Before the Open (Apr 1-5)

Good morning. Happy Friday.

The Asian/Pacific markets were mostly weak. Singapore did well, but China, Hong Kong, South Korea, Australia and the Philippines did poorly. Europe, Africa and the Middle East are currently posting moderate or big losses. Turkey is up, but the UK, Denmark, France, Germany, Greece, South Africa, Switzerland, Spain, the Netherlands, Italy, Portugal and Sweden are down. About 75 minutes before the open and 15 minutes before employment data is released futures in the States point to a moderate gap up for the cash market.

————— Online Course: Jason Leavitt’s Masterclass in Trading —————

The dollar is up. Oil is flat; copper is down. Gold and silver are down. Bonds are down.

Stories/News from Seeking Alpha…

Jobs watch

There could be another dilemma on the table for the Federal Reserve if the U.S. labor market surprises with some extreme figures for March. That’s not the base case expected by economists, but anything is possible, especially given recent figures. Current estimates predict the non-farm payrolls report to be released at 8:30 AM ET to show that the U.S. economy gained 212K jobs last month, down from the 275K level seen in February. The consensus would exceed the 191K average in the five months leading up to the pandemic, but it’s also less than the average monthly gain of 230K over the prior 12 months.

Snapshot: Central policymakers are looking for a goldilocks scenario, where conditions are neither too hot nor too cold, but have just the right temperature. As long as payroll additions stay at levels of around 200K, the unemployment rate remains between 3-4%, and wage growth continues to moderate, everything should be on track to achieve a soft landing. However, recently things have been coupled with sticky inflation readings and strong growth in gross domestic product, resulting in a cautious stance by the Fed in deciding when to initiate interest-rate cuts.

On Wednesday, Chair Jerome Powell reiterated that he doesn’t expect “that it will be appropriate to lower our policy rate until” the central bank is confident that inflation is on a sustainable path to 2%. Note that the FOMC is guiding for three rate cuts later this year, according to March’s median projection. There is still some hesitation on how quickly the cuts will come to fruition, as mentioned by Neel Kashkari, though others are more optimistic about the outlook, like the Fed’s Loretta Mester and Austan Goolsbee, who also gave speeches in a big week for Fedspeak.

What else to watch: On top of mind are the sizable downward revisions in headline job creation in recent months (-43K in December and -124K in January). Chris Lau, Investing Group Leader of DIY Value Investing, notes that the magnitude of the revision for February cannot be estimated as “the data collection has a sampling error.” SA analyst Damir Tokic also points to the divergence between the household survey, which warns of a “rapidly slowing labor market,” and the (headline) establishment survey, which still indicates a tight job market. (5 comments)

Commodity craze

Is the inflation trade back on? Cocoa, gold, and now oil. Brent crude (CO1:COM) has topped $90 a barrel for the first time since October, as tensions in the Middle East threaten to boil over into a wider regional war. It follows reports that Israeli embassies have been placed on high alert amid growing threats of an attack by Iran, while the White House has threatened policy changes “with respect to Gaza.” Crude also found support from tightening supplies and signs of strong U.S. fuel demand, raising the odds of a surge in gas prices ahead of the busy summer driving season. (16 comments)

Gold standard

Looking to mitigate the effects of the local dollar’s collapse, Zimbabwe is expected to launch a new currency today called the ZiG that will be backed by gold reserves and other precious metals. After a tour of the central bank’s vaults, President Emmerson Mnangagwa said the Reserve Bank of Zimbabwe had enough gold – reported to be the equivalent of 2.5 tons – to back the new currency. The current Zimbabwe dollar’s value has plummeted more than 70% this year, with many Zimbabweans preferring to use the U.S. dollar, and it remains to be seen whether this time around things will be different. (1 comment)

Password crackdown

Coming shortly after a win against activist investor Nelson Peltz, Disney (DIS) CEO Bob Iger laid out a plan on how to get the company to become a growth business amid a focus on profitability. Among the changes will be a formal crackdown on password sharing for Disney+, with Iger pointing to Netflix (NFLX) as the “gold standard” in the streaming industry. “In June, we will launch our first real foray into password sharing in a few countries,” he told CNBC. “It will then grow significantly with a full rollout in September.” Netflix became the first streaming service to crack down on password sharing in mid-2023. (1 comment)

Today’s Economic Calendar
8:30 Non-farm payrolls
8:30 Fed’s Collins Speech
9:15 Fed’s Barkin Speech
11:00 Fed’s Logan Speech
12:15 PM Fed’s Bowman Speech
1:00 PM Baker Hughes Rig Count
3:00 PM Consumer Credit

What else is happening…

Goldman lists stock winners of Republican policy if Trump wins.

