🥂 The rich spend like drunken sailors

🧃 While the poors tighten their belts.

I’ll be in Vegas on the 17th and 18th of May. Let me know if you’re in the area and fancy a meetup.

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📰 Market Headlines

  • Equities rose for the third straight day as traders grew more optimistic about interest rate cuts later this year.

    • The S&P 500 topped its 50-day moving average, gaining 1.03% on the day. The Dow rose 0.46% while the Nasdaq advanced 1.19%.

    • Fed officials reiterated that rate cuts would come at "some undefined point." [Ed: Cheers for that, mate.]

  • Citigroup’s CEO noted how consumer spending is diverging: high earners continue to spend while low-income consumers are cutting back aggressively.

  • Palantir crushed its earnings but fell 7% on weak guidance.

  • Hamas said it accepted a Gaza ceasefire proposal from Egypt and Qatar. Israel said it would send a delegation to negotiate.

🕶️ Market Vibes

🎰 Market Forecasts and Futures

Forecasts via ​Kalshi​, the prediction market.

Markets have given up on a June cut. November is now the earliest likely(ish) date.

😱 Fear and Greed Index

🎤 What you said last time

We’re so early. Or maybe we’re late. Or maybe we’re not even there at all.

📈 Trends you need to know

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IVF is becoming more popular in the US (the search spike was the recent Alabama ruling) as the technique becomes more effective and Americans delay parenthood longer.

🧠 What do you think?

💬 Have your say

Opposition to lab-grown meat has done something only coming out against puppy murder has managed in 2024: Unite the left and right sides of the American political divide.

Proponents of lab-grown meat say it’s a sensible and safe way to enjoy BBQ without all the downsides of raising and slaughtering animals.

Opponents say it’s comparable to GMOs and will destroy the ranching industry. And icky.

If it were affordable and proven healthy,

Login or Subscribe to participate in polls.

Regardless, I think everyone can agree it would be cool to eat a Wooly Mammoth burger.

📊 Stocks

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

Winners and losers

Earnings, upgrades, and acquisitions

  • Goodyear Tire & Rubber reported flat revenue and a net loss that missed estimates; shares rose 1.39%.

  • Spirit Airlines fell 9.7% after reporting a 6.2% drop in Q1 revenue.

  • Tyson Foods reported a substantial rebound in Q2 operating income but revenue missed estimates, plunging stock 5.6%.

  • Aaron's Company reaffirmed its full-year 2024 revenue and raised its non-GAAP EPS forecast; shares rose 2.1%.

  • Lucid Group beat revenue estimates but missed on EPS, dropping shares 8%.

  • Fidelity National Information Services rose .8% after posting earnings and revenue that topped consensus estimates.

  • BioNTech stock seesawed before closing higher despite an 86% plunge in Q1 COVID-19 vaccine sales.

Market movers

  • Disney and Comcast have sought an advisor to determine Hulu's valuation as Comcast looks to sell its stake to Disney.

  • The FAA opened an investigation into Boeing's 787 Dreamliner inspections.

  • Exxon CEO said the dispute with Chevron over Hess' Guyana oil assets could stretch into 2025.

  • The US government has offered a $285 million grant to establish an institute focused on software models of semiconductor chips.

Ideas, trends, and analysis

  • Social Security's projected trust fund depletion date was pushed back one year to 2035 due to the strong economy.

  • Americans are bracing for another round of higher housing costs, with rent expected to jump 9.7% over the next year.

🌍 Global Perspectives

  • 🇹🇩 Chad will become the first current African junta-led state to move to democratic rule with Monday's presidential vote.

  • 🇵🇸🇮🇱 Gazans began evacuating eastern Rafah after Israel's military ordered residents to leave immediately.

  • 🇺🇸🇷🇺 An American soldier was detained in Russia on charges of "criminal misconduct."

  • 🇦🇫 Afghanistan's only female diplomat resigned days after allegedly being caught smuggling £1.6m of gold into India. That’s around 50 lbs worth of gold or one checked bag.

  • 🇺🇦🇷🇺 Ukraine said Russia is holding thousands of Ukrainian civilians in arbitrary detention as bargaining chips.

📊 Crypto

  • The SEC has sued at least one crypto company per month since last November.

  • Bitcoin rebounded to $64,000 as spot ETFs bounced back.

  • Bernstein analysts reiterated their prediction that Bitcoin will reach $150,000 by the end of 2025.

  • The Bitcoin network processed its one billionth transaction, achieving the milestone in 15 years compared to Visa's 25 years.

  • The SEC issued Robinhood Crypto a Wells Notice, a preliminary recommendation of enforcement action over alleged securities violations.

🧠 Errata

  • 1.6 million people gathered on Brazil's Copacabana beach for a free Madonna concert at the end of her world tour.

  • A pastor credits "divine intervention" after a man pulled a gun on him during a sermon, and it jammed.

  • French bakers set a new record for the world's longest baguette at 140.53 meters, beating the previous Italian record.

  • An 11-year-old girl helped discover the largest marine reptile ever found, an 82-foot ichthyosaur from 202 million years ago.

📺 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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