📈 Apple downgrade

Investors see 2024 as transition year to new economic order, Barclays downgrades Apple, Harvard’s president Claudine Gay resigns - resignation letter, JP Morgan shares hit record high, and Congress heads into funding fight as US debt tops $34 trillion…

Author

Smart Owl
January 03, 2024

☕️ Good morning.

The Fast Five → Investors see 2024 as transition year to new economic order, Barclays downgrades Apple, Harvard’s president Claudine Gay resigns - read resignation letter, JP Morgan shares hit record high, and Congress heads into funding fight as US debt tops $34 trillion…

Here’s your 5-minute briefing for Wednesday:

BEFORE THE OPEN

As of market close 1/2/2024.

MARKETS

  • US stocks mostly fell on their first trading day of 2024

  • The Nasdaq fell 1.63%, while the Dow rose 0.07%

  • Asian stocks mostly fell, led by Chinese stocks, as Chinese manufacturing activity contracted further in December 2023

EARNINGS

  • What we're watching this week:

    • Thursday: Walgreens Boots Alliance

    • Friday: Constellation Brands

  • Full calendar here

NEWS BRIEFING

Investors seem convinced central banks are close to a much awaited pivot. Markets rallied as a result, but 2024 could hold surprises as the world adjusts to an economic order where money is not cheap.

Apple shares fell 4% after Barclays downgraded the stock and trimmed its price target, saying weakening iPhone 15 sales were likely a warning sign for iPhone 16 sales and broader hardware projections.

  • Stocks, bonds drop in tandem for worst start to year in decades (link)

  • US public debt tops $34 trillion as Congress heads into funding fight (link)

  • Harvard President Gay resigns after plagiarism allegations, campus antisemitism backlash (link)

    • Read Gay’s resignation letter (link)

  • Apple shares fell 4% after Barclays downgrade (link)

  • Citigroup shares to double over next three years, Mayo says (link)

  • India proposes tighter rules for dividend payouts by lenders (link)

  • Manhattan home prices rise in early sign of a market rebound (link)

  • Tech’s AI hangover might just be getting started (link)

  • Runway safety concerns in focus as Japan probes Tokyo crash (link)

  • China removes official after video games rules spark turmoil (link)

  • Lazard hires former Onex, Rothschild restructuring bankers in revenue push (link)

  • JPMorgan shares climb to record high (link)

  • Donald Trump asked Maine court to reverse state’s ballot ban (link)

CRYPTO

  • CBOE Digital sees Bitcoin ETFs attracting new institutional investors, including pension funds (link)

  • CleanSpark, one of the largest US public Bitcoin mining companies, plans to launch an in-house trading desk (link)

BULLISH BITES

🐭 For grabs? Welcome to the public domain, Mickey Mouse.

🎻 Orchestrated: A plan was hatched to make the football player “as famous as the Rock.” Meet the duo who brought you Travis Kelce.

🏸 Old is new: Grandpacore, groovy weddings, badminton and jazz — get ahead of 2024 trends.

❌ C’est la vie: Will 2024 mark the end of the 'Digital Agency'?

FEATURED TRADES

$GOOGL Price target Raised to $160 at JPMorgan, Added as New Top Pick

Alphabet Inc. is the parent company of Google and several other companies previously owned by or tied to Google. It operates through various segments including Google Services, Google Cloud, and Other Bets, focusing on areas such as search, advertising, operating systems, platforms, computing, and more.

Ticker: GOOGL | Price: $138.17 | Price Target: $160 (+16%) | Timeframe: 2024

🔎 Search | ☁️ Cloud | 🤖 AI | 📈 Bullish Idea

Read the full article here. Read time: 1 min

DAILY SHARES

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