šŸ“ˆ Cash infusion

Powell testifies Fed on track to cut rates this year, Powell also floats redoing bank capital plan, Apple looks most oversold in years, OpenAI says Musk wanted ā€˜absolute controlā€™ of company, and NYCB gets $1+Billion cash infusion...

March 07, 2024

Good morning.

The Fast Five ā†’ Powell testifies Fed on track to cut rates this year, Powell also floats redoing bank capital plan, Apple looks most oversold in years, OpenAI says Musk wanted ā€˜absolute controlā€™ of company, and NYCB gets $1+ Billion cash infusionā€¦

Calendar:

  • Fri, 3/8: US nonfarm payrolls, unemployment rate, 8:30a ET

Your 5-minute briefing for Thursday, March 7:

BEFORE THE OPEN

As of market close 3/6/2024.

PRE-MARKET

MARKETS

  • US stocks recovered some ground yesterday as J Pow's Congressional testimony reinforced expectations of a 2024 Fed rate cut

  • Traders priced in a 70% chance of a June rate cut

  • Gold extended its record run

EARNINGS

  • JD.com shares jumped ~16% after beating Q4 revenue estimates and initiating a $3B share buyback (link)

  • Foot Locker shares plunged ~29% after reporting a holiday quarter loss, delaying a key profitability target, and issuing weak FY guidance (link)

  • What we're watching this week:

    • Today: Costco, Broadcom, Kroger, MongoDB

  • Full calendar here

NEWS BRIEFING

Powell told lawmakers the Fed's policy-setting committee still isnā€™t convinced that progress toward their 2% inflation objective is ā€œassured,ā€ and that it wonā€™t make sense to cut interest rates until it is confident.

A cash infusion would be the latest development in a turbulent start to the year for NYCB, which replaced its CEO last week.

  • PE increasingly drawn to investing in failing banks (link)

  • OpenAI says Musk wanted ā€˜absolute controlā€™ of the company (link)

  • Wall Street gets win as Powell floats redoing bank capital plan (link)

  • Apple looks most oversold in years after $200B selloff (link)

  • Major economies are lagging behind America's (link)

  • Nvidia insiders cash in on $180M in shares (link)

  • CEO confidence in US economic outlook at highest since 2022 (link)

  • Panera loosens ingredients standards ahead of IPO (link)

  • China to mobilize nation to win tech supremacy from US (link)

  • Apple nixes Epic Games' ability to make EU app store (link)

  • AMD hits US roadblock in China AI chip sales (link)

  • Google engineer charged with stealing AI secrets while working for Chinese groups (link)

  • NASA is recruiting astronauts in most competitive job ever (link)

CRYPTO

  • Cryptoā€™s $800B rally is widening beyond Bitcoin (link)

  • Binance launched a perfume (link)

  • Spain banned Sam Altmanā€™s crypto Worldcoin for up to three months (link)

You Can Sponsor this Newsletter details here.ā€‹

BULLISH BITES

āœ… Reality-sheck: Can Nvidia's too-good-to-be-true rally go on?

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šŸ˜Ž Daylight savings: What sleep experts say about "losing" an hour.

šŸ”„ Social hit: Whatā€™s all the hype about Trader Joeā€™s mini tote bag?

DAILY SHARES

Keep the curation going! Buy the team a coffee ā˜•ļø