🤮 Markets throw up all over themselves again

💩 As Kohl's delivers unexpectedly awful earnings

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📰 Market Headlines

  • The Dow dropped another 350 points as bad earnings and economic data weighed on investor sentiment.

    • New government data revealed the US economy grew at a slower pace in Q1, with GDP growth revised down to 1.3%.

  • The FAA told Boeing it could not increase 737 Max production until it fixed quality issues.

  • Former President Trump was found guilty of 34 counts of falsifying business records and campaign finance violations, becoming the first US president to be convicted of criminal charges.

🕶️ Market Vibes

🎰 Market Forecasts and Futures

Forecasts via ​Kalshi​, the prediction market.

😱 Fear and Greed Index

🎤 What you said last time

I wonder if this poll would have turned out differently a year ago.

📈 Trends you need to know

Tesla has underperformed its benchmark by nearly 43% YTD.

🧠 What do you think?

💬 Have your say

Yesterday’s historic conviction of former President Trump comes just five months before the US presidential election.

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📊 Stocks

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

Winners and losers

Earnings, upgrades, and acquisitions

  • Kohl's shares plummeted as much as 25% after reporting a surprise Q1 loss.

  • Birkenstock shares rocketed 12% after the company beat Q1 earnings and revenue estimates.

  • Ulta Beauty lowered its full-year guidance after Q1 comparable sales rose; shares jumped 8.2%.

  • Costco topped Q3 revenue estimates, however, shares sank 1.04%.

  • Marvell Technology reported in-line Q1 EPS and offered Q2 guidance that met expectations; shares fell 2.6%.

  • Dollar General shares dropped 8% despite beating EPS and revenue expectations.

  • Zscaler surpassed fiscal Q3 earnings and revenue estimates; shares surged over 14%.

Market movers

  • TikTok prepared a US copy of its core algorithm to convince US lawmakers it can operate independently of its Chinese parent company.

  • OpenAI said it has disrupted five covert influence operations including campaigns from Russia, China, Iran, and Israel.

  • The US Department of Labor sued Hyundai Motor Co. over the illegal use of child labor in Alabama.

  • Medline Industries has recalled 1.5 million portable adult bed rails across the US and Canada following entrapment deaths.

  • Hackers claimed to have stolen the personal details of 560 million Ticketmaster customers worldwide, demanding a $500,000 ransom.

Ideas, trends, and analysis

  • Orange juice prices have climbed to record highs, forcing some juice makers to consider alternative fruits.

  • Brand-new home sales have suddenly tripled as homebuilders attract buyers by promising affordability and customization.

  • Fast food chains like McDonald's, Popeyes, and Taco Bell have raised prices at more than double the national inflation rate.

  • About 37% of Americans have been charged a late fee on a bill in the last 12 months, with credit card late fees being the most common at 21%.

🌍 Global Perspectives

  • 🇺🇸 President Biden permitted Ukraine to use US weapons to strike targets in Russia near the Kharkiv region.

  • 🇮🇱🇵🇸 Israeli forces seized control of the entire Gaza-Egypt border corridor.

  • 🇺🇸🇨🇳 The US DOJ said a Chinese national was arrested on charges of malware in cyber-attacks, fraud, and child exploitation.

  • 🇺🇦 The number of Ukrainians living in poverty has grown by 1.8 million since 2020 as Russia's invasion continues to ravage the economy.

  • 🇿🇦 South Africa's ruling ANC party looks set to lose its parliamentary majority for the first time since coming to power 30 years ago.

📊 Crypto

🧠 Errata

📺 What to Watch Today

I think I can predict the verdict on this one.

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

Cheers,

Wyatt

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