📈 Disney prevails

Dow falls nearly 400 points continuing Q2 weak start, Disney prevails over Trian in board fight, Biden and Xi speak by phone to manage world tensions, Tesla deliveries decline for first time in four years, and Costco offering weight-loss subscriptions to members...

April 03, 2024

Good morning.

The Fast Five → Dow falls nearly 400 points continuing Q2 weak start, Disney prevails over Trian in board fight, Biden and Xi speak by phone to manage world tensions, Tesla deliveries decline for first time in four years, and Costco offering weight-loss subscriptions to members…

Calendar: (all times ET)

  • Today: Fed Chair Powell, 10am

  • THU 4/4: Jobless claims, 8:30am

  • FRI 4/5: Unemployment rate, 8:30am

Your 5-minute briefing for Wednesday, April 3:

BEFORE THE OPEN

As of market close 4/2/2024.

PRE-MARKET

MARKETS

  • US stocks tumbled as investors lowered expectations of a Fed rate cut in June

  • US 10Y yield hit its highest level since November

  • Oil rose to its highest level since October

  • Brazil sold $1B in swaps in its first FX intervention in two years to prevent a volatility spike led by expiring NTN-A bonds

EARNINGS

  • Dave and Buster's missed Q4 EPS and revenue estimates on significant impacts by abnormal adverse weather but continued to grow and progress back to ATHs (link)

  • What we're watching this week:

    • Today: Levi’s

    • Thursday: Lamb Weston

  • Full calendar here

NEWS BRIEFING

Stocks fell Tuesday as investors continued to worry that the Federal Reserve could cut interest rates later than expected.

Walt Disney Co has secured enough shareholder votes to defeat a challenge against its board mounted by Nelson Peltz's hedge fund Trian Fund Management.

  • Biden, Xi Spoke by Phone About AI Risks, TikTok, Russia and Fentanyl (link)

  • Tesla quarterly deliveries decline for the first time in nearly four years (link)

  • Trump sues Truth Social co-founders to zero them out (link)

  • Costco offering weight-loss subscriptions to members (link)

  • All Citadel strategies are up YTD (link)

  • Fed officials see three rate cuts 'reasonable' this year (link)

  • US job openings held steady in February (link)

  • Trump sued Truth Social co-founders out of stock ownership (link)

  • UBS named three co-heads of Americas ECM (link)

  • Ex-Gucci CEO Bizzarri set up an investment company (link)

  • S&P 500 made up 27% of 2023 equity ETF flows (link)

  • Tesla quarterly deliveries fell for first time since 2020 (link)

  • FDIC is probing BlackRock and Vanguard over huge US bank stakes (link)

  • Iowa-LSU game was FanDuel's biggest-ever women's sports betting event (link)

  • Intel disclosed a $7B operating loss in foundry business (link)

CRYPTO

  • Goldman Sachs wealth management clients are not interested in crypto (link)

  • Crypto VC funding jumped 50% MoM in March (link)

You Can Sponsor this Newsletter details here.​

BULLISH BITES

🤑 Forbes billionaires: There are more than ever before – and they're wealthier.

📍 Navigation: Apple has patented a method to provide map directions based on the type of car you're driving.

👋 Did you get this? Hello to you as well, Starbucks.

🤖. Training ground: For data-guzzling AI companies, the internet is too small.

DAILY SHARES

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