šŸ“ˆ TikTokers revolt

House passes bill to ban TikTok, TikTokers revolt, Tesla slapped with new bearish call, Fedā€™s inflation fight starting to feel like a forever war, and Stripe reveals passing $1 trillion in payment volumeā€¦

Author

Smart Owl
March 14, 2024

Good morning.

The Fast Five ā†’ House passes bill to ban TikTok, TikTokers revolt, Tesla slapped with new bearish call, Fedā€™s inflation fight starting to feel like a forever war, and Stripe reveals passing $1 trillion in payment volumeā€¦

Calendar:

  • Today: Producer price index (PPI), 8:30am ET

Your 5-minute briefing for Thursday, March 14:

BEFORE THE OPEN

As of market close 3/13/2024.

PRE-MARKET

MARKETS

  • US stocks edged slightly lower yesterday with tech stocks weighing down the S&P and Nasdaq

  • Torontoā€™s S&P/TSX index hit a 2-year high as commodities rally

  • Oil prices jumped over 2% after Ukraine strikes on Russian refineries

EARNINGS

  • Adidas posted its first FY loss in 30 years and warned of US struggles (link)

  • What we're watching this week:

    • Today: Adobe, Dollar General, Dickā€™s Sporting Goods

  • Full calendar here

NEWS BRIEFING

The measure faces a less certain outcome in the Senate. Supporters say Chinese ownership threatens national security.

TikTokers are going offline to protest a bill advancing through Congress that could lead to the popular video app's demise.

  • Hedge fund leverage is near record levels (link)

  • Yellen says US rates ā€˜unlikelyā€™ to return to pre-Covid levels (link)

  • SPAC Porticoes Capital plans to acquire failed US banks (link)

  • Goldman to resume bets on US property, despite peers pulling back (link)

  • Brookfield says US office market is world's most oversupplied (link)

  • ECB to emphasize bank lending as it shrinks balance sheet (link)

  • Wall Street slams NY lawmakers over sovereign debt bill (link)

  • Goldman private credit veteran and co-head Lee Becker exits (link)

  • EY CEO-elect Janet Truncale to shuffle leadership and plan cost cuts (link)

  • Tesla stock slapped with new bearish call (link)

  • Stripe reveals passing $1 trillion in payment volume in 2023 (link)

  • PIMCO filed for its first mutual fund-to-ETF conversion (link)

  • Fed's inflation fight is starting to feel like a forever war (link)

  • Automakers are scaling back on EV plans (link)

CRYPTO

  • SEC can proceed with its lawsuit accusing Gemini Trust and bankrupt Genesis Global Capital of offering unregistered securities (link)

  • South Africa is set to license 60 crypto platforms by month-end (link)

You Can Sponsor this Newsletter details here.ā€‹

BULLISH BITES

ā˜ ļø Poof: EV euphoria is dead.

šŸ‘ØšŸ»ā€šŸ¦± They're back: And more realistic than ever, toupees are the luxury worldā€™s newest flex.

šŸ”„ Among us: The A.I. doomsayers.

āœˆļø Rivalry: Airlines want to stop ā€˜travel hackā€™ JSX from luring rich flyers away.

DAILY SHARES

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