📈 Market clings to jobs report

Alphabet soars as Wall Street cheers arrival of Gemini, Spotify’s CFO is stepping down, Amazon testing monthly unlimited grocery subscription, JPMorgan's Kolanovic says opt for cash over stocks, and Salesforce signals end of the Golden Age of cushy tech jobs…

Author

Smart Owl
December 08, 2023

☕️ Good Morning. November jobs report @ 8:30am EST

The Fast Five → Alphabet soars as Wall Street cheers arrival of Gemini, Spotify’s CFO is stepping down, Amazon testing monthly unlimited grocery subscription, JPMorgan's Kolanovic says opt for cash over stocks, and Salesforce signals end of the Golden Age of cushy tech jobs…

Here’s your 5-min briefing for Friday:

BEFORE THE OPEN

As of market close 12/7/2023.

MARKETS

  • US stocks broke a three-day losing streak ahead of Friday’s jobs report

    • The Nasdaq led indices with a 1.37% gain

  • WTI futures hover at ~6-month low below $70 per barrel

  • Focus on jobs data, including initial jobless claims and continuing claims.

  • Await University of Michigan's preliminary consumer sentiment data for December.

  • Individual investor pessimism rises in latest AAII survey, bullish sentiment dips slightly.

  • Bullish sentiment remains above historical average for five straight weeks.

EARNINGS

  • Broadcom beat Q4 adjusted earnings expectations, while revenue was in line with expectations (Read More)

  • Lululemon beat Q3 earnings expectations but forecast lower-than-expected Q4 revenue ahead of the holidays (Read More)

  • Full calendar here

NEWS BRIEFING

Alphabet (GOOGL.O) shares ended 5.3% higher on Thursday as Wall Street cheered the launch of Gemini, saying the new AI model could help narrow the gap in a race with Microsoft-backed OpenAI.

Marc Benioff’s famously employee-friendly company is becoming more Darwinian—and providing a new model for Silicon Valley.

  • US government shutdown risk rising on stalled spending talks (Read More)

  • Biden administration asserts power to seize drug patents in move to slash high prices (Read More)

  • Jobs report to give reality check to bond traders way ahead of Fed (Read More)

  • JPMorgan's Kolanovic says opt for cash or bonds over stocks (Read More)

  • Gold firms as dollar dips ahead of US payrolls report (Read More)

  • Soy and lithium trade being in the balance, Argentina's Milei has a China conundrum (Read More)

  • Spotify’s CFO is leaving, follows marketing chief out the door (Read More)

  • Dollar General’s returning CEO tries to drive a turnaround (Read More)

  • Amazon tests a $9.99 monthly unlimited grocery subscription service for Prime members (Read More)

  • Google is ending the year with a big update for Pixel devices (Read More)

  • The venture landscape may be on the ‘cusp’ of explosive growth (Read More)

  • Yellow rejects bid to revive the collapsed trucking company (Read More)

  • Harvard, Penn heads walk back genocide answers after backlash (Read More)

CRYPTO

  • Montenegro plans to extradite fallen crypto tycoon Do Kwon to the US (Read More)

  • Bitcoin option traders are loading up on bets that the cryptocurrency will surge to $50,000 by January (Read More)

  • Ethereum and Solana rallied to new 19-month highs (Read More)

BULLISH BITES

😇 Class act: Bezos ex, MacKenzie Scott, donates $2 billion to 360 different charities ($16.5 billion since divorce)

⏳ Drying up: From unicorns to zombies — tech startups run out of time and money.

👜 Dynasty: Hermès' $151 billion family fortune is Europe's biggest.

🙋🏻‍♀️ Her turn: The OpenAI board member who clashed with Sam Altman shares her side.

FEATURED TRADES

Altus Power: A solar company with 100% upside

Altus Power, Inc., a clean electrification company, develops, owns, constructs, and operates roof, ground, and carport-based photovoltaic solar energy generation and storage systems.

Ticker: AMPS | Price: $5.42 | Price Target: $10 (+84%) | Timeframe: N/A

☀️ Solar Energy | 📈 Bullish Idea

Read the full article here. Read time: 3 min

DAILY SHARES

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