EV reset: Ford (F) delays SUV plans, expands hybrid offerings.

Activist targets Larry Fink’s dual role at BlackRock (BLK).

J&J (JNJ) to acquire Shockwave Medical (SWAV) for $13B.

Will Ellison-led bid for Paramount (PARA) require new equity?

Fed’s Kashkari: No legitimate use case for bitcoin in over a decade.

Alphabet (GOOGL) considers takeover offer for HubSpot (HUBS).

Union chief says Nippon-U.S. Steel (X) deal would need to be redone.

Boeing (BA), Airbus said to explore way to split Spirit AeroSystems (SPR).

Trump Media (DJT) dips after former president goes to bat for Truth Social.


Good morning. Happy Thursday.

The Asian/Pacific markets did very well. Japan, South Korea, Taiwan, Malaysia and Indonesia posted the biggest gains. China, Hong Kong and Taiwan were closed. Europe, Africa and the Middle East currently lean to the upside. The UK, Poland, South Africa, Finalnd, Turkey and Saudi Arabia are up; Denmark and Israel are down. Futures in the States point towards a moderate gap up open for the cash market.

————— BLOG: Numerous Studies Point to Higher Prices 6, 9 and 12 Months from Now —————

The dollar is down. Oil is down; copper is up. Gold is down; silver is up slightly. Bonds are down.

Stories/News from Seeking Alpha…

Flood the market

Treasury Secretary Janet Yellen is landing in China today for the second time in the past year. The trip will include four days of meetings with top Chinese officials, such as Vice Premier He Lifeng and Wang Weizhong, the governor of the manufacturing and export province of Guangdong. It also comes on top of a phone conversation this week between President Biden and Xi Jinping that discussed “unfair trade policies” and “non-market economic practices,” while Secretary of State Antony Blinken is scheduled to visit Beijing later this year.

Snapshot: Yellen’s trip will deal with the flood of exports that are coming out of China, especially in the clean energy industry (think solar panels, batteries and electric vehicles). “If there are no trade barriers established,” Elon Musk said on Tesla’s (TSLA) most recent earnings call, “they [Chinese automakers] will pretty much demolish most other car companies in the world.” Overnight, China’s BYD (OTCPK:BYDDY) even announced plans to launch its first electric pickup this year, taking on Tesla’s Cybertruck and others as it obliterates rivals on price and sales.

Biden can unilaterally impose new tariffs on Chinese products without the approval of Congress, giving more leverage to the administration in the upcoming discussions. However, the bigger fear is the buildup of industrial overcapacity, especially as China’s ability to consume at home is diminished due to moderating economic growth. Overproduction and subsidized industries have led China in the past to sell products abroad at reduced prices, making it harder for other countries to compete, especially in nascent technologies.

“We went for too long with too little communication, and misunderstandings developed,” Yellen said ahead of her trip. “We’ve agreed that it’s important to both of us that we don’t want to decouple our economies… that it needs to be a level playing field. I will convey my belief that excess capacity poses risks not only to American workers, firms and the global economy, but also to productivity and growth in the Chinese economy.”

A paradox: As a production powerhouse, China is by far the biggest polluter on the planet, and that includes the manufacturing of clean energy technologies of the future. It then sells those products, including to countries in the West, which have stricter emissions rules and hefty climate targets. According to Wood Mackenzie, a solar module made in China is 65% cheaper than the one made in America, and Beijing’s share of the market will remain above 80% until at least 2026. Things get even more complicated as the U.S. attempts to bring as much renewable energy as it can online in the shortest possible time frame, while at the same time, creating and forming a domestic supply chain. Do subsidies through the Inflation Reduction Act also risk following the same path as China, which possibly won’t be sustainable in the long term?

