📈 Doubling down

Fed's Powell to double down on 'no rush to cut' message, Musk sues OpenAI and Sam Altman over contract breach, China to unveil GDP target, Super Micro joining S&P 500, and Reddit seeks a valuation of up to $6.5B in IPO…

Author

Smart Owl
March 04, 2024

Good morning.

The Fast Five → Fed's Powell to double down on 'no rush to cut' message, Musk sues OpenAI and Sam Altman over contract breach, China to unveil GDP target, Super Micro joining S&P 500, and Reddit seeks a valuation of up to $6.5B in IPO…

Calendar:

  • Wed, 3/6: Fed Chair Jerome Powell testifies to Congress, 10:00a ET

    • Job openings, 10a ET

  • Fri, 3/8: US nonfarm payrolls, unemployment rate, 8:30a ET

Your 5-minute briefing for Monday, March 4:

BEFORE THE OPEN

As of market close 3/1/2024. Bitcoin as of 3/3/2024.

PRE-MARKET

MARKETS

  • US stocks rallied, with investors betting on tech mega caps as the best way to play slowing inflation and AI

  • Europe's Stoxx 600 and Japan's Nikkei 225 also hit new record highs

  • US crude topped $80 for the first time since November

EARNINGS

  • What we're watching this week:

    • Today: Sea

    • Tuesday: Target, CrowdStrike, Nio

    • Wednesday: JD.com, Abercrombie & Fitch, Foot Locker

    • Thursday: Costco, Broadcom, Kroger, MongoDB

  • Full calendar here

NEWS BRIEFING

Musk said that OpenAI has abandoned its mission of helping humanity and instead is focusing on profits.

Set pieces include Fed testimony, China congress, UK budget. ECB, Bank of Canada may keep interest rates unchanged.

  • BlackRock abandons ‘ESG’ investing for ‘transition investing’ (link)

  • Wall Street banks retreat on DEI efforts (link)

  • China to unveil GDP target, avoid ‘Bazooka’ stimulus at meeting (link)

  • Super Micro joining S&P 500 after stock price soars more than 20-fold in two years (link)

  • Reddit seeking $6.5B valuation in IPO (link)

  • Ex-Credit Suisse CEO's SPAC sued by a Chinese partner (link)

  • Fitch downgraded NYCB to junk (link)

  • Blackstone’s property fund meets redemptions for first time in over a year (link)

  • Invesco becomes fifth US asset manager to exit CA100+ climate group (link)

  • Google trims jobs while others work ‘around the clock’ (link)

  • Rio Tinto CEO expects metal prices to remain volatile (link)

  • US factory employment fell to a seven-month low (link)

  • OPEC+ will extend oil output cuts to Q2 (link)

  • Ex-Macquarie star commodities trader Nick O’Kane will join Mercuria (link)

  • Millennials stand to inherit $90T (link)

CRYPTO

  • Bitcoin Dogs, the first-ever coin on the Bitcoin blockchain, raised $5.7M (link)

  • Binance recovered $4.4B worth of crypto for users who mishandled deposits in the past two years (link)

You Can Sponsor this Newsletter details here.​

BULLISH BITES

👀 Watching: Will Apple acquire Rivian? 1 Wall Street analyst thinks it should.

🤝 VC insanity: A tiny AI startup wants investors to pay $100 to book a meeting with its founder.

🇺🇸 Poll: Top 10 states with the most stressed out people in America.

🥃 Ice-age: Startup sparks fury for shipping 100,000-year-old Arctic ice to chill cocktails in Dubai.

DAILY SHARES

Keep the curation going! Buy the team a coffee ☕️