📈 On notice

Good morning.

The Fast Five → Biden on notice as inflation jumps- growth slows, Musk makes surprise China visit, Fed rate-cut debate shifts from ‘when’ to ‘if’, Apple renews talks with OpenAI for iPhone genAI, and Google is officially a $2 trillion company…

Calendar: (all times ET)

• TUE 4/30: Consumer confidence, 10a

• WED 5/1: Job openings, 10a

  • Fed interest rate decision, 2p

  • Fed Chair Powell conference, 2:30p

• THU 5/2: Jobless claims, 8:30a

  • Trade deficit, 8:30a

• FRI 5/3: Unemployment report, 8:30a

Your 5-minute briefing for Monday, April 29:

BEFORE THE OPEN

PRE-MARKET

MARKETS

• US stocks climbed on Friday on the back of Big Tech names that rallied on strong earnings

  • The S&P and Nasdaq snapped three and five-week losing streaks respectively to clinch their best weeks since November

• Hong Kong’s Hang Seng Index is up 20% YTD, entering a bull market

• Copper hit $10k/ton on supply concerns

• Yen sunk to a new to 34-year low after BOJ held rates near zero

• It’s a big week ahead with investors bracing for big name earnings, the Fed’s rate policy meeting, and a crucial employment report

EARNINGS

• ExxonMobil shares fell ~3% after missing Q1 earnings estimates on eroding refining margins and declining natural gas prices (link)

• Chevron beat Q1 earnings estimates but posted a decline in YoY profit due to headwinds facing its refining and natural gas businesses (link)

• AbbVie shares fell ~5% due to disappointing Q1 sales from the company’s arthritis drug Humira which is facing heightened competition (link)

• What we're watching this week:

  • Today: Domino’s, Paramount, Sofi

  • Tuesday: Amazon, PayPal, AMD, Starbucks, Eli Lilly, McDonald’s, 3M, Coca-Cola

  • Wednesday: Mastercard, Qualcomm, Pfizer, CVS, KKR

  • Thursday: Apple, Block, Novo Nordisk, Coinbase, DraftKings, Apollo Global Management

• Full calendar here

NEWS BRIEFING

Musk Makes Surprise China Visit in Search of Tesla Revenue Boost

Biden on Notice as Inflation Jumps and Growth Slows

• Wall Street humbled as fast-reversing markets confound the pros (link)

• Rate-cut debate shifts from when toward if on inflation data (link)

• Ex-McKinsey partner sues firm for being made opioids 'scapegoat' (link)

• Japan’s oldest VC firm is eying a 200% gain (link)

• Elliott built a 'large' take in Buffett-favored Sumitomo (link)

• Chinese bonds dodge global debt selloff as yield gap widens (link)

• Troubled borrowers seen fighting for runway without rate cuts (link)

• China firms go 'underground' on Russia payments as banks pull back (link)

• Lending and consumer data cements case for ECB rate cuts (link)

• US/global equity funds see fourth-straight week of outflows (link)

• Apple renews talks with OpenAI for iPhone gen AI features (link)

• Google is officially a $2 trillion company (link)

• US Treasury refunding set to offer relief from supply rises (link)

CRYPTO

• Swiss National Bank sees 'good reasons' to avoid crypto investments (link)

You Can Sponsor this Newsletter details here.​

BULLISH BITES

🍎 End of era? The walls of Apple’s garden are tumbling down.

💰 ’To the future’: Saudi Arabia spends big to become an A.I. superpower.

📊 Inside look: The meteoric rise and stunning fall of Prime, Logan Paul's energy drink.

🎟 Tickets, please: With new tourist fee ‘Disney-fication’ of Venice, the world hits its overtourism tipping point.

DAILY SHARES

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