📉 What sent markets lower yesteday?

🔥 As both Salesforce and American Airlines crashed and burned

The Euro 2024 competition kicks off two weeks from today, and we’re hosting a fantasy tournament. Winners get some sweet, sweet swag.

Everyone wins something; the top prize is playing 5-a-side football with Zidane.

Is AI about to disrupt hospitality?

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📰 Market Headlines

  • Markets stumbled yesterday. The Dow dropped over 400 points as Treasury yields surged and major stocks took a hit.

  • The Fed's “Beige Book” economic survey showed the growth at a "slight or modest" pace since early April.

🕶️ Market Vibes

🎰 Market Forecasts and Futures

Forecasts via ​Kalshi​, the prediction market.

😱 Fear and Greed Index

🎤 What you said last time

I’m convinced these three films are actually a trilogy.

📈 Trends you need to know

Tesla has underperformed its benchmark by nearly 43% YTD.

🧠 What do you think?

💬 Have your say

In January, a court in Delaware said Elon’s $56 billion pay packet (approved by his mates on the Tesla Board) was too much, so he moved his company HQ to Texas to push it through.

Now, Tesla investors themselves are balking at the record payday and are moving to remove some of the less-independent members of the board.

What should happen to Elon's pay?

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

  • Advance Auto Parts beat Q1 EPS estimates; shares traded 10.4% lower.

  • Abercrombie & Fitch reported its strongest first quarter in history, sending shares surging 24%.

  • Dick's Sporting Goods raised full-year guidance well ahead of estimates; shares closed about 16% higher.

  • C3.ai reported a smaller-than-expected Q4 loss and revenue beat; jumped nearly 13%

  • Okta Q1 revenue and adjusted earnings beat estimates; shares climbed nearly 2%.

  • Chewy shares jumped 10% after fiscal Q1 earnings.

Market movers

  • Visa and Mastercard agreed to pay $197 million to settle a class action lawsuit accusing them of keeping ATM fees artificially high.

  • The Biden administration expanded clean energy tax credits to include nuclear, hydropower, and geothermal, aiming for a net-zero power sector by 2035.

  • Amazon, Google, Microsoft, and Nucor inked deals with Duke Energy to drive clean energy tech in the Carolinas.

  • UiPath announced CEO Rob Enslin's resignation after just 5 months on the job.

  • Dollar Tree is cutting corporate jobs and closing 1,000 Family Dollar stores.

Ideas, trends, and analysis

  • E-bike prices are set to soar over 25% as new Biden administration tariffs on Chinese imports take effect.

  • Mortgage demand faltered as rates ticked up to 7.05% for the first time in a month.

  • Home insurance rates are clobbering consumers nationwide, up 11.3% on average last year.

🌍 Global Perspectives

  • 🇰🇵 🇰🇷 North Korea sent balloons carrying bags of trash and excrement across the border into South Korea in retaliation for anti-North leaflets. [Ed: Stay classy, North Korea]

  • 🇬🇧 The owner of Britain's Royal Mail agreed to a $4.6 billion takeover by Czech billionaire Daniel Kretinsky.

  • 🇫🇷 🇳🇨 France lifted the ban on TikTok it had imposed on its overseas territory of New Caledonia.

  • 🇨🇩 The Democratic Republic of Congo appointed a new government after months of delay following President Felix Tshisekedi's re-election.

📊 Crypto

  • The State of Wisconsin Investment Board invested $187 million in crypto funds, the first public institution to do so.

  • BlackRock's iShares Bitcoin Trust has amassed nearly $20 billion in assets, surpassing Grayscale's Bitcoin Trust, becoming the world's largest Bitcoin fund.

  • Hashdex's Ethereum ETF proposal was withdrawn a week after the SEC approved 19b-4 forms for eight other ETH ETFs.

  • The NYSE announced it would consider offering crypto trading if US regulatory guidance was clearer.

🧠 Errata

  • Google's AI said you can eat rocks and put glue on pizza.

  • Alaska's rivers are turning orange.

  • A volcano in Iceland erupted for the fifth time since December.

  • The Euclid space telescope discovered 1.5 trillion orphan stars wandering the Perseus galaxy cluster, ripped from their home galaxies.

📺 What to Watch Today

Checkout 2:14 seconds in when flowing lava hits above-ground power lines!

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

Cheers,

Wyatt

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