Markets
Key Events
U.S. stocks traded up on Wednesday.
👉 March ISM Services at 51.4%, a 1.2% decrease compared to the February below consensus of 52.7%
A reading above 50 percent indicates the services sector economy is generally expanding; below 50 percent indicates it is generally contracting.
The Prices Index at lowest level since March 2020, but while some prices are stabilizing, inflation is still a concern.
👉 No changes in Fed Speak in today’s meeting.
Recent macro data has not altered the Fed’s view. Rate cut still expected, but the Fed is ready to be patient given the strength of the economy and strong labor market.
👉 Disney won the proxy battle with activist Trian Management.
Trian Management battled Disney to replace 2 Disney Board Members with Nelson Peltz and former Disney CFO Jay Rasulo.
The goal was to increase profitability in the streaming business and find partners build ESPN’s streaming service.
Mergers & Acquisitions
Silver Lake takes Endeavor Group, a global sports and entertainment company, private at a $13 billion valuation, buying the 69.4% of the remaining stake.
Reportedly, the largest take-private in media and entertainment history and the biggest in any sector over the past decade.
Venture Capital
Flip, a shopping social network, raised $144m in Series C round.
