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Biden hikes tariffs on an array of Chinese imports, China vows to take āall necessary actionsā in response, the meme stock revival continues, Boeing breached prosecution deal DOJ finds, and Alphabet unveils beefed-up AI search and chatbotā¦
Smart Owl
May 15, 2024
Good morning.
The Fast Five ā Biden hikes tariffs on an array of Chinese imports, China vows to take āall necessary actionsā in response to tariffs, the meme stock revival continues, DOJ finds Boeing breached prosecution deal, and Alphabet unveils beefed-up AI search and chatbotā¦
Have a wild meme stock story? Hit reply and tell us about it.
Calendar: (all times ET)
Today: Consumer price index (CPI), 8:30a
US retail sales, 10:00a
THU, 5/16: Initial jobless claims, 8:30a
Your 5-minute briefing for Wednesday, May 15:
BEFORE THE OPEN
As of market close 5/14/2024.
PRE-MARKET
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MARKETS
Stock futures flat as Wall Street awaits April CPI.
Nasdaq +0.75% to record close; S&P 500 +0.48%, Dow +0.32%.
April CPI expected: +0.4% monthly, +3.4% yearly.
March PPI +0.5%, delaying Fed rate cuts.
Easing in housing, auto insurance may help.
Retail sales, Empire State manufacturing, housing index due.
Cisco Systems earnings after the bell.
EARNINGS
What we're watching this week:
Today: Cisco Systems
Thursday: Walmart, JD.com
Full calendar here
NEWS BRIEFING
President Biden on Tuesday unveiled steep tariff increases on an Chinese imports risking an election-year standoff with Beijing as he woos American voters who give his economic policies low marks.
A heady market rally extended to second day after trader āRoaring Kittyā who rallied small investors to buy out-of-favor stocks in the pandemic, returned to social media.
Powell maintains wait-and-see posture on inflation, rates (link)
S&P gets close to all-time high before key CPI (link)
Traders pare bets on Sept start to Fed rate cuts (link)
China vows to take āall necessary actionsā in response to tariffs (link)
Asian stocks to follow US rally with focus on CPI (link)
Credit card delinquencies are increasing (link)
Boeing breached prosecution deal, Justice Dept finds (link)
Alphabet unveils beefed-up AI search and chatbot as competition heats up (link)
GameStopās stock surge continues, punishing short sellers (link)
Reddit shares close near record after two-day rally driven by meme stocks (link)
AMC completes $250M stock sale during meme rally, shares jump 30% (link)
OpenAI co-founder and Chief Scientist Ilya Sutskever is leaving the company (link)
TikTok creators sue US govt, say divestiture law violates First Amendment (link)
Sony rethinking its bid for Paramount (link)
Anglo American gives BHP the blueprint for a takeover (link)
De Beers spinoff comes at a troubled time for diamond market (link)
CRYPTO
Bitcoin-proxy MicroStrategy added to key MSCI World Stock Index (link)
Vitalik's Ethereum wallet proposal, scribbled in 22 minutes, gets positive reviews (link)
Galaxyās Novogratz sees Bitcoin stuck in $55K to $75K range for now (link)
State of Wisconsin buys nearly $100M worth of BlackRock spot Bitcoin ETF (link)
BULLISH BITES
š¤ Google I/O 2024: Hereās everything Google just announced.
šŗ Roaring Kitty: Who is he and why is he causing a GameStop stock surge?
š Teen MLM: How the āHarvard of tradingā ruined thousands of young peopleās lives.
š£ Biz killer? Web publishers brace for carnage as Google adds AI answers.
DAILY SHARES
Boss: You were late this morningā¦
Me, with 3.42 shares of GameStop and 2.75 shares of AMC: watch your mouth
ā Ramp Capital (@RampCapitalLLC)
2:06 AM ā¢ May 15, 2024
Keep the curation going! Buy the team a coffee āļø