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- 📈 T+1 trading starts today
📈 T+1 trading starts today
Wall Street returns to T+1 stock trading after a century, Elon’s xAI raises $6 billion in race against ChatGPT, China creates $47.5 billion chip investment fund - its largest-ever, gold and silver poised to resume uptrend, and Alibaba's AliExpress signs David Beckham as new brand ambassador…
Smart Owl
May 28, 2024
Good morning.
The Fast Five → Wall Street returns to T+1 stock trading after a century, Elon’s xAI raises $6B in race against ChatGPT, China creates largest-ever $47.5B chip investment fund, gold and silver poised to resume uptrend, and Alibaba's AliExpress signs David Beckham as new brand ambassador…
Calendar: (all times ET)
Today: Consumer confidence, 10:00a
THU, 5/30: Initial jobless claims, 8:30a
FRI, 5/31: PCE Index, 8:30a
Your 5-minute briefing for Tuesday, May 28:
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BEFORE THE OPEN
As of market close 5/24/2024. Bitcoin as of 5/27/2024.
PRE-MARKET
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MARKETS
US and UK stock markets were closed yesterday in observance of regional holidays
US stocks rebounded on Friday on news of improving consumer outlook on inflation
The Nasdaq rose for a fifth-straight week to an ATH
The Dow snapped a five-week win streak
Markets are now pricing one rate cut in 2024, down from six earlier this year
EARNINGS
What we're watching this week:
Today: CAVA
Wednesday: Salesforce, HP
Thursday: Costco, Dell, Dollar General, Kohl's
Full calendar here
NEWS BRIEFING
xAI has raised $6 billion in a new funding round, it said today, as Musk shores up capital to aggressively compete with rivals including OpenAI, Microsoft, and Alphabet.
Starting today, trades will settle in one day for the first time in 100 years. SEC sees potential for ‘short-term uptick’ in failed deals.
Dow Jones futures rise after holiday weekend (link)
Dollar bulls retreat as US economic print cools (link)
Gold and silver poised to resume uptrend after last week's correction (link)
Oil steadies as geopolitical tensions rise before OPEC+ meeting (link)
Google's AI search is producing embarrassingly wrong results (link)
Trafigura faces off with aluminum bulls over huge metal stash (link)
Equity funds see massive weekly inflows on rate cut hopes (link)
'Asset famine' in China curbs central bank's bond trading ambitions (link)
China's property stimulus raises risks for banks in smaller cities (link)
China creates its largest-ever chip investment fund to boost the domestic industry (link)
Citigroup asked 600 staffers to RTO full-time (link)
Boeing sees six-fold rise in employee concerns on safety and quality (link)
Alibaba's AliExpress recruits Beckham to 'score more' global sales (link)
CRYPTO
A UK woman was sentenced to six years over a $5.6B China Bitcoin fraud (link)
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BULLISH BITES
💊 Revolution: How digital health companies are capitalizing on the GLP-1 boom.
🖼 For the joy: Meet the art collectors with home galleries: ‘The stock market doesn’t give me any fulfillment.’
💸 $100M Club: World's most remote city does booming business catering to ultra-rich.
🧺 Al Fresco: Paris' famous Champs-Élysées transformed into a massive picnic blanket with treats from famous chefs.
DAILY SHARES
Google AI overview fiasco, explained
— Trung Phan (@TrungTPhan)
8:05 PM • May 24, 2024
Keep the curation going! Buy the team a coffee ☕️