📈 Archegos founder guilty

Archegos founder found guilty of fraud charges, today’s inflation report to set the tone, S&P/Nasdaq/Nikkei make record highs, HubSpot plunges on news Alphabet shelves interest, and George Clooney pens op-ed: “we need a new nominee”…

Author

Smart Owl
July 11, 2024

Good morning.

The Fast Five → Archegos founder found guilty of fraud charges, today’s inflation report to set the tone, S&P/Nasdaq/Nikkei make record highs, HubSpot plunges on news Alphabet shelves interest, and George Clooney pens op-ed: “we need a new nominee”…

Calendar: (all times ET)

  • Today: Initial jobless claims, 8:30 AM

    • Consumer price index (CPI), 8:30 AM

  • FRI, 7/12: Producer price index (PPI), 8:30 AM

    • Consumer sentiment, 10:00 AM

Your 5-minute briefing for Thursday, July 11:

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BEFORE THE OPEN

As of market close 7/10/2024.

PRE-MARKET

MARKETS

  • Megacap tech stocks continued to power US markets higher ahead of a crucial CPI report

  • The S&P closed for a sixth-straight ATH for its longest such streak since 2021

  • The S&P also logged its longest rally since November

  • Traders are pricing in a 46% chance of two Fed rate cuts by year-end

EARNINGS

  • What we're watching this week:

    • Today: Delta, PepsiCo

    • Friday: JPMorgan, Wells Fargo, Citigroup

  • Full calendar here

NEWS BRIEFING

Former CFO Patrick Halligan is also found guilty of fraud. Jury delivers verdict after deliberating for day and a half.

George Clooney calls on Biden to drop out of presidential race.

  • Today’s US inflation report to set the tone (link)

  • Nvidia leads Nasdaq and S&P 500 to record high closes (link)

  • Fed's Cook: US data consistent with a soft landing (link)

  • BP predicts global oil demand will peak in 2025 (link)

  • Japan's Nikkei smashes past 42,000 mark to all-time high (link)

  • HubSpot shares plunge 12% on report Alphabet walked from acquisition deal (link)

  • Microsoft in $22 mln deal to settle cloud complaint, ward off regulators (link)

  • NBA finalizes $76 bln broadcasting deal with Disney, Amazon, Comcast (link)

  • Samsung is leaning on AI to power device sales (link)

  • AMD announces deal to acquire Silo AI for $665M (link)

  • Intuit is laying off 1,800 employees as AI leads to a strategic shift (link)

CRYPTO

  • Bitwise CCO says Ethereum ETFs are "close to the finish line," but other crypto funds may take longer for SEC approval (link)

  • Crypto investment firm Hypersphere unveiled a $130M market fund staffed by Millennium and Bridgewater alums (link)

  • Goldman Sachs announced plans to launch three tokenization projects by year-end, citing renewed momentum and client interest (link)

  • Mt. Gox repayments have shaken the crypto market, with 47,288 BTC moved and 140,000 BTC to be returned (link)

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DAILY SHARES

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