📈 Run of the year

S&P on track for biggest run this year, Treasuries mint cash like never before, FAA opens probe into Boeing Dreamliner, Nio’s on track this month to unveil its first mass-market car, and Tesla lays off more staff…

Author

Smart Owl
May 07, 2024

Good morning.

The Fast Five → S&P on track for biggest run this year, Treasuries mint cash like never before, FAA opens probe into Boeing Dreamliner, Nio’s on track this month to unveil its first mass-market car, and Tesla lays off more staff…

Calendar: (all times ET)

  • Today: Consumer credit, 3:00p

  • WED, 5/8: Wholesale inventories, 10:00a

  • THU, 5/9: Initial jobless claims, 8:30a

  • FRI, 510: Consumer sentiment, 10:00a

Your 5-minute briefing for Tuesday, May 7:

BEFORE THE OPEN

As of market close 5/6/2024.

PRE-MARKET

MARKETS

  • US stocks advanced yesterday to build on previous session gains as traders lifted Fed rate cut expectations

EARNINGS

  • Palantir beat Q1 revenue estimates and met on earnings thanks to remarkable success in marketing its AI products but nonetheless issued weak FY guidance (link)

  • Spirit Airlines fell ~10% after reporting a larger-than-expected Q1 loss and forecasting a Q2 loss citing grounding of jets and bloated industry capacity (link)

  • Lucid beat Q1 revenue estimates as price cuts boosted sales but reiterated below forecast FY production (link)

  • What we're watching this week:

    • Today: Walt Disney, Rivian, Reddit

    • Wednesday: Uber, Toyota, Airbnb, Shopify, Robinhood

    • Thursday: Warner Bros Discovery

  • Full calendar here

NEWS BRIEFING

US stocks extend rebound into a third consecutive session. Shorter bond maturities favored as 10-, 30-year auctions loom.

With the Federal Reserve in no hurry to cut interest rates, investors are flocking back to fixed-income assets in major reset for Wall Street.

  • Regulators resume plan to make finance exec pay more sensitive to risk (link)

  • FAA opens probe into Boeing Dreamliner inspections, records (link)

  • Macquarie CEO sees deal volumes rising as confidence returns (link)

  • ECB grows more confident about cutting rates (link)

  • At $2M/min, treasuries mint cash like never before (link)

  • US banks report weaker loan demand (link)

  • Tesla lays off more staff in software, service teams (link)

  • Cerberus eyes India private credit growth as shadow banks retreat (link)

  • Medicare insurance fund extends viability to 2036 (link)

  • Citigroup CEO sees low-income consumers turning extra cautious (link)

  • Nomura targets 20% revenue growth from global markets arm (link)

  • Nio on track to unveil its first mass-market car in May (link)

  • Warren Buffett's fans plot their own course for when he leaves (link)

  • Goldman criminal case over 1MDB formally ends (link)

  • FAA opened a new Boeing inquiry (link)

  • Global housing shortages are crushing immigration-fueled growth (link)

  • MrBeast splits from talent agent (link)

  • Hamas accepted a Gaza ceasefire proposal (link)

CRYPTO

  • SEC warned Robinhood of an enforcement action over its crypto business (link)

You Can Sponsor this Newsletter details here.​

BULLISH BITES

🍎 Today: Apple's "Let Loose" iPad event is happening - here’s what to expect.

🍳 Napkin plan: Nvidia’s CEO co-founded his $2 trillion company at a Denny’s breakfast booth.

⌚️ Grandmaster: Sylvester Stallone to auction $2.5 million Patek Philippe in Sotheby’s trove.

🏋🏼‍♂️ High-end health: Equinox launches $40,000 membership to slow down aging.

DAILY SHARES

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