🏡 Housing costs prop up the CPI

🧠 Plus, Neuralink knew it couldn't remove chips but proceeded anyway

I’m traveling for the next couple of weeks, so your Stocks and Income issues may come later in the day than usual.

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📰 Market Headlines

  • CPI met expectations. The April core Consumer Price Index revealed 3.6% inflation year over year, down from 3.8% in March.

    • This was in line with expectations, but probably not enough to change rate-cut expectations from the Fed.

    • Most of the inflation was due to home prices and rent.

    • "It's a step in the right direction, but is it enough for the Fed to get too excited? Probably not yet." - Bank of America Securities US economist Stephen Juneau.

  • The S&P closed above 5,300 for the first time ever, rising 1.2%. The Dow jumped 0.9%, and the Nasdaq climbed 1.4%.

  • US household wealth has swelled by $11 trillion since October, but the "great vibecession" rages on, with gains unevenly spread.

  • China denounced Biden's move to hike tariffs on $18 billion of Chinese goods, vowing "resolute measures" to protect its interests.

🕶️ Market Vibes

🎰 Market Forecasts and Futures

Forecasts via ​Kalshi​, the prediction market.

😱 Fear and Greed Index

🎤 What you said last time

Nailed it. Well done.

📈 Trends you need to know

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The search volume for charging stations has flattened out over the last two years. Does that mean everyone already knows where they are? Or that EV sales are flat?

🧠 What do you think?

💬 Have your say

The Biden administration is imposing 100% tariffs on Chinese electric vehicles. Former President Trump says he’ll increase it to 200%.

I wrote about this a bit yesterday, specifically how tariffs will help Mexico more than anyone.

How much tariff should be applied to Chinese EVs?

Login or Subscribe to participate in polls.

📊 Stocks

Get $20 free shares at ​public.com​ using code ALTSCO.

Winners and losers

Earnings, upgrades, and acquisitions

  • Cisco rose 6% after its earnings report beat estimates.

  • monday.com reported a 34% year-on-year increase in Q1 revenue, boosting shares by 20%.

  • Dole beat first-quarter EPS estimates by 30%, pushing shares up 4%.

Market movers

  • US Commerce Secretary Gina Raimondo announced plans to regulate Chinese vehicles, citing national security risks.

  • Neuralink disclosed it has known for years about issues with retracting brain implant wires, yet proceeded with human trials anyway.

  • Federal safety regulators have investigated Tesla, Ford, Waymo, and others for alleged self-driving car safety lapses.

  • The US House passed a $105 billion aviation bill to boost air traffic controller staffing, fund runway safety, and expedite flight refunds.

  • Honda has cut its China workforce by up to 1,700 employees through voluntary layoffs.

Ideas, trends, and analysis

  • Microsoft's carbon emissions have surged 30% since 2020.

  • Warren Buffett unveiled his secret stock pick in a new regulatory filing: insurer Chubb.

  • According to a New York Fed report, 1 in 5 Americans have maxed out their credit cards.

  • April retail sales were flat as auto sales slid 0.8%, with Ecommerce losing ground by 1.2%.

  • China is considering buying millions of unsold homes to clear inventory and convert them to affordable housing.

🌍 Global Perspectives

  • 🇸🇰 Slovak Prime Minister Robert Fico was shot five times in an assassination attempt but is expected to survive. [Ed: No relation to archduke Ferdinand]

  • 🇮🇱 Israeli Prime Minister Netanyahu announced a bill to lower the exemption age for ultra-Orthodox yeshiva students from military service.

  • 🇸🇬 Singapore's new Prime Minister Lawrence Wong took office, pledging original engagement with China and the US.

  • 🇹🇼 Taiwan Foreign Minister Joseph Wu called on the WHO to let Taiwan participate fully in its meetings.

📊 Crypto

  • El Salvador has mined 474 Bitcoin using volcanic geothermal energy.

  • Two MIT brothers were arrested for stealing $25 million in crypto in just 12 seconds.

  • Bitcoin price shot up to a 10-day high as $1 billion worth of BTC was withdrawn from Coinbase.

  • US lawmaker urged the SEC to repeal crypto custody rule SAB 121 ahead of Senate vote.

🧠 Errata

  • 20 Indians and 1 Sri Lankan are still trapped on the ship that crashed into the Baltimore bridge.

  • Actor Angie Harmon sued Instacart and the delivery worker she says shot her dog.

  • Harvard and Google unveiled the most detailed map of a human brain ever made.

📺 What to Watch Today

That’s all for today. Did I miss anything? Smash the reply button to let me know.

Cheers,

Wyatt

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