Euro 2024 kicks off Friday, with Germany taking on Scotland. Join our fantasy league if you want to win some swag.
Masterworks just sold this Basquiat for $8m
Masterworks just sold 006 by Jean-Michel Basquiat for $8 million.
This is their 23rd exit, but their first ever Basquiat exit, and it delivered their second-largest payout to date.
Over 2,000 investors are getting a payout this week. Masterworks has distributed back more than $60 million in total proceeds across 15,000+ payouts.
📰 Market Headlines
The S&P 500 and Nasdaq reached new record highs as investors braced for the Federal Reserve policy decision and key inflation data.
The Dow gained about 0.2%, while the S&P 500 and Nasdaq rose 0.3% and 0.4% respectively.
Apple announced plans to integrate ChatGPT into their iPhones.
One CEO threatened to ban them if they do.
Shares of GameStop tumbled 15% yesterday as influencer Keith Gill's return to YouTube failed to spark investor enthusiasm.
The Baltimore shipping channel has fully reopened after the March 26 collapse.
🕶️ Market Vibes
🎰 Market Forecasts and Futures
😱 Fear and Greed Index
🎤 What you said last time
I wish I’d run this poll a few months ago.
📈 Trends you need to know
While Apple has kept pace with Samsung, it’s lagged far behind Google over the last year.
📺 What to Watch Today
AI and the A stands for Apple, of course
🧠 What do you think?
After yesterday's blockbuster announcements,
📊 Stocks
Get $20 free shares at public.com using code ALTSCO.
Winners and losers
Earnings, upgrades, and acquisitions
Krispy Kreme’s stock soared 5.6% after Truist upgraded it to buy, citing high hopes for a McDonald’s deal.
Med-Metrix announced the acquisition of HBCS, enhancing its end-to-end RCM capabilities with best-in-class patient financial engagement.
Cognizant agreed to acquire Belcan for $1.3 billion, expanding its reach in the aerospace, defense, space, and automotive sectors.
Market movers
OpenAI hired ex-Nextdoor CEO Sarah Friar as CFO and ex-Planet Labs president Kevin Weil as chief product officer.
UAW president Shawn Fain is under investigation for abuse of power and retaliation.
A US appeals court rejected Uber and Postmates' challenge to a California law requiring them to treat drivers as employees.
The Hawaii Technology Development Corp. awarded $9.4 million in grants to diversify Hawaii's economy.
Eli Lilly's Alzheimer's drug was unanimously recommended by an FDA advisory panel, potentially expanding treatment options.
Stanley Black & Decker is closing its NC facility, cutting 224 jobs in its second round of Charlotte-area layoffs this year.
Ideas, trends, and analysis
Consumers are the most bullish on stocks since May 2021, with a 40.5% probability of stocks rising in the next 12 months. [Ed: Time to go short?]
Monthly cargo imports are expected to hit a two-year high, with port volume up over 13% year-over-year through April.
Subscription revenues are projected to grow 13.5% to $1.26 trillion by 2025.
Americans are more optimistic about their finances, with stock price expectations at a 3-year high.
Flooding costs the US economy an estimated $180-496 billion per year, over 1% of GDP, as climate change boosts risks.
🌍 Global Perspectives
🇺🇦 🇷🇺 Ukraine's military claimed it destroyed a Russian Su-57 stealth fighter jet in a drone strike inside Russia.
🇲🇼 A plane carrying Malawi's Vice President Saulos Chilima and nine others went missing after failing to make a scheduled landing.
🇨🇳 The commercialization of 5G in China has generated an overall economic output of approximately $788 billion over the past five years.
📊 Crypto
Over half of the top 25 US hedge funds now own Bitcoin ETFs, with 534 institutions having over $1 billion in assets allocated in Q1.
DeFi Technologies adopted Bitcoin as the primary treasury reserve asset.
Uniswap Labs acquired the crypto reality show game "Crypto: The Game." Season 2 sold out in 13 minutes.
Since 2011, Bitcoin has delivered a 104% CAGR, dwarfing the 10% CAGR and lower volatility of Warren Buffett's portfolio over 30 years.
🧠 Errata
A new study revealed that elephants call each other nicknames.
The Cascadia Subduction Zone off the West Coast could unleash a catastrophic 9-magnitude earthquake at any minute, a new study warns.
Younger generations are ditching dating apps for in-person singles events, with attendance up 42% in the last year.
That’s all for today. Did I miss anything? Smash the reply button to let me know.
Cheers,
Wyatt
