📈 Gold shines

Gold rises above $2,100 to highest level ever, Supreme Court rules Trump can appear on presidential ballots, EU hits Apple with $1.9B antitrust fine, China sets GDP target of 'around 5%’, and Bitcoin tops $68,000 as it nears eclipsing all-time high…

Author

Smart Owl
March 05, 2024

Good morning.

The Fast Five → Gold rises above $2,100 to highest level ever, Supreme Court rules Trump can appear on presidential ballots, EU hits Apple with $1.9B antitrust fine, China sets GDP target of 'around 5%’, and Bitcoin tops $68,000 as it nears eclipsing all-time high…

Calendar:

  • Wed, 3/6: Fed Chair Jerome Powell testifies to Congress, 10:00a ET

    • Job openings, 10a ET

  • Fri, 3/8: US nonfarm payrolls, unemployment rate, 8:30a ET

Your 5-minute briefing for Tuesday, March 5:

BEFORE THE OPEN

As of market close 3/4/2024.

PRE-MARKET

MARKETS

  • US stocks retreated from all-time highs yesterday, though AI stocks continued to rally

  • Gold is flirting with a new record high on US interest rate outlook

  • Bitcoin hit $67k and is rapidly approaching silver’s $1.35T market cap

EARNINGS

  • Sea jumped 5.6% after beating on Q4 revenue estimates and sharing a positive outlook for its e-commerce business (link)

  • What we're watching this week:

    • Today: Target, CrowdStrike, Nio

    • Wednesday: JD.com, Abercrombie & Fitch, Foot Locker

    • Thursday: Costco, Broadcom, Kroger, MongoDB

  • Full calendar here

NEWS BRIEFING

Gold futures for April settled at $2,126.30 per ounce, the highest level dating back to the contract’s creation in 1974.

It is the first time the U.S. tech giant has been charged for breaking competition laws in Europe.

  • Reddit traders are threatening to bet against its IPO (link)

  • Corporate junk debt defaults hit a post-Covid high (link)

  • Ten year cash returns now rival bonds amid historic rate hikes (link)

  • Goldman's CIO says don't invest in China (link)

  • US corporate debt euphoria could stall as Fed tightens liquidity (link)

  • Supreme Court rules Trump can appear on presidential ballots (link)

  • Bitcoin tops $68,000 as it nears 2021 all-time high (link)

  • China sets GDP target of 'around 5%' for 2024 (link)

  • Hedge funds bet on US real estate rebound (link)

  • Ex-Twitter execs sue Musk for $128M in severance (link)

  • NYCB CEO Thomas R. Cangemi stepped down (link)

  • Global green bond sales topped $54B in busiest February ever (link)

  • Whole Foods aims to compete with NYC bodegas (link)

  • Sam Blond became second partner to leave Founders Fund this year (link)

  • Tesla shares skid amid China sales slump (link)

  • Bezos is once again the world’s richest person (link)

  • Music labels seek 'Fortnite effect' to drive streams (link)

  • Record number of women, minorities launched PE funds in 2023 (link)

  • Tech gender gap is narrowing (link)

  • Sergey Brin said Google ‘definitely messed up’ Gemini image launch (link)

CRYPTO

  • Options traders are pricing Bitcoin to surpass $80k (link)

  • Coinbase users saw zero balances in their accounts in second outage in one week (link)

You Can Sponsor this Newsletter details here.​

BULLISH BITES

🏛 Tax prep: The IRS launches free Direct File pilot program - officially open in select states.

💍 Is it Davos? No, It's an Indian Billionaire's family wedding.

🤯 Freaky: Anthropic's Claude 3 knew when researchers were testing it.

🍷 Sneak Peek: The best Napa Valley wines coming this year.

DAILY SHARES

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