📈 End of an era

Supreme Court curbs SEC’s enforcement powers, Goldman signals the end of an era in private equity, Chinese automakers expect 33% global market share by 2030, Tesla’s design changes confuse drivers, and Biden blunders dominate debate with Trump…

Author

Smart Owl
June 28, 2024

Good morning.

The Fast Five → SEC’s enforcement powers curbed, Goldman signals the end of an era in private equity, Chinese automakers expect 33% global market share by 2030, Tesla’s design changes confuse drivers, and Biden blunders dominate debate with Trump…

Calendar: (all times ET)

  • Today: PCE index, 8:30a

  • Consumer sentiment, 10:00a

Your 5-minute briefing for Friday, June 28:

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BEFORE THE OPEN

As of market close 6/27/2024.

PRE-MARKET

MARKETS

  • US stocks closed relatively flat ahead of the presidential debate and fresh inflation data

  • Canada's TSX index rose to a two-week high

  • China 10Y and 30Y treasury futures rose to a record high

  • Cocoa futures fell for a sixth-straight day to $7,361 as crop fears ease

EARNINGS

  • Walgreens plunged 22% after missing Q3 earnings and slashing its FY outlook amid a challenging consumer environment; the chain plans to close ~700 stores (link)

  • Nike fell 13% on a Q4 sales drop and poor FY forecast due to weak demand (link)

  • Full calendar here

NEWS BRIEFING

Biden's answers during the first debate of the 2024 election were sputtering and rambling at times, with allies expressing grave concerns about the impact on his race against Trump.

Justices say the regulator violated the Constitution by using in-house tribunals where it has the home court advantage.

  • Jobless claims dip ahead of key Fed inflation report (link)

  • Home prices begin to cool as active listings jump 35% (link)

  • Uber and Lyft agree to pay drivers $32.50 per hour in Massachusetts settlement (link)

  • Hebbia raises nearly $100M Series B for AI-powered document search led by Andreessen Horowitz (link)

  • Jury rules NFL violated antitrust laws in 'Sunday Ticket' case and awards $4.7 billion in damages (link)

  • Chinese automakers expect 33% global market share by 2030 (link)

  • California lawmakers approve changes to law allowing workers to sue employers over labor violations (link)

  • Tesla’s design changes confuse drivers and undercut EV quality (link)

  • Goldman signals the end of an era in private equity (link)

  • Retail traders came out in force to buy the recent dip in Nvidia (link)

CRYPTO

  • Coinbase sued SEC and FDIC for illegally blocking FOIA requests (link)

  • VanEck filed for Solana ETF, SOL jumps in response (link)

  • Mt. Gox will distribute ~$9B in Bitcoin repayments to creditors (link)

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