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šŸ“ˆ China Readies for War with Wall Street

Telegram caves, Ellison back on top at Paramount, Salesforce to Own a new startup, Scrutiny on the not-so-friendly skies, China to rival Wall Street firms

Author

Evelio Silvera
September 06, 2024

Good morning.

āš” The Fast Five ā†’ Telegram caves, Ellison back on top at Paramount, Salesforce to Own a new startup, Scrutiny on the not-so-friendly skies, China to rival Wall Street firms

And nowā€¦

ā±ļø Your 5-minute briefing for Friday, September 6, 2024:

MARKET BRIEF
Before the Open

As of market close 9/5/2024.

Pre-Market

  • Tesla was among the best performers on the S&P 500 and the Nasdaq, up 4.9%, after the electric vehicle maker said it plans to launch its driver assistance system, called Full Self-Driving, in China and Europe in the first quarter, pending regulatory approvals.

  • Copart shares slid 6.7%, the steepest drop on the Nasdaq and among the worst on the S&P 500. Late Wednesday, the company reported fiscal fourth-quarter earnings that missed Wall Street's expectations.

Fear & Greed

*DOWN 5pts

Trends

  • S&P 500, Dow end lower ahead of key jobs data, Nasdaq up

  • Oil steadies on U.S. crude stock drawdown, OPEC+ output hikes delay

  • Fed seeks feedback on emergency lending operations

  • US Treasury chief Yellen has no comment on U.S. Steel-Nippon review

WHAT WEā€™RE WATCHING
Events

  • Today: Bureau of Labor Statistics Average Hourly Earnings, 8:30AM

  • Why You Should Care: It's a leading indicator of consumer inflation - when businesses pay more for labor the higher costs are usually passed on to the consumer

Earnings Reports

  • Today: ABM, Genesco, BigLots

  • Monday: Oracle, Rubrik

MARKET BRIEF
Headlines

China is combining two of its largest state-backed brokerages to create a new behemoth as it seeks to consolidate the $1.7 trillion sector and build stronger investment banks to compete with overseas financial firms.

Telegram has quietly updated its policy to allow users to report private chats to its moderators following the arrest of founder Pavel Durov in France over ā€œcrimes committed by third partiesā€ on the platform.

  • Fedā€™s Goolsbee says trend of economic data justifies multiple rate cuts (link)

  • Larry Ellison Will Control Paramount After Merger (link)

  • Salesforce to acquire startup Own for $1.9 billion in cash (link)

  • Delta and major US airlines face federal probe into loyalty program practices (link)

  • Red Lobster says it will soon exit bankruptcy protection after judge approves seafood chainā€™s sale (link)

  • 7-Eleven Parent Rejects $39 Billion Buyout Offer By Circle K Owner (link)

  • Nvidia and Microsoft Face Lawsuit Alleging AI Chip-Related Patent Infringement (link)

  • Cleveland-Cliffs Open to Buying U.S. Steel Assets If Nippon Deal Sinks (link)

CRYPTO
Fear & Greed

*DOWN 7 pts

Headlines

  • Trump Promises to Embrace ā€˜Industries of the Futureā€™ Including Crypto, AI (link)

  • Polymarket's open interest soars past $100 million as crypto enthusiasts bet big on presidential election (link)

  • Aptos Leads Losses as Crypto Weakness Continues; Coinbase Shares Fall to 7-Month Lows (link)

  • Ether has underperformed bitcoin by 44% since switch to proof-of-stake (link)

DAILY SHARE
On the Socials