
September 05, 2024

Good morning.

⚡ The Fast Five → Intel may leave the Dow, Callaway doesn’t want to be paired with Topgolf, Something big may be behind Buffet’s selling, Kroger still wants to shop with Albertsons, Biden to keep Nippon from US Steel.

Today’s briefing ahead, but first…

  • We are sending our first Bull Street Subscriber Survey in tomorrow’s edition. Take a moment and share thoughts, ideas, and changes you’d like to see on the daily newsletter.

And now…

⏱️ Your 5-minute briefing for Thursday, September 5, 2024:

MARKET BRIEF
Before the Open

As of market close 9/4/2024.

Pre-Market

  • Tesla was the best performer on the S&P 500 and the Nasdaq Wednesday, up 4.2%. The electric vehicle maker plans to produce a six-seat variant of its Model Y car in China from late 2025, Reuters reported Tuesday, citing unnamed sources.

  • Dollar Tree shares plunged 22%, the worst performer on the S&P 500 and the Nasdaq, as the bargain store chain's fiscal Q2 earnings unexpectedly slid year over year, while sales missed estimates amid macro pressures on consumers.

Fear & Greed

*DOWN 12pts

Trends

  • Wall St. ends mostly down after weak labor market data

  • US Equity Indexes Mixed Amid Surprise Drop in Job Openings

  • US trade deficit widened as import growth outpaced that of exports

  • Utilities biggest S&P 500 sector gainer; energy leads decliners

WHAT WE’RE WATCHING
Events

  • Today: Dept. of Labor Unemployment Claims, 8:30AM

  • Why You Should Care: Although it's generally viewed as a lagging indicator, the number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions. Unemployment is also a major consideration for those steering the country's monetary policy.

Earnings Reports

  • Today: Broadcom, DocuSign, Samsara

  • Tomorrow: ABM, Genesco, BigLots

MARKET BRIEF
Headlines

US President Joe Biden is reportedly set to block the sale of US Steel to Japan’s Nippon Steel, over concerns that the $14.9 billion acquisition posed a national security risk.

The chief executive officer of Kroger insisted Wednesday that merging with rival Albertsons would allow the two supermarket companies to lower prices and more effectively compete with retail giants like Walmart and Amazon.

  • Intel's Dow status under threat as struggling chipmaker's shares plunge (link)

  • Berkshire Hathaway: There May Be Something Big Going On Behind Buffett's Selling (link)

  • Topgolf Callaway wants to split up after a little more than three years. (link)

  • Sweetgreen Poised For Big EBITDA Boost with Tech Innovation, Robotic Kitchens (link)

  • Intuit Debuts ‘Major’ Updates to Generative AI Operating System (link)

  • Verizon nearing deal for Frontier Communications (link)

CRYPTO
Fear & Greed

*Up 1 pt

Headlines

  • Crypto-friendly United Texas Bank faces cease and desist order from Federal Reserve (link)

  • A Hunt for Yield: The Next Chapter in Crypto Portfolio Optimization (link)

  • Crypto.com dominates USD support exchange volume as August sees $193 billion in trades (link)

  • Siemens Issues $330M Digital Bond on Private Blockchain (link)

DAILY SHARE
On the Socials