📈 Wall Street vs Ivy League

Penn leaders out after Wall St. donor, alumni pressure from comments, Fed starts to confront rates cut question, Cigna calls off merger with Humana, luxury goods sellers claim ‘worst market since 2008’, and Musk reactivates Alex Jones’ X account after 5-year ban…

Author

Smart Owl
December 11, 2023

☕️ Good Morning.

The Fast Five → Penn leaders out after Wall St. donor, alumni pressure from genocide comments, Fed starts to confront rates cut question, Cigna calls off merger with Humana, luxury goods sellers claim ‘worst market since 2008’, and Musk reactivates Alex Jones’ X account after 5-year ban…

Here’s your 5-min briefing for Monday:

BEFORE THE OPEN

As of market close 12/8/2023. Bitcoin as of 12/10/2023.

MARKETS

  • US stocks rose to hit a new high for the year after the November jobs report signaled a resilient economy and cooling inflation

  • The Nasdaq led indices with a 0.45% gain

  • The economy adds 199,000 jobs, exceeding estimates.

  • Data sparks debate on Fed policy, with expectations of rate cuts.

  • Monthly jobs report supports the idea of a "soft landing" for the economy.

  • University of Michigan survey shows lower inflation expectations and higher consumer sentiment.

  • Investors drive Boeing, FedEx, and Costco to new yearly highs.

  • European stocks briefly hit their highest level since February 2022 as traders bet that central banks were finished with rate hikes

EARNINGS

  • What we're watching this week:

  • Today: Oracle 

  • Wednesday: Adobe 

  • Thursday: Costco

  • Friday: Darden Restaurants

  • Full calendar here

NEWS BRIEFING

The Ivy League, Wall Street donors and the furor over antisemitism on campus.

If it’s because of a US recession, that’s bad news all around. Fed’s dot plot likely to project fewer rate cuts than markets.

  • Zelensky will meet Biden at the White House amid a stepped-up push for Congress to approve more aid (Read More)

  • Harvard under heightened pressure after Penn leadership ousted (Read More)

  • This week's Fed meeting could slam brakes on year-end stock rally (Read More)

  • Inflation expectations plunge in closely watched survey (Read More)

  • China proposes trading cost cuts for mutual funds, to regulate commissions (Read More)

  • China’s livestream shopping is booming, fueling new tech such as avatars and AI (Read More)

  • Rakuten plans to launch proprietary AI model within next 2 months (Read More)

  • Cigna calls off merger with Humana (Read More)

  • Sotheby’s ditches IPO strategy after picking bankers (Read More)

  • Starbucks tells union it wants to resume contract talks in January (Read More)

  • Elon Musk reactivates Alex Jones’ X account after a five-year ban (Read More)

  • Embattled luxury goods sellers claim 'the worst market conditions since 2008' (Read More)

  • Gen Z redefining the luxury market—why TikTok and IRL experiences should be embraced by legacy brands (Read More)

  • Battery startup ONE demotes founder and CEO during cash crunch (Read More)

CRYPTO

  • Binance announced the withdrawal of a license application in Abu Dhabi (Read More)

  • DOJ unveiled extensive government oversight over Binance regarding the crypto exchange’s new compliance obligations (Read More)

BULLISH BITES

  • 🦄 Incoming class: Here are the newly minted fintech unicorns

  • ⚾️ Home run: Ohtani breaks contract record with $700 million Dodgers deal.

  • 🏪 Middleman: How grocery stores are becoming data brokers.

FEATURED TRADES

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Read the full article here. Read time: 4 min

DAILY SHARES

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