More evidence

Fed Chair Jerome Powell repeated on Wednesday that he doesn’t expect “it will be appropriate to lower our policy rate until we have greater confidence that inflation is moving sustainably down toward 2%.” However, some of the bigger points that were highlighted stressed the “recent data does not materially change the overall picture,” and it would be appropriate to start cutting rates “at some point this year.” Market participants viewed those statements positively, with gold extending its run-up into record territory. It’s not only shiny metals. Other commodities like crude also pushed higher. (49 comments)

Magic Kingdom

In what became the most expensive proxy contest ever, Walt Disney’s (DIS) proposed slate of directors was re-elected to the board at its annual meeting, beating the nominees proposed by Nelson Peltz’s Trian Group and Blackwells Capital. “Now that this distracting proxy contest is behind us, we’re eager to focus 100% of our attention on our most important priorities, growth and value creation for our shareholders and creative excellence for our consumers,” Disney CEO Bob Iger declared. After the vote, DIS shares closed down 3.1%, with Investing Group Leader Long Player noting that Peltz and Blackwells failed to get traction due to a lack of comprehensive vision. (74 comments)


Searching for the “next big thing,” Apple (AAPL) is reportedly looking into the home robotics market. The iPhone maker has also worked on a home device that sits on tables and uses robotics to move around, but there is no guarantee that Apple will ever release the products. Recall that Apple scrapped work on its electric vehicle project in February after spending a reported $10B on the initiative over several years. Other tech companies that have tried to crack the robotics market in recent years include Amazon (AMZN) with its home robot Astro, Tesla (TSLA) with its humanoid robot Optimus, and Figure AI’s Figure 01. (103 comments)

Today’s Economic Calendar
7:30 Challenger Job-Cut Report
8:30 International Trade in Goods and Services
8:30 Initial Jobless Claims
10:00 Fed’s Harker Speech
10:30 EIA Natural Gas Inventory
12:15 PM Fed’s Barkin Speech
12:45 PM Fed’s Goolsbee Speech
2:00 PM Fed’s Mester Speech
2:00 PM Fed’s Kashkari Speech
4:30 PM Fed Balance Sheet
5:00 PM Fed’s Paese Speech
7:20 PM Fed’s Musalem Speech
7:30 PM Fed’s Kugler Speech

What else is happening…

Wall Street Breakfast sector survey: How it started and how it’s going.

Nvidia (NVDA) says no supply disruptions from Taiwan earthquake.

Alphabet (GOOG, GOOGL) mulls putting AI search behind paywall.

Redstone has deal to sell Paramount (PARA) stake to Skydance.

Einhorn: Greenlight exited position in NY Community Bancorp (NYCB).

Tesla (TSLA) takes shots from analysts; Cathie Wood still a buyer.

More production? EV maker hunt sites in India for proposed facility.

Fisker (OTC:FSRN) withdraws guidance as it navigates cash crunch.

Etsy (ETSY) ticks higher as activist Elliott pitches its long call.

Levi Strauss (LEVI) rallies after pointing to structural improvement.


Good morning. Happy Wednesday.

The Asian/Pacific markets did very poorly. Japan, China, Hong Kong, South Korea, Taiwan, Australia, Malaysia, Indonesia, Singapore and the Philippines were all very weak. Europe, Africa and the Middle East currently lean to the downside. Finland, Hungary and Saudi Arabia are up; Poland, Turkey, the UAE, Greece, South Africa and Israel are down. Futures in the States point towards a down open for the cash market.

————— BLOG: Numerous Studies Point to Higher Prices 6, 9 and 12 Months from Now —————

The dollar is down. Oil and copper are up. Gold and silver are up. Bonds are down.

Stories/News from Seeking Alpha…

Oh boy!

It’s decision day for the future of Walt Disney (DIS) as shareholders settle a long-in-the-making battle over the company’s 13-member board. The House of Mouse’s annual meeting is set to begin at 1 PM ET, so stay tuned on Seeking Alpha for live coverage in the afternoon. The drama is also far from a by-the-books affair: Disney is facing the most expensive proxy fight for board seats in history, on two separate fronts.

Fresh blood: Activist investor Nelson Peltz and his Trian Group have put forward Peltz and former Disney CFO Jay Rasulo for a pair of seats. His biggest aim is to accelerate media profitability and clarify Disney’s streaming strategy after overpaying $71B for 21st Century Fox in 2019. Also to be reviewed is the creative engine at Disney’s movie studios and clarifying items like CEO succession (see more below). Elsewhere, Blackwells Capital is pursuing three board seats and has raised the prospect of splitting Disney into stand-alone public companies, as well as objecting to Peltz’s plans for the board.

As of this morning, Disney management was in the driver’s seat after its biggest investor looked to back the company’s slate. Vanguard Group holds some 8.3% of Disney, and it’s reportedly voting for Disney’s nominees. That means with more than 60% of votes counted, Disney’s nominees are leading the competing slates from Trian and Blackwells, though the final result will likely come down to a heavy retail voting presence. Among influential proxy advisory firms, Glass Lewis has backed Disney’s director slate, while ISS has supported Peltz’s candidacy, but not Rasulo’s.

