The Morning Market Briefing

Andrew, Tom, and Thomas discuss Korea's stock market hitting a circuit breaker overnight with an 8.5% drop, bond traders positioning for a 4.3% CPI surge that could complicate Kevin Warsh's rate-cut plans, and what the renewed inflation fears mean for markets, the Fed, and the AI trade.

Join our live YouTube stream Monday through Friday at 8:30 AM EST:
http://www.youtube.com/@TheMorningMarketBriefing

Please see disclosures:
https://www.narwhal.com/disclosure

Andrew, Ben, and Tom discuss Zelensky's open letter to Putin proposing direct man-to-man peace talks with potential involvement from the US and Europe as security guarantors, while Trump is focused on Iran, and S&P Dow Jones Indices' surprise rejection of SpaceX's S&P 500 inclusion, citing GAAP profitability and float requirements.

Join our live YouTube stream Monday through Friday at 8:30 AM EST:
http://www.youtube.com/@TheMorningMarketBriefing

Please see disclosures:
https://www.narwhal.com/disclosure

Andrew, Ben, and Tom discuss Netflix's integration of generative AI and natural language processing to help viewers cut through content overload with personalized recommendations and a voice user interface, alongside the latest Iran update with the Foreign Minister claiming no tangible progress in talks, Bibi Netanyahu's CNBC comments raising the prospect of restarting the war, Trump's hope for a weekend deal to reopen the Strait of Hormuz, and the market reaction with oil rising and bonds selling off.

Join our live YouTube stream Monday through Friday at 8:30 AM EST:
http://www.youtube.com/@TheMorningMarketBriefing

Please see disclosures:
https://www.narwhal.com/disclosure

Andrew, Ben, and Tom discuss the SpaceX IPO targeting a $1.75 trillion valuation with a record $75 billion raise pricing next Thursday, historical data on how mega-IPOs perform and float dynamics, the anomalous JOLTS job openings jump in the West, today's ISM Services and Fed Beige Book releases, and the USTR's new Section 301 tariffs of 10-12.5% on major trading partners including Canada, the EU, Mexico, China, and the UK tied to forced labor.

Join our live YouTube stream Monday through Friday at 8:30 AM EST:
http://www.youtube.com/@TheMorningMarketBriefing

Please see disclosures:
https://www.narwhal.com/disclosure

Andrew, Ben, and Tom discuss Google's $80 billion equity raise to fund AI infrastructure CapEx through mandatory convertible preferred stock, Class A and C common stock, and an at-the-market offering, Berkshire Hathaway taking a $10 billion stake at a discount, the administrative shift to corporate cash for employee RSU tax obligations, the broader AI cash crunch with $80 billion of SpaceX stock and Anthropic's IPO filing hitting the market, and which hyperscaler MSFT, ORCL, META, or AMZN could be next to raise.


Join our live YouTube stream Monday through Friday at 8:30 AM EST:
http://www.youtube.com/@TheMorningMarketBriefing

Please see disclosures:
https://www.narwhal.com/disclosure

Ben and Tom discuss Berkshire Hathaway's $6.8 billion acquisition of Taylor Morrison Homes at a 24% premium as Greg Abel's first big move as CEO and its integration with Clayton Homes for the Sunbelt first-time buyer market, and Nvidia's entry into the Windows PC market with the RTX Spark Superchip in Dell and Lenovo laptops, sending INTC, QCOM, and AMD shares lower.

Join our live YouTube stream Monday through Friday at 8:30 AM EST:
http://www.youtube.com/@TheMorningMarketBriefing

Please see disclosures:
https://www.narwhal.com/disclosure

Ben and Andrew discuss the Dell's strong earnings report, credit card defaults, and the impact of IPOs on the market. 

Join our live YouTube stream Monday through Friday at 8:30 AM EST:
http://www.youtube.com/@TheMorningMarketBriefing

Please see disclosures:
https://www.narwhal.com/disclosure

Ben and Tom discuss the PCE Inflation Report, small buisness formation, and the new Meta subscriptions. 

Join our live YouTube stream Monday through Friday at 8:30 AM EST:
http://www.youtube.com/@TheMorningMarketBriefing

Please see disclosures:
https://www.narwhal.com/disclosure

Andrew, Ben, and Tom discuss the AI-driven expansion of the trillion-dollar club with SK Hynix, Micron, and Eli Lilly crossing the $1T market cap threshold and Nvidia leading at $5.2T, Zscaler's 21% premarket drop on prudent guidance and sales leadership departures, the longer-term cybersecurity opportunity as AI expands endpoints, and Ben's case for why we don't own Micron in size.

Join our live YouTube stream Monday through Friday at 8:30 AM EST:
http://www.youtube.com/@TheMorningMarketBriefing

Please see disclosures:
https://www.narwhal.com/disclosure

Andrew, Ben, and Tom discuss the reported two-phase US-Iran deal to reopen the Strait of Hormuz and dispose of enriched uranium, market reactions with oil dropping to the low $90s and the 10-year falling to 4.50%, Kevin Warsh's first comments as Fed Chair signaling reform, the WSJ piece on the vanishing equity risk premium, and Eli Lilly's VERVE-102 one-shot gene editing therapy showing up to 62% LDL cholesterol reduction in early trials as a potential challenger to Amgen's Repatha.

Join our live YouTube stream Monday through Friday at 8:30 AM EST:
http://www.youtube.com/@TheMorningMarketBriefing

Please see disclosures:
https://www.narwhal.com/disclosure