📈 Bullish or bearish?

Tame producer price data soothes inflation concerns, S&P, Nasdaq end sharply higher on soft inflation data, Apple plans to overhaul entire Mac line with AI chips, brokerages shift Fed rate-cut expectations to September, and Cathie Wood muscles into ChatGPT boom with new OpenAI stake…e unveils custom Arm-based chips, small-business sentiment slides to 11-year low, gold hits another record awaiting inflation print, and Boeing hit with new whistleblower allegations…

Author

Smart Owl
April 12, 2024

Good morning.

The Fast Five → Tame producer price data soothes inflation concerns, S&P, Nasdaq end sharply higher on soft inflation data, Apple plans to overhaul entire Mac line with AI chips, brokerages shift Fed rate-cut expectations to September, and Cathie Wood muscles into ChatGPT boom with new OpenAI stake…

Calendar: (all times ET)

Today: Consumer Sentiment, 10:00am

Your 5-minute briefing for Friday, April 12:

BEFORE THE OPEN

As of market close 4/11/2024.

PRE-MARKET

MARKETS

  • US stocks rebounded from yesterday's sell-off on encouraging producer inflation data

  • The Nasdaq closed at a new record high

  • US 30Y and 10Y yields rose as the US budget deficit topped $1T

EARNINGS

  • Constellation Brands rose slightly on a Q4 beat-and-raise thanks to resilient demand for its core beer brands despite sticky inflation (link)

  • What we're watching this week:

  • Today: JPMorgan, Wells Fargo, BlackRock, Citigroup, Progressive

  • Full calendar here

NEWS BRIEFING

US producer prices increased moderately in March as a rise in the cost of services was softened by a fall in goods prices, calming fears of a resurgence in inflation.

Company working on rapid transition to the new processors. Revamp will bring AI capabilities and memory improvements.

  • US Senate committee to hold hearing on Boeing safety culture report (link)

  • S&P, Nasdaq end sharply higher on soft inflation data (link)

  • Producer prices rise but show some relief in key categories (link)

  • Dollar hits 34-year high against yen after US inflation data (link)

  • Brokerages shift Fed rate-cut expectations to September after consumer price data (link)

  • Cathie Wood muscles into ChatGPT boom with new OpenAI stake (link)

  • Fed rate cuts now matter of if, not when (link)

  • Unraveling rate cut bets spur investors to adjust portfolios (link)

  • VC deal flow remains muted in Q1 (link)

  • US is investigating Morgan Stanley’s wealth arm over money-laundering vetting (link)

  • ECB held rates but signaled potential for a June rate cut (link)

  • ECB cannot ignore Fed in own rate cut path (link)

  • Big tech is expected to lead Q1 earnings growth (link)

  • Rent the Runway shares surge 200%+ after getting caught in AI frenzy (link)

  • US 30Y bond auction saw muted demand despite decade-high yields (link)

  • Investors flock to US 20Y+ Treasury ETF amid selloff (link)

  • IMF chief sees higher US rates as worry if they persist (link)

  • Mortgage rates rose back to ~7% (link)

  • Amazon CEO touts AI revolution while committing to cost cuts (link)

CRYPTO

  • SBF will appeal his conviction and 25-year prison sentence (link)

You Can Sponsor this Newsletter details here.​

BULLISH BITES

💰 Right place: How one company made bank off the regional banking crisis.

🔎 Google who? Gen Z is searching on TikTok, YouTube instead.

🚀 Star wars: Space Force is planning what could be the first military exercise in orbit.

🤖 Humane AI Pin review: Not even close.

DAILY SHARES

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