📈 Muscle era

Good morning.

The Fast Five → Biden vs. Trump all over again, tech giants drag down market after torrid rally, Biden to form price-gouging ‘strike force’, Bezos dethrones Musk as world’s richest, and Dodge kicks off the electric muscle era…

Calendar:

• Today: 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 Wednesday, March 6:

BEFORE THE OPEN

PRE-MARKET

MARKETS

• US stocks fell for a second session led by steep declines in major tech stocks

• Gold surged to a record high, driven by growing expectations of US rate cuts

• Bitcoin tumbled ~10% after briefly cross $69k for a record high

EARNINGS

• Target shares jumped ~12% after beating Q4 earnings and revenue estimates but expects another year of weak sales (link)

• CrowdStrike shares surged ~25% on a Q4 beat-and-raise and also announced their acquisition of Flow Security (link)

• Nordstrom shares fell ~10% despite reporting better-than-expected Q4 earnings and revenue due to a muted FY outlook (link)

• What we're watching this week:

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

  • Thursday: Costco, Broadcom, Kroger, MongoDB

• Full calendar here

NEWS BRIEFING

Biden vs. Trump (again)

Dodge Charger Daytona EV Kicks Off the Electric Muscle Era

• Biden to form ‘strike force’ to go after price-gouging (link)

• DOJ and FTC to probe healthcare PE (line)

• Global M&A volumes expected to rise by 50% this year (line)

• Citigroup CEO sees rising IB fees, weaker markets revenue (line)

• PwC stripped three partners of leadership roles over internal rule breaches (line)

• NYCB ballooned despite real estate warnings in years before fall (line)

• US banks far more exposed than Europeans to property crunch (line)

• Banks with heavy commercial property exposure see bonds get hit (line)

• Tech giants drag down US stocks after torrid rally (link)

• CalPERS shortlisted four candidates for new CIO (line)

• Apple stock gloom deepens as pressure to show AI progress mounts (line)

• iPhone sales plunge 24% in China (line)

• Elon Musk loses world’s richest person title to Jeff Bezos (link)

• JPMorgan joins France's payments network CB to skirt Visa, Mastercard (line)

• Disney CEO ‘extremely confident’ in 2024 streaming profit (line)

• Starbuck union will end proxy fight for board seats (line)

• Miami Beach is sick of spring breakers (line)

• Harvard is once again the no. 1 'dream' school for students (line)

CRYPTO

• Tether’s USDT stablecoin briefly surpassed $100B in circulation for the first time (link)

• Bitcoin’s 10% selloff after hitting a new record high triggered $1B in liquidations (link)

• US Bitcoin ETFs surpassed $10B in trading volume (link)

You Can Sponsor this Newsletter details here.​

BULLISH BITES

🚀 Meteoric: Bitcoin's stunning climb to new records, explained in charts.

🍪 “Me hate less”: Cookie Monster complaint about "shrinkflation" sparks response from White House.

✨ Magic manifesto: Disney’s activist investor publishes plan to ‘Restore the Magic’.

DAILY SHARES

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