📈 Fierce competition

Earnings kick into high gear, Tesla slides as EV makers slash prices amid fierce competition, Russia warns the world is on the brink of a ‘direct military clash’ between nuclear powers, US sues to block union of Coach and Michael Kors, and Luxury real estate prices just hit an all-time record…

Author

Smart Owl
April 23, 2024

Good morning.

The Fast Five → Earnings kick into high gear, Tesla slides as EV makers slash prices amid fierce competition, Russia warns the world is on the brink of a ‘direct military clash’ between nuclear powers, US sues to block union of Coach and Michael Kors, and luxury real estate prices hit an all-time record…

Calendar - next week: (all times ET)

  • WED, 4/24: Durable-goods orders, 8:30a

  • THU, 4/25: GDP - Q1, 8:30a

    • Jobless claims, 8:30a

  • FRI, 4/26: PCE index, 8:30a

    • Consumer Sentiment, 10:00a

Your 5-minute briefing for Tuesday, April 23:

BEFORE THE OPEN

As of market close 4/22/2024.

PRE-MARKET

MARKETS

  • US stocks rebounded from last week's selloff as Middle East tensions dimmed and investors turned focus to upcoming earnings

  • The S&P and Nasdaq snapped six-day losing streaks

  • UK's FTSE soared to a new ATH

  • Gold suffered its biggest daily loss since June 2022

  • Money markets are now pricing in only 41 bps of rate cuts this year

EARNINGS

  • Verizon shares fell ~5% after missing Q1 revenue estimates, although it reported fewer-than-expected quarterly subscriber losses (link)

  • What we're watching this week:

    • Today: Tesla, Visa, GM, GE

    • Wednesday: Meta, Boeing, IBM, Ford, Chipotle, AT&T

    • Thursday: Microsoft, Alphabet, Intel, Snap Inc., American Airlines

    • Friday: ExxonMobil, Chevron, Abbvie

  • Full calendar here

NEWS BRIEFING

Corporate America is set to kick off the busiest week for first-quarter earnings.

Tesla reportedly cut the starting price of its Model 3 in China to 231,900 yuan ($32,000) on Sunday, a reduction of 14,000 yuan.

  • Russia warns the world is on the brink of a ‘direct military clash’ between nuclear powers (link)

  • Black swan fund says Fed rate cuts will signal market crash (link)

  • Short sellers pocket biggest-ever weekly profit from Big Tech selloff (link)

  • 'Overdue' pullback in US stocks to test dip-buyers' resolve (link)

  • Rates traders flock from banks to hedge funds as BOJ ends YCC (link)

  • Companies flock to cash at fastest rate since Covid (link)

  • Luxury real estate prices just hit an all-time record (link)

  • US sues to block $8.5 Billion union of Coach, Michael Kors (link)

  • US credit investors see geopolitical tensions as top concern (link)

  • Fed says 1.8k banks, and others tapped emergency lending facility (link)

  • Low income consumers are getting increasingly crunched on loans (link)

  • Hedge fund industry AUM hit $4.3T in Q1 (link)

  • Grain trader ADM's CFO will resign amid accounting investigation (link)

  • Meta to 'open up' quest headset OS to rivals (link)

  • Injury rates at SpaceX exceed industry average for second year (link)

CRYPTO

  • Memecoin mania sent Bitcoin fees soaring during ‘halving’ (link)

  • Two SEC lawyers resigned after judge blasted agency for 'abuse' of power in crypto fraud trial (link)

You Can Sponsor this Newsletter details here.​

BULLISH BITES

💍 Pursuits: Here’s the lab-grown diamond startup that’s attracted a16z’s attention.

🎪 Cicus: Trump’s trial is the reality show he never wanted.

🩺 Speed-dial: Meet the private doctor to the wealthy (at $40K a year).

☕️ The buzz: Coffee drinking hits record high in the US.

DAILY SHARES

Keep the curation going! Buy the team a coffee ☕️