📈 EV tariffs

Biden set to impose tariffs on China EVs, Robinhood makes headway beyond trading, Apple to power AI tools with in-house chips, relief from high mortgage rates not coming soon, and Musk may testify again in SEC's Twitter probe…

Author

Smart Owl
May 10, 2024

Good morning.

The Fast Five → Biden set to impose tariffs on China EVs, Robinhood makes headway beyond trading, Apple to power AI tools with in-house chips, relief from high mortgage rates not coming soon, and Musk may testify again in SEC's Twitter probe…

Calendar: (all times ET)

  • Today: Consumer sentiment, 10:00a

Your 5-minute briefing for Friday, May 10:

BEFORE THE OPEN

As of market close 5/9/2024.

PRE-MARKET

MARKETS

  • Stocks rose yesterday as new jobless claims data rekindled hopes for rate cuts this year

    • The S&P closed at a five-week high

    • The Dow rose for a seventh-straight day

  • Asian stocks stayed on course for a third-straight week of gains

  • PGMs market is forecast for its largest supply shortfall in 10 years

EARNINGS

  • Warner Bros Discovery missed Q1 earnings and revenue estimates despite strong growth in its streaming unit (link)

  • Full calendar here

NEWS BRIEFING

US set to target electric vehicles, reject across-board hikes. Action comes after multi-year review of Trump-era duties.

The expanded offerings show that the 11-year old trading app, best known for its appeal among retail traders, is beginning to mature into a full-fledged financial services provider.

  • OpenAI will announce a Google search competitor (link)

  • Apple to power AI tools with in-house server chips this year (link)

  • High mortgage rate relief isn't coming soon, experts say (link)

  • Musk may be compelled to testify again in SEC's Twitter takeover probe (link)

  • Weekly jobless claims jump to highest since August (link)

  • Goldman tops investment banks reaping windfall in Tokyo (link)

  • Big tech is leading the stock buyback spending spree (link)

  • Lenders are seeing a bottom for consumers (link)

  • Rates start to fall in Europe as Fed lags (link)

  • Fed's communications style scores well with analysts but not public (link)

  • Lazard named ex-Morgan Stanley M&A chair Colocci as vice chair / MD (link)

  • Carbon offsets found to be largely ineffective (link)

  • Cornell President becomes third Ivy League leader to depart since December (link)

CRYPTO

  • Donald Trump endorsed crypto as part of presidential campaign (link)

You Can Sponsor this Newsletter details here.​

BULLISH BITES

🙏 Mea culpa: Apple apologizes for iPad ‘Crush’ ad that ‘missed the mark’.

😘 Adieu: The Chevy Malibu was so uncool it was cool.

🏆 50 of the best: Robb Report’s Grooming Awards 2024.

DAILY SHARES

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