📈 ETH <> ETF

Ether ETFs get approval from FTC, House votes to block Fed from creating digital currency, a sudden container crunch sends ocean freight rates soaring. Musk says he favors ‘no tariffs’ on Chinese EVs, and DOJ sues to break up Live Nation, Ticketmaster ‘monopoly’...

Author

Smart Owl
May 24, 2024

Good morning.

The Fast Five → Ether ETFs get approval from FTC, House votes to block Fed from creating digital currency, a sudden container crunch sends ocean freight rates soaring. Musk says he favors ‘no tariffs’ on Chinese EVs, and DOJ sues to break up Live Nation, Ticketmaster ‘monopoly’...

Calendar: (all times ET)

  • Today: Durable-goods orders, 8:30a

    • Consumer sentiment, 10:00a

Your 5-minute briefing for Friday, May 24 🇺🇸 Wishing you a wonderful Memorial Day weekend.

BEFORE THE OPEN

As of market close 5/23/2024.

PRE-MARKET

MARKETS

  • US stocks fell yesterday as robust business activity data offset hype over Nvidia's earnings

  • The Dow had its worst day since March 2024

EARNINGS

  • Workday beat Q1 earnings and revenue estimates but shares nonetheless plunged ~11% due to light Q2 and FY subscription revenue guidance (link)

  • Intuit tumbled ~7% despite reporting strong Q3 revenue due to a 1M user decline in free-service filing and mixed Q4 guidance (link)

  • Ralph Lauren beat Q4 estimates but forecast below-estimate FY revenue growth as it grapples with subdued US demand (link)

  • Full calendar here

NEWS BRIEFING

The decision comes less than six months after the SEC approved bitcoin ETFs. Those funds have proven to be a big success, with net inflows already surpassing $12 billion.

The CBDC Anti-Surveillance State Act was led by House Majority Whip Tom Emmer, and backed by Republican members of the House Financial Services Committee.

  • DOJ sues to break up Live Nation, Ticketmaster ‘monopoly’ (link)

  • Dow falls 600 points in worst day of 2024 (link)

  • US economic output hits 2-year high (link)

  • Bond king Jeff Gundlach expects a US recession this year (link)

  • Citi, HSBC and Barclays ramp up RTO demands (link)

  • US jobless claims post biggest back-to-back drop since Sept. (link)

  • Big investors are pouring into emerging markets (link)

  • Archegos sent Goldman $470M in error during collapse (link)

  • Dollar set for weekly gain as rate cut bets ebb (link)

  • Goldman picked insiders as co-heads of Germany and Austria IB (link)

  • Gildan Activewear board, CEO resign following Browning West's activist campaign (link)

  • Improved business activity casts doubt over rate cuts (link)

  • Oil steady as investors weigh US rate fears (link)

  • Elon Musk says he favors ‘no tariffs’ on Chinese EVs (link)

  • Boeing says cash slow is worse than expected (link)

  • Capital Group to partner with KKR in push into private assets (link)

  • China’s $538B deposit exodus supercharges rally in bonds (link)

  • Morgan Stanley chairman James Gorman will step down (link)

  • Goldman gets license for regional HQ in Saudi Arabia (link)

  • Sudden container crunch sends ocean freight rates soaring, setting off global trade alarm bells (link)

  • JPMorgan to pay $100M over CFTC trade reporting violations (link)

  • US sued to break up Live Nation over alleged monopoly (link)

  • Jane Street avoids disclosing secrets to Millennium in dispute (link)

  • TD Bank Group fired over a dozen in wake of anti-money-laundering failing (link)

  • HSBC's New York attendance jumps to 80% at new office (link)

CRYPTO

  • FTX is selling SBF's $30M Bahamas penthouse (link)

You Can Sponsor this Newsletter details here.​

BULLISH BITES

🤑 Next-level: Nvidia's Jensen Huang is now richer than every member of Walmart's founding family.

📚 Recommended: 'The Algebra of Wealth': Professor Galloway's fiscal formula

🐘 Influence: Prominent Silicon Valley VCs are becoming more conservative.

🇮🇳 Inside look: How billionaire Mark Walter’s bet on India ended in disaster.

✈️ Quiz: So you think you’re a jet-setter? Test your travel I.Q.

DAILY SHARES

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