What’s at stake? Notably, nobody’s looking for the ouster of Iger, who has been at the helm almost continuously for two decades, but adding activist board members would serve as a distraction for his recovery plan. Since Iger’s return to the CEO chair in November 2022, Disney’s stock (DIS) has risen 25% to Tuesday’s close of $122.82. Much of that gain, though, has come since the end of October, when Iger foe Ike Perlmutter gave Trian power over his voting shares, raising Trian’s stake to 33M shares. Since that point, Disney shares have gained a whopping 53%.

Higher and higher

Gold futures notched a fresh all-time high on Wednesday at above $2,300 an ounce, continuing a trend that had been seen for most of the past month. Demand has increased despite gains in the U.S. dollar and Treasury yields. Safe havens have also been in the spotlight amid concerns over a widening conflict in the Middle East, as well as bullish sentiment supported by strong physical demand from central banks and retail investors. Traders will closely watch Fed Chair Jay Powell’s speech today for further insights into his policy outlook. (39 comments)

Just Walk Out

There had been high hopes for Amazon’s (AMZN) ‘Just Walk Out’ technology, but the system is being pulled from its Fresh stores in the U.S. The automated grab-and-go tech used a combination of cameras and sensors to eliminate cashiers and checkout lines. Dash Carts will be used instead, which will let shoppers track their spending and see their totals in real-time. ‘Just Walk Out’ will remain in Amazon Go stores and some Fresh stores in the U.K., but the e-commerce giant reportedly faced challenges in controlling costs and building support for the technology with other retailers. (8 comments)

Three-way split

General Electric has finally completed its breakup, as its aerospace and energy businesses began trading separately on the NYSE. Shares of GE Aerospace (GE), the conglomerate’s cash cow that kept the “GE” ticker, dropped 22% on Tuesday to reflect the changes. Meanwhile, power and renewable energy unit GE Vernova (GEV) briefly rose over 5%, before reversing course to end 1.4% lower. The third unit, GE HealthCare (GEHC), was spun off last year and its shares have performed well so far, bucking the trend of many spinoffs that have resulted in muted stock performances. (3 comments)

Today’s Economic Calendar
OPEC Meeting
7:00 MBA Mortgage Applications
8:15 ADP Jobs Report
9:45 Fed’s Bowman Speech
9:45 PMI Composite Final
10:00 ISM Service Index
10:30 EIA Petroleum Inventories
12:00 PM Fed’s Goolsbee Speech
12:10 PM Jerome Powell Speech
1:10 PM Fed’s Barr Speech
4:30 PM Fed’s Kugler Speech

What else is happening…

Latest economic data: Job openings roughly flat in February – JOLTS.

Electric vehicle stocks under pressure after Tesla’s (TSLA) delivery dud.

Biden may be open to ending LNG export pause in push for Ukraine aid.

Big buyback: Alibaba (BABA) repurchased $4.8B in shares last quarter.

Costco unveils weight-loss program, members may get Ozempic access.

WeWork (OTC:WEWKQ) sees exit from Chapter 11 by end of May.

Strongest earthquake in a quarter of a century rocks Taiwan.

Palantir Tech (PLTR) reports 6.5% stake in MSP Recovery (LIFW).

Apple’s (AAPL) latest research suggests tech giant will be ‘AI winner.’

Breakeven margins before 2030? Intel reveals $7B loss in Foundry unit.


Good morning. Happy Tuesday.

The Asian/Pacific markets were mixed. Hong Kong, South Korea and Taiwan were up; Japan and China were down. Europe, Africa and the Middle East currently lean to the upside. Poland, Norway, Hungary, the Netherlands, Portugal, Austria and the Czech Republic are up; Denmark, Greece, Switzerland and Israel are down. Futures in the States point to a moderate gap down open for the cash market.

————— Online Course: Jason Leavitt’s Masterclass in Trading —————

The dollar is down. Oil and copper are up. Gold and gold are up. Bonds are down.

Stories/News from Seeking Alpha…

The Google graveyard

There have been many services killed by Google in recent years (think Google+, Project Loon, Hangouts, Stadia, etc.) and the latest one is now joining the tech cemetery. Google Podcasts is coming to an end today, with users being told to switch their subscriptions to the newly integrated YouTube Music. It’s big news for a service that has garnered 500M downloads since its launch in 2018, allowing users to host, discover and listen to podcasts for free.

