Wall Street Today: Megacap tech rebound reignites fear of 'extreme' valuations

$Apple (AAPL.US)$and $Microsoft (MSFT.US)$closed modestly lower on Monday while $Amazon (AMZN.US)$ended flat. All three have recently hit record levels. Both $Alphabet-C (GOOG.US)$and $Meta Platforms (FB.US)$closed higher, with Alphabet ending at a record. All five companies are scheduled to report quarterly results before the end of the month.
Read more:Earnings Calendar for July (PEP, C, TSM, MS, ERIC


Broadcom in talks to buy software firm SAS

$Broadcom Inc (AVGOP.US)$is in talks to buy SAS Institute Inc., according to people familiar with the matter, in the latest move by the acquisitive technology giant to beef up in the corporate-software market.

A deal, which would value closely held SAS in the range of $15 billion to $20 billion, could be finalized in the coming weeks, assuming the talks don’t fall apart, the people said.

Fed's Williams says he doesn't yet see case to slow Fed bond buying

Federal Reserve Bank of New York President John Williams said Monday that conditions haven’t yet been met to pare back the pace of the central bank’s $120 billion a month bond-buying stimulus program.

Mr. Williams declined to say when the Fed might reach the level of labor market improvement that would enable the central bank to pull back on its economic aid.

Inflation expectations surge, hitting new high for New York Fed survey

The New York Fed's Survey of Consumer Expectations for June showed that median inflation expectations
over the next 12 months jumped to 4.8%.

That’s the highest in series history for data that goes back to 2013.

Expectations that the unemployment rate would be higher a year from now hit a new low.

Best and worst of the banking stocks ahead of second-quarter earnings season, according to Oppenheimer

There’s just one more sleep until the second-quarter earnings season kicks off, and the big banks are the headline event.

$Goldman Sachs (GS.US)$, $JPMorgan (JPM.US)$, $Citigroup (C.US)$and $Bank of America (BAC.US)$will lead the charge with their reports over the next few days.

Ari Wald, head of technical analysis at Oppenheimer, said investors ought to be picky when it comes to banks. The firm advises a market weight on the group given “range-bound” interest rate expectations.

Elon Musk defends Tesla’s SolarCity takeover in fiery court testimony

A combative Elon Musk defended $Tesla (TSLA.US)$'s takeover of SolarCity and ripped into a lawyer for the shareholders who are suing over the deal, in the first day of a trial that could saddle him with a huge compensation bill if he loses.

Flipkart raises $3.6bn for near $40bn valuation

Indian ecommerce company Flipkart has raised $3.6bn in funding for a valuation of $37.6bn, with main shareholder $Walmart (WMT.US)$leading the round alongside SoftBank and Singapore’s sovereign wealth fund GIC.

The latest fundraising round comes as Walmart-backed Flipkart is considering going public and New Delhi is seeking to tighten ecommerce regulations.

Flipkart said in a statement that the Canada Pension Plan Investment Board, sovereign fund Qatar Investment Authority and $TENCENT (00700.HK)$participated in the fundraising round. Walmart now holds a stake of about 74 per cent in Flipkart, according to people with knowledge of the transaction.
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Source: Bloomberg, WSJ, CNBC, Financial Times