📈 Emerging market picks

Goldman sees India’s stocks, bonds and Rupee as top emerging market picks, Salesforce plunges 16% on first revenue miss in 18 years, Wall St says shift to faster trade settlement smooth so far, US firms grow more pessimistic on economic outlook, and McDonald’s says average menu item costs 40% more than 2019…

Author

Smart Owl
May 30, 2024

Good morning.

The Fast Five → Goldman sees India’s stocks, bonds and Rupee as top emerging market picks, Salesforce plunges 16% on first revenue miss in 18 years, Wall St shift to faster trade settlement smooth so far, US firms grow more pessimistic on economic outlook, and McDonald’s exec says menu items costs 40% more than 2019...

Calendar: (all times ET)

  • Today: Initial jobless claims, 8:30a

  • FRI, 5/31: PCE Index, 8:30a

Your 5-minute briefing for Thursday, May 30:

BEFORE THE OPEN

As of market close 5/29/2024.

PRE-MARKET

MARKETS

  • US stocks fell yesterday on pressure from rising yields, driven by weak demand in yesterday's US Treasurys auction

  • The Dow hit its lowest level in nearly a month

  • US 10Y yield hit a four-week high

  • Pound hit to a 21-month high versus euro as rate cut bets fade

EARNINGS

  • Salesforce shares plunged 16% after reporting it's first revenue miss since 2006 and a weak Q2 forecast due to weak client spending on cloud and enterprise products (link)

  • HP beat on Q1 top and bottom lines thanks to recovering PC demand (link)

  • What we're watching this week:

    • Today: Costco, Dell, Dollar General, Kohl’s

  • Full calendar here

NEWS BRIEFING

The company's earnings and revenue outlook for the second quarter also fell short of the Street's estimates, as did full-year revenue guidance.

Come for the resilience, stay for the upside, say its analysts. Strength of domestic macro fundamentals to drive assets.

  • US firms more pessimistic on economic outlook, Fed survey shows (link)

  • PE execs tout industry comeback, but hiring lags (link)

  • Dimon warns 'could be hell to pay' if private credit sours (link)

  • US bank profits jump 80% as lenders shake off failed bank costs (link)

  • Wall St says shift to faster trade settlement smooth so far (link)

  • HSBC making mideast wealth push after hiring 100 bankers (link)

  • Wells Fargo CEO blames asset cap for stagnant growth (link)

  • Banco Sabadell rules out M&A defense against BBVA bid (link)

  • BOJ hints at rate hike if yen value leads to inflation (link)

  • CalPERS opposed Musk's $56B Tesla pay package (link)

  • McDonald’s exec says average menu item costs 40% more than 2019 (link)

  • PwC set to become largest ChatGPT enterprise customer (link)

  • Visa and Mastercard will settle consumer ATM fee lawsuit for $197M (link)

  • Activist Peltz sold entire Disney stake after losing proxy battle (link)

  • Tyson Foods was accused of hiring migrants over US citizens (link)

  • Yale named Stony Brook's Maurie McInnis as new president (link)

CRYPTO

  • BlackRock’s ~$20B Bitcoin ETF is now the world's largest Bitcoin fund (link)

  • Bankrupt crypto lender Genesis and crypto exchange Gemini returned over $2B in crypto to over 232k retail customers (link)

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BULLISH BITES

🧐 Inside Look: Former OpenAI board member explains why CEO Sam Altman got fired before he was rehired.

🤖 Next lLevel: Mistral releases Codestral, its first generative AI model for code.

⚡️ Playbook: To those interested in fighting misinformation, "prebunking" is all the rage.

🏠 On The Market: This $5.2M Illinois mansion starred in ‘Home Alone.’

DAILY SHARES

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