Behind the decision: YouTube is one of the most frequently visited sites on the web and Google (GOOG) (GOOGL) hopes to capitalize on traffic there to boost its podcast base. It’ll also help the tech giant invest all of its podcasting money into one platform, with YouTube offering better brand awareness amid the growing popularity of video podcasts. In addition, YouTube Music features a premium version, which might be incorporated into the podcast experience as inflation-conscious consumers get subscription fatigue for multiple services.

The one-stop shop will be Google’s fourth iteration of a podcast platform as it looks to turn up the heat on Spotify (SPOT) and Apple Podcasts (AAPL). There was Google Listen which shut down in 2012, and was replaced with Google Play Music, before Google Podcasts took over for the past six years. After today, users in the U.S. will no longer have the ability to stream on Google Podcasts, but can migrate their subscriptions until June, giving extra time for those who may have missed the announcement.

Seeking Alpha podcasts: Episodes of Wall Street Breakfast had been available on Google Podcasts. You can also find them on Apple Podcasts, Spotify and the Seeking Alpha website. The daily show has a morning edition (Wall Street Breakfast) and an afternoon program (Wall Street Lunch), as well as a new Sunday special (Wall Street Brunch). (4 comments)

DJT wipeout

Trump Media (DJT) shares slumped over 20% on Monday, erasing the gains seen since the social media network merged with SPAC Digital World Acquisition Corp. Donald Trump, its biggest shareholder, beneficially held around 57.3% of its outstanding shares, meaning the plunge slashed his stake by $1B. SA analyst On the Pulse last week recommended investors sell and take profits on DJT, adding that Trump Media’s present market valuation of $6.6B “appears wildly inflated.” The latest decline also came after Trump Media disclosed a net loss of $58M in 2023 on $4.1M in revenue. (358 comments)

New fees

Starting on June 3, Fidelity Investments will impose a new $100 servicing charge for 59 ETFs issued by nine companies to meet the cost of listing these products on its platform. The list, representing less than 0.5% of mutual funds and ETFs on Fidelity’s platform, will be periodically updated and is subject to change before the effective date. A bigger item to watch will be whether the number continues to expand amid growing competition that has pushed firms to cut expense ratios. In recent years, ETFs have become more popular than mutual funds, resulting in massive inflows and more conversions. (1 comment)

Smartphones to EVs

iPhone maker Apple (AAPL) is stepping back from the market as another smartphone giant hits the accelerator. Xiaomi’s (OTCPK:XIACF) first-ever electric vehicle SU7 has garnered strong interest from customers, sending its Hong Kong-listed shares soaring as much as 16% overnight. It received 88,898 SU7 pre-orders within the first 24 hours of sales, and reportedly directed its suppliers to increase production capacity to meet a monthly target of 10,000 cars. China’s EV market is increasingly getting crowded, resulting in an intense war that saw the SU7 come with a starting price that was $4,000 less than Tesla’s (TSLA) Model 3. (2 comments)

Today’s Economic Calendar
Auto Sales
10:00 Factory Orders
10:00 Job Openings and Labor Turnover Survey
10:10 Fed’s Bowman Speech
12:00 PM Fed’s Williams Speech
12:05 PM Fed’s Mester Speech
1:30 PM Fed’s Daly Speech

What else is happening…

WSB survey results: Lab-grown meat seen as a niche product.

CSX (CSX) adds new rail service to avoid Baltimore port closure.

Antitrust woes: Microsoft (MSFT) to unbundle Teams and Office.

Health insurer stocks slide on Medicare Advantage payment update.

Report: China opposes ‘arbitrarily’ revised U.S. chip export rules.

Mexico said to cut some crude exports as global supplies tighten.

FedEx lost USPS contract to UPS (UPS). Should traders be worried?

Florida Supreme Court allows adult-use cannabis bill to go to ballot.

EV bust? Canoo raises going concern doubts amid cash crunch.

The most shorted S&P 500 (SP500) stocks as a percentage of float.


Good morning. Happy Monday. Hope you had a good weekend.

The Asian/Pacific markets leaned to the upside. China, India, Malaysia and the Philippines did well; Japan and Indonesia were weak. Most of Europe, Africa and the Middle East are closed today. Russia is up solidly. Futures in the States point to a positive open for the cash market.

