😀 A soft jobs report firmed up rate cut hopes

📈 While crypto continued to rebound

For all the history nerds here, I did a deep dive into the end of the bronze age and what that tells us about the world today. Check it out.

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📰 Market Headlines

  • A soft jobs report on Friday cooled inflation fears and rallied markets. The Dow gained 1.2%, the S&P 500 rose 1.3%, and the Nasdaq jumped 2.0%.

    • Nonfarm payrolls increased by just 175,000 in April, the lowest since October and well below the 243,000 forecast.

    • Wage growth also slowed to 3.9%, the smallest annual increase since May 2021.

  • Treasury yields tumbled, with the 10-year rate shedding 7 basis points to 4.50% as rate cut bets increased after the jobs data.

  • Berkshire Hathaway's annual shareholder meeting on Saturday spanned topics from AI innovations to Buffett’s musings on mortality:

    • "I feel fine,” said the 93-year-old Buffett, “but I know a little about actuarial tables."

  • Chinese leader Xi Jinping arrived in Europe for a diplomatic visit, the first in five years.

🕶️ 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

I don’t know if this is relatively good or bad, but it seems good.

📈 Trends you need to know

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Interest in buying Bitcoin is up quarterly but is still well off 2021 highs.

🧠 What do you think?

💬 Have your say

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📊 Stocks

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

Winners and losers

Earnings, upgrades, and acquisitions

This week is (once again) action-packed with earnings reports. Here's who to look out for:

  • Monday: Palantir (PLTR), Spirit Airlines (SAVE), Tyson (TSN), Goodyear Tire (GT)

  • Tuesday: Disney (DIS), Lyft (LYFT), Reddit (RDDT), TripAdvisor (TRIP), Ferrari (RACE), Crocs (CROX), BP (BP), Celsius (CELH), Rivian (RIVN), Electronic Arts (EA)

  • Wednesday: Uber (UBER), Toyota (TM), AB InBev (BUD), Airbnb (ABNB), Fox (FOXA), New York Times (NYT), Robinhood (HOOD), Bumble (BMBL), AMC (AMC)

  • Thursday: Roblox (RBLX), Unity (U), Warner Bros. Discovery (WBD), Planet Fitness (PLNT), YETI (YETI), Constellation Energy (CEG), Yelp (YELP)

  • Friday: Honda (HMC), AMC Networks (AMCX)

Market movers

  • The FTC accused Amazon executives, including Jeff Bezos, of intentionally deleting Signal messages relevant to its antitrust case.

  • Taiwan has begun developing its own satellite system similar to Starlink to provide emergency internet access.

  • Google announced they will shut down the Google Fit developer APIs by June 30, 2025.

  • The EU has initiated multiple investigations into Chinese subsidies and imports, targeting unfair competition.

  • UAW workers ratified a new labor deal with Daimler Truck that includes at least a 25% general wage increase over the four-year contract.

  • Berkshire Hathaway shareholders overwhelmingly rejected six proposals addressing environmental and social policy issues.

Ideas, trends, and analysis

  • The IMF warns of a "Tepid Twenties" ahead, with sluggish global growth despite America's economic strength.

  • Tech layoffs surged past 70,000 in April as giants like Apple, Google, Amazon, and Tesla cut jobs.

  • Recent government data shows a loss of 192,000 private payrolls in Q3 2023, signaling an economic decline and contradicting earlier job estimates.

  • Sudan, Ukraine, and Venezuela had the lowest economic growth rates over the past five years, according to a new analysis.

🌍 Global Perspectives

  • 🇮🇱 🇶🇦 Israel ordered the closure of Al Jazeera in the country, a move the Qatar-based news network called a "criminal act."

  • 🇧🇷 The death toll from floods in southern Brazil rose to 78.

  • 🇾🇪 🇺🇸 Yemen's Houthi militia offered a place for suspended U.S college protesters.

  • 🇮🇳 Manipulated videos involving two top aides of Prime Minister Narendra Modi are triggering arrests as campaigning heats up in India's election.

📊 Crypto

  • The SEC extended its review of 7RCC's carbon-neutral spot Bitcoin ETF listing to June 24th.

  • Grayscale's Bitcoin ETF saw its first inflow since January, netting $63 million on Friday.

  • Crypto has been "validated significantly" by spot Bitcoin ETF approvals, says Pantera Capital exec.

  • Franklin Templeton says Solana is primed to become the "third major crypto asset" after Bitcoin and Ethereum.

🧠 Errata

  • A North Korean propaganda song praising Kim Jong Un has become a TikTok hit.

  • The bird flu outbreak has farmers worried about the future of cow cuddling.

  • A 21-year-old circus performer chose getting shot out of a cannon over college.

  • China's Chang'e-6 mission aims to bring back the first samples from the moon's far side, which could solve lunar mysteries.

📺 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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