šŸ›„ļø Meta sinks into an alphabet soup

āš–ļø While the Ukraine / Israel / Taiwan / TikTok bill is signed into law

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šŸ“° Market Headlines

  • Mixed earnings reports kept stocks flat. The major indexes stalled waiting on more big earnings reports and the PCE print this Friday.

  • Meta slumped 15% on weak revenue projections for Q2.

  • Ford beat expectations and jumped up 1.6% as its commercial unit offset EV losses.

  • Though the markets might be obsessed with cuts, higher rates might be better for the economy overall.

  • Biden signed the odd-couple Fund Ukraine/Ban TikTok bill into law. TikTok has plans for an extended legal fight.

šŸ•¶ļø Market Vibes

šŸŽ° Market Forecasts and Futures

Forecasts via ā€‹Kalshiā€‹, the prediction market.

šŸ˜± Fear and Greed Index

Poco a poco.

šŸŽ¤ What you said last time

You all are deeply skeptical of Mr. Musk.

šŸ“ˆ Trends you need to know

Both interest in and monthly average users for TikTok have been flat for the last few years.

šŸ§  What do you think?

šŸ’¬ Have your say

Should TikTok be banned in the US?

Login or Subscribe to participate in polls.

šŸ“Š Stocks

Get $20 free shares at ā€‹public.comā€‹ using code ALTSCO.

Winners and losers

Earnings, upgrades, and acquisitions

  • BoeingĀ reported its first quarterly revenue drop in seven quarters, dropping shares by 3%.

  • IBMĀ slipped 5% after announcing a $6.4 billion deal to acquire HashiCorp and reporting another revenue miss.

  • Hasbro'sĀ turnaround efforts helped it beat Q1 profit estimates, sending shares soaring 12%.

  • HumanaĀ boosted its 2024 Medicare Advantage membership forecast by 50,000, yet shares still slid 3.7%.

  • Viking TherapeuticsĀ shares surged 4.6% and are up a staggering 93% year-to-date.

  • Chipotleā€™s revenue grew 14.1%, with same-store sales up 7%. Shares rose 3%.

Market movers

  • Amazon hasĀ suspendedĀ new US Green Card sponsorships for foreign workers until the end of 2024.

  • The FCC is set toĀ restore net neutralityĀ on Thursday, reclassifying ISPs as common carriers under Title II of the Communications Act.

  • Elon Musk floated the idea of turning Tesla's fleet into aĀ distributed computing networkĀ for AI.

  • Bayer announced layoffs that will affectĀ thousands of managers in an attempt to save $2.15 billion.

Ideas, trends, and analysis

  • Mortgage demandĀ tumbled againĀ as rates soared past 7% to a 5-month high.

  • The US marijuana industry couldĀ add $112.4 billionĀ to the economy in 2024, up 12% from last year.

  • Suppliers at Chinaā€™s oldest trade fairĀ shrugged off US tariff threats, confident their low prices will keep customers loyal.

šŸŒ Global Perspectives

  • šŸ‡¦šŸ‡· Argentina's President Milei's economic teamĀ projectsĀ monthly inflation slowing to 3.8% by September.

  • šŸ‡µšŸ‡øĀ šŸ‡®šŸ‡± The Gaza Strip couldĀ surpass famine thresholdsĀ of food insecurity, malnutrition, and mortality in six weeks.

  • šŸ‡ŗšŸ‡øĀ šŸ‡·šŸ‡ŗĀ šŸ‡ŗšŸ‡¦ Russia's ambassador to the US told Newsweek "America hasĀ chosen the path of war" in response to President Biden's $61 billion aid bill.

  • šŸ‡®šŸ‡· An Iranian revolutionary courtĀ sentencedĀ well-known rapper Toomaj Salehi to death for charges linked to Iran's 2022-23 unrest.

šŸ“Š Crypto

šŸ§  Errata

  • Riderless military horses covered in bloodĀ galloped through London, injuring civilians before being corralled by police.

  • Cops are testing AI body cams that canĀ write police reportsĀ in just five minutes.

  • A flying car made history with its firstĀ passenger flight, piloted by electronic music legend Jean-Michel Jarre.

  • In a world first, a terminally ill woman underwent a combinedĀ pig kidney transplant and mechanical heart pumpĀ implant.

šŸ“ŗ What to Watch Today

Thatā€™s all for today. Did I miss anything? Smash the reply button to let me know.

Cheers,

Wyatt

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