šŸ“ˆ Nike Goes Back to the Future

X and Starlink get fined in Brazil, Is Powell using Greenspanā€™s playbook, Uber gets breadsticks, Nintendo protects Pokemon, NIKE veteran the new CEO

Author

Evelio Silvera
September 20, 2024

Good morning.

āš” The Fast Five ā†’ X and Starlink get fined in Brazil, Is Powell using Greenspanā€™s playbook, Uber gets breadsticks, Nintendo protects Pokemon, NIKE veteran the new CEO

And nowā€¦

ā±ļø Your 5-minute briefing for Friday, September 20, 2024:

MARKET BRIEF
Before the Open

As of market close 9/19/2024.

Pre-Market

  • Tesla was the top gainer on the Nasdaq and the second-best on the S&P 500, up 7.4%.

  • Moderna's shares dropped 2.6%, the steepest drop on the Nasdaq and among the worst on the S&P 500.

Fear & Greed

*UP 10 pts

Trends

  • S&P notches record high close on Fed rate cut euphoria

  • Stocks shine, Treasury yields rise as rate cut stokes risk appetite

  • US Equity Indexes Advance as Fed's Big Rate Cut Boosts Magnificient-7 Trade

WHAT WEā€™RE WATCHING
Events

  • Monday, Sep 23: Purchasing Managersā€™ Index, 9:45AM

  • Why You Should Care: It's a leading indicator of economic health - businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy

Earnings Reports

  • Today: VinFast, Tamboran, HHG Capital

  • Monday: AAR, Ennis, SolarBank

MARKET BRIEF
Headlines

CEO John Donoahoe of Nike will step down next month, making way for a company veteran, Elliot Hill, to take his place as the leader of the world's biggest sportswear company amid tough competition in the retail sector.

Our view is that this cutting cycle will probably play out like Greenspan's mid-course 're-calibration' of policy in the mid-1990s

  • Elon Muskā€™s X and Starlink face nearly $1 million in daily fines for alleged ban evasion in Brazil (link)

  • Uber to provide delivery for Olive Garden in new partnership (link)

  • Masimo CEO Joe Kiani ousted from board after proxy fight (link)

  • FAA investigating cabin pressure problem that injured passengers aboard Boeing plane (link)

  • Nintendo accuses developer of hit game nicknamed ā€˜PokĆ©mon with gunsā€™ of patent infringement (link)

  • Apple introduces California driverā€™s licenses and state IDs in Apple Wallet (link)

  • Disney to Stop Using Slack Following Hack That Exposed Company Data (link)

  • Skechers Stock Tumbles as CFO Gives Warning on China Outlook (link)

  • FedExā€™s lower full-year forecast (link)

  • As The AI Arms Race Wages On, Amazon Takes Shot At Rival Adobe With New Text-To-Video Product (link)

CRYPTO
Fear & Greed

*UP 4 pts

Headlines

  • SEC settlements are becoming the cost of doing crypto business (link)

  • DeFi Lender Sky Ratifies Plan to Offboard Wrapped Bitcoin, Due to Sun Concerns (link)

  • Judge dismisses Consensys lawsuit against SEC over MetaMask and Ethereum claims (link)

DAILY SHARE
On the Socials

*Hat-tip to MorningBrew