📈 Capital One + Discover

Capital One is acquiring Discover Financial Services, tomorrow’s Nvidia earnings a huge test for AI-led rally, Goldman lifts S&P 500 target to 5,200, more Wall Street firms are flip-flopping on climate, and Zuck explains why tech companies are cutting jobs…

Author

Smart Owl
February 20, 2024

Good morning.

The Fast Five → Capital One is acquiring Discover Financial Services, tomorrow’s Nvidia earnings a huge test for AI-led rally, Goldman lifts S&P 500 target to 5,200, more Wall Street firms are flip-flopping on climate, and Zuck explains why tech companies are cutting jobs…

Calendar:

  • Today: US leading economic indicators, 10:00a ET

  • WED, 2/21: Minutes of Fed’s January FOMC meeting, 2:00p ET

Your 5-minute briefing for Tuesday, February 20:

BEFORE THE OPEN

As of market close 2/16/2024. Bitcoin as of 2/19/2024.

PRE-MARKET

MARKETS

  • US stock and bond markets were closed Monday in observance of Presidents' Day

  • US stocks pulled back from weekly gains on Friday as hotter-than-expected inflation data suggested a delay in Fed rate cuts

  • All three major indexes finished the week in red

EARNINGS

  • What we're watching this week:

    • Today: Walmart, Home Depot, Palo Alto Networks

    • Wednesday: Nvidia, Rivian, Etsy, Analog Devices, Wingstop

    • Thursday: Block, Moderna, Carvana, Intuit

    • Friday: Warner Bros. Discovery

  • Full calendar here

NEWS BRIEFING

Purchase of credit-card lender may come as soon as this week. Deal would rank among year’s top acquisitions so far this year.

Nvidia earnings Wednesday will be a critical test for the AI-led market rally. Nvidia earnings and guidance will have a big impact directly via NVDA stock.

  • Producer inflation data came in hotter-than-expected (link)

  • Goldman lifts S&P 500 target to 5,200 on profit expansion (link)

  • Wall Street firms are flip-flopping on climate (link)

  • Zuckerberg explains why tech companies are cutting jobs (link)

  • AI draws tech back to San Francisco (link)

  • Companies scramble to reduce expectations as stocks ignore risks (link)

  • Apple set to face near $630M fine in Spotify row (link)

  • Trump launches sneaker line (link)

  • The war over burying nuclear waste in America’s busiest oil field (link)

  • Twitter’s fired Africa staff reach deal after year-long talks (link)

  • China’s Wang Yi tells Blinken US should lift sanctions on Chinese firms (link)

  • Even the world’s biggest EV market is slowing (link)

  • Biden administration to reportedly relax EV rule on tailpipe emissions (link)

  • How the big airlines beat the budget guys at their own game (link)

CRYPTO

  • FTX investors sued Sullivan & Cromwell, accusing the law firm of aiding FTX with multi-billion dollar fraud (link)

  • Japan moves closer to allowing investment funds to hold crypto (link)

  • Honduras’ financial watchdog banned trading in crypto (link)

You Can Sponsor this Newsletter details here.​

BULLISH BITES

🎙 Interview: Figma’s CEO on life after the company’s failed sale to Adobe.

👜 Crafting desire: How Hermès sells "time".

🤖 AI boom: Tech leaders fled San Francisco during the pandemic. Now, they’re coming back.

🌠 Disney star turned space CEO: Bridgit Mendler launches satellite data startup backed by major VCs.

DAILY SHARES

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