📊 A Hole-y Alliance: Krispy Kreme + McD

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» Stocks on Wall Street erased their gains in the final 30 minutes of trading amid quarter-end portfolio rebalancing, marking a sudden downturn for the S&P 500 after a $4 trillion rally this year. This shift reflects growing investor caution, even as American shares eye a five-month winning streak, amidst concerns over elevated stock valuations. (link)

» After debuting on Nasdaq with the ticker $DJT, Trump Media & Technology Group's stock surged over 50%, reflecting significant investor interest amidst volatile trading. The company, associated with Donald Trump and valued at $8.4 billion mid-afternoon, boasts a high market cap despite minimal revenue and substantial losses. (link)

» Retail investors drive meme stock surge, buoyed by Fed signals and recent events like GameStop ($GME) and Reddit’s ($RDDT) IPO. Strong options trading volume suggests potential gains, echoing 2021's enthusiasm. Despite warnings, retail traders dive in, chasing high returns. (link)

» S&P Global Ratings downgraded its outlook on five US regional banks due to challenges in the commercial real estate sector, signaling potential declines in asset quality and performance. While interest rate cuts could offer relief, prolonged high rates pose significant risks. (link)

» Cocoa prices have soared to a record $10,080 per metric ton, driven by a severe supply deficit, adverse weather, and disease in West Africa, posing significant challenges for chocolate production. Consumers may face higher prices and "shrinkflation" as the industry grapples with the largest cocoa supply gap in over six decades, with the worst impacts expected by late 2024 or early 2025. (link)

» The collapse of the Francis Scott Key Bridge has led to the shutdown of the Port of Baltimore, triggering a logistical scramble as logistics companies reroute imports and exports to other East Coast ports. This incident could cause significant shifts in cargo flows, impact various industries, and lead to increased transportation costs and delays. (link)

» Adam Neumann's $500 million bid to buy WeWork ($WEWKQ) out of bankruptcy faces significant challenges, including doubts about financing and support from creditors. Despite interest from investment firms like Rithm Capital ($RITM), Neumann's history with the company and the complexity of the bankruptcy process complicate his efforts. (link)

» McDonald’s ($MCD) plans to sell Krispy Kreme ($DNUT) doughnuts across its US locations by the end of 2026, becoming the exclusive fast-food partner for Krispy Kreme in the nation. This strategic partnership, starting in the second half of this year, aims to double Krispy Kreme’s distribution capacity, propelling its shares up by 39%. (link)

Major ($10bn+) earnings releases scheduled the next five business days 👇 Click here for a comprehensive list of upcoming earnings releases

Results from yesterday’s economic releases & today’s schedule below 👇 Click here for full schedule & live updates of Wall Street estimates.

“It is our attitude at the beginning of a difficult task which, more than anything else, will affect its successful outcome.”

William James