🫠 US markets continue to melt down

💭 As rate cuts look more and more like a pipe dream

Some enterprising (I assume) youths recovered the wreckage of Iranian missiles and put them on Jodan’s version of Craigslist. Also, I moaned quite a bit about how stupid the fund setup process is. All in yesterday’s WC.

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📰 Market Headlines

  • Yesterday, markets fell (again) for a wide variety of reasons: lowered rate cut expectations, unresolved geopolitical tensions, and mixed earnings reports all contributed to the decline.

  • The S&P 500 dropped about 0.6%, the Dow Jones decreased by 0.1%, and the Nasdaq led declines with a 1% fall.

  • Bank of America's closely tracked Global Fund Managers' Survey showed 36% of respondents see "no landing" for the US economy.

  • The BOA’s economists also think there is a “real risk” we won’t see rate cuts until March 2025. Ouch.

  • Chip stocks, including AMD, NVIDIA, and Intel, suffered after chip equipment manufacturer ASML reported poor Q1 sales.

🕶️ Market Vibes

🎰 Market Forecasts and Futures

Forecasts via ​Kalshi​, the prediction market.

😱 Fear and Greed Index

This is not going well.

🎤 What you said last time

The vast majority of you are both worried about the federal debt and want to cut spending. No surprises there. Who wants higher taxes?

📈 Trends you need to know

The vast majority of US Federal spending goes to social security, Medicare, defense, Medicaid, and interest.

🧠 What do you think?

💬 Have your say

So where should America cut spending? There are only a few categories that spend enough to make a difference.

Where should America cut spending?

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

  • ASML beat Q1 earnings estimates but missed sales; shares fell 6.7%.

  • Discover Financial stock rose 1.8% after-hours, despite missing estimates due to higher expenses.

  • Abbott Labs delivered a top and bottom line beat and surprised investors by raising its full-year guidance, but shares fell 3%.

  • Las Vegas Sands beat revenue as Macau recovery continues; shares dipped 2.45%.

  • Travelers earnings missed expectations due to elevated catastrophe losses from wind and hail storms. It crashed 7%.

  • Citizens Financial Group reported mixed Q1 results with EPS missing estimates but revenue aligning with projections; shares up 1.3%.

Market movers

  • Micron won a $6.1 billion CHIPS grant to build semiconductor factories in Ohio.

  • The third-party iPhone app store AltStore PAL launched in Europe thanks to the EU's Digital Markets Act.

  • A new study indicated that Eli Lilly's weight-loss medication, Zepbound, may effectively treat sleep apnea.

  • Amazon announced it will expand its cashierless technology to more third-party locations like stadiums and airports, while reducing it in its own Fresh grocery stores. [Ed: Amazon is unrivaled at turning cost centers into profit centers]

  • More Layoffs:

    • Sikorsky is firing 400 employees in Connecticut after the US Army scrapped plans for a new armed scout helicopter.

    • Rivian cut 1% of its workforce in the second round of layoffs this year.

Ideas, trends, and analysis

🌍 Global Perspectives

  • 🇦🇪 A rare torrential storm in the UAE resulted in at least one fatality and caused chaos at the Dubai airport.

  • 🇮🇱 🇮🇷 Prime Minister Benjamin Netanyahu said Israel will make its own decisions on defense after Western countries pleaded for restraint.

  • 🇯🇵 An earthquake with a preliminary magnitude of 6.4 hit southern Japan late on Wednesday.

  • 🇬🇪 🇪🇺 Georgia's parliament approved the first reading of a bill on "foreign agents" that the EU said risked blocking the country's path to membership.

  • 🇲🇲 Myanmar's detained former leader Aung San Suu Kyi has been moved from prison to house arrest.

📊 Crypto

  • Bitcoin tumbled below $60,000 for the first time since early March as cryptocurrencies slipped Wednesday.

  • Mainland Chinese investors likely won't be allowed to buy into the newly approved Hong Kong-listed spot Bitcoin ETFs.

  • GBTC outflows overpowered other spot Bitcoin ETF inflows for the third straight day.

  • Hype around Runes, a new protocol to allow tokens on Bitcoin, has pushed transaction fees higher ahead of the halving.

🧠 Errata

  • Boston Dynamics revealed its all-new contortionist humanoid robot.

  • Developers in Oklahoma City are trying to build the tallest skyscraper in the US for 1.6 billion dollars.

  • Uber is helping investigators look into the account that sent a driver to an Ohio home where she was shot to death by an 81-year-old man.

  • Boeing's new Starliner spacesuits are a hit with astronauts, who are buzzing about the flexibility and comfort.

📺 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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