šŸ“ˆ Sound the alarm

The Dow climbs to a record 40,000 points, Dimon and Dalio sound the alarm on soaring US debt, Reddit inks deal with OpenAI, Biden signs sweeping aviation safety reform bill into law, and GameStop and AMC extend slumpā€¦

Author

Smart Owl
May 17, 2024

Good morning.

The Fast Five ā†’ The Dow climbs to a record 40,000 points, Dimon and Dalio sound the alarm on soaring US debt, Reddit inks deal with OpenAI, Biden signs sweeping aviation safety reform bill into law, and GameStop and AMC extend slumpā€¦

Calendar: (all times ET)

  • Today: US leading economic indicators, 10:00a

Your 5-minute briefing for Friday, May 17:

BEFORE THE OPEN

As of market close 5/16/2024.

PRE-MARKET

MARKETS

  • US stocks closed slightly lower as investors continued to recalibrate rate cut expectations

  • The Dow briefly topped 40,000 for the first time

  • Market are pricing in a ~72% chance of a Fed rate cut in September

  • Silver is up ~25% YTD as 2024's best-performing major commodities

  • Brent is set for its first weekly gain in three weeks

  • US dollar is headed for its biggest weekly fall versus the euro in over two months

EARNINGS

  • Walmart surged ~7% on a Q1 beat-and-raise driven by gains in e-commerce and traffic from high-income shoppers (link)

  • JD.com reported better-than-expected Q1 revenue thanks to price cuts and discount coupons boosting sales (link)

  • Full calendar here

NEWS BRIEFING

In the past 24 hours, JPMorgan CEO Jamie Dimon and Ray Dalio, founder of the worldā€™s biggest hedge fund, have weighed in with concerns about Americaā€™s debt pile.

OpenAI said that the Reddit partnership will provide it access to ā€œreal-time, structured and unique content.ā€

  • The Dow's climb to a record 40,000 points (link)

  • Biden signs sweeping aviation safety, reform bill into law (link)

  • JPMorgan investors weigh Dimon's strategy and succession after record year (link)

  • Jefferies risk manager balked at Archegos cash plea (link)

  • Investors reach for riskier assets as fear fades (link)

  • Fed remains cautious on cuts even as data improves (link)

  • Major brokerages retain Fed rate cut view after inflation data (link)

  • Microsoft asks hundreds of China AI staff to relocate amid tensions (link)

  • JPMorgan to recruit from non-target schools for back office roles in diversity push (link)

  • UPS tapped Goldman Sachs to manage its $43.4B pension (link)

  • Digitalization of banking may create new risks (link)

  • GameStop and AMC extend slump as meme-fueled rally unravels (link)

    • Renaissance Technologies piled Into GameStop, AMC ahead of rally (link)

  • Voluntary part-time work hit a record high (link)

  • Fewer Americans plan to buy EVs this year (link)

  • NYCB's COO resigned (link)

  • Delisted Toshiba will cut 4k jobs in restructuring drive (link)

  • Sports Illustrated adds Drew Brees as investor (link)

  • Wayfair will open its first large store (link)

CRYPTO

  • Millenium, Point72 and Elliot are among Bitcoin ETF buyers (link)

  • Coinbase shares sink 9% on report CME to consider listing spot Bitcoin (link)

  • Hong Kongā€™s shaky crypto ETF debuts dent global hub aspirations (link)

  • Robinhoodā€™s crypto trading volume falls faster than rival exchanges (link)

You Can Sponsor this Newsletter details here.ā€‹

BULLISH BITES

ā›²ļø Iconic: The Mirage in Las Vegas is closing after 34 years.

šŸ’» Rivalry: The Mac vs. PC war is back on.

šŸŽ„ Watch: Palmer Luckey wants to be Silicon Valley's war king.

ā± Masterpiece: The most complicated watch in the world.

DAILY SHARES

Keep the curation going! Buy the team a coffee ā˜•ļø