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Roaring Kitty’ resurfaces reviving meme mania, GME short sellers already lost $1 billion from Monday’s monster rally, OpenAI debuts GPT-4o ‘omni’ model, airlines sue Biden admin over fee disclosure rule, and brace for big inflation data ahead…
Smart Owl
May 14, 2024
Good morning.
The Fast Five → ‘Roaring Kitty’ resurfaces reviving meme mania, GME short sellers already lost $1 billion from Monday’s monster rally, OpenAI debuts GPT-4o ‘omni’ model (watch demo), airlines sue Biden admin over fee disclosure rule, and brace for big inflation data ahead…
Calendar: (all times ET)
Today: Producer price index (PPI), 8:30a
Fed Chair Powell speaks, 10:00a
WED, 5/15: Consumer price index (CPI), 8:30a
US retail sales, 10:00a
THU, 5/16: Initial jobless claims, 8:30a
Your 5-minute briefing for Tuesday, May 14:
BEFORE THE OPEN
As of market close 5/13/2024.
PRE-MARKET
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MARKETS
US stocks closed mixed as traders digested rising inflation expectations ahead of this week’s crucial April CPI release
The Dow snapped an eight-day win streak
Cocoa futures plunged 19% in its biggest-ever price drop as rain forecasts stoked volatility
EARNINGS
What we're watching this week:
Today: Home Depot, Alibaba
Wednesday: Cisco Systems
Thursday: Walmart, JD.com
Full calendar here
NEWS BRIEFING
Shares of the video-game company rally as much as 119%. Fellow meme-stock AMC Entertainment also soared on Monday.
“This is the first time that we are really making a huge step forward when it comes to the ease of use,” OpenAI technology chief Mira Murati said in a livestreamed event.
S&P barely changes as investors hold tight ahead of inflation data (link)
Dow slips for first losing day in nine as consumer expectations for inflation rise (link)
Major airlines sue Biden admin over fee disclosure rule (link)
Dollar drifts as traders eye US inflation data; frail yen in focus (link)
Gold marks biggest one-day loss of the month (link)
Oil prices tick up on tighter supply outlook (link)
Asia shares hit 15-mo high as traders wait for CPI (link)
GameStop short sellers have already lost $1 billion from Monday’s monster rally (link)
JPMorgan pushed back against major proxy recommendations (link)
Corporate greed not to blame for price pressures, Fed study shows (link)
NYSE President sees more US companies pursuing IPOs (link)
NY Fed report warns discount window stigma may never go away (link)
OpenAI launched its latest GPT-4o AI model (link)
Temu cools on US after shelling out billions (link)
US worker satisfaction is at a record high, with nuances (link)
CRYPTO
Bitcoin miners see sharp drop in revenue due to lower token rewards (link)
BULLISH BITES
🌎 Pursuits: Melinda Gates exits foundation with $12.5B for own charity work (more)
💵 Pro advice: Is it time to rethink the 4% retirement withdrawal rule?
♜ Chess master: The man at Google tasked with turning bleeding-edge AI research into profits.
⚫️ The void: ChatGPT’s new face is a black hole.
DAILY SHARES
Sam Altman and Tim Cook negotiating deal for Siri to integrate ChatGPT
— Jason Levin (@iamjasonlevin)
1:59 AM • May 11, 2024
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