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The Fast Five → S&P 500 hits fresh record, Baltimore's Key Bridge will take years to rebuild, Amazon spends $2.75 billion on its largest venture investment yet, Paramount’s global debt rating cut to junk, and US businessmen participated in a 'Chinese Communist spectacle'…

Calendar:

• Today: Initial jobless claims, 8:30am ET

  • Consumer sentiment, 10:00am ET

• FRI 3/29: MARKET CLOSED (Good Friday)

  • PCE Index, 8:30am ET

  • Fed Chair Jerome Powell speaks, 11:30am ET

Your 5-minute briefing for Thursday, March 28:

BEFORE THE OPEN

PRE-MARKET

MARKETS

• US stocks rose yesterday with the S&P closing at a new record high and heading for its best Q1 since 2019

• Mexican peso reached a 9-year high

• Japanese yen dipped to a 34-year low against the dollar

EARNINGS

• Jefferies missed Q1 profit estimates on losses from an investment in HF Weiss Multi-Strategy Advisers but nonetheless posted gains in IB and asset management (link)

• H&M shares jumped 16% after smashing Q1 profit estimates on improved margins, lower inventory and strong cash flow (link)

• What we're watching this week:

  • Today: Walgreens Boots Alliance

• Full calendar here

NEWS BRIEFING

Dow Surges More than 450 Points, S&P 500 Closes at a Fresh Record

Amazon Spends $2.75B on AI Startup Anthropic in its Largest Venture Investment Yet

• Baltimore port crisis: Carriers put U.S. companies on hook for cargo pickup (link)

  • Rebuilding Baltimore's Key Bridge will likely take years (link)

• Paramount global credit rating cut to junk status by S&P (link)

• US businessmen were participating in a 'Chinese Communist spectacle' (link)

• Q1 share sales outpaced IPOs as global ECM rallies (link)

• McKinsey raises ‘up or out’ stakes on US consultants (link)

• Robinhood launched a credit card (link)

• US banks face loss risk from multi-family property loan exposure (link)

• S&P affirmed US ratings as stable (link)

• Housing-bond sales hit a 10-year high (link)

• Short sellers target Reddit as stock slips (link)

• Egan-Jones backed activist Nelson Peltz in Disney proxy fight (link)

• JPMorgan bets on new wealth planning tool to draw investments (link)

• Chemours received information requests from prosecutors and SEC (link)

• Insurers could face up to $4B in losses after Baltimore bridge tragedy (link)

• Amazon's senior employees may not see cash pay raise this year (link)

• More Chinese companies to be added to US import ban list (link)

• Trafigura to pay $126M and plead guilty to US charges (link)

CRYPTO

• A turbocharged Bitcoin ETF is more popular than TSMC in Korea (link)

• Sam Bankman-Fried is about to learn how much prison time he gets for FTX crimes (link)

• The SEC can sue Coinbase for offering unregistered securities, judge rules (link)

You Can Sponsor this Newsletter details here.​

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DAILY SHARES

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