📈 The hypocrisy

Good morning.

The Fast Five → Stock markets are on a worldwide record-hitting spree, Biden called out for hypocrisy over China tariffs, US and TikTok seek fast-track ruling by Dec 6, Microsoft set to unveil its vision for AI PCs tomorrow, and Iran’s President killed in helicopter crash…

Calendar: (all times ET)

• WED, 5/22: Minutes - Fed’s May FOMC meeting, 2:00p

• THU, 5/23: Initial jobless claims, 8:30a

• FRI, 5/24: Durable-goods orders, 8:30a

  • Consumer sentiment, 10:00a

Your 5-minute briefing for Monday, May 20:

BEFORE THE OPEN

PRE-MARKET

MARKETS

• US stocks continued their upward trajectory as investors attuned to data suggesting room for rate cuts

  • The S&P and Nasdaq rose for a fourth straight week

  • The Dow rose for a fifth straight week and closed above 40,000 for the first time

• Traders are pricing a 68% chance of a Fed rate cut in September

• Nickel futures jumped 7% to its highest in nine months amid political violence in New Caledonia

• US dollar is up 9.4% against the yen YTD

• Bitcoin broke a six-week losing streak

EARNINGS

• What we're watching this week:

  • Today: Palo Alto Networks, Zoom

  • Tuesday: Macy's, Lowe's

  • Wednesday: Nvidia, Target

  • Thursday: Intuit, Workday, Ralph Lauren

• Full calendar here

NEWS BRIEFING

From Tokyo to New York, Stock Markets on Record-Hitting Spree Around the World

President Biden Called Out For Hypocrisy Over China Tariffs

• Iran’s President and Foreign Minister killed in helicopter crash (link)

• US, TikTok seek fast-track ruling by Dec. 6 on potential ban (link)

• Goldman to expand PE credit lines as dealmaking picks up (link)

• US equity funds draw largest weekly inflow in eight weeks (link)

• US regulators reconsider capital hike for big banks (link)

• BlackRock in talks with governments about investments to power AI (link)

• Microsoft set to unveil its vision for AI PCs at Build developer conference (link)

• OpenAI disbanded its risk team (link)

• Meta’s plan to win AI race is to give tech away for free (link)

• Microsoft offers cloud customers AMD alternative to Nvidia AI processors (link)

• Media giants lean on sports as Hollywood strikes still loom (link)

• Snapchat shifts focus to AI after reviving ad business (link)

CRYPTO

• Venezuela banned crypto mining to protect power grid (link)

You Can Sponsor this Newsletter details here.​

BULLISH BITES

🌴 Cali Forever: Why tech billionaires are trying to create a new California city.

💥 Boom: There are now 15 centi-billionaires (the most ever) with a combined net worth of $2.2 trillion.

🍔 Good Eats: The world’s cheapest Michelin-starred meals.

🍣 Tradition: Sushi chefs pay up to $20,000 for these stainless steel sushi knives.

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DAILY SHARES

Keep the curation going! Buy the team a coffee ☕️