————— Online Course: Jason Leavitt’s Masterclass in Trading —————

The dollar is up. Oil is down; copper is up. Gold and gold are up. Bonds are down.

Stories/News from Seeking Alpha…

Meet the meat

The battle is moving on from the #plantbased theater, which had seen clashes over labeling and skirmishes surrounding grocery aisle placement. Lab-grown meat is now in the crosshairs of several U.S. states, including Alabama, Arizona, Florida and Tennessee, with proposed legislation that would outlaw the protein source. Arguments in favor of a ban have cited concerns over safety and the role of ranchers, while others have called the innovation-stifling measures protectionist and want consumers to make the decision about what lands on their dinner plate.

How it’s made: Billions of dollars have been poured into startups that are trying to produce cell-cultured meat, including investments from traditional producers like Cargill and Tyson (TSN). The cultured products are made using cells that come from a living animal, which grow inside bioreactors with the right dose of hormones and nutrients. U.S.-based company Eat Just won the first federal approval in June to sell cultivated meat to the public, but the backlash has been global, with a recent ban implemented in Italy that cited risks to culinary culture and food heritage.

Proponents of the emerging industry say lab-grown meat is better for the environment and will go a long way in achieving sustainability goals. It can also help satisfy the ever-increasing demand for protein, and does so humanely without the need for commercial slaughter. Producing meat in bioreactor tanks is still far more expensive than raising and processing animals, but the hope here is that the technology will get cheaper over time.

On the flip side: The scale to profitability can be challenging, especially if venture funding dries up. It’s not only about affordable prices, but people will need to want to eat cultivated meat, which has been met with some hesitancy and skepticism. Is there enough research to support similar nutrition benefits? Is it really more environmentally friendly compared to biodiverse agricultural ecosystems? And are there bigger risks of safety or contamination if the product is subject to severe laboratory standards?

Baltimore cleanup

Emergency responders have started crane operations and wreckage removal on the Francis Scott Key Bridge, which collapsed last week after a cargo ship chartered by Maersk (AMKBF) (AMKBY) rammed into one of its pillars. The wreckage removal operations are being conducted by the so-called Unified Command. The bridge acts as the entryway to the Port of Baltimore, which is among the busiest for car shipments as well as farm and construction machinery. Though analysts have said the port shutdown is unlikely to have major effects on the U.S. economy, the sheer size of the port’s volume makes it highly important in the supply chain. (7 comments)

Hot pursuit

Fresh statements from new Nippon Steel (OTCPK:NPSCY) President Tadashi Imai show the company is pressing ahead with its proposed $15B acquisition of U.S. Steel (X). The Japanese powerhouse, which pledged no layoffs or facility closures, is also continuing talks with the United Steelworkers union to win support for the deal. President Biden, who was endorsed by USW for a second term, previously said U.S. Steel should retain American ownership, while Donald Trump has vowed to block the transaction if elected. Automakers have also called on the Biden administration to oppose any effort by Cleveland-Cliffs (CLF) to buy U.S. Steel amid antitrust concerns.

Data breach

Telecom giant AT&T (T) has notified customers about a data set released on the dark web that relates to 7.6M current account holders and around 65.4M former subscribers. It is not yet known if the data-specific fields, which were leaked two weeks ago, originated from the company or one of its vendors. The hack included personal information such as social security numbers, as well as passcodes and possibly other data. AT&T, which has launched an investigation supported by internal and external cybersecurity experts, said the incident has not yet had a material impact on its operations. (92 comments)

Today’s Economic Calendar
9:45 PMI Manufacturing Index
10:00 ISM Manufacturing Index
10:00 Construction Spending
6:50 PM Fed’s Cook Speech

What else is happening…

Disney (DIS) board fight heats up as CalPERS backs Peltz, Rasulo.

Will Microsoft (MSFT) and OpenAI unveil a $100B data center project?

Consumer credit: Delinquencies are on the rise, but trends diverge.

Spirit (SAVE) could get $200M for Pratt & Whitney engine defect.

MicroStrategy among most squeezable as crypto short interest climbs.

China’s manufacturing PMI at 13-month high amid robust demand.

U.S. CDC warns that bacteria causing meningitis are on the rise.

Microsoft (MSFT)-backed startup Rubrik said to prepare IPO filing.

BofA: Lightly-regulated techs may be a tempting target for government.

S&P 500 real estate stocks (SP500-60) (XLRE) see negative returns in Q1.


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