📈 T-Mobile & Open AI Partner

GM connects with Tesla, Homebuilding on the rise, No more Tupperware parties, T-Mobile data to OpenAI, Reactions to Fed’s big cut

Author

Evelio Silvera
September 19, 2024

Good morning.

⚡ The Fast Five → GM connects with Tesla, Homebuilding on the rise, No more Tupperware parties, T-Mobile data to OpenAI, Reactions to Fed’s big cut

And now…

⏱️ Your 5-minute briefing for Thursday, September 19, 2024:

MARKET BRIEF
Before the Open

As of market close 9/18/2024.

Pre-Market

  • GM shares rose 2.4%, among the top performers on the S&P 500. General Motors said its electric vehicle customers will be able to access Tesla's Supercharger network using a specific GM-approved adapter.

  • Intel shares dropped 3.3%, the steepest decline on the Dow and the Nasdaq, and among the worst on the S&P 500. The chipmaker remains committed to building its plants in eastern Germany despite announcing a two-year delay due to cost-saving measures

Fear & Greed

*UP 2 pts

Trends

  • Fed unveils oversized rate cut as it gains 'greater confidence' about inflation

  • U.S. stocks close slightly lower after Fed rate cut

  • US Futures Rise After Fed’s Outsized Rate Cut

  • Equities close slightly lower, trade choppy after Fed rate cut

WHAT WE’RE WATCHING
Events

  • Today: Dept. of Labor - Unemployment Claims, 8:30AM

  • Why You Should Care: Although it's generally viewed as a lagging indicator, the number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions. Unemployment is also a major consideration for those steering the country's monetary policy

Earnings Reports

  • Today: FedEx, Lennar, Darden, Cracker Barrel

  • Tomorrow: VinFast Auto, Tamboran Resources, HHG Capital

EVENT RE-CAP
Fed Rate Cut Announcement

  • Fed starts rate-cutting cycle with a bang — but wants it to be the only one (link)

  • Federal Reserve lowers interest rates by 0.50 percentage points in first cut since 2020 (link)

  • Federal Reserve delivers super-sized half-point rate cut (link)

  • Trump Isn't Happy With Jerome Powell's 50 Bps Rate Cut Maneuver: 'I Guess It Shows The Economy Is Very Bad' (link)

  • Bond market gets a Fed wake-up call after pricing in a recession (link)

MARKET BRIEF
Headlines

Wireless provider T-Mobile has partnered with OpenAI to create an artificial intelligence (AI)-powered customer service platform that will be used by T-Mobile and will create a blueprint that can be used by companies in other industries.

All seven independent directors of 23andMe’s board resigned on Tuesday, citing disagreements over the chief executive’s plan to take the company private.

  • US single-family homebuilding surges, rising supply a near-term constraint (link)

  • GM offering adapters to help electric vehicle owners access Tesla chargers (link)

  • Qualcomm's EU Fine Reduced Slightly But Court Upholds Antitrust Violations (link)

  • Google successfully cancels €1.49bn EU antitrust fine (link)

  • Amazon named in controversial MrBeast lawsuit (link)

  • Tupperware, no longer a kitchen staple, files for bankruptcy (link)

  • 4 charts show why Wall Street's most bullish strategist expects the stock market to triple by 2030 (link)

CRYPTO
Fear & Greed

*UP 4 pts

Headlines

  • Binance CEO says crypto exchange saw 40% growth this year in institutional, corporate investors (link)

  • Trump Buys Burgers With Bitcoin at NYC Crypto Hangout PubKey (link)

  • BlackRock's new bitcoin paper outlines the cryptocurrency's qualities as 'unique' hedge against global risks (link)

  • DeFi startup Rari Capital settles with the SEC (link)

DAILY SHARE
On the Socials

*Hat-tip to litcapital