- Bull Street
- Posts
- 📈 Markets on edge
📈 Markets on edge
Likely market reaction after Iran attacks Israel, markets on edge as US seeks UN response to attacks, Gold jumps as strike stokes haven demand, inflation comes for housing market, and Apple’s iPhone shipments drop 10% as rivals rise…
Smart Owl
April 15, 2024
Good morning.
The Fast Five → Likely market reaction after Iran attacks Israel, US seeks UN response to attacks (live updates), Gold jumps amid haven demand, inflation comes for housing market, and Apple’s iPhone shipments drop 10% as rivals rise…
Calendar: (all times ET)
Today: US retail sales, 8:30a
TUE, 4/16: Fed Chair Powell speaks, 1:15p
THU, 4/18: Jobless claims, 8:30a
Your 5-minute briefing for Monday, April 15:
BEFORE THE OPEN
As of market close 4/12/2024. Bitcoin as of 4/14/24
PRE-MARKET
 |  |
MARKETS
US stocks tumbled on Friday as investors reacted to tame bank outlooks, persistent inflation and escalating Middle East tensions
The S&P suffered its worst day since January and worst week since October
All three major US indexes notched weekly losses
Gold fell after hitting another ATH
US dollar rose to its highest since November after posting its largest weekly gain since September 2022
EARNINGS
JPMorgan slumped ~6% despite beating Q1 earnings estimates due to underwhelming 2024 NII guidance (link)
Citigroup beat Q1 estimates on better-than-expected results from IB and trading, while citing higher expenses, credit costs and overseas business sales for driving YoY declines (link)
Wells Fargo topped Q1 earnings and revenue estimates despite a decline in NII citing progress in diversification of financial performance (link)
BlackRock reported a 15% YoY gain in AUM to hit $10.5T and a 36% jump in Q1 profit as rising global equity markets boosted its investment advisory and fees (link)
What we're watching this week:
Today: Goldman Sachs, Charles Schwab
Tuesday: Bank of America, Morgan Stanley, J&J, UnitedHealth Group, United Airlines
Wednesday: ASML
Thursday: TSMC, Netflix, Blackstone
Friday: American Express, P&G
Full calendar here
NEWS BRIEFING
Investor reaction to Iran’s unprecedented attack on Israel has been muted so far on hopes that the conflict will remain contained.
Iran warned Israel and the US on Sunday of a "much larger response" if there is any retaliation for its mass drone and missile attack on Israeli territory on Saturday, as Israel said "the campaign is not over yet".
Gold jumps after Iran strike on Israel stokes haven demand (link)
Inflation comes for the housing market (link)
Apple’s iPhone shipments drop 10% as Android rivals rise (link)
Credit card delinquency rates were the highest ever in Q4 (link)
More companies are defaulting over and over again (link)
Bull case fizzles for big banks to earn more on lending (link)
Banks are striking back against private credit (link)
US large caps see biggest weekly outflow in 16 months (link)
US/global equity funds see second consecutive week of outflows (link)
US Treasury auctions are getting weaker (link)
Less than half of US banks ready to borrow from Fed in emergency (link)
Sam Altman pitched ChatGPT Enterprise to hundreds of Fortune 500 execs (link)
NYCB named Craig Gifford as CFO (link)
Iran attacked Israel over the weekend (link)
CRYPTO
BULLISH BITES
🚀 Next level: THL’s co-chief executive on why his firm is bucking every trend in private equity.
🧠 Go How Spotify AI plans to know what’s going on inside your head.
🤖 AI creep: Generative AI is coming for healthcare, and not everyone’s thrilled.
📈 Time worthy: You might want to consider listening to this podcast. The host manages a $1.6 trillion investment fund.
DAILY SHARES
VC fund (7% IRR)
PE fund (15% IRR)
Algorithmic quant fund (392% IRR)— Robert Sterling (@RobertMSterling)
10:57 PM • Apr 11, 2024
Keep the curation going! Buy the team a coffee ☕️