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📈 Economic warning
Jamie Dimon Issues an economic warning, Yellen: US won’t accept Chinese imports decimating new industries, Wells Fargo boosts year-end S&P 500 target to 5,535, Gold prices due for a correction, and Tesla shares jump on Musk’s robotaxi hype…
Smart Owl
April 09, 2024
Good morning.
The Fast Five → Jamie Dimon Issues an economic warning, Yellen says US won’t accept Chinese imports decimating new industries, Wells Fargo boosts year-end S&P 500 target to 5,535, Gold prices due for a correction, and Tesla shares jump on Musk’s robotaxi hype…
Calendar: (all times ET)
WED 4/10: Consumer Price Index (CPI), 8:30am
THU 4/11: Producer Price Index (PPI), 8:30am
Jobless Claims, 8:30am
FRI 4/12: Consumer Sentiment, 10:00am
Your 5-minute briefing for Tuesday, April 9:
BEFORE THE OPEN
As of market close 4/8/2024.
PRE-MARKET
 |  |
MARKETS
US stocks closed flat yesterday ahead of crucial inflation data and major earnings this week
Markets are now pricing in two 25 bps rate cuts this year and a 49% chance of a third in sharp reversal of expectations
US yields hit their highest levels since November
Gold held at its record high
EARNINGS
What we're watching this week:
Wednesday: Delta Air Lines
Thursday: Constellation Brands
Friday: JPMorgan, Wells Fargo, BlackRock, Citigroup, Progressive
Full calendar here
NEWS BRIEFING
Yellen told a press conference that President Biden would not allow a repeat of the "China shock" of the early 2000s, when a flood of Chinese imports destroyed about 2M American manufacturing jobs.
The JPMorgan Chase chief executive used his annual letter to shareholders to flag higher-for-longer inflation, uncertain growth prospects and widening political divisions.
US inflation expectations stabilize, but debt concerns pick up (link)
US ready to sanction Chinese banks if they aid Russia’s war machine, Yellen says (link)
Wells Fargo boosts end-2024 target on S&P 500 to Street-high of 5,535 (link)
Stock moves suggest belief in 'no landing' economy, Morgan Stanley says (link)
Gold prices due for a correction, silver gets support from both investors and industry (link)
Tesla shares jump as investors buy into Musk’s robotaxi hype (link)
JPMorgan named potential successors to CEO Jamie Dimon (link)
Jamie Dimon compared AI to electricity and computers in annual letter (link)
Dimon warned rates could soar to 8% (link)
Morgan Stanley sees investors pricing in a 'no landing' (link)
Doubts creep in about a Fed Rate cut this year (link)
RBC begins integration of HSBC’s Canadian unit without a permanent CFO (link)
Japan’s bond market liquidity improves as BOJ loosens grip (link)
Global PC market grew in Q1 after two years of decline (link)
Spirit Airlines will defer Airbus orders and cut 260 pilots to shore up liquidity (link)
Solar eclipse estimated to deliver a $6B economic boom (link)
UConn men’s and South Carolina women’s win NCAA Championships in historic runs for both teams (link)
CRYPTO
BULLISH BITES
👀 Watching: Iger won the battle — but Disney’s ‘woke’ war isn’t over.
🤖 Stumbling: How Google lost ground in the AI race
🎓 Pursuits: Ivy league college costs soar to more than $90,000 a year.
🇫🇷 Next-level: Michelin picks 24 top hotels in France in first-ever ranking.
DAILY SHARES
“Watching the eclipse? No, I’ll be dialed into the firm-wide town hall meeting at that time. It’s important to understand how our company did in Q1 and what initiatives our CEO has planned for the back half of the year”
— litquidity (@litcapital)
1:57 PM • Apr 8, 2024
Keep the curation going! Buy the team a coffee ☕️