📈 Speeding up

Good morning.

The Fast Five → Senate advances aid for Israel, Ukraine, Taiwan, and TikTok bill, FTC votes to ban noncompete agreements, Tesla speeds plan for cheaper cars by 2025, new Labor Dept rule cracks down on bad retirement savings advice, and Apple sends invites to May 7 launch event…

Calendar: (all times ET)

• Today: Durable-goods orders, 8:30a

• THU, 4/25: GDP - Q1, 8:30a

  • Jobless claims, 8:30a

• FRI, 4/26: PCE index, 8:30a

  • Consumer Sentiment, 10:00a

Your 5-minute briefing for Wednesday, April 24:

BEFORE THE OPEN

PRE-MARKET

MARKETS

• US stocks rose for a second straight session yesterday on positive early earnings from popular mega caps

• US 2Y yields touched 5% to hit a five-month high

• Options markets are re-pricing a 20% chance of a Fed rate increase

EARNINGS

• Tesla shares jumped ~12%, despite missing Q1 earnings and revenue estimates and reiterating a pessimistic FY outlook, as Musk announced plans to pull forward production of a new affordable EV (link)

• Visa beat Q2 analyst estimates as consumers shrugged off worries of a slowing economy to swipe cards on everything from travel to dining (link)

• Spotify shares jumped 11% after beating Q1 estimates, swinging to a profit as it implements its ‘efficiency’ strategy (link)

• PepsiCo beat Q1 earnings and revenue estimates as growth in international markets offset weaker demand in its North America market (link)

• GE Aerospace shares rose ~8% on a beat-and-raise thanks to strong sales from commercial aircraft engines and services (link)

• General Motors shares rose ~4% after on a Q1 beat-and-raise thanks to strong North American operations, driven by truck sales (link)

• JetBlue Airways shares tumbled ~19% after lowering Q2 and FY revenue forecasts as it attempts to return to profitability (link)

• What we're watching this week:

  • Today: Meta, Boeing, IBM, Ford, Chipotle, AT&T

  • Thursday: Microsoft, Alphabet, Intel, Snap Inc., American Airlines

  • Friday: ExxonMobil, Chevron, Abbvie

• Full calendar here

NEWS BRIEFING

Tesla Speeds Plan for Cheaper Cars by 2025, Calming Fears Over Strategy

FTC Votes to Ban Noncompete Agreements

• Senate advances long-awaited aid for Israel, Ukraine, Taiwan, and TikTok bill (link)

• Labor Department issues rule to crack down on bad retirement savings advice (link)

• Apple sends invites to May 7 launch event, new iPads expected (link)

• Fund offering 'VC' exposure sends investors on meme-like ride (link)

• US oil and gas M&A hit a record high $51B in Q1 (link)

• JPMorgan named new heads of China securities unit (link)

• US business activity cooled to a four-month low (link)

• US new home sales rebounded to a six-month high (link)

• US will sanction Chinese banks aiding Russia War effort (link)

• Microsoft launched a lightweight AI model (link)

• Advisers on trillions in IRAs must now put your interest first (link)

• Amazon launched a grocery subscription (link)

• NBA TV rights are up for grabs (link)

• Oracle is moving its world HQ to Nashville (link)

CRYPTO

• Crypto lobbyists sue SEC over 'dealer' definition (link)

• FTX to auction off another unspecified amount of Solana tokens (link)

You Can Sponsor this Newsletter details here.​

BULLISH BITES

📅 Tax tip: Here’s what to do if you missed the federal tax deadline.

⚖️ Uphill battle: WeWork founder Neumann wants bankruptcy court's help in bid to repurchase company.

🤔 Moving on: Has everyone already forgotten about the Apple Vision Pro?

DAILY SHARES

Keep the curation going! Buy the team a coffee ☕️