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S&P tops 5,300 in record-breaking stock rally, consumer inflation resumes downward trend fueling rate-cut bets, Biden and Trump agree to debate, Xi welcomes Putin, and GameStop, AMC tumble as meme stock rally fizzlesā¦
Smart Owl
May 16, 2024
Good morning.
The Fast Five ā S&P tops 5,300 in record-breaking stock rally, consumer inflation resumes downward trend fueling rate-cut bets, Biden and Trump agree to debate, Xi welcomes Putin, and GameStop, AMC tumble as meme stock rally fizzlesā¦
Calendar: (all times ET)
Today: Initial jobless claims, 8:30a
Your 5-minute briefing for Thursday, May 16:
BEFORE THE OPEN
As of market close 5/15/2024.
PRE-MARKET
 |  |
MARKETS
US stocks rallied yesterday as investors digested lighter-than-expected CPI data as a signal for upcoming rate cuts
All three major US indexes closed at record highs
Fed funds futures traders are now pricing in 52 bps of rate cuts this year
Global stocks in Europe and elsewhere also hit record highs
Copper is at a record high, up 28% YTD and 14% from last week
US dollar fell 0.75% in its biggest one-day drop YTD to a one-month low
EARNINGS
NEWS BRIEFING
Core CPI cools for first time in six months in relief for Fed. US retail sales stall after downward revisions in prior months.
After a series of too-hot-for-comfort inflation readings to start 2024, the April Consumer Price Index finally brought some relief.
Hereās the inflation breakdown for April 2024 (link)
Biden and Trump agree to debates on June 27 and Sept. 10 (link)
Xi welcomes Putin, says China-Russia ties should last āgenerationsā (link)
Credit assets outperform for large PE firms (link)
PE deal machine restarts but exits still sputter (link)
Global corporate defaults doubled in April (link)
Goldman poached two bankers from Evercore and Lazard (link)
Chevron tops Tesla as most-shorted stock in April (link)
US bank failures could surge by almost 50 (link)
Bank of America banker who died had sought to leave over long hours (link)
GameStop, AMC tumble as meme stock rally fizzles after two days (link)
US CPI eased slightly in April to 3.4% YoY (link)
Japan GDP declined 2.0% YoY in Q1 (link)
Microsoftās emissions up 30% since 2020 due to data center expansion (link)
CRYPTO
BULLISH BITES
š½ AI HQ: The Big Apple is making a bid to become a premier hub for generative AI.
šŖ New flex: Baby Boomers are loving the āfreedomā of renter life.
š® Taco ābout it: This is the first Mexican taco stand to get a Michelin star.
š Vision wanted: Historic California town for sale for a stunning $6.6M.
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DAILY SHARES
AI bros when OpenAI announces anything.
ā Jack Forge (@TheJackForge)
4:45 PM ā¢ May 13, 2024
Keep the curation going! Buy the team a coffee āļø