📈 DOJ sues Apple

Apple sued by Justice Department for illegally monopolizing smartphone market, Reddit pops 48% in NYSE debut, US economy on solid ground as weekly jobless claims fall, Gold rises above $2200 for first time, and Trump in line for a $3.5B windfall from stake in Truth Social…All eyes on Jerome Powell, Boeing mulls shedding Airbus work in potential Spirit Aero deal, Nvidia CEO wants enterprise to think ‘AI factory’, Wall St optimism at its highest level since early 2022, and Microsoft taps DeepMind co-founder to spearhead AI push…

Author

Smart Owl
March 22, 2024

Good morning.

The Fast Five → Apple sued by DOJ for illegally monopolizing the smartphone market, Reddit pops 48% in NYSE debut, US economy on solid ground as weekly jobless claims fall, Gold rises above $2200 for first time, and Trump in line for a $3.5B windfall from stake in Truth Social…

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BEFORE THE OPEN

As of market close 3/21/2024.

PRE-MARKET

MARKETS

  • All three major US indexes closed at record highs for a second-straight day after the Fed reassured investors about prospects for 2024 rate cuts

  • Europe's Stoxx 600 and Japan's Nikkei 225 also hit fresh record highs

  • The US 2Y-10Y yield curve inversion is now the longest inversion on record; 625 days since July 2022

  • Swiss franc fell to an eight-month low against the euro while Swiss bonds rallied

EARNINGS

  • Nike beat Q3 earnings and revenue estimates on better-than-expected North America growth, but growth in China continued to slow (link)

  • FedEx surged 13% after reporting better-than-expected Q3 earnings and announcing a $5B share buy back as cost-cutting efforts continue to help boost profits (link)

  • Lululemon shares plunged 11% despite beating holiday earnings estimates thanks to weak guidance as growth in North America stagnates (link)

  • Full calendar here

NEWS BRIEFING

The lawsuit alleges that Apple has monopoly power in the smartphone market and leverages control over the iPhone to “engage in a broad, sustained, and illegal course of conduct.”

  • US economy on solid ground as weekly jobless claims fall, home sales surge (link)

  • Dollar jumps as Fed starts to look more hawkish than some peers (link)

  • Spot gold rises above $2,200 an ounce for the first time (link)

  • Trump is in line for a $3.5B windfall from stake in Truth Social (link)

  • Airbus wins jet orders from two Asian customers of rival Boeing (link)

  • Temu and Shein are gaining fast on Amazon (link)

  • FDIC will unveil new bank M&A rules (link)

  • Short sellers up wagers against CRE again (link)

  • US regulators urge Congress to look into grocery profits (link)

  • Target will double employee bonuses this year (link)

  • Medicare to start covering certain weight loss drugs (link)

CRYPTO

  • FTX expects US to reduce bankruptcy claim from $5B to $3B (link)

  • FTX customers don't want a refund, they want their crypto back (link)

  • SEC is waging a legal campaign to classify Ethereum as a security (link)

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BULLISH BITES

🤖 Google to IBM: How big tech giants are embracing Nvidia’s new hardware and software services.

📺 Dying legacy: How ESPN executives plan to survive the demise of cable TV.

🎉 ‘We’re back!’: Inside NYC’s bullish crypto party scene.

🎥 Coming soon: Silicon Valley's favorite movie, Dune: Part Two, will soon have a sequel.

DAILY SHARES

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