📈 Trump and Harris Face-Off

Mergers and IPOs lagging, No more soup for Campbells, Household income sees a slight uptick, GameStop dips, Trump and Harris debate

Author

Evelio Silvera
September 11, 2024

Good morning.

⚡ The Fast Five → Mergers and IPOs lagging, No more soup for Campbells, Household income sees a slight uptick, GameStop dips, Trump and Harris debate

Today’s briefing ahead, but first…

Join the 9/11 Memorial & Museum on the 23rd anniversary of the day that changed our world forever, we ask you to join the Remember the Sky digital memorial. Simply post a photo of the sky wherever in the world you are on September 11, 2024 — regardless of the weather. Then, share it on the social media platform of your choice with a caption, and include the hashtags #neverforget911 and #rememberthesky.

And now…

⏱️ Your 5-minute briefing for Wednesday, September 11, 2024:

MARKET BRIEF
Before the Open

As of market close 9/10/2024.

Pre-Market

  • Oracle shares jumped 11%, the best performer on the S&P 500. The software maker late Monday posted fiscal Q1 results that surpassed Wall Street's estimates, driven by strength in its cloud offerings.

  • Hewlett Packard saw the steepest decline on the S&P 500, down 8.5%. The company late Monday said it had launched a public offering of $1.35 billion of its series C mandatory convertible preferred shares.

Fear & Greed

*DOWN 2 pts

Trends

  • Fed to cut rates by 25 basis points on Sept. 18, twice more in 2024

  • S&P 500 ends slightly higher but banks and energy weigh

  • US Futures Steady Ahead of CPI Report

  • US election is just one risk among many for nervous stock market

WHAT WE’RE WATCHING
Events

  • Today: Bureau of Labor Statistics Core Consumer Price Index, 8:30AM

  • Why You Should Care: Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate

Earnings Reports

  • Today: Manchester United, Cracker Barrel, SelectQoute

  • Tomorrow: Adobe, Kroger, Signet

MARKET BRIEF
Headlines

Former President Donald Trump and Vice President Kamala Harris faced off Tuesday night, with the stock market focused primarily on questions related to taxes and tariffs.

Oil prices were slipping on signs of persistently weak demand in China, despite disruptions caused by tropical storm Francine in the Gulf of Mexico.

  • Household Income Climbed 4% in 2023 (link)

  • Morgan Stanley expects mergers, IPOs to lag trends through 2024 (link)

  • Nearly 1M Medicare beneficiaries potentially affected after data breach (link)

  • Campbell Soup Targets Up To 3% Organic Sales Growth In 2027 And Major Rebrand To 'The Campbell's Company' (link)

  • GameStop reports fall in revenue, files for 20 million share offering (link)

  • Hertz Bondholders Win Appeal for $272 Million From Bankruptcy Dispute (link)

  • Sony unveils upgraded PlayStation to boost slowing console business (link)

CRYPTO
Fear & Greed

*UP 4 pts

Headlines

  • Bitcoin Eyes $58K With Downtrodden Crypto Markets Exposed to Short Squeezes (link)

  • Ethereum stablecoin volume hits record $1.46 trillion as DeFi demand surges (link)

  • Bitcoin ETFs Are Fine Despite Suffering Their Worst String of Outflows (link)

  • SEC's crypto industry fines and penalties surpass $7.4 billion after massive Terraform fine (link)

DAILY SHARE
